Quarterly Personal Income for State of Iowa

This dataset provides quarterly personal income estimates for State of Iowa produced by the U.S. Bureau of Economic Analysis .  Data includes the following estimates: personal income, per capita personal income, proprietors' income, farm proprietors' income, compensation of employees and private nonfarm earnings, compensation, and wages and salaries for wholesale trade.  Personal income, proprietors' income, and farm proprietors' income available beginning 1997; per capita personal income available beginning 2010; and all other data beginning 1998.

Personal income is defined as the sum of wages and salaries, supplements to wages and salaries, proprietors’ income, dividends, interest, and rent, and personal current transfer receipts, less contributions for government social insurance.  Personal income for Iowa is the income received by, or on behalf of all persons residing in Iowa, regardless of the duration of residence, except for foreign nationals employed by their home governments in Iowa.  Per capita personal income is personal income divided by the Census Bureau’s midquarter population estimates.

Proprietors' income is the current-production income (including income in kind) of sole proprietorships, partnerships, and tax-exempt cooperatives. Corporate directors' fees are included in proprietors' income. Proprietors' income includes the interest income received by financial partnerships and the net rental real estate income of those partnerships primarily engaged in the real estate business.

Farm proprietors’ income as measured for personal income reflects returns from current production; it does not measure current cash flows. Sales out of inventories are included in current gross farm income, but they are excluded from net farm income because they represent income from a previous year’s production.

Compensation to employees is the total remuneration, both monetary and in kind, payable by employers to employees in return for their work during the period.  It consists of wages and salaries and of supplements to wages and salaries.  Compensation is presented on an accrual basis - that is, it reflects compensation liabilities incurred by the employer in a given period regardless of when the compensation is actually received by the employee.

Private nonfarm earnings is the sum of wages and salaries, supplements to wages and salaries, and nonfarm proprietors' income, excluding farm and government.

Private nonfarm wages and salaries is wages and salaries excluding farm and government.  Wages and salaries is the remuneration receivable by employees (including corporate officers) from employers for the provision of labor services. It includes commissions, tips, and bonuses; employee gains from exercising stock options; and pay-in-kind. Judicial fees paid to jurors and witnesses are classified as wages and salaries. Wages and salaries are measured before deductions, such as social security contributions, union dues, and voluntary employee contributions to defined contribution pension plans.

More terms and definitions are available on https://apps.bea.gov/regional/definitions/.

Tags: bea, employee-compensation, naics, nonfarm-earnings, nonfarm-wages-and-salaries, per-capita-personal-income, personal-income, proprietors-income, u-s-bureau-of-economic-analysis
Organization: State of Iowa