COLUMBUS, Ohio (AP) — Ohio would cut personal income taxes by 4%, keep a debated business tax break and change how pharmacy benefits are administered for Medicaid users to boost transparency and...
Personal income up in Maine
AUGUSTA, Maine (AP) — Federal data shows the personal income of Mainers has jumped this year partly due to tax code changes.
Maine Public reports personal income jumped 5.4 % in the first...
US consumer spending slows to 0.3% gain in April
WASHINGTON (AP) — Consumer spending slowed in April while inflation was up, but still far below the target set by the Federal Reserve.
The Commerce Department said Friday that spending...
BATON ROUGE, La. (AP) — Louisiana's revenue department says taxpayers who need more time to file their state personal income tax returns have to file extension requests before Wednesday's filing...
COLUMBUS, Ohio (AP) — House lawmakers have proposed a hefty reduction in the state income tax cut as part of the latest version of the state budget.
Wyoming personal income up last summer
CASPER, Wyo. (AP) — Personal income was up in Wyoming over the third quarter of 2018.
The federal Bureau of Economic Analysis says personal income in Wyoming rose by 3.3 percent in late summer.
US consumer spending rises solid 0.4 percent in November
WASHINGTON (AP) — Americans lifted their spending 0.4 percent in November from the previous month, a moderate gain that should sustain steady economic growth.
Personal incomes rose 0.2 percent, down from 0.5 percent in the previous month, the Commerce Department said Friday.
US consumer spending up inflation-adjusted 0.3 percent
WASHINGTON (AP) — U.S. consumer spending rose in September by a solid, inflation-adjusted 0.3 percent, led by increased spending on health care services and motor vehicles.
Forecast shows another uptick in Washington state revenue
OLYMPIA, Wash. (AP) — An updated forecast shows Washington state is expected to see a net increase in revenues of nearly $348 million for the current two-year budget cycle.
The state's Economic and Revenue Forecast Council released its latest projections Wednesday.
Forecast council executive director Steve Lerch says they revised the latest forecast up slightly because of positive adjustments to both state personal income and employment.
BATON ROUGE, La. (AP) — Louisiana state personal income tax filings are due Tuesday.
The state Department of Revenue says anyone who wants an extension, to have more time to prepare and file the tax return, needs to request it ahead of the deadline to avoid late-filing penalties.
An extension doesn't give someone additional time to pay any taxes due. Tax payments received after the return due date still will be subject to interest and late-payment penalties.
WASHINGTON (AP) — Americans boosted their spending by 0.4 percent in March, the best showing in three months. Meanwhile, a key gauge of inflation closely watched by the Federal Reserve rose at the fastest pace in more than a year.
Personal income increased at a slower rate in Pennsylvania than the nation overall in 2017, but the state ranked 16th in per capita income, according to the Bureau of Economic Analysis.
Pennsylvania's total personal income increased 2.8 percent between 2016 and 2017 while the national total increased 3.1 percent.
Washington saw the highest growth at 4.8 percent. North Dakota was the only state that saw a decrease, which was -0.3 percent. Pennsylvania ranked 28th for growth.
Business events scheduled for the coming month
Business events and economic reports scheduled for the coming month:
All times are Eastern.
THURSDAY, March 1
WASHINGTON — Commerce Department releases personal income and spending for January, 8:30 a.m.; Institute for Supply Management releases its manufacturing index for February, 10 a.m.; Commerce Department releases construction spending for January, 10 a.m.; Federal Reserve releases Beige Book, 2 p.m.; Freddie Mac, the mortgage company, releases weekly mortgage rates, 10 a.m.
Pennsylvania tax system responds to jobs more than productivity, personal income, study finds
Pennsylvania's tax system is the most sensitive in the nation to jobs, a study finds.
Compared to other states, Pennsylvania's three largest state revenue sources responded more to changes in payroll employment than they did to changes in the state's gross domestic product or personal income between fiscal years 2010 and 2015, according to the Independent Fiscal Office.
The office conducted the study at the request of an unnamed legislator.
US consumer spending rises 0.6 percent in November
WASHINGTON (AP) — American consumers stepped up their spending last month, a good sign for the holiday shopping season.
The Commerce Department said Friday that consumer spending rose a sharp 0.6 percent from October, outpacing a 0.3 percent increase in personal income. As a result, the savings rate fell to 2.9 percent of after-tax income in November, lowest since November 2007.
Pennsylvania was one of seven states where personal income increased faster than the national growth rate in the third quarter, according to the Bureau of Labor Statistics.
Nationally, personal incomes came to $16.4 trillion in the third quarter, a 0.7 percent increase over the second quarter.
In Pennsylvania, personal incomes rose by 0.8 percent to $668.3 billion in the third quarter. It had the fourth highest percent increase.
Per capita personal income grew in all 15 counties across the Northwest Georgia region from 2015 to 2016. Pickens County leads the way with residents earning $41,987 on average, while Murray County brings up the rear with a per capita personal income figure of $27,904. The data was released last week by the U.S. Department of Commerce Bureau of Economic Analysis.
Floyd County ranked second in the Northwest Georgia region with a per capita figure of $36,470.
Eight of nine northeast Indiana counties saw per capita personal income increase last year as compared with 2015, according to data from the Bureau of Economic Analysis.
But the rates of those increases were modest compared to the state's other 83 counties, data show.
Even so, local economic development officials are finding reasons to celebrate, including the fact that each Allen County resident had $990 more to spend in 2016 than the year before.
Report: Nebraska personal income falls from previous year
LINCOLN, Neb. (AP) — A new report says personal income in Nebraska declined since last year.
The Pew Charitable Trust reported Wednesday that Nebraska was one of 10 states where incomes came in lower during the second quarter of 2017, compared with a year earlier. Nebraska and Alaska's personal income were 0.3 percent lower.
The other states where personal incomes fell from a year earlier were North Dakota, Oklahoma, Iowa, Kansas, Connecticut, South Dakota, Wyoming and Rhode Island.
WASHINGTON (AP) — Americans enjoyed a healthy increase in income last month but didn't spend much of the gain.
The Commerce Department said Friday that personal income rose 0.4 percent in May, up from a 0.3 increase in April. But consumer spending rose just 0.1 percent last month after climbing 0.4 percent in both March and April.
BATON ROUGE, La. (AP) — The Louisiana Department of Revenue reminds taxpayers that next Monday is the deadline for filing individual income tax returns for 2016.
A news release notes May 15 is also the deadline for requesting an extension. Those allow more time to file tax returns, but payments after May 15 remain subject to penalties and interest.
It pays to work in any of these seven states, which have no personal income tax: Wyoming, Washington, Texas, South Dakota, Nevada, Florida and Alaska.
Personal incomes rise 1.1 percent in 3rd quarter of 2016
PORTLAND, Maine (AP) — Data from the federal Bureau of Economic Analysis shows that the personal incomes of Maine residents rose 1.1 percent in the third quarter of this year, which is the 25th highest growth rate in the nation.
Personal income in Maine was $59.5 billion compared to $58.9 billion during the previous quarter.
US consumer spending at weakest pace in 5 months
WASHINGTON (AP) — U.S. consumers scaled back their spending in August to its weakest pace in five months, reflecting a drop in spending on autos. Income growth also decelerated as wages and salary gains slowed following four strong months.
Consumer spending was unchanged last month after solid gains of 0.4 percent in July and 0.3 percent in June, the Commerce Department reported Friday. It was the poorest showing since a similar flat reading in March.
Study: Maine 2nd highest in average personal income growth
PORTLAND, Maine (AP) — A new study says Maine had the second highest average increase in personal income in the country over the last year at 4.6 percent.
The Portland Press Herald reports (http://bit.ly/2cm0iBa ) the Pew Charitable Trusts study says the state's personal income growth followed only New Hampshire, which had an average increase of 5.4 percent.