The U.S. Bureau of Economic Analysis reported U.S. personal income decreased nearly 22 percent at an annual rate in the second quarter. This comes on the heels of a 57 percent increase in the first quarter. Nebraska fared better compared to the rest of the nation with personal income only off 17.5 percent, or $5.9 billion. Nebraska personal income in the second quarter was estimated at $119 billion. Nebraska experienced the seventh smallest decline among all states. A decline in government transfers, COVID assistance and unemployment insurance compensation, precipitated the drop in personal income. For Nebraska, government transfer receipts were down $9.7 billion in the second quarter compared with the first quarter of this year. In contrast, total earnings in Nebraska in the second quarter were up $3.8 billion, 22 percent more than earnings in the first quarter. Nebraska was near the top among states in earnings growth.
Figure 2. Personal Income Percentage Change, Q1-Q2—2021