Economy

Now that Texas Gov. Rick Perry is officially in the running for the Republican presidential nomination, journalists and econ bloggers from almost every national news outlet have examined the Texas’ economy in excruciating detail. The fact that Texas has produced nearly 40% of all new jobs in the US since 2009 has been regurgitated over and over again, and the state’s remarkable population spike has repeatedly been cited as a reason for the big employment growth.  read more »

Alert reader Jessie sent me this article about Houston ranking "very low" on a "resilience capacity index".  For real.  I was dumbfounded too. And now I'm going to post out-of-character and get a little snippy...  read more »

EMSI teamed up with Tableau Software to create this industry data display. You can visualize every broad-level (2-digit NAICS) industry by state over the last decade. Also, click on the dot for each state to see the trends for each sector. The bigger the dot, the more jobs that state has in the selected industry. It may take a few seconds to load.  read more »

Too much property reporting and media attention is given to our capital cities, and not enough effort is spent analysing our regional towns. 

As a result, too few investors understand Australia’s regional potential.  Right now, not only are many of our regional centres at the bottom of their cycle, but larger, long-term trends are at play.  Indeed, regional Australia is on the cusp of some big demographic changes.   read more »

The Department of Commerce released trade balance numbers for January this morning, reporting that the monthly deficit jumped to $46.3 billion, up from $40.3 billion in December. Economists had been projecting a deficit of $41.5 billion. The larger than expected number may lead some economists to “lower their estimates for economic growth in the January-March quarter based on the wider deficit.”

However, buried within the dark clouds is a silver lining.  read more »

The Bureau of Economic Analysis yesterday released the 2009 data for metropolitan area GDP. Their headline, “Economic Decline Widespread in 2009,” should come as a surprise to no one.  read more »

Paul Krugman really doesn’t like the possibility that there is a structural shift in employment, because it weakens the argument for the massive Keynesian spending spree he’d like to see the government initiate.  To that end, he published this piece on his blog February 13th.  read more »

Could the next zone of opportunity exist in the middle of the country? Census unemployment figures seem to signify this notion, especially in the Great Plains.

State-wise, November 2010 unemployment rates were lowest in North Dakota at 3.6%; South Dakota at 4.6%; Nebraska at 4.9%; Kansas at 6.5%; and Iowa at 6.8%. Compare these numbers to the ever-growing Sunbelt states where unemployment is at its most dismal with Arizona at 9.6%, California at 12.4%, and Nevada at a depressing 14%.  read more »

Last week NYT columnist and economist Paul Krugman wrote a very popular column pointing to Texas' revenue shortfall and declaring it an example of the failure of conservative government.  I found the whole piece a muddled mess and dismissed it, but you can't believe the notes I've gotten from people requesting a response.  read more »

Once we correct (even crudely) for demography in the 2009 PISA scores, (PISA is the Program for International Student Assessment) American students outperform Western Europe by significant margins and tie with Asian students. Jump to the graphs if you don't want to read my boring set-up and methodology.

The main theme in my blog is that we shouldn’t confuse policy with culture, and with demographic factors.
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