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Macro
Identify the state and the MSA on which you have gathered data.
Oklahoma. MSA (Metropolitan Area) Tulsa. Data accessed on the World Wide Web at http://economy.okstate.edu/outlook/2003/tulsamsa.aspfor Tulsa. Data for U.S. economy overall accessed at http://economy.okstate.edu/outlook/2003/us.asp.
Compare the growth of U.S. GDP to the growth of state and local personal income, and identify where the state or local area led or lagged the nation.
In Tulsa, the growth of personal income was expected to reach 4.4%, above the national average. Per-capita metro income was recorded at $32,262, only slightly below the expected national level of $32,362.3. Tulsa also was only slightly below the national average income level.
Make the same comparison of unemployment rates.
The unemployment rate of Tulsa is expected to edge higher from an average of 4.6 but to remain slightly ahead of the national rate of employment.
4.Can you make any hypotheses to explain any differences in the national and local trends that you identified?
One of the reasons that the Tulsa metro economy has less unemployment than the national average was that it retains a strong farm sector, even though it is an urban location. This sector was less subject to the causes of the most recent economic downturn. Tulsa's status as an urban location also explains why it is slightly lower in unemployment rates than the nation as a whole, as the national average takes into consideration rural communities that are often, especially when they are non-farming, to have less job growth and greater unemployment during difficult or even during recovering economic times. The slightly lower state and personal income rates, as compared to the national average, reflect the fact that Tulsa is being compared to a national average that takes into consideration areas such as New York Cities, which have substantially higher costs of living than Tulsa, and subsequently higher salaries.
Unemployment Rate The Disparity in the Unemployment Rate in the United States A recent article in the Sun Journal by Margaret Fisher (2012) has raised some serious questions as to the true state of the economy. While statistics from the department of labor assert the unemployment rate has dropped, giving the impression that the economy is in a recovery mode, Fisher maintains that this is misleading due to the fact that many
Unemployment rate in the United States has fluctuated between nine and ten percent for well over two years now ("Labor Force Statistics"). That rate is more than double what it was a mere ten years ago, putting millions more Americans on the unemployment compensation rolls. More alarming than the numbers is the general feeling of pessimism that has enveloped the country as the population wonders when the economy might turn
For example, one Pontiac Assembly plant in Pontiac, Michigan, "was running three consecutive eight-hour shifts, employing 3,000 people and making 1,300 trucks a day," in 2003, but in the summer of 2009, the plant had only 600 workers and "was running just one shift" (Mahler 2009, p.1). As a result of the failure of GM, the housing bubble, and the explosion of easy credit and 'creative' financing, many Michigan
Rubin (2016), President-elect Trump has vowed to stop inversions, but has offered a novel solution: a lower corporate tax rate. Trump's theory is that a lower corporate tax rate would "sharply reduce companies' incentives to take a foreign address," (p. 1). The corporate tax rate is currently at 35%. Trump and his pick for Treasury secretary, Steven Mnuchin, suggest that 15% would generate sufficient federal revenues while discouraging companies
Thus, the testing will not only expose a relationship, but may shed light into how it will continue to evolve in the future. Using Microsoft Excel, a regression test was administered for each individual independent variable as it related to the dependent variable of general unemployment in Detroit. Data Automotive Industry Employment rates in thousands Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual 2002 2003 2004 2005 2006 2007 2008 96.9 2009 79.5 86.6 86.2 85.4 77.2 73.4 73.5 80.5 84.3 83.9 82.8 83.9 81.4 2010 82.7 82.7 82.6 83.3 83.8 85.0 81.2 83.3 87.6 89.4 89.8 90.2 85.1 2011 89.4 90.4 91.2 93.1 93.4 94.1 83.3 92.0 94.7 96.3 96.7 97.4 92.7 2012 97.6 98.2 99.3 97.4 98.5 99.5 95.8 96.8 97.7 97.7(P) P: Preliminary (United States Bureau of Labor Statistics 2012) Year Period labor force employment unemployment OUTPUT Regression Statistics Multiple R 0.872748 R Square 0.761689 Adjusted R. Square 0.7319 Standard Error 1.573775 Observations 10 ANOVA df SS MS F Significance
"The Detroit, Michigan drop-out rate among black males is 50%, the Detroit unemployment rate among black males is 50%" (Kill 145). This demonstrates that education is very important when considering unemployment rates and that the auto industry is, to a certain degree, not the only institution responsible for the critical conditions currently faced by individuals in Michigan. Although it is difficult to determine what other factors are responsible for the