09/28/2022

News

Trade Gap Widens as Overseas Headwinds Gather

A stronger dollar and international turmoil are weighing on overseas consumers, meaning trade is unlikely to provide much support to the U.S expansion this year.

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California Trade Report

The state’s exports of goods to foreign markets in totaled $14.13 billion in the latest numbers, down 0.7% from the $14.23 billion recorded in May 2014. By way of comparison, total U.S. exports of goods saw a 7.2% decline in the same period, while exports from Texas shrank by a full 12.0%.

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The Real Value of $100 in Each State

This week’s map shows the real value of $100 in each state. Prices for the same goods are often much cheaper in states like Missouri or Ohio than they are in states like New York or California. As a result, the same amount of cash can buy you comparatively more in a low-price state than in a high-price state.

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Just How Stagnant Are Wages, Anyway?

The point is not that everything in the U.S. labor market is hunky-dory. But Mr. Rose’s research has two key takeaways: First, not all workers are doing as badly as is often presumed. Second, if one agrees with the Fed’s position that the PCE price index is the best inflation measure to use, then workers haven’t done nearly so bad.

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Why Is California Gasoline So Expensive?

Gasoline sold in California costs more than in the rest of the U.S. — sometimes dramatically so. That’s because the Golden State’s market is isolated from outside fuel suppliers that might moderate prices. The fuel market here is an economic island, and occasionally circumstances combine to make California’s gasoline even pricier than on the actual island of Hawaii.

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Income Inequality in the San Francisco Bay Area

The extent of income inequality in any region such as the Bay Area is a result of local, state and national policies, and is exacerbated by economic factors such as technological progress and globalization. And, while local policies alone are largely inadequate to address the issue of extreme inequality, there are a variety of options that can ameliorate the effects. This report includes data on Bay Area income inequality, comparisons to the state and nation, a discussion of the root causes of inequality, and a set of local policy options.

Research & Studies
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The Stimulative Effect of Redistribution

Policymakers often consider temporarily redistributing income from rich to poor households to stimulate the economy. This is based in part on the idea that poor households spend a larger share of their income than rich ones do. However, ample evidence suggests that the difference in spending between these groups is significantly smaller than commonly assumed. A second assumption is that redistribution through policy is more efficient than through capital markets. Whether this is true is important to consider when proposing this type of stimulus policy.

Research & Studies
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Opps. California Doesn’t Have the World’s 7th Largest Economy After All

Just last month, new figures from the U.S. Bureau of Economic Analysis appeared to reaffirm the state’s seventh place standing. But on Wednesday, revised estimates from the World Bank showed that Brazil had in fact ticked upward and pushed closer to the front of the line.

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June Jobs Report

U.S. employers added 223,000 jobs in June, while the unemployment rate fell to 5.3% from May’s 5.5%, the Labor Department said Thursday. Economists surveyed by The Wall Street Journal had forecast a gain of 233,000 jobs and an unemployment rate of 5.4%.

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We’re No. 8: California Near Top of World’s Largest Economies

The latest figures for 2014 from the World Bank show that Brazil claimed seventh place with a gross domestic product of $2.346 trillion. California’s gross state product, which is comparable to GDP, was $2.312 trillion, according to a report released last month by the U.S. Bureau of Economic Analysis.

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Major Growth in Assessment Rolls Reported Throughout the State

Assessors from California’s 58 counties began reporting their assessment rolls – showing the value of all real property and business personal property in their counties as of the January 1, 2015, lien date – and selected counties that have released their rolls so far have reported major growth.

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California Property Tax Values Increasing

California’s county tax assessors are reporting sharp increases in valuations that will generate billions of new dollars for local governments and schools, according to the California Taxpayers Association.

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Fewer Californians Got Into UC, While Offers to Foreign Students Rose

About 60% of the 103,117 California applicants were offered a spot on at least one of UC’s nine undergraduate campuses, according to university figures released Thursday. That appears to be a record low acceptance rate, down from about 63% of the 99,955 applicants last year, and about 79% in 1999, the oldest available systemwide figures.

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California Jobless Claims Rise

California reported an increase in new claims of 2,185. The state did not offer a reason for the change.

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EU’s Emissions Trading System Needs More Oversight to Improve Carbon Market

In a report on the functioning of the carbon market as a financial exchange, the European Union’s Luxembourg-based independent auditors urge the bloc’s executive arm and national governments to improve monitoring of cross-border sales of emissions allowances and come up with a common legal definition.

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