Sept 26 (Reuters) - The economies of the 50 American states appear to have done weathered early 2012 better than first estimated, judging by upwardly revised personal income data for January, February and March, an RBC Capital Markets analysts said on Wednesday.
The U.S. Bureau of Economic Analysis on Tuesday more than doubled its estimate of first-quarter aggregate nominal state personal income growth to 1.7 percent from its previous figure of 0.8 percent. Chris Mauro said the revised figure is based on more comprehensive data.
The bureau also issued a preliminary estimate that personal income for the states grew by 1.01 percent during the second quarter, a pace Mauro said lagged the economic recovery after the 2001 U.S. recession.
“State personal income growth has still not returned to normal recovery levels and its recent improvement has yet to be confirmed by stronger employment figures,” Mauro said in a research note. “Nevertheless, the new personal income data does serve as another modest indicator, along with better state housing and tax revenue statistics, that state economies are slowly on the mend.”
All 50 U.S. states posted personal income gains during the second quarter, with North Dakota and South Dakota having the biggest increases and New Mexico the smallest, according to Mauro.
“This is a notable improvement over (third quarter) 2011 and (fourth quarter) 2011, when personal income growth was negative in 10 states and four states respectively,” Mauro said.