Seeing this U.S. map from xkcd, I thought we would look at the states today.
First a quiz:
How do Alaska, Illinois, Louisiana, North Dakota and Wyoming…
differ from…
California, Colorado, Idaho, Oregon and South Dakota?
The answer relates to our focus today–the disparate rate of economic growth in the U.S.
Sick and Healthy States
To create a barometer of a state’s economic health, the Philadelphia Fed combines statistics on employment, hours worked and wages. The index is called Coincident because its components reflect current conditions.
Below, with the darker reds and pinks representing a contracting economy, gray, no change and the darker greens showing the most vibrant states, you can see the answer to our quiz question.
Somewhat different from the Philly Fed’s lens, Pew compared unemployment in 2007 to 2015 so we could compare states’ jobs recovery from the Dec 2007-June 2009 recession.
Percentage Point Change in Unemployment Rate, 2007 to 2015
Our Bottom Line: Local Economic Significance
GDP statistics tell us that real U.S. economic growth increased at an annual rate of 1.4 percent for the fourth quarter of 2015. However, a closer look reveals state by state differences that might provide lots more insight about the impact of the economy on the presidential primaries.
