Economics and Finance

Econ Piggy

The unemployment rate fell in 31 states in September, whilst 15 states unemployment rate stood below 5 percent, signaling a return to healthier labor-market conditions reports US Bureau of Labor Statistics. Forty-two states had unemployment rate decreases from a year earlier, five states had increases, and three states had no change. The US unemployment rate declined to 5.9 percent in September and was 1.3 percent lower than in September 2013.

The U.S. Department of Labor has awarded almost $170 million in grants to help put long-term unemployed Americans back to work as part of the Ready to Work Partnership initiative. The grants, which range in value from $3 million to $10 million, will go to 23 partnerships and serve individuals across 20 states and in Puerto Rico. A few of the grantees – like the Memphis Bioworks Foundation – will support projects in multiple states.

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New York Gov. Andrew M. Cuomo launched “Global NY,” an initiative aimed at making New York state more competitive by attracting foreign investment and exporting more products and services, Oct. 7 at the first Global NY Summit on World Trade and Investment Conference.

Cuomo said he will “aggressively market (New York), and share with the global business community that there is no better place, with no better tools and resources, than the Empire State to grow and compete.”

Cuomo’s initiative includes the development of...

On Monday, the Arkansas Supreme Court ruled against a local businessman - Jackson T. Stephens Jr., who is also board chairman of the Club for Growth - thus allowing a question about the state's minimum wage to remain on the ballot. Mr. Stephens argued that supporters of the initiative did not hit a key deadline for submitting their petition and that some of the signatures on that petition were forged. 

The Council of State Governments has been collecting data on governors’ salaries for The Book of the States since 1937. The average governor’s salary has grown more slowly in recent years than in the past, with a number of states cutting their chief executive’s pay during and after the Great Recession.

On Election Day 2014, voters in four states - Alaska, Arkansas, Nebraska and South Dakota - will decide if minimum wage workers in their state should get a raise. If voters in all four states approve a wage increase, at least 57,000 minimum wage earners would be affected and would join workers in 16 other states who are scheduled to see a wage increase on Jan. 1, 2015.

The U.S. Census Bureau announced today that the national poverty rate fell from 15.0 percent in 2012 to 14.5 percent in 2013 - the first time the rate has fallen in eight years. The poverty rate for children under 18 also declined in 2013 for the first time since 2000 - from 21.8 percent in 2012 to 19.9 percent in 2013.

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WASHINGTON, D.C.—Many U.S.-based companies are in the process of reincorporating their headquarters to countries with lower corporate tax rates. This is commonly known as “inversions” or “expatriations” and takes place when a company merges or acquires a foreign company with the nearly exclusive purpose of paying lower corporate taxes.

In December 2013, The Federal Aviation Administration selected six public entities and set a course that will lead to the development of unmanned aircraft systems and the economic,environmental, safety and security benefits that will accompany this research. Congress mandated the test sites to conduct research into the certification and operational requirements required to safely integrate unmanned aircraft systems into the national airspace over the next several years.

Fiscal conditions for states continued to moderately improve in the 2013 fiscal year. Revenue collections exceeded projections for the vast majority of states and spending from both state funds and federal funds experienced stronger growth in comparison to the 2012 fiscal year. Additionally, the number of states making midyear budget cuts remained low and states have continued to replenish their rainy day funds and reserves. In the 2014 fiscal year, states are expected to have continued positive revenue and spending growth. Revenue and spending growth rates, however, are expected to be slower than last year. States are cautiously optimistic that fiscal conditions will continue to slowly improve in the 2015 fiscal year and beyond, although challenges remain.

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