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Tomorrow, the American Institute for Economic Research will release its first annual list of best cities for job-seeking college graduates ages 22-35. Our researchers looked at 260 metro areas large and small, from the biggest metropolis to college towns surrounded by cornfields.
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This morning provided reassurance that the economy is finding its footing again, as employers added 223,000 jobs in April.
READ MOREMillennials tend to stay at a job for a shorter period than the average worker, according to data from the Bureau of Labor Statistics. The Wall Street Journal highlighted these numbers in a story earlier this week, also raising the question of whether …
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Here’s an interesting blog from the folk music artist Dar Williams on the changing economics of touring. Although the road may be a more welcoming place for a touring musician, in the age of streaming music services, the decline of recorded music has diminished an important stream of revenue, she writes. Music lovers are less willing to pay for recorded music, she writes.
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There’s a very interesting package of articles and interactive charts in The Upshot section of The New York Times that underscore the role location plays in a child’s success later in life.
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I recently heard a news report on the radio about a new MIT study that finds that the U.S. government is not spending enough on research and development, and it’s putting us at a competitive disadvantage. More detail on this was available from the Wall Street Journal story (“U.S. Is Faulted for Risking Edge in R&D,” Robert McMillan, 4/27/2015). This news comes as Congress is considering the R&D budget. What both these stories failed to mention is that MIT is a major recipient of government research funds, which may have colored the study findings.
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Amid all of the talk about a first-quarter economic slump, we have some new data out this morning that shows the economy is likely to show more strength in the second quarter. “We’re seeing early signs that the soft patch might be ending,” said Bob Hughes, senior research fellow at the American Institute for Economic Research. “We expect it to be consumer-led.”
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It is no surprise that no action was taken at the April Federal Open Market Committee meeting since the central bank has firmly formed public expectation of no interest rate increase in April. The question of interest to the market is whether the Federal Reserve has revealed some clear signal in its statement about the timing of the future rate increase. Disappointingly (but not surprisingly), the Fed didn’t change its forward guidance on rate increases from the March statement.
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The slower-than-expected growth in gross domestic product during the first quarter of the year is likely to cause the Fed to wait to raise interest rates until later in the year, said Bob Hughes, senior research fellow at the American Institute for Economic Research.
READ MOREOur April Business Conditions Monthly report began the discussion of federal income taxes and equity. It reported IRS data showing that the top 20 percent of income tax filers paid 88 percent of income taxes in 2011.
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In February we analyzed the impact of the stronger dollar on the various sectors of the U.S. economy, as part of our new report, Business Conditions Monthly. In it we noted, “The surging dollar may be a boon for consumers who reap the benefits of potentially cheaper imports, but it can be a burden for U.S. corporations.” This has proven to be true as the ensuing months unfolded.
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An important barometer of economic health, orders of durable goods, showed remarkable strength in headline March data released this morning by the Commerce Department. But a closer look into the 4 percent increase over February showed that strength was driven by two unique areas: transportation and technology. Cut them out and focus mainly on manufacturing equipment and business investment, and the numbers don’t look nearly as rosy, said Theodore Cangero, data scientist at the American Institute for Economic Research.
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