Tag Archives: Bureau of Economic Analysis

BEA: Idaho’s 2Q 2015 GDP Increased 4.9%

A 4.9 percent increase in Idaho’s real gross domestic product (GDP) between the first and second quarters of 2015 has been ranked by the U.S. Bureau of Economic Analysis (BEA) as 9^th in the nation in percentage change and well above the national average of 3.8 percent.

Seasonally adjusted on an annual basis, the 4.9 percent increase from April to June of 2015 follows a first quarter decline for January through March of 2.4 percent.

According to Department of Labor analysts, statistically, Idaho’s ranking may be difficult to explain and is subject to revision in future releases. However, the new quarterly GDP data series for the states is a first for BEA and is designed to illustrate how specific industries contribute to the accelerations, decelerations and turning points in a state’s economic growth from quarter to quarter.

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Data Mining Tools You Can Use

Idaho Occupational Employment and Wages Survey – 2014

Paying a competitive wage is a critical factor for employee retention. Wages for more than 750 Idaho occupations can now be found on the Labor Market Information website at: http://lmi.idaho.gov/oes. The data is gathered through a survey of Idaho businesses which collects the number of employees by occupation and pay range. Only wage and salary-type compensation data are reported. Fringe benefits, overtime, bonuses, incentive pay and other non-wage earnings are not included.

BEA Prototype Features State GDP Figures by Quarter

The U.S. Bureau of Economic Analysis is now releasing state gross domestic product figures by quarter. The new data set is designed to provide a fuller description of the accelerations, decelerations and turning points in the economy at the state level. Released as a prototype, the new data also includes key information about the impact of industry composition differences across the states. Adjusted for inflation, real gross domestic product measures the market value of goods and services produced within the state and is generally considered a measure of economic activity. For more information, visit the news release section of the BEA website.

A National Living Wage Calculator

MIT professor Amy Glasmeier’s “The Living Wage Calculator” shows the hourly rate someone needs to earn in every Idaho county as well as the country. Glasmeier used the data to create a map which shows the difference between the minimum wage and the amount of money necessary to meet a minimum standard of living around the U.S. The darker red areas indicate a large gap; the orange areas are a smaller gap.

Estimates for the living wage – defined as the amount needed to cover food, child care, insurance, health care, housing, transportation and taxes – are gleaned from official sources, including the U.S. Department of Agriculture and the Bureau of Labor Statistics, divided over a work-year of 2,080 hours. – From the Washington Post

Idaho Labor Force, Employment and Unemployment – 2014

Annual labor force, employment and unemployment for Idaho and its substate areas can now be found for 2014 in the Geographic Profile of Employment and Unemployment, available on the Bureau of Labor Statistics website at www.bls.gov/opub/gp/laugp.htm. The profile is generated by data from the Current Population Survey (CPS) and the Local Area Unemployment Statistics (LAUS) program, which is administered for Idaho by the state Department of Labor.

Commuting Impacts Income Flow In, Out of Counties

Commuting has a major impact in today’s world, particularly on income eventually dispersed throughout a region.

A residence adjustment used by the Bureau of Economic Analysis converts earnings by place of work to place of residence and helps estimate the impact of commuting on a county’s income.

To get the residence adjustment, the money earned at jobs within the county by people living outside the county – outflow of earnings – is subtracted from the amount of money earned by residents who work outside of the county – inflow of earnings.