The Morning Economic Report | WYPR

The Morning Economic Report

Global economic growth is expected to pick up faster than previously thought in coming months due to expected tax cuts and public spending in the U.S. – this according to the Organization for Economic Cooperation and Development.  In its most recent economic outlook report, the OECD estimates that global growth will accelerate from 2.9 percent this year to 3.3 percent in 2017 and 3.6 in 2018. 

Over time, women have made significant progress in cracking and collapsing various glass ceilings.  One of the final remaining glass ceilings is in the world of investment, including in the U.S. 

As indicated by writer Josh Mitchell, the federal government is on pace to forgive at least $108 billion in student debt in coming years – this as an increasing number of borrowers seek assistance in paying down their loans.  The result will be reduced revenues to finance higher education going forward. 

The Top 400 Club

Dec 12, 2016

It is often said that the rich are getting richer.  New data indicate that the really really rich have become much much wealthier.  According to recently released data from the Internal Revenue Service, total income reported on the top 400 tax returns rose 20 percent in 2014.  

Home to Silicon Valley, the life sciences cluster in San Diego and Hollywood, California has emerged as one of America’s more rapidly expanding economies.  Still, a recent study by CoreLogic finds that for every homebuyer coming into that state, there are three Californians selling their homes and moving elsewhere. 

Earlier this month, you got to sleep in an additional hour.  That hour felt terrific, though you weren’t awake to realize it.  While many people enjoy daylight savings this time of year, and dislike it intensely during the spring, the presumption may be that there is little economic impact. 

Detroit is making a comeback.  As reported by the Wall Street Journal, the unemployment rate in the Detroit metropolitan area sat at five point four percent in September.  Detroit was one of the hardest hit communities during the recession, with a regional unemployment rate that peaked above seventeen percent in mid-two thousand and nine. 

According to the U.S. Environmental Protection Agency, the average fuel economy of twenty fifteen model year vehicles increased by half a gallon to a record high of nearly twenty five miles per gallon.  Mazda had the highest average fuel economy at nearly thirty miles per gallon.  Fiat Chrysler had the lowest, at less than twenty one miles per gallon. 

Average hourly pay in America rose by ten cents an hour last month to an average of twenty five dollars and nine two cents according to the U.S. Labor Department.  That’s two point nine percent higher that it was a year ago, the sharpest twelve month increase since two thousand and nine. 

There are a significant number of people who distrust government economic data.  A Marketplace Edison research poll, for instance, found that roughly a quarter of Americans “completely distrust the economic data reported by the federal government."

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