WASHINGTON – Texas’ personal income decreased 21.7 percent at an annual rate in second quarter 2021, according to the U.S. Bureau of Economic Analysis (BEA).
This comes after the metric increased 61.8 percent in the first quarter.
Transfer receipts decreased $144 billion, accounting for more than the entire $108 billion decrease in personal income.
According to the BEA, the decrease in transfer receipts primarily reflected a reduction in direct economic impact payments provided by the Coronavirus Response and Relief Supplemental Appropriations Act and the American Rescue Plan Act and a decrease in state unemployment insurance compensation.
In Texas, earnings increased 12.9 percent in the second quarter. The increase in earnings reflected the continued economic recovery following the partial economic shutdown that began in the first quarter of 2020 after the start of the COVID-19 pandemic.
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Source: U.S. Bureau of Economic Analysis