Human Development: Mississippi Ranks Above Italy
Professor Mark J. Perry's Blog for Economics and Finance
1. Company parties stage a comeback as economy recovers and dark mood eases. Source.
1. Passenger traffic at Los Angeles International Airport (LAX) increased by 4.1% in September above last year, and 5.2% above September 2008. The 4.7 million passenger count in September was the highest for that month since the 4.8 million passengers in September 2007.
The U.S. dollar has depreciated by about 30% over the last 8 years, and during that time period U.S. exports as a share of GDP increased from about 9% in 2002 to 13.2% in mid-2008, and then fell through early 2009 as a result of the recession and a stronger dollar (see chart). Since early 2009, the dollar's decline has continued, and exports as a share of GDP have been increasing. Is the U.S. guilty of manipulating its currency to increase exports?
(Reuters) - "Claims for unemployment benefits fell more than expected and a moving average fell to a two-year low, pointing to some relief in the weak jobs market, a government report showed on Wednesday. Initial claims for state unemployment benefits fell to a seasonally adjusted 435,000 in the week to November 6 from a revised 459,000, the Labor Department said. Analysts were expecting claims to slip to 450,000 from an initially reported 457,000. The four-week moving average of claims, considered a better measure of underlying market trends, eased to 446,500, the lowest since September 2008 (see chart)."
"The number of federal workers earning $150,000 or more a year has soared tenfold in the past five years and doubled since President Obama took office, a USA TODAY analysis finds (see chart above). Federal workers earning $150,000 or more make up 3.9% of the workforce, up from 0.4% in 2005.
158 companies have left California this year to relocate to other states, and here's a new story about another one that is seriously considering leaving after evaluating six key issues of concern.
Some highlights from the NY Fed's quarterly report on "Household Debt and Credit," released today with third quarter updates:
The land area of Africa would include the entire U.S., China, India, Japan, U.K., Eastern Europe and much of Western Europe, see chart above (click to enlarge), link here.
The MSCI World Stock Market Index closed at a 25-month high on Friday of 1,264.73, which was the highest level for world stock markets since late September 2008. Emerging markets have been doing especially well lately, with one-year returns 72.5% in Thailand, 67% in Colombia, 56% in Chile, 57.5% in Turkey, 48% in Indonesia, and 47.8% in the Philippines.
In October, overall vehicle sales increased by 13.4% compared to October 2009, but that increase was largely because light truck sales increased by 23.5%, more than six times the 3.9% increase in passenger car sales. Year-to-date, truck sales are up by 16.7%, more than three times the 5.3% increase in passenger car sales so far this year.
In the month of September, 1,958,511 passengers traveled through Dulles Airport, which was 4.5% above passenger traffic in the same month last year, and marked the highest monthly passenger count for the month of September since 2006. Cargo traffic at Dulles in September was 5.6% above last year.
"The U.S. Monster Employment Index annual growth rate continued to be positive with a 13 percent increase year-over-year, although at a slower rate compared to early summer (see chart above). The Index dropped two points (1 percent) on a monthly basis, as online job demand continued to fluctuate within a two-point margin for the fourth consecutive month.
|1.||The Conscience of a Liberal|
|2.||The Big Picture|
|3.||DealBook - New York Times blog|
|6.||Grasping Reality with Both Hands: Brad DeLong's Se|
|9.||Company Town - L.A. Times|
|10.||Seth Godin's Blog|
|12.||Freakonomics - New York Times Blog|
|14.||Greg Mankiw's Blog|
|17.||Mish's Global Economic Trend Analysis|
|18.||The Baseline Scenario|