California Sees Incomes Decline For First Time Since World War II

[Amerigo Vespucci]

California Sees Incomes Decline For First Time Since World War II

SUDHIN THANAWALA | 08/11/10 06:27 PM | AP

SAN FRANCISCO — The personal income of California residents declined last year for the first time since World War II, state officials said Wednesday.

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.

Per capita income was a little more than $42,000 in 2009, compared with nearly $44,000 in 2008, according to the Bureau of Economic Analysis.

Data released by the agency Monday shows most of the state's metropolitan areas saw personal income decline or remain the same last year.

In the Los Angeles area, personal income fell 3 percent to $551.27 billion from $568.43 billion in 2008. San Francisco saw a 3.3 percent decline to $257.76 billion from $266.68 billion in 2008.

Fresno and Bakersfield were among the few areas that saw personal incomes rise.

http://www.huffingtonpost.com/2010/08/11/california-sees-incomes-d_n_679326.html