Californians’ Income Sees 1st Decline Since WWII
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.
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