2Q personal income climbs in Arkansas

Personal income in Arkansas rose at an annual rate of 31.3% in the second quarter, with the loss of earnings and property income because of the coronavirus pandemic more than offset by government aid, according to the U.S. Bureau of Economic Analysis.

Nationally, state personal income rose at an annualized rate of 34.2%, an acceleration from the 4.1% increase in the first quarter, the bureau said Thursday.

Personal income in Arkansas totaled $147.3 billion in the second quarter, up from $137.6 billion in the first quarter.

Income from government sources increased $16.8 billion in the quarter, reflecting increases in state unemployment insurance compensation, including a $600 increase in weekly unemployment benefits provided by the Coronavirus Aid, Relief and Economic Security Act as well as the $1,200 economic impact payments to individuals, according to the bureau.