ABSTRACT
This chapter describes the personal income estimates prepared by the United States Bureau of Economic Analysis. This includes income from wages and salaries, dividends, rents, interest, transfer payments, other labor income, and income of small proprietors. Real personal income in New York State grew by more than 3 percent per year from 1980 to 1989, which was above the national growth rate. By 1989, New York State had regained much of its lost relative share of national income. The strong growth in per capita personal income in most northeastern states led to a reversal in the 1980s of the long-standing trend of "convergence" in per capita income between the high-and low-income regions of the country. Since the New York City region accounted for so much of the strong income growth in New York in the 1980s, it is worth looking more closely at inflation as an explanation.
