WASHINGTON – Texas personal income increased 34.1 percent at an annual rate in second quarter 2020, an acceleration from the 2.4 percent increase in the first quarter, according to the U.S. Bureau of Economic Analysis.
Increases in personal current transfer receipts more than offset decreases in earnings and property income.
The increases in transfer receipts include new government relief payments provided by the Coronavirus Aid, Relief, and Economic Security Act.
Personal income grew in all U.S. states and the District of Columbia. Nationally, personal income grew 34.2 percent in 2Q2020, faster than the 4.1 percent increase the previous quarter.
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