2023Q4 GDP Advances in All 50 States; Real Personal Income Declines in 5

[ad_1] From BEA: Source: BEA. Nominal personal income rose in all states. Source: BEA. However, what we care about is real personal income. I deflate using (nationwide) Chained CPI inflation (2.71% q/q AR), and calculate Q4 q/q AR growth. Figure 1: Real personal income growth in 2023Q4, annualized. Source: BEA, BLS, and author’s calculations. Seven … Read more