A new federal report shows that West Virginia and Kentucky saw the country’s sharpest declines in personal income last quarter as some forms of federal support during the pandemic expired.
The U.S. Bureau of Economic Analysis says personal income decreased in every state in the third quarter of 2020, which includes the months of July, August, and September.
The Bureau of Economic Analysis defines personal income as the income received from all sources including labor, owning a home or business, domestic sources, financial assets, and transfers.
Income in West Virginia declined by nearly 30% in the third quarter. In Kentucky, income decreased by a little over 24% and in Ohio it dropped by 16%.
Matthew von Kerczek, an economist for the Bureau of Economic Analysis, explained that there were two contributing factors to the decline in personal income for the nation, both tied to the limits of federal coronavirus support.