Monday, July 1, 2013

Idaho Wages, Business Profits Looking Healthier ... Sort Of

Posted By on Mon, Jul 1, 2013 at 10:04 AM

Wages and business profits are rising in Idaho—if only fractionally. That’s according to new estimates released June 28, by the U.S. Bureau of Economic Analysis.

Data covering the first three months of 2013 show that while investment earnings were down 4.2 percent from the final three months of 2012, wages were up three-tenths of a percentage point and business profits rose 1.7 percent—that’s compared to national figures showing wages fell three-tenths of a percent and business profits, both farm and non-farm, increased 2.4 percent. Idaho farm earnings were also up 0.8 percent.

Idaho’s wage increase, small as it was, ranked sixth-highest in the nation—standing in contrast to the 27 states which reported declining wages. Idaho’s rising business profits ranked 34th in the country.

All the news wasn’t good, however. The Idaho Department of Labor reported that the decline in investment income offset business profits, pushing total personal income (which includes wages, business profits and investment earnings) down 0.9 percent—to $54.7 billion for the year—from the fourth quarter of 2012. That’s still better than the rest of the economy, which recorded a 1.2 percent decline in personal income.

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