Maine’s Private Sector Plunges in 2009
Today, the U.S. Department of Commerce’s Bureau of Economic Analysis released their 2009 personal income estimates. Undoubtedly, some folks will be praising Maine’s rise in the state per capita income ranking from 29th in 2008 to 28th in 2009. However, a deeper look at the data shows a much more somber picture.
As shown in the chart (click “continue reading” to view chart), Maine’s private sector share of personal income plunged 4.3 percent to 63.6 percent in 2009 from 66.5 percent in 2008. This is the second largest annual drop in the private sector since a 4.5 percent drop back in 1975.
The primary driver behind this is a large jump in personal current transfer receipts . . . stay tuned for my next blog for details.