Author: Kenn Lamson

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Here’s an interesting (dare I say, fun) way to learn about the States and foreign countries. The Economist magazine’s daily chart compares US states to foreign nations by population and GDP.

Here’s the up-close-and-personal on dear old Idaho.

Author: Kenn Lamson

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The US Bureau of Labor Statistics recently released November 2010 Unemployment data for the 372 metropolitan statistical areas (MSAs) it surveys. According to the BLS the non-seasonally adjusted unemployment rate for the Boise-Nampa MSA was 9.9% for the month of November, an increase of +0.2% from November 2009. Over that period, the number of unemployed workers in the Boise area climbed by 700, while the labor force fell from 290,900 to 289,700.  The unemployment rate rose +0.5% from October 2010.

At 9.9% Boise’s seasonally unadjusted unemployment rate was higher than the national average (9.3%) and remained stubbornly higher than the state average (9.4%) and most other areas surveyed within the state.  Boise’s +0.2% year-over-year change in the unemployment rate was also more dramatic than the national average (-0.1%) but smaller than the average of the Idaho cities surveyed (+0.7%).

GRAPH: Bureau of Labor Statistics

In November, 182 of the 372 MSAs had unemployment rates higher than a year earlier and 251 MSAs had lower unemployment rates than Boise. The MSAs with the lowest unemployment rates nationally were Bismarck ND (3.3%) and Fargo ND (3.5%). Those with the highest rates were El Centro CA (29.1%) and Yuma AZ (24.8%). The largest decrease in the year-over-year rate was seen in Monroe MI (-3.5%) while the largest increase was in Yuma AZ (+4.3%).

GRAPH: Bureau of Labor Statistics

Author: Kenn Lamson

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The US Bureau of Labor Statistics recently released state-by-state Unemployment data for November 2010. According to the BLS the seasonally adjusted unemployment rate for the state of Idaho was 9.4% in November, an increase of +0.4% from a year earlier. Over that period, unemployment rose by +3,300 workers, from 67,500 to 70,800.

The change in Idaho’s unemployment rate appeared greater than the nation as a whole; the seasonally adjusted national unemployment rate was unchanged from a year earlier. However, Idaho’s rate remained below the national rate.

Idaho tied for having the 33th lowest unemployment rate in the nation; North Dakota had the lowest, with 3.8%, and Nevada posted the highest, at 14.3%.

Idaho’s November unemployment remained marginally below the state’s all-time high of 9.6%, posted in March 1983, but is well above the all-time low of 2.7%, set March 2007.

An analysis by industry using non-seasonally adjusted figures highlights the sharp contraction in the construction and other industries within the state. Notably, the several industries have begun to show year-over-year job growth, led by government and education & health services.

Dec 17th

Paint By Number

Author: Kenn Lamson

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The New York Times recently published a look at Census data by census tract, illustrating topics including income, education, housing and ethnicity.  Drilling down on the Treasure Valley is a visually interesting way to view our fair city.

% CHANGE IN MEDIAN HOUSEHOLD INCOME SINCE 2000

% CHANGE IN HOUSEHOLDS SPENDING >30% OF INCOME ON MORTGAGE

DISTRIBUTION OF RACIAL AND ETHNIC GROUPS

Author: Kenn Lamson

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The US Bureau of Labor Statistics recently released October 2010 Unemployment data for the 372 metropolitan statistical areas (MSAs) it surveys. According to the BLS the non-seasonally adjusted unemployment rate for the Boise-Nampa MSA was 9.5% for the month of October, an increase of +0.1% from October 2009. Over that period, the number of unemployed workers in the Boise area was unchanged at 27,200, while the labor force fell from 290,200 to 285,700.  The unemployment rate rose +0.5% from September 2010.

 

At 9.5% Boise’s seasonally unadjusted unemployment rate was higher than the national average (9.0%) and remained stubbornly higher than the state average (8.7%) and most other areas surveyed within the state.  Boise’s +0.1% year-over-year change in the unemployment rate was also more dramatic than the national average (-0.4%) but smaller than the average of the Idaho cities surveyed (+0.4%).

 

GRAPH: Bureau of Labor Statistics

In October, 121 of the 372 MSAs had unemployment rates higher than a year earlier and 249 MSAs had lower unemployment rates than Boise. The MSAs with the lowest unemployment rates nationally were Bismarck ND (2.7%) and Fargo ND (3.2%). Those with the highest rates were El Centro CA (29.3%) and Yuma AZ (26.7%).

The largest decrease in the year-over-year rate was seen in Elkhart-Goshen IN (-2.8%) while the largest increases were in Yuma AZ (+4.1%) and Sioux City IA-NE-SD (+1.8%).

 

GRAPH: Bureau of Labor Statistics

 

Author: Kenn Lamson

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The US Bureau of Labor Statistics recently released September 2010 Unemployment data for the 372 metropolitan statistical areas (MSAs) it surveys. According to the BLS the non-seasonally adjusted unemployment rate for the Boise-Nampa MSA was 9.0% for the month of September, a decrease of -0.1% from September 2009. Over that period, the number of unemployed workers in the Boise area rose by +300, from 26,400 to 26,100, while the labor force rose from 289,300 to 290,700.  The unemployment rate fell -0.1% from August 2010.

 

At 9.0% Boise’s seasonally unadjusted unemployment rate was lower than the national average (9.2%), but remained stubbornly higher than the state average (8.3%) and most other areas surveyed within the state.  Boise’s -0.1% year-over-year change in the unemployment rate was also less dramatic than the national average (-0.3%) but greater than the average of the Idaho cities surveyed (0.0%). Of special note was that three of the five Idaho MSA’s surveyed reported declining year-over-year September unemployment rates.

 

 

GRAPH: Bureau of Labor Statistics

In September, 212 of the 372 MSAs had unemployment rates lower than a year earlier and 222 MSAs had lower unemployment rates than Boise. The MSAs with the lowest unemployment rates nationally were Bismarck ND (2.8%) and Fargo ND (3.3%). Those with the highest rates were El Centro CA (30.4%) and Yuma AZ (27.2%).

The largest decrease in the year-over-year rate was seen in Elkhart-Goshen IN (-3.1%) while the largest increases were in Yuma AZ (+3.3%) and Yuba City AZ (+2.4%).

Boise-Nampa MSA Unemployment Rate

GRAPH: Bureau of Labor Statistics

Author: Kenn Lamson

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Today’s morning reading included two interesting pieces handicapping tomorrow’s national elections. The first, from the New York Times’ election blog, FiveThirtyEight, which apparently did a fine job of picking the winners in the 2008 elections, gives us some great data (and excellent charts to go with it) on tomorrow’s national and statewide elections.  A couple of examples:

The bottom line is that Republicans are likely to pick up a substantial number of Senate seats, although not the majority, and are likely to gain a significant majority in the House. (hat tip – Ritholtz.com).

The second is a piece by the Strategy research team at Royal Bank of Scotland (seems a little odd I know, but remember that RBS owns the stockbrokerage Dain Raucher and other US properties). Their expectation is similar to NYT – Republican House, (barely) Democratic Senate. The RBS piece further postulates that little economic or investor benefit should be expected since the Democratic party really hasn’t “moved the ball forward” since they lost their 60-vote majority in the Senate. In other words, gridlock will reign. To the extent that’s the case, they argue (and for what it’s worth, I agree) that the political lines will probably harden, not soften, after the elections and passing badly needed legislation regarding job creation, straightening out the housing crisis (and related issues involving foreclosures) and fiscal measures to support the anticipated “QE2″ will become even more difficult.  The RBS resesearch is here: RBS – US elections. (hat tip – FT.com)

Author: Kenn Lamson

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The Tax Foundation (taxfoundation.org) today released its 2011 State Business Tax Climate Index. The robust 60-page report compares the states across multiple metrics, including corporate tax, property tax, sales tax, unemployment insurance tax and individual income tax rates. 

Idaho fared relatively well, ranking 18th overall. According to the Index the state has risen from 30th in 2006 to 18th in 2010 and 2011.

Idaho’s placement varied widely across categories, however:

  • Property Tax Index rank = 2nd
  • Sales Tax Index rank  =12th
  • Corporate Tax Index rank = 17th
  • Individual Income Tax Index rank = 29th
  • Unemployment Insurance Tax Index rank = 48th

We were a little surprised with Idaho’s relatively high overall ranking, having believed, without benefit of analysis such as this, that Idaho’s tax burden was high compared to many other states (with notable exceptions, such as New Jersey, California and “Tax-achusetts”). We admit, however, our perception may have been skewed by the libertarian bent of our chosen state; also, let’s face it, nobody ever says “Gee, I wish I could pay more taxes”. 

The entire report is here: State Business Tax Index FY2011

Author: Kenn Lamson

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The US Bureau of Labor Statistics recently released state-by-state Unemployment data for September 2010. According to the BLS the seasonally adjusted unemployment rate for the state of Idaho was 9.0% in September, an increase of +0.3% from a year earlier. Over that period, unemployment rose by +2,800 workers, from 65,100 to 67,900.

 

 

The change in Idaho’s unemployment rate appeared greater than the nation as a whole; the seasonally adjusted national unemployment rate dropped -0.2%, to 9.6%, over the same period. However, Idaho’s rate remained below the national rate.

Idaho tied for having the 28th lowest unemployment rate in the nation; North Dakota had the lowest, with 3.7%, and Nevada posted the highest, at 14.4%.

Idaho’s September unemployment remained marginally below the state’s all-time high of 9.6%, posted in March 1983, but is well above the all-time low of 2.7%, set March 2007.

 

An analysis by industry using non-seasonally adjusted figures highlights the sharp contraction in the construction and other industries within the state. Notably, the several industries have begun to show year-over-year job growth, led by government and education & health services.

 

 

 

Author: Kenn Lamson

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Probably no surprise to an unfortunately large number of readers, but Idaho saw the highest growth of any state in the nation in food stamp usage. From July 2009 through July 2010 Idaho saw the number of households participating in the Supplemental Nutrition Assistance Program, or SNAP (everything sounds nicer with a catchy acronym) spike from 59,148 to 85,323, growth of +44.3%. The national average is +19.5% growth.

HatTip: Ritholtz.com