Jun. 19--Florida's recession is worse than anything this state has seen in more than half a century, when it comes to money in your pocket.

The Bureau of Economic Analysis said Thursday that Florida now has had three consecutive quarters -- a total of nine months -- during which the personal income of state residents has declined.

That hasn't happened since the bureau began keeping records in 1948. Florida hasn't had even two consecutive quarters of falling income until now.

Personal income is a measure of all the income to residents of the state. BEA said job losses, low interest rate payments and cuts in dividend income, plus direct pay cuts, are to blame for the decline.

"Salaries have taken a drastic hit," said Jorge Roca, a recruiter for Spherion in its Miami office.

He said it's not uncommon to see a salesperson who was receiving $150,000 in salary plus commission now be offered a job that has total compensation of $60,000 to $70,000.

The worst period for Floridians' income in 61 years could have been even worse, had it not been for Social Security, unemployment and other so-called "transfer payments" that held steady.

"Those are very important in all the states because that's really the only thing supporting personal income these days," said David Lenze, an economist with the Bureau of Economic Analysis.

Florida recorded a 0.9 percent fall in personal income in the first quarter of this year, compared with the fourth quarter of 2008.

The nation as a whole saw personal income fall 0.5 percent. In the fourth quarter, U.S. personal income fell 0.4 percent.

Florida's first-quarter decline was larger than income cuts in all but seven states.

Expect more of the same the rest of this year, analysts say.

Roca said the number of jobs to be filled has been growing. But he said pay levels remain depressed because employers have so many candidates to choose from among the unemployed.

Harriet Johnson Brackey can be reached at hjbrackey@Sun Sentinel.com or 954-356- 4614.

Last fall Personal income in Florida fell 0.9 percent in the first quarter, compared with the fourth quarter of 2008.

-----

To see more of the Sun Sentinel or to subscribe to the newspaper, go to http://www.sun-sentinel.com/.

Copyright (c) 2009, Sun Sentinel, Fort Lauderdale, Fla.

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

NYSE:SFN,

A service of YellowBrix, Inc.