News

In its new Report on the Economic Well-Being of U.S. Households, the Federal Reserve Board provides a snapshot of the self-perceived financial and economic well-being of U.S. households and the issues they face, based on responses to the Board’s 2013 Survey of Household Economics and Decisionmaking. The report provides insight into numerous topics of current relevance to household finances, including: housing and living arrangements; credit access and behavior; education and student loan debt; savings; retirement; and health expenses.

Today, the U.S. Bureau of Economic Analysis released prototype estimates of personal consumption expenditures (PCE) for states for 1997-2012. These new estimates provide insight into household spending patterns across states that can be used together with other regional data to gain a better understanding of regional economies.

In-state businesses shipped merchandise valued at $15.77 billion in June, up 3.5 percent from $15.23 billion in June 2013, according to an analysis of Wednesday’s U.S. Commerce Department figures by Beacon Economics, a consulting firm with Bay Area and Los Angeles offices.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total June exports of $195.9 billion and imports of $237.4 billion resulted in a goods and services deficit of $41.5 billion, down from $44.7 billion in May, revised. June exports were $0.3 billion more than May exports of $195.6 billion. June imports were $2.9 billion less than May imports of $240.3 billion.

A new Wall Street Journal/NBC News poll found that despite the steady pace of hiring in recent months, 76% of adults lack confidence that their children’s generation will have a better life than they do—an all-time high. Some 71% of adults think the country is on the wrong track, a leap of 8 points from a June survey, and 60% believe the U.S. is in a state of decline.

The authors show that the South San Joaquin Valley has largely recovered from the devastating damage of the Great Recession and is on track for greater economic and community success. Even though the region is the state’s and nation’s agricultural base, it is more economically diverse than widely believed, with a wide range of non-agricultural industries, and even a significant sector of green energy.

It’s a purgatory sometimes called the gray economy. Although the official state unemployment rate dropped to 7.4% in June, 16.2% of Californians — or about 6.2 million — were either jobless, too discouraged to seek work, working less than they’d like or in off-the-books jobs.

That’s the highest rate in the country, tied with Nevada. The rate is higher, at 17.8%, in Los Angeles County, where nearly 2 million people aren’t fully employed.

Personal income increased $56.7 billion, or 0.4 percent, and disposable personal income (DPI) increased $51.5 billion, or 0.4 percent, in June, according to the Bureau of Economic Analysis.  Personal consumption expenditures (PCE) increased $51.7 billion, or 0.4 percent.  In May, personal income increased $57.4 billion, or 0.4 percent, DPI increased $55.0 billion, or 0.4 percent, and PCE increased $39.8 billion, or 0.3 percent, based on revised estimates.

Traders said there was no single catalyst for the stumble, though selling started early and accelerated into Thursday’s closing bell, dragging the Dow into negative territory, down 0.1%, for 2014.

The U.S. economy surged in the second quarter, more than offsetting a first-quarter contraction and putting growth back on an upward trajectory in 2014.

While most indicators signal an economic upswing in California, the reality facing many residents of the Golden State is simple: On the ground, the recovery is still sluggish. Nowhere is that more apparent than in a newly developed database that includes detailed economic information on each of California’s 120 legislative districts and 58 counties.

Initial jobless claims fell to near a seven-year low last week in a sign of continued improvement in the labor market.

California’s economy has overtaken Russia and Italy’s, with the state now ranked as the world’s eighth largest economy.

As Americans drive to barbecues and the beach in coming days, they will be paying more for gas than on any Independence Day weekend since the record highs of 2008.

A gallon of unleaded gasoline cost an average of $3.67 Wednesday, almost 20 cents above last year’s price, according to automobile club AAA. In California, drivers have been paying well over $4 a gallon for weeks.

California was one of the states that has managed to regain all of its jobs — barely. Its job growth from January 2008 to May 2014 was 0.4%, sitting in the middle of the pack compared to other states.