The Morning Economic Report | WYPR

The Morning Economic Report

Some have heaped praise on Russian President Vladimir Putin recently.  But while America is experiencing a period of accelerating income growth and low inflation, the Russian government is running out of cash. 

Median household income in the U.S. rose to around fifty six thousand five hundred dollars last year.  According to Census Bureau data, incomes rose among African American families, Hispanic families, Asian Americans and Caucasians.  As indicated by writer Neil Irwin, it also increased for young people and among households headed by middle aged adults and older people. 

Earlier this month, the Census Bureau supplied some long anticipated good news for America’s working class – incomes for the typical household increased by a robust five point two percent last year.  What was perhaps most interesting was that average incomes expanded the most among families earning the least. 

The number of studies pertaining to the potential impacts of global warming continues to expand.  Many focus on damage to property or to key industries like agriculture and tourism.  But the impacts go well beyond that. 

Have you noticed that millennials tend to dress differently than the rest of us?  When many of us were growing up, we would wear one set of clothes for work or school, and then change into exercise gear at the gym.  Millennials seem to wear gym clothes all the time whether in the form of running tights or yoga pants.  They have embraced what’s called athleisure fashion. 

A chart developed by Branko Milanovic, an economics professor at the City University of New York, has been nicknamed the elephant chart because of its elephantine shape.  The chart includes a big hump indicating rising incomes for middle classes in China and India, but goes on to show declining incomes for the lower middle class in advanced nations like the United States. 

We drove a lot this summer.  Americans fueled up with gasoline at levels not seen since the onset of the recession nearly nine years ago.  New data from U.S. Energy Information Administration indicate that Americans purchased approximately four hundred and six million gallons of gasoline per day on average in June.  

According to the U.S. Labor Department’s job opportunities and labor turnover survey, also known as the Jolts survey, the number of job openings in America climbed to a new record of five point nine million at the end of July. 

Uber v. Taxi - 9/21/16

Sep 28, 2016

Imagine you are a taxi cab driver.  One of your goals is to have a paying passenger in your car as often as possible.  If you spend all of your time by yourself, you won’t make any money and may sustain a lot of cost driving around looking for fares. 

It wouldn’t be hard to find an economist who believes that the average American is a bit too grumpy with respect to the U.S. labor market.  After all, the U.S. labor market is enjoying its longest string of monthly job gains in the nation’s history. 

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