State personal income declined an average 1.2 percent nationally in the first quarter of 2013 after growing 2.7 percent in the fourth quarter of 2012, according to estimates released today by the U.S. Bureau of Economic Analysis.
Within Washington state, the drop from the final quarter of 2012 was $3.234 billion — an even 1 percent. First quarter 2013 Personal Income here is up 3.56 percent.
The decline in first-quarter personal income reflected the effects of several special factors, including the expiration at the beginning of 2013 of the “payroll tax holiday” (a temporary two-percentage point reduction in the personal contribution rate for social security) and the acceleration of the receipt of income, especially personal dividends and salary bonuses, into the fourth quarter 2012 in anticipation of first-quarter changes in individual income tax rates.
Greater detail is available on the Bureau of Economic Analysis website.