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.
California will experience faster economic growth in 2014 and 2015, according to the latest projection from the Business Forecasting Center at the University of the Pacific. The Center forecasts real gross state product will grow 3.3% in 2014, and accelerate to 3.9% in 2015 as the housing recovery begins to fuel new construction and job growth. The nearly 4% growth rate in 2015 will be the highest California has experienced since 2005.
The American Community Survey (ACS) and the Puerto Rico Community Survey (PRCS) ask respondents age 1 year and over whether they lived in the same residence 1 year ago. For people who lived in a different residence, the location of their previous residence is collected. The state-to-state migration flows are created from tabulations of the current state (including the District of Columbia and Puerto Rico) of residence crossed by state of residence 1 year ago. Tables of ACS state-to-state flows are available going back to the 2005 ACS – the first year of full implementation of the survey. People living in group quarters (e.g. adult correctional facilities, nursing facilities, college/university student housing, and military quarters) were added to the sample for the first time starting with the 2006 ACS.
“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.
Amid concerns about crime, half of Californians support the state’s plan to reduce prison overcrowding. Majorities favor regulating fracking, but Californians are divided on water policy. A slim majority support health care reform, an overwhelming majority favor immigration reform, and there are record-high levels of support for legalizing both same-sex marriage (61%) and marijuana (52%).
A new analysis of the last decade of investment in California’s clean technology sector shows that although venture capitalists remain key players, different types of investors are becoming ever more important to the growth of the sector.
“Between August 27 and September 5, Hoover’s Golden State Poll (a joint collaboration of the Hoover Institution and the research firm YouGov) surveyed 1,000 Californians on their confidence in California’s recovery – their job security and pocketbook choices (last October, a Hoover/YouGov survey sampled Californians’ attitudes toward state government and policy choices in Sacramento). . . . Twice as many Californians reported being worse-off financially (33%) than better off (17%) over the last year. . . . Among survey respondents who are currently employed, more than half (55%) said they weren’t confident in their ability to find another job in California within 6 months that pays as much as they are making now.”
Real spending on travel and tourism decelerated in the second quarter of 2013, increasing at an annual rate of 2.5 percent after increasing 7.3 percent (revised) in the first quarter of 2013. By comparison, growth in real gross domestic product (GDP) accelerated, increasing 2.5 percent (second estimate) in the second quarter after increasing 1.1 percent in the first quarter.
“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.