Today, the U.S. Bureau of Economic Analysis (BEA) is releasing prototype quarterly gross domestic product (GDP) by state statistics for 2005–2014. The quarterly GDP by state statistics are released for 21 industry sectors and are in both current and inflation-adjusted chained (2009) dollars.
Companies added 190,000 jobs to close out the summer, a number that was better than July’s downward-revised 177,000 and below the expected 201,000 new positions.
The leader of that pack was Texas. The state’s $1.5 trillion economy is larger than Australia’s and grew at an impressive 5.2% clip last year. . . California’s economy, the largest state economy, grew 2.8%. The Golden State was propelled by a 7.7% growth rate in the third quarter of last year. Florida’s economy advanced 2.7% in 2014 and New York’s economy grew 2.5%.
The San Francisco-San Mateo area is even more dependent on high-tech for its economic expansion. During the same one-year-period in question, tech jobs accounted for 25,800 of the 41,700 total payroll jobs added in that region — 62 percent of the total.
About 5 million Californians departed the Golden State between 2004 and 2013, while 3.9 million arrived from other states for a net population loss of roughly 1.1 million, the Sacramento Bee reported Monday using tax-return data from the Internal Revenue Service.
Personal income increased $67.1 billion, or 0.4 percent, and disposable personal income (DPI) increased $61.5 billion, or 0.5 percent, in July, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $37.4 billion, or 0.3 percent. In June, personal income increased $59.4 billion, or 0.4 percent, DPI increased $52.4 billion, or 0.4 percent, and PCE increased $31.8 billion, or 0.3 percent, based on revised estimates.
Gross domestic product, the broadest sum of goods and services produced across the economy, expanded at a 3.7% seasonally adjusted annual rate in the second quarter of 2015, the Commerce Department said Thursday, up from the initial estimate of 2.3% growth.
For August, the portion of small businesses reporting that the U.S. economy was improving fell to its lowest level since the government shutdown of 2013, according to a monthly survey of small firms by The Wall Street Journal and Vistage International Inc. The survey was completed in mid-August, before concerns about an economic slowdown in China triggered a selloff across global markets.
For August, the portion of small businesses reporting that the U.S. economy was improving fell to its lowest level since the government shutdown of 2013, according to a monthly survey of small firms by The Wall Street Journal and Vistage International Inc. The survey was completed in mid-August, before concerns about an economic slowdown in China triggered a selloff across global markets.
An alternative measure of economic output, gross domestic income, advanced at a much slower 0.6% pace last quarter. By that gauge, economic growth barely inched ahead in the first half of the year. (GDI advanced at 0.4% pace in the first quarter versus a 0.6% increase for GDP.)
More than most states, California depends heavily on taxing the wealthy, pulling about half its income tax revenue from just 1% of residents in recent years. A sustained, significant fall in capital gains could mean a return to budget crises, and the turmoil on Wall Street is a reminder of that vulnerability.
Signs of a sharp slowdown in the world’s second-largest economy have unnerved investors since Beijing surprised markets last week by devaluing its currency. Shares in the U.S., Asia and Europe have tumbled along with commodity prices as investors worry about waning Chinese demand.
Growth worries rattled stock markets from China to Germany and the U.S., with the Dow industrials sliding to their lowest finish of the year.
Rising housing costs are propping up inflation for consumers, despite relief at the gasoline pump and mild price increases for many goods.
Job openings slipped to 5.25 million in June, down from a record 5.36 million in May, according to the Labor Department’s Job Openings and Labor Turnover Survey, known as Jolts.