Latest news with #BureauofEconomicAnalysis
Epoch Times
15 hours ago
- Business
- Epoch Times
What Kind of Jobs Can Weather the Storm of Recession?
As the economy reacts to President Donald Trump's sweeping U.S. tariffs, some Americans may be worrying about job certainty. The economy contracted by 0.2 percent in the first quarter of 2025, according to the Bureau of Economic Analysis (BEA). Moreover, the Leading Economic Index (LEI) for the United States fell by 1 percent in April 2025 to 99.4, according to the latest data from the think tank The Conference Board.
Miami Herald
6 days ago
- Business
- Miami Herald
Map Shows US States With Best-And Worst-Economies
Personal finance company WalletHub conducted a comprehensive analysis of the strongest and weakest economies in the U.S. by state. Thanks to thorough investigation into dozens of economic metrics, WalletHub was able to rank each state according to its overall economic strength score, as well as how well they rank in terms of Economic Activity, Economic Health and Innovation Potential. Newsweek crafted the results into a map. The rankings incorporate overall economic might and other metrics concerning fiscal health and the social welfare of a state's citizens. As WalletHub's analysis demonstrates, the relative strength of an economy depends not only on gross domestic product (GDP) but also employment opportunities, median income levels enjoyed by the population and the conditions for businesses to prosper, which in turn can dictate where individuals choose to live and companies choose to invest. WalletHub's overall ranking incorporated each state's relative success across three main dimensions based on 28 individual metrics. Economic Activity assessed GDP growth, the growth rate of companies in the state and other elements including exports per capita. Economic Health took into account employment rates, household incomes relative to a state's cost of living, as well as several other social welfare measures. A state's Innovation Potential was weighed according to such things as the share of jobs in high-tech or STEM fields and the overall level of "entrepreneurial activity." Below is the map showing each state's total score across these metrics, along with its overall rank and ranking across the three indices. Out of all 50 states, Massachusetts finished at the top with an overall score of 70.84, beating second-place Utah (69.18) by more than a point. As well as ranking first in terms of innovation potential, Massachusetts placed sixth in economic activity and 17th in economic health. Utah, with a ninth-place economic health ranking and 10th in terms of innovation potential, was first in overall economic activity. The state has long been recognized in this category, ranking first in the recent ALEC-Laffer State Economic Competitiveness Index. It also led the nation in terms of economic growth between 2023 and 2024, its GDP increasing 4.5 percent to $235.7 billion, according to the Bureau of Economic Analysis. Washington placed third at 68.97, thanks largely to its innovation potential, leading position in the new technology space and high tech-sector employment. California, which recently overtook Japan to become the world's fourth largest economy in terms of GDP, ranked fourth at 67.43. The state's successes in economic activity and innovation are dragged down by its economic health rank of 47, with high unemployment and slow labor force growth offsetting its overall economic might. At the bottom of the rankings were Hawaii (33.09), West Virginia (32.34) and Iowa (31.61) in 51st place (results included the District of Columbia in 12th place). Massachusetts Governor Maura Healey: "Massachusetts is number one for education, health care and innovation. We're the best state to be a woman, to have a baby and to be a working parent. So, it's no surprise that we also have the best state economy. "This recognition is a testament to the incredible businesses, universities and research institutions that drive our innovation economy and to the top-notch talent that continues to choose Massachusetts as the place to grow their careers and their futures." California Governor Gavin Newsom: "California isn't just keeping pace with the world-we're setting the pace. Our economy is thriving because we invest in people, prioritize sustainability and believe in the power of innovation. And, while we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California's economy powers the nation, and it must be protected." WalletHub Analyst Chip Lupo: "A strong state economy doesn't guarantee success for the state's residents, but it certainly makes financial success more attainable. Factors like a low unemployment rate and high average income help residents purchase property, pay down debt and save for the future. The best state economies also encourage growth by being friendly to new businesses and investing in new technology that will help the state deal with future challenges and become more efficient." WalletHub's rankings may change significantly over the next year, depending on how each state performs across the assessed categories. Since last year's analysis, multiple states have shifted significantly, including Tennessee, which fell from 16th place to 23rd, and Iowa, which dropped from the 44th spot to the very bottom of the overall rankings. Related Articles Map Shows the 50 Best School Districts Across USTropical Storm Dalila Rainfall Map Shows Where Mexico Might Get Hit HardestMap Shows Where Storms Might Disrupt Father's Day WeekendMap Shows US States Most Likely to Survive Nuclear War 2025 NEWSWEEK DIGITAL LLC.
Newsweek
6 days ago
- Business
- Newsweek
Map Shows US States With Best—And Worst—Economies
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Personal finance company WalletHub conducted a comprehensive analysis of the strongest and weakest economies in the U.S. by state. Thanks to thorough investigation into dozens of economic metrics, WalletHub was able to rank each state according to its overall economic strength score, as well as how well they rank in terms of Economic Activity, Economic Health and Innovation Potential. Newsweek crafted the results into a map. Why It Matters The rankings incorporate overall economic might and other metrics concerning fiscal health and the social welfare of a state's citizens. As WalletHub's analysis demonstrates, the relative strength of an economy depends not only on gross domestic product (GDP) but also employment opportunities, median income levels enjoyed by the population and the conditions for businesses to prosper, which in turn can dictate where individuals choose to live and companies choose to invest. What To Know WalletHub's overall ranking incorporated each state's relative success across three main dimensions based on 28 individual metrics. Economic Activity assessed GDP growth, the growth rate of companies in the state and other elements including exports per capita. Economic Health took into account employment rates, household incomes relative to a state's cost of living, as well as several other social welfare measures. A state's Innovation Potential was weighed according to such things as the share of jobs in high-tech or STEM fields and the overall level of "entrepreneurial activity." Below is the map showing each state's total score across these metrics, along with its overall rank and ranking across the three indices. Out of all 50 states, Massachusetts finished at the top with an overall score of 70.84, beating second-place Utah (69.18) by more than a point. As well as ranking first in terms of innovation potential, Massachusetts placed sixth in economic activity and 17th in economic health. Utah, with a ninth-place economic health ranking and 10th in terms of innovation potential, was first in overall economic activity. The state has long been recognized in this category, ranking first in the recent ALEC-Laffer State Economic Competitiveness Index. It also led the nation in terms of economic growth between 2023 and 2024, its GDP increasing 4.5 percent to $235.7 billion, according to the Bureau of Economic Analysis. Washington placed third at 68.97, thanks largely to its innovation potential, leading position in the new technology space and high tech-sector employment. California, which recently overtook Japan to become the world's fourth largest economy in terms of GDP, ranked fourth at 67.43. The state's successes in economic activity and innovation are dragged down by its economic health rank of 47, with high unemployment and slow labor force growth offsetting its overall economic might. At the bottom of the rankings were Hawaii (33.09), West Virginia (32.34) and Iowa (31.61) in 51st place (results included the District of Columbia in 12th place). What People Are Saying Massachusetts Governor Maura Healey: "Massachusetts is number one for education, health care and innovation. We're the best state to be a woman, to have a baby and to be a working parent. So, it's no surprise that we also have the best state economy. "This recognition is a testament to the incredible businesses, universities and research institutions that drive our innovation economy and to the top-notch talent that continues to choose Massachusetts as the place to grow their careers and their futures." California Governor Gavin Newsom: "California isn't just keeping pace with the world—we're setting the pace. Our economy is thriving because we invest in people, prioritize sustainability and believe in the power of innovation. And, while we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California's economy powers the nation, and it must be protected." WalletHub Analyst Chip Lupo: "A strong state economy doesn't guarantee success for the state's residents, but it certainly makes financial success more attainable. Factors like a low unemployment rate and high average income help residents purchase property, pay down debt and save for the future. The best state economies also encourage growth by being friendly to new businesses and investing in new technology that will help the state deal with future challenges and become more efficient." What Happens Next WalletHub's rankings may change significantly over the next year, depending on how each state performs across the assessed categories. Since last year's analysis, multiple states have shifted significantly, including Tennessee, which fell from 16th place to 23rd, and Iowa, which dropped from the 44th spot to the very bottom of the overall rankings.
Yahoo
12-06-2025
- Business
- Yahoo
Rachel Cruze: 4 Things That Keep You Broke Regardless of Salary
The Northwestern Mutual 2025 Planning & Progress Study found that 52% of Americans had household incomes that weren't growing enough to keep up with inflation, which was also the top financial concern reported. Discover More: Consider This: But even if you earn a high enough salary to comfortably handle rising prices, that doesn't mean you'll make good decisions that build wealth. In a recent video, money expert Rachel Cruze discussed four habits that keep you broke regardless of what you make and gave tips on how to stop them. 'If you're continuing to live a lifestyle that your income cannot support, you're going to either be in the hole, or you're going to be draining your savings if you have it,' Cruze said. Sometimes, this happens if you experience an income reduction and refuse to downgrade your lifestyle accordingly. However, living beyond your means can also become a habit at any income level, especially when you're not sure how much money you're making and how you're using it. To stop making this mistake, look at your income and all expenses so you can create a realistic budget you'll stick to. While you're at it, see how you can make more money and where you can cut expenses. Any budgeting spreadsheet or app will work, though Cruze recommended the EveryDollar app. Find Out: Northwestern Mutual's study showed that the average American had $21,500 in non-mortgage personal debt in 2025, with credit cards, car loans and medical debt topping the list. Cruze explained that debt and monthly payments seem normal to many people, so they get used to regularly handing over their income to banks and lenders. This can leave you broke, especially if your debt payments are high. Plus, it leaves you with less money to invest and grow wealth. Cruze recommended prioritizing paying your debts off from the smallest to the largest balance with the debt snowball method. You can use the Ramsey Solutions debt snowball calculator to better understand how the debt is impacting your finances and see when you might become debt-free. Then, you can invest the money you're no longer paying and start getting a return. According to the Bureau of Economic Analysis, Americans were saving about 4.9% of their personal disposable income in April 2025. However, many people still lack basic emergency savings and are left borrowing money or facing difficult choices if something unexpected happens. Cruze suggested making saving a habit by starting with a $1,000 emergency fund and increasing that balance to three to six months of your usual expenses after you've paid off your debt. She also said to put 15% of your pay in a retirement account, which will make a big difference in building wealth. For example, if you're making $50,000 per year, you'd contribute $625 per month. If you keep up that habit for 30 years and get a 7% return, your retirement account balance would be over $700,000 — and that's not even accounting for your likely pay increases over those years. Whether you consider yourself poor or wealthy, you might fall into the trap of constantly wanting to buy fancy things, have amazing experiences and impress people. Depending on your financial situation, you might drain your savings to pay for these things or dig yourself into debt. According to Cruze, wanting to enjoy nice things and experiences isn't necessarily wrong. However, you should practice contentment, not obsess over comparison and save up for the things you want. 'But if your whole life's goal is to constantly be in this wheel of just buying the next greatest thing and just trying to be like everyone else, you are going to be a rat in a wheel for the rest of your life, so don't do that,' she added. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 Warren Buffett: 10 Things Poor People Waste Money On These 10 Used Cars Will Last Longer Than an Average New Vehicle This article originally appeared on Rachel Cruze: 4 Things That Keep You Broke Regardless of Salary Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Axios
06-06-2025
- Business
- Axios
Drug imports plummeted in April despite tariff threat
Manufacturers appeared to stop rapidly stockpiling drugs and medical products from Europe in April, even amid the lingering threat of industry-specific tariffs from the Trump administration, according to federal trade data. Why it matters: An importing surge seen early this spring may have created an inventory bubble, putting pressure on the companies to sell their products before they expire, experts said. It's also likely that a temporary pause in contemplated tariffs may have brought drug imports back to earth, they say. Storage space for drugs and other products may also be maxed out, or it's possible that manufacturing in some hubs can't keep up with the increased demand, one industry observer told Axios. State of play: Imports of goods to the U.S. decreased $68.9 billion to $277.9 billion in April, the Commerce Department's Bureau of Economic Analysis and the Census Bureau reported on Thursday. Pharmaceutical imports had jumped to $50.2 billion in March from $29.5 billion in February. But the situation was reversed in April, as those imports dropped to $24.2 billion. Ireland, a hub for pharma giants like Pfizer and Johnson & Johnson, also reported Thursday it saw its economy grow three times as fast as expected in the first three months of the year as companies stockpiled drugs, the Wall Street Journal reported. However, imports from Ireland fell $19.9 billion to $10.9 billion in April after reaching record highs in March. What's next: The administration continues a Section 232 investigation that could end with a recommendation to put a certain tariff rate on drug imports.
