South Dakota personal income update.

Introduction

South Dakota's personal income and per capita income grew at nearly the same rates between 1997 and 1998. The state as a whole expanded at a higher rate than the seven state Plains Region according to recent estimates released by the U.S. Bureau of Economic Analysis. This

Total personal income is used as a broad indicator of a region's economic performance over a period of time. It represents primarily payments to individuals for productive services rendered and includes both the private sector and public (government) sector. Estimates of total personal income, per capita personal income and disposable personal income through 1998 for the United States, states and [TABULAR DATA FOR TABLE 1 OMITTED] [TABULAR DATA FOR TABLE 2 OMITTED] regions are regularly produced by the U.S. Department of Commerce, Bureau of Economic Analysis (BEA). County level income estimates through 1997 are also included in this article. Data in the accompanying tables reflect BEA's most recent comprehensive revisions. The changes include improved methodology; therefore, data previously reported are revised in this article.

Personal Income and Its Components

Personal income is defined by the Bureau of Economic Analysis as income received by persons from all sources, including from government and business transfer payments, from participation in production, and from government interest. It is measured before the deduction-of personal income taxes and other personal taxes and is reported in current dollars (no adjustment is made for price changes). Included in personal income are:

* Private and government wage and salary disbursements: monetary compensation for employees and corporate officers, tips, commissions, bonuses and any payments-in-kind that constitute income to the recipient.

* Other labor income: represents employer contributions to privately administered pension and welfare funds and other small items such as directors' fees and compensation of prison inmates.

* Farm and nonfarm proprietors' income: monetary income and income-in-kind of sole proprietorships and partnerships and tax-exempt cooperatives.