(Bloomberg)—Americans earned an additional $1.1 trillion last year -- the most ever in data dating back to 1930 -- thanks entirely to stimulus checks and other government aid.
Total U.S. personal income rose 6.1% last year to $19.7 trillion as a surge in pandemic-era aid outpaced gains in wages, property values and other sources of wealth, according to the U.S. Bureau of Economic Analysis.
The dollar amount of so-called transfer receipts, which include Covid relief payments, steered income growth in 26 states while increases in other types of personal income led in 25 including the District of Columbia, the preliminary estimates show.
Income vs Transfers
The report illustrates how important government relief programs have been in helping to shore up Americans’ finances as the world’s largest economy recovers from the pandemic. On top of stimulus checks, an additional $498 billion was doled out in state unemployment benefits last year, according to the data.
Personal income growth ranged from 8.4% in Arizona and Montana to 2.4% in Wyoming. Gains were strongest in the West.
2020 Wages
For the nation, wages increased 0.3% in 2020, the smallest gain since 2009. Northeastern and Midwestern states that have experienced industrial declines saw the sharpest declines in wages last year.
The new data, published Wednesday, also provides a look at how the pandemic affected state economies by industry. For example, New York’s arts, entertainment, and recreation sector suffered a $7.8 billion loss while accommodations and food services declined by $10.1 billion.
Take a look at our comprehensive guide to the best and most popular information ebooks and products available today on Detoxing, Colon Cleansing, Weight Loss and Dating and Romance. They are all in one spot, easy to find and compere to make a quick selection for the product that best fits your needs or wants.
So browse through a category and make your preferred selection and come back here to read more choice articles and get a few more helpful tips on ways to help your enhancement.
As an Amazon Associate I earn from qualifying purchases. “saubiosaubiosuccess.com is a participant in third party affiliate and advertising programs; The Amazon Services LLC Associates Program, Awin network, and other affiliate advertising programs are designed to provide a means for sites to earn advertising fees and commissions by advertising and linking to products on other sites and on Amazon.com. Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.”
We use anonymous cookies and various 3rd-party services to optimise and to offer you a better, more personalised, browsing experience with advanced accessibility enhancements.
Dismiss
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
