For the nation, earnings increased by 32.8% in the third quarter of 2020, compared with a decrease of 25.8% in the previous quarter, reflecting the gradual reopening of businesses following the partial economic shutdown. But the increase wasn't enough to offset the decrease in transfer payments. (Here's how personal income is calculated.) Health care and social assistance, accommodations and food services, and retail trade were the leading contributors to the overall earnings increase, according to the report. Increases ranged from 11.5% in Oklahoma to 55.3% in Nevada. See the gallery for the five states with the biggest drops in personal income. --- Related on ThinkAdvisor:
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