When your parents want you to be a doctor when you grow up...

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#economy

US GDP increased 2.1% in 2022 after increasing 5.9% in 2021.

Gross domestic product (GDP) fell in the first half of 2022 but grew in the second half. GDP reached $25.5 trillion in 2022.

#economy #sotu

The US unemployment rate in January 2023 was 3.4%

#economy #sotu

Households increased debt during the third quarter at the fastest pace in 15 years due to hefty increases in credit card usage and mortgage balances.

Total debt increased by 2.2% from the previous quarter and 8.3% from a year ago.

Debt has surged over the past year due to inflation running near its highest pace in more than 40 years and amid rising interest rates and strong consumer demand.

#economy #debt

The national debt hit $30.9 trillion last fiscal year.

The federal debt held by the public is equivalent to 94.5% of GDP, similar to the 94.7% ratio of FY 2021, but higher than the average of 71.3% in the 10 years before the pandemic.

#economy #sotu

Wealth fell for all income quintiles except the bottom 20% over the first three quarters of 2022.

This was due to the loss of wealth in stocks and mutual fund shares, and retirement accounts.

Wealth for all groups remains above pre-pandemic levels.

#economy #sotu

#economy #debt

#economy #capitalmarkets

The dataset includes the most indebted companies in the world by total corporate debt according estimates by the British-Australian investment firm Janus Henderson.

In 2019, the total debt of the 900 most indebted companies was $8,325 billion. The most indebted companies were in the oil and gas, utilities, telecommunication and automotive industries. Updated to include Evergrande of China.

#debt #economy #corporates

Source: Janus Henderson Group

The gender wage gap is defined as the difference between median earnings of men and women relative to median earnings of men.

Data refer to full-time employees on the one hand and to self-employed on the other.

#gender #wages #economy

Source: OECD

This dataset lists the most valuable agricultural products in terms of global gross production value ($USD) by type.

The top 5 include rice, pig, milk, maize (corn), and chicken!

#agriculture #food #trade #economy

Source: Food and Agriculture Organization (FAO)

With second-quarter GDP data due out Thursday, the question of whether the economy is in recession will be on everyone’s mind.

The economy stands at least a fair a chance of hitting the rule-of-thumb recession definition of two consecutive quarters with negative GDP readings.

The last two recessions were in 2020 and 2008-2009, as annotated in the chart above.

Should inflation stay at high levels, that then will trigger the biggest recession catalyst of all, namely Federal Reserve interest rate hikes.

Treasury Secretary Janet Yellen said “we just don’t have” conditions consistent with a recession.

#economy #recession #inflation

Source: U.S. Bureau of Economic Analysis

Which countries have the highest top headline personal income tax rates in the world as of August 2022?

#tax #wealth #economy

Source: PwC Worldwide Tax Summaries

According to the Federal Reserve, the level of outstanding student debt in the United States reached $1.75 trillion by the end of 2021.

As the chart shows, the student debt burden has more than tripled over the past 15 years, which is one of the reasons for the calls for student debt relief to grow louder and more frequent.

Student loans are the second largest category of household debt in the U.S., trailing housing debt by a wide margin.

Auto loans are the third largest category, currently standing at $1.3 trillion.

#economy #debt #stu

Source: Board of Governors of the Federal Reserve System (US)

Mentions of inflation have leveled off since March 2022, with readings of 17% or 18%, after increasing throughout the fall and winter months.

They remain relatively high compared with recent history but have been higher in the past, including 52% in October 1981, 49% in January 1982 and 31% in April 1982, around the time inflation was last at its current rate. Inflation had been named by an average of 1% of Americans between 1990 and 2021.

#inflation #economy

Source: Gallup

#Economics #GasPrices #Cars #Energy

The Kia Forte subcompact car, which is among the most affordable new cars on the market, has the highest price increase in the most states with 17.

The vehicle with the highest price increase across all states is the Kia Forte in New Jersey with an 61.0 percent increase.

Shipments of manufactured durable goods in March, up ten of the last eleven months, increased $3.3 billion or 1.2 percent to $274.2 billion.

After over a 60% decline in shipments of Motor Vehicles and Parts early in the pandemic, shipments of Motor Vehicles and Parts were up 11% in nominal terms since January 2020.

Nondefense Capital Goods Excluding Aircraft shipments were up 22% over the same period.

Source: U.S. Census Bureau

#economy #fred #shipping

Despite the highest inflation in 40-years, real wages are higher than pre-pandemic as of March 2022. Real wages in March 2022, as calculated by the ratio of Avg. Hrly Earnings to CPI, is actually up 1.8% since Jan 2020!

Average Hourly Earnings are of Production and Nonsupervisory Employees, Total Private, which Paul Krugman used in his Jan 25th op-ed discussing

the inflation narrative.

Source: Ratio of Average Hourly Earnings to CPI

#economy #inflation #wages

#economy #sotu

Return to State of the Union 2022 project by OpenAxis

In real terms, Average Hourly Earnings relatively high compared to the last 20 years.

#economy #sotu #fred

Return to State of the Union 2022 project by OpenAxis