29_35x90 knx_35x90
KNX Special Report: Ready or Not: Why You're Not Ready for Disaster | Listen Live | Donate Blood | Questions? Tweet #KNXready and hear answers during KNX Business Hour at 1 p.m. | KCAL9 News @12P

Local

Californians’ Income Sees 1st Decline Since WWII

View Comments

SACRAMENTO, Calif. (CBS/AP) — Newly released figures show that the personal income of California residents declined last year for the first time since World War II.

An analysis by the federal Bureau of Economic Analysis found that statewide income fell by $40 billion in 2009 to $1.56 trillion. That’s down about 2.5 percent from the previous year and even lower than the 2007 figure.

The drop in California was more dramatic that it was nationwide, which saw an average decline of 1.8 percent in 2009.

Analysts say California’s figures are not surprising given how badly the state has been battered by the recession.

California lost nearly 900,000 non-farm jobs last year, a decline of 6 percent.

California Finance Department spokesman H.D. Palmer says wages also fell as did income tied to stock options and dividends.

(TM and © Copyright 2010 CBS Local Media, a division of CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 2,375 other followers