Gloom is widespread, but if the IMF is correct the world will do well in 2015 and 2016.
Thursday, January 22, 2015
Friday, January 16, 2015
My nomination for the "Most Creative Use of a Fiat Currency" Award
Hats off to these two Indian shopkeepers.
Tuesday, January 13, 2015
The West Virginia Economic Miracle
Question: Once everyone is on permanent disability, who will deliver the checks?
The only state where less than half its civilians work
By Steve Goldstein
Published: Jan 13, 2015 11:32 a.m. ET
Not shown: Alaska has a participation rate of 63.4%, and Hawaii has a participation rate of 59.4%.
WASHINGTON (MarketWatch) — West Virginia quietly passed the ignominious milestone of having less than half of its adult, civilian population in the workforce in November.
State data compiled by the Labor Department shows that West Virginia’s civilian labor participation rate has fallen to 49.8%, from 50% in October. The national rate in December was 62.7%.
The Mountain State is the only state in the history of the series, which goes back to 1976, to have fallen below 50%, though Mississippi at 50.8% isn’t far behind.
The troubles that have befallen West Virginia have been well publicized, notably the diminished demand for coal.
At 6.3%, West Virginia doesn’t have close to the worst state unemployment rate, with Mississippi, California and Rhode Island each having jobless rates above 7%, and 11 other states with unemployment rates in the 6% range that are worse. But it’s a state where many have given up trying to find a job. At 17.6%, West Virginia has the highest percentage of working-age people with disabilities, above the national average of 10.4%, according to 2012 data.
Beyond the troubled economic environment — and, in part, because of it — West Virginia also has an older population. At 41.9, West Virginia has the fourth-highest median age, according to Census Bureau data from 2013.
On the other end of the spectrum, the highest participation rate belongs to North Dakota, in the midst of a fracking revolution that has drawn workers to the state.
State Participation rate (%) Unemployment rate (%)
Alabama 52.2 6
Alaska 63.4 6.6
Arizona 55.5 6.8
Arkansas 53.9 5.8
California 58 7.2
Colorado 64.9 4.1
Connecticut 61.7 6.5
Delaware 57.8 6
District of Columbia 64.5 7.4
Florida 57 5.8
Georgia 57.6 7.2
Hawaii 59.4 4
Idaho 60.4 3.9
Illinois 60.7 6.4
Indiana 60 5.7
Iowa 67.4 4.3
Kansas 65 4.3
Kentucky 54.6 6
Louisiana 57.2 6.5
Maine 60.8 5.7
Maryland 62.2 5.6
Massachusetts 61.5 5.8
Michigan 56.2 6.7
Minnesota 67.3 3.7
Mississippi 50.8 7.3
Missouri 61.1 5.6
Montana 61.3 4.3
Nebraska 68.7 3.1
Nevada 57.9 6.9
New Hampshire 66.1 4.1
New Jersey 60 6.4
New Mexico 54.2 6.4
New York 56.7 5.9
North Carolina 56.6 5.8
North Dakota 69.5 2.7
Ohio 59.8 5
Oklahoma 57.9 4.4
Oregon 57.6 7
Pennsylvania 59 5.1
Rhode Island 60.2 7.1
South Carolina 54.5 6.7
South Dakota 67 3.3
Tennessee 54.6 6.8
Texas 61.8 4.9
Utah 65.4 3.6
Vermont 65.3 4.3
Virginia 62.5 5
Washington 59.5 6.2
West Virginia 49.8 6.3
Wisconsin 64.9 5.2
Wyoming 65.2 4.5
Copyright ©2015 MarketWatch, Inc. All rights reserved.
By using this site you agree to the Terms of Service, Privacy Policy, and Cookie Policy.
Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data prov
The only state where less than half its civilians work
By Steve Goldstein
Published: Jan 13, 2015 11:32 a.m. ET
Not shown: Alaska has a participation rate of 63.4%, and Hawaii has a participation rate of 59.4%.WASHINGTON (MarketWatch) — West Virginia quietly passed the ignominious milestone of having less than half of its adult, civilian population in the workforce in November.
State data compiled by the Labor Department shows that West Virginia’s civilian labor participation rate has fallen to 49.8%, from 50% in October. The national rate in December was 62.7%.
The Mountain State is the only state in the history of the series, which goes back to 1976, to have fallen below 50%, though Mississippi at 50.8% isn’t far behind.
The troubles that have befallen West Virginia have been well publicized, notably the diminished demand for coal.
At 6.3%, West Virginia doesn’t have close to the worst state unemployment rate, with Mississippi, California and Rhode Island each having jobless rates above 7%, and 11 other states with unemployment rates in the 6% range that are worse. But it’s a state where many have given up trying to find a job. At 17.6%, West Virginia has the highest percentage of working-age people with disabilities, above the national average of 10.4%, according to 2012 data.
Beyond the troubled economic environment — and, in part, because of it — West Virginia also has an older population. At 41.9, West Virginia has the fourth-highest median age, according to Census Bureau data from 2013.
On the other end of the spectrum, the highest participation rate belongs to North Dakota, in the midst of a fracking revolution that has drawn workers to the state.
State Participation rate (%) Unemployment rate (%)
Alabama 52.2 6
Alaska 63.4 6.6
Arizona 55.5 6.8
Arkansas 53.9 5.8
California 58 7.2
Colorado 64.9 4.1
Connecticut 61.7 6.5
Delaware 57.8 6
District of Columbia 64.5 7.4
Florida 57 5.8
Georgia 57.6 7.2
Hawaii 59.4 4
Idaho 60.4 3.9
Illinois 60.7 6.4
Indiana 60 5.7
Iowa 67.4 4.3
Kansas 65 4.3
Kentucky 54.6 6
Louisiana 57.2 6.5
Maine 60.8 5.7
Maryland 62.2 5.6
Massachusetts 61.5 5.8
Michigan 56.2 6.7
Minnesota 67.3 3.7
Mississippi 50.8 7.3
Missouri 61.1 5.6
Montana 61.3 4.3
Nebraska 68.7 3.1
Nevada 57.9 6.9
New Hampshire 66.1 4.1
New Jersey 60 6.4
New Mexico 54.2 6.4
New York 56.7 5.9
North Carolina 56.6 5.8
North Dakota 69.5 2.7
Ohio 59.8 5
Oklahoma 57.9 4.4
Oregon 57.6 7
Pennsylvania 59 5.1
Rhode Island 60.2 7.1
South Carolina 54.5 6.7
South Dakota 67 3.3
Tennessee 54.6 6.8
Texas 61.8 4.9
Utah 65.4 3.6
Vermont 65.3 4.3
Virginia 62.5 5
Washington 59.5 6.2
West Virginia 49.8 6.3
Wisconsin 64.9 5.2
Wyoming 65.2 4.5
Copyright ©2015 MarketWatch, Inc. All rights reserved.
By using this site you agree to the Terms of Service, Privacy Policy, and Cookie Policy.
Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data prov
Saturday, January 10, 2015
Friday, January 9, 2015
California Dreaming
It is interesting that one third of California's population is now destitute enough to qualify for free health care under Medi-Cal. If my understanding is correct, this does not include those receiving subsidies but paying something.
It's a difficult situation. Our health care financing system was nonsensical before Obamacare and remains so.
This is in addition to the care for the elderly, which was not part of the reform. That system is collapsing as well.
Los Angeles Times: California budget ills
Thursday, January 8, 2015
Tuesday, January 6, 2015
The rise in the dollar is another nail in the coffin of US manufacturing
The yen has dropped 50% against the dollar. The euro and the pound are down 15%-20%. Consumer spending is reviving in the US, the consumer will is buying more foreign manufactures. (This chart is from Ed Guay of Wintonbury Risk Management.(
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