About two-thirds of Californians with assets of $1 million or more actually feel better off now than before the 2008 financial crisis, a report from BMO Private Bank said. And roughly the same portion say they expect the economy to continue its recovery in the next year.
The roads in greater Los Angeles are the most deteriorated in the United States, which costs Southern California drivers more than $800 a year, according to a national transportation analysis released Thursday.
New research from the Federal Reserve indicates the share of middle-skill jobs in the workforce has dropped from 25% in 1985 to just above 15% today, part of the hollowing-out effect that David Autor of MIT has documented. And as our chart above shows, middle-wage jobs — those that pay between $13.84 and $21.13 per hour, as defined by the National Employment Law Project — sustained much deeper cuts during the 2008-2009 recession than high- and low-wage jobs.
“The U.S. is overtaking Russia as the world’s largest producer of oil and natural gas, a startling shift that is reshaping markets and eroding the clout of traditional energy-rich nations.
U.S. energy output has been surging in recent years, a comeback fueled by shale-rock formations of oil and natural gas that was unimaginable a decade ago. A Wall Street Journal analysis of global data shows that the U.S. is on track to pass Russia as the world’s largest producer of oil and gas combined this year—if it hasn’t already. “
“The cost of financing California government with bonds is expected to consume 7.7% of the state’s general fund tax revenue over the next year, according to a new report from the state Treasurer Bill Lockyer.
The total bill is pegged at $7.5 billion for principal and interest. That’s a reduction from last year, when it totaled $8.6 billion and was 8.8% of revenue.”
These 12 heavyweights are among 75 corporations and trade groups that have weighed in on one piece of legislation pending in the U.S. Senate. At least in part, the bill is intended to thwart California’s latest foray into the regulation of interstate commerce.
“Private-sector employment gains picked up slightly in September, as businesses added 166,000 jobs, according to a hiring report that has taken on more importance as a timely measure of the labor market amid the likely delay of the government’s monthly statistics.
Economists surveyed by Dow Jones expected the monthly report from payroll processor Automatic Data Processing Inc. ADP -0.19%and forecasting firm Moody’s Analytics to show an increase of 178,000 jobs. The August ADP employment increase was revised to 159,000 from 176,000 reported a month ago.”
“The economy in the city of Los Angeles grew at a faster rate than the nation last year, according to a report released by the Los Angeles Area Chamber of Commerce Wednesday.
The report, prepared by Beacon Economics, a Los Angeles economic consulting firm, said the city of Los Angeles had a 3.8 percent increase in payroll jobs to about 1.5 million jobs last year, the sharpest increase since 2005 and nearly double the national rate.
… But the job growth was most concentrated in four of the city’s 15 council districts: just north of downtown, the Westside, west of downtown and the southeastern San Fernando Valley. Eight council districts saw little job growth, while three council districts saw job losses.”
The rich and educated are more likely to marry, to marry each other, and to produce rich and educated children. But this virtual cycle turns vicious for the poor.
California’s State Auditor last week released its updated assessment of high-risk issues that loom over the state, and the failure to keep up with the state’s infrastructure needs made the cut.
“Paramount Pictures announced layoffs on Tuesday as part of the studio’s effort to cut costs.
The Hollywood studio, owned by Viacom Inc. of New York, notified employees that 110 staffers will be cut from departments including finance, human resources, IT, legal and marketing.”
A Texas-based conservative think tank, the National Center for Policy Analysis, has entered the debate by launching an interactive website that allows users to calculate the tax effects of moving from one state to another.
US factory activity expanded last month at the fastest pace in 2 ½ years, an encouraging sign that manufacturing could lift economic growth and hiring in the coming months.
California’s State Auditor last week released its updated assessment of high-risk issues that loom over the state, and the failure to keep up with the state’s infrastructure needs made the cut.
“The Census Bureau reported recently that 15 percent of California’s 38 million residents were living in poverty last year, the 20th highest rate in the nation.
However, an experimental Census Bureau method of gauging poverty, which includes a cost-of-living factor, puts California’s rate at more than 23 percent, the nation’s highest.”