WisBusiness.com
A recent report by the U.S. Census Bureau on median incomes is inconsistent with data coming from two widely used sources of statewide income and wage data, Wisconsin Revenue Revenue Secretary Michael L. Morgan is charging.
Data from the Bureau of Economic Analysis (BEA) and Bureau of Labor Statistics (BLS) strongly disputes the Census Bureau data released yesterday, he said.
In fact, these widely used national sources for wage and income data show that Wisconsin’s total personal incomes have been demonstrating strong growth, he said.
• A report by the U.S. Bureau of Economic Analysis shows that Per Capita Income is up from $30,898 in 2003 to $33,565 in 2005, an increase of almost 9%. Source: http://www.infoplease.com/ipa/A0104652.html
• Recently released BEA numbers show Total Personal Income growth in Wisconsin of 5.5% in 2004 and 4.5% in 2005.
• According to the Bureau of Labor Statistics, wages have risen 6% since 2003, from $33,425 to $35,463. Source: www.bls.gov/bls/wages.htm
“The Census Bureau report on median incomes simply isn’t a complete picture of what’s going on in Wisconsin,” Morgan said.
“What we do know from sources that are widely used is that wages and incomes have been increasing and that they will continue to do so.”
In its Economic Outlook report to be released in the next few days, the Department of Revenue will indicate that internal numbers from the Department’s withholding system and the Department of Workforce Development indicate particularly strong growth in the first quarter of 2006, with personal income growth of 6.7%.
The Department anticipates total personal income growth in 2006 of 4.8%.
