Data released by the Bureau of Economic Analysis (BEA) shows that Louisiana personal income grew by $2.67 billion to $224.43 billion between 2019 Q1 and 2019 Q2, a new series record. Louisiana personal income has grown for 13 consecutive quarters since 2016 Q1, the Louisiana Workforce Commission announced.
From Q1 of 2019 to Q2 of 2019, personal income for Louisiana residents increased at a seasonally adjusted annual rate of 4.9 percent.
From Q2 of 2018 to Q2 of 2019 personal income for Louisiana residents has increased by $9.42 billion.
“With recent employment figures showing that more Louisiana residents are engaged in the labor market, this news shows that our economy is working and providing economic prosperity for all those in the workforce,” Louisiana Workforce Commission Secretary Ava Dejoie said in a media release.
Personal income refers to an individual’s total earnings from wages, investment enterprises and other ventures, or the sum of all incomes received during a given time period. Net earnings refer to an entity’s income minus cost of goods sold, expenses and taxes for a specific time.
The top three private industries contributing earnings to Louisiana’s personal income growth from Q1 of 2019 to Q2 of 2019 were:
- Mining, quarrying, and oil and gas extraction was the leading contributor to personal earnings growth, raising earnings by $267 million.
- Professional, scientific, and technical services was the second leading contributor to personal earnings growth, raising earnings by $258 million.
- Manufacturing was the third leading contributor to personal earnings growth, raising earnings by $184 million.
Unemployment Claims
The LWC additionally reported that initial unemployment insurance claims for the week ending Sept. 14, 2019, rose to 1,806 from the previous week’s total of 1,683. By comparison, during the week ending Sept. 15, 2018, 2,033 initial claims were filed.
The unemployment insurance continued claims for the week ending Sept. 14, 2019, decreased to 14,792 from the previous week’s total of 15,215. The continued claims were below the comparable figure of 16,131 for the week ending Sept. 15, 2018.
Source: Louisiana Workforce Commission
Topics Profit Loss Louisiana
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