U.S. employers advertised the most job openings in nearly 14 years in November, the Labor Department said Tuesday. That suggests businesses are determined to keep adding staff because they are confident strong economic growth will create more demand for their goods and services.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $39.0 billion in November, down $3.2 billion from $42.2 billion in October, revised. November exports were $196.4 billion, $2.0 billion less than October exports. November imports were $235.4 billion, $5.2 billion less than October imports.
Once again, the two agencies are disagreeing over the extent of outmigration from California to other states, but this time, the Census Bureau is seeing less movement than the state’s demographers. “Domestic migration is the big cause,” says state demographer John Malson.
State personal income growth averaged 1.0 percent in the third quarter of 2014, down from 1.2 percent in the second quarter, according to estimates released today by the U.S. Bureau of Economic Analysis. Growth in personal income–the sum of net earnings by place of residence, property income, and personal current transfer receipts–slowed in 38 states and in the District of Columbia. The percent change across states ranged from -0.2 percent in South Dakota (the only state with a decline) to 1.4 percent in Texas. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 0.3 percent in the third quarter from 0.6 percent in the second quarter.
Income inequality is in the headlines these days, and attention to this huge and growing problem is welcome. But to focus on inequality in income alone is to take a narrow view of the problem and what’s at stake. Mutually reinforcing inequalities in health, education, environment, neighborhood conditions, wealth, and political power have created an opportunity divide that higher wages alone cannot bridge.
In 2013, Hispanics had an estimated after-tax income of more than $605 billion. That figure is equivalent to almost one out of every 10 dollars of disposable income held in the United States that year. Foreign-born Hispanic households made up a sizeable portion of that figure: We estimate their spending power totaled $287 billion that year.
Thursday’s report by the state Department of Finance found that natural increase – the difference between live births and deaths – added 243,000 California residents. The other 92,000 came from net migration to the state, the report shows. More California residents are leaving the state than moving in from other states, but immigration from other countries more than offsets that.
California’s once-soaring population growth slowed markedly during the last two decades, barely keeping pace with the nation as a whole since 2000, and a new Census Bureau report indicates that the state’s growth will continue that pattern for the next half-century due largely to slowing birth and immigration rates.
Southern California, like the rest of America and, indeed, the higher-income world, is getting older, rapidly. Even as the region’s population is growing slowly, its ranks of seniors – people age 65 and older – is exploding. Since 2000, the Los Angeles metropolitan area population has grown by 6 percent, but its senior population swelled by 31 percent.
Wells Fargo’s stock-market cap hit $285.5 billion on Dec. 5, based on 5.19 billion shares outstanding as of Oct. 31, according to Bloomberg News.
The proportion of working-age Californians who are employed or actively seeking employment — known as the labor force participation rate — is the smallest it has been since the 1970s. In October, the state’s rate, 62.3%, fell below the national rate of 62.8%. Both rates have fallen sharply since the recession.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.4 billion in October, down $0.2 billion from $43.6 billion in September, revised. October exports were $197.5 billion, $2.3 billion more than September exports. October imports were $241.0 billion, $2.1 billion more than September imports.
Economic activity in the Twelfth District continued to improve moderately during the reporting period of early October through mid-November. Overall price and wage inflation remained modest. Retail sales and demand for business and consumer services increased moderately. Overall manufacturing activity picked up, while agricultural conditions were mixed. Real estate activity advanced, but growth in the residential sector varied across the District. Loan demand increased moderately.
Falling energy prices held overall inflation in check last month, offering relief to consumers squeezed by tepid wage gains and rising costs for food and housing.
Personal income is the income that is available to persons for consumption expenditures, taxes, interest payments, transfer payments to governments and the rest of the world, or for saving. Personal income for 2013 ranged from $3.8 million in Loving County, Texas to $466.1 billion in Los Angeles County, California. Per capita personal income—personal income divided by population—is a useful metric for making comparisons of the level of personal income across counties. Per capita personal income for 2013 ranged from $17,536 in Telfair County, Georgia to $121,632 in New York County, New York.