According to data released Monday, general business activity for the state of Texas fell -34.6 in January, which constitutes a worse forecast than analyst expectations, according to Business Insider. The Texas economy has suffered immensely due to the fall of low oil prices, including new regulations that hamper economic output. Experts believe a crude price correction waits on the horizon in 2016, but such a forecast remains uncertain.
State officials struggle with the budget as low oil prices hamper production and revenue, jeopardizing the Alaska Permanent Fund, a program that comprises of investment dividends paid to residents, according to the Associated Press. Alaska pays no income or sales taxes, and a majority of the state’s income derives from federal aid and oil production.
According to government data, Hawaii has a homeless population of 487 out of every 100,000 person, the highest number per capita in the United States, reports ABC News. The rise in homelessness stems from such factors as high costs and low-wage jobs. Around 40 percent of homeless people in Hawaii have part-time jobs, and the rate of homelessness among families skyrocketed 46 percent from 2014 to 2015. The problem caused Governor David Ige to declare a state of emergency as the state struggles to shelter so many people.
After years of recession, California is gaining growth due to expansion in such sectors as IT and engineering. According to the U.S. Bureau of Economic Analysis, the state’s GDP reached $2.3 trillion in 2014, rivaling other nations such as Brazil.
For several years, the news has been filled with stories about California’s historic drought conditions. However, few truly understand the full impact of these conditions. After all, most stories revolve around water restrictions, closing golf courses, and reduced almond output. Yet, in reality, the drought, now in its fourth year, might cause $2.7 billion in damage to the California economy in 2015.
By 2008, the state of Oregon had witnessed tremendous job losses and sadly, the situation is still bad seven years later. With worsening debt, high personal income and property taxes, and snail-paced employment growth, Oregon is among the most economically troubled states in the US.
Statistics suggest that Michigan’s economy is improving. This year could bring more success as the unemployment rate falls, auto sales increase, and cheap gasoline puts extra cash in everyone’s pockets. Thank goodness for oil shale and fracking!
Illinois is at the epicenter of all discussions about oil shale and fracking in the US. It could be surprising for some that Illinois happens to be the talk of the nation in terms of being the next huge horizontal oil playground in America.
Although Texas and North Dakota continue to be the biggest oil producing states in the country, Illinois is not far behind, and already has some monumental numbers to justify its claims to be part of the oil economy buzz.
A boost in hiring during November 2014 helped to push the jobless rate in Ohio to its lowest level in thirteen years. The rate hit an impressive 5% in November, after coming in at 5.3% in October, according to a report released by the Ohio department of family and job services. That equates to the lowest rate since 2001, and shows a significant drop from the 7.2% figure from a year ago.
We are all victims to fluctuations commonly associated with minimum wage (MW) adjustments.
In America, incomes mainly suffer because of a destructive health care policy and high taxes, especially for individuals who have not educated themselves sufficiently or picked up a lucrative skill. New Jersey’s minimum wage recently increased by 13 cents to $8.38, which many people who understand business know will only damage small businesses.
