The Morning Economic Report | WYPR

The Morning Economic Report

On average, those who own homes in cities as opposed to those who own in the suburbs continue to be more likely to be underwater on their mortgages.  According to real estate researcher Zillow, fourteen percent of homeowners in urban areas owed more on their mortgages than their homes were worth during the second quarter. 

According to a new analysis released by the Federal Reserve Bank of New York, America’s economy has finally begun to create more middle class jobs.  The report indicates that between twenty thirteen and twenty fifteen, employers added nearly two point three million workers earning between thirty thousand dollars and sixty thousand dollars a year, primarily in fields like construction, social services, transportation and education. 

Recently released data presented in a report from the Congressional Budget Office indicate that U.S. family wealth totaled sixty seven trillion dollars in twenty thirteen.  The report also indicates what we all know – that that wealth is shared rather unequally. 

Perhaps the most disappointing aspect of economic performance in America during the early stages of the millennium is summed up in one key metric – median household income. 

Measured in twenty fourteen dollars, median household income hit an all-time high in nineteen ninety nine at nearly fifty eight thousand dollars.  As reported by Bloomberg, two years ago, it stood at well below fifty four thousand dollars having fallen by more than seven percent from its all-time high. 

Despite an official unemployment rate below five percent, millions of jobs created since the previous recession, and the recent attainment of record stock prices, Americans remain downbeat regarding their economy. 

Get ready for another weekend of round-the-clock coverage of the U.S. election cycle.  For months, many economists have expressed skepticism regarding whether or not the pending November twenty sixteen elections were impacting the economy. 

While consumers continue to shun department stores in favor of purchasing merchandise online or consumer services like entertainment and travel, they continue to spend enormously on their homes. 

Retail Sales - 8/24/16

Aug 30, 2016

America’s economic recovery remains consumer led.  With government outlays expanding very slowing, business investment remaining soft, and erratic export growth, consumers have represented the only significant prime mover. 

When people think about technology in the U.S., they are likely to think about markets like Silicon Valley, Boston, Northern Virginia, Maryland’s I-two seventy corridor, Research Triangle and other places where high tech firms have clustered.  They may not think about Jackson, Mississippi and Nashville, Tennessee, but technology has been expanding rapidly in these markets in recent years. 

According to a recent Labor Department report, the nation’s largest metropolitan areas have continued to steadily add jobs over the past year.  Through June, nonfarm employment expanded in all fifty one of the U.S metropolitan areas with a twenty ten Census population of one million or more.