State-level gross domestic product (GDP) is now available by quarter. Previously, the U.S. Bureau of Economic Analysis (BEA) only provided state-level GDP on an annual basis. The agency’s news release explains “These new statistics provide a more complete picture of economic growth across states that can be used with other regional data to gain a better understanding of regional economies as they evolve from quarter to quarter.”
Today Chmura released the second in a series of white papers examining the reliance of states on federal contract spending. Firms in Texas received $39.0 billion in federal contract awards in fiscal year (FY) 2013 in the United States —more than all other states except Virginia ($51.2 billion) and California ($47.6 billion). The Lone Star State boasts plentiful natural resources and an advanced industrial sector which are two of the reasons it is a large recipient of federal spending. Major metropolitan statistical areas such as Dallas, Houston, and San Antonio rely on this spending to support economic growth, particularly since the slow recovery from the Great Recession of 2007 to 2009.
- White Papers
In the first quarter of 2013, many establishments that provide home care for the elderly were reclassified from NAICS 814110 (private households) to 624120 (services for the elderly). This reclassification, while appropriate according to the BLS, may cause problems for anyone analyzing the health care industry, especially in the regions that were most affected.
Over the past several months the labor market has been sending out some mixed signals in terms of its relative strength. For instance, initial unemployment claims data—typically a reasonable signal of the overall labor market—has been trending downward and is not far off from a new 35-year low. Once adjusted for the size of the current population, the September figure of the seasonally adjusted 4-week moving average of 305,000 initial claims would “traditionally” be associated with a very strong labor market. In October the number of claims have edged upwards, but still remain fairly low.
- Chmura Economics