Farm-Sector Revenues Plunge

July 4, 2015 Nemes Random

Incomes for workers in the US farm sector plunged in the early months of 2015, with all however nine states publishing declines, the Commerce Department said Monday.

Farm earnings fell 22.4 % in the very first quarter, which Commerce attributed mostly to lower livestock output. In Iowa, Kansas, Nebraska and South Dakota– where farmers have grappled with severe drought and the spread of avian influenza– first-quarter revenues development in other sectors was totally offset by the drop in farm revenues.

That caused a total decrease in personal income in those four states, the only states where individual income fell in the very first quarter compared with the previous quarter. Iowa published the biggest drop, at 1.2 %. Individual earnings consists of all salaries and wages, characteristic earnings and government benefits, such as Social Security and Medicaid.

Revenues in the mining sector likewise fell, reflecting the sharp drop in oil prices that has pounded the energy market. Mining earnings fell 3.5 % in the first quarter, the very first decline given that the third quarter of 2009. The most significant declines occurred in Wyoming, Louisiana, North Dakota, Oklahoma and Texas.

Generally, state individual income grew 0.9 % usually in the first quarter, a slower pace than the 4th quarter’s 1.1 % growth rate. Income grew the fastest in Florida, which posted a 1.3 % gain. Individual earnings grew in 46 states and growth sped up in 15 of those states.

Meanwhile, total earnings enhanced 0.8 %, compared with 1.4 % in the fourth quarter. Commerce attributed much of the boost to a jump in government revenues, which rose 0.5 % compared with 0.3 % in the fourth quarter.

Government benefits also supplied a boost to Americans in Indiana and Pennsylvania, which expanded Medicaid under the Affordable Care Act during the first quarter. That assisted drive up overall benefits by 2.1 %, the most significant increase in five years.

Associated reading:

Egg Prices Seem a Lot Greater? Blame Bird Flu

Bird Flu Hits Iowa Chickens in Escalation of Virus Break out

Oil Jobs Fall to the Lowest Level in More Than a Year

Obama Administration, Pennsylvania Guv Reach Deal to Broaden Medicaid

Indiana Governor to Expand Medicaid Protection

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