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.
“California’s most inexpensive markets are on par with the most expensive metro areas in places like Texas, while California’s most expensive markets are quickly approaching median prices of $1 million,” wrote study co-author Jordan Levine. “That is well beyond the reach of the average Californian.”
That is pushing growing numbers of workers — especially middle-income workers — to leave California for places where they may be better able to buy a house, Levine says.
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.
Sacramento is still getting a bad rap for business friendliness. An annual Thumbtack.com survey ranked Sacramento at the very bottom of 82 major metros for support from local government. Shocker: California didn’t fare well, either.
Permits issued for X-rated productions have fallen by 90% since 2012, when Los Angeles County voters passed Measure B in November of that year after a campaign contending that the law would protect performers from outbreaks of sexually transmitted diseases. The porn industry had opposed the measure, asserting that mandatory testing of actors for HIV was effective.
Glendale-based Nestle USA is closing its Chatsworth Hot Pockets plant and moving the work to its operation in Mount Sterling, Ky., investing $13 million in expanding the facility and hiring 150 workers.
According to the CalNonprofits organization, California nonprofits generate $260 billion in total economic activity every year, producing more jobs than the real estate, finance or construction industries. The groundbreaking report, titled “Causes Count: The Economic Power of California’s Nonprofit Sector,” was commissioned by the California Association of Nonprofits (CalNonprofits), the statewide policy alliance of more than 10,000 organizations.
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.
And yet, the latest census bureau report says that California is both the wealthiest state and has the highest poverty rate in the country at 24 percent — meaning almost a quarter of Californians live in poverty. In a big state like California that’s a lot of people — almost 9 million — or about the number of people living in New York City.
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.
A first-time analysis of projects that applied to the Program but were denied due to insufficient availability of tax credits. Of those projects that were subsequently produced, a small minority elected to shoot in California without benefit of the Program. Instead, the overwhelming majority of projects denied for California tax credits opted to shoot outside the state in jurisdictions where tax credits are available.
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.
Hiring by U.S. employers remained robust in July, if a bit slower than previous months, with a broad-based rise in payrolls extending a half-year streak of strong employment gains. . . The unemployment rate, obtained via a separate survey of households, ticked up to a seasonally adjusted 6.2% in July from 6.1% in June. The rise in part reflects an increase in the number of people looking for jobs, some of whom are now being counted as unemployed. The labor-force participation rate ticked up slightly in July, to 62.9% from 62.8% in June, though it remained near its lowest level since the late 1970s.
Officials have long known that hundreds of miles of city water lines have deteriorated and need replacement, with many past the century mark. But in recent years, L.A.’s elected leaders have been unwilling to hike water rates enough to fix them more rapidly. As it stands, the city-owned Department of Water and Power is on track to replace main water lines only once every 300 years.