Booms and busts in household wealth: implications for Tenth District states
The U.S. stock market and housing market--the two largest sources of U.S. household wealth--have had sizable booms and busts in recent years. This volatility has influenced national consumption trends and had important consequences for states. Some states have become relatively wealthier, affecting both the short- and long-term consumption spending potential of their residents. ; Understanding how wealth changes affect state economies could be especially important in 2011 and 2012 given the recent resumption of home price declines in much of the country. Research has shown that consumption ...
The transformation of manufacturing across Federal Reserve Districts: success for the Great Plains?
Despite experiencing solid gains in the last two years, U.S. manufacturing employment is down by about one-third since 1990. The decline has been felt more dramatically in some eastern Federal Reserve Districts. ; In the three Districts of the Great Plains?Dallas, Kansas City and Minneapolis?factory employment has consistently held up better than in other Districts. ; Wilkerson and Williams find that since 2000, nearly half of the better factory jobs performance in the Great Plains has been due to a more favorable mix of manufacturing industries than in other regions of the country.
Recession and recovery across the nation: lessons from history
The U.S. economy officially fell into recession in December 2007, but the timing of the downturn varied widely across regions of the country. In some regions, employment began to erode much earlier in 2007, while in other regions economic activity stayed strong well into the second half of 2008. Do regions typically vary this much in the timing and circumstances of their recessions? If so, perhaps past experience can also shed light on whether some regions can be expected to rebound earlier or stronger than others from this recession. ; To explore these possibilities, Wilkerson looks at job ...
Can U.S. oil production survive the 20th century?
The plunge in world oil prices has brought further difficulties to U.S. oil production, which has been declining in recent years. At the current low prices, most domestic oil wells are not profitable. This calls into question the long-run viability of oil production in the United States. Whether oil production remains a viable part of the U.S. economy in the next century will depend on how long oil prices remain at their current low levels.> Lamb and Wilkerson show how the recent low prices for oil on world markets reflect a combination of demand and supply effects, with both short-run and ...
Will tightness in Tenth District labor markets result in economic slowdown?
Labor markets in the Tenth District are tighter now than at any time in recent memory. The steady fall of unemployment rates in recent years has led many analysts to wonder if future economic growth in the region could be restricted by labor shortages. The district's labor market is actually even tighter than suggested by its unemployment rate of less than 4 percent in 1998 due to the presence of two other significant, but often overlooked, factors: high labor force participation rates and slowing domestic migration flows.> The labor force participation rate, meaning roughly the percentage of ...
Economic growth in Oklahoma remained solid through the end of 2012. Oklahoma payroll employment was up from a year ago in December. Oklahoma ranked seventh in total job growth for December, posting growth similar to other energy-driven states.
Update on Oklahoma’s economy : Spotlight on Guymon, Oklahoma
Economic growth in Oklahoma continued to outpace the nation into the summer months of 2012. Oklahoma payroll employment was up from July 2011. Oklahoma is nearly back to pre-recession employment levels, with just a slight drag from the Tulsa area due to the magnitude of job loss in that area during the recession. Manufacturing and energy continued to lead Oklahoma?s growth in total jobs. Employment in most other Oklahoma industries was generally stable.
Update on Oklahoma's economy
Travel and tourism : an overlooked industry in the U.S. and Tenth District
With the onset of recession in early 2001, the U.S. travel and tourism industry fell into its worst slump since World War II. The September 11 terrorist attacks and subsequent tightening of airport restrictions dealt the industry an unprecedented blow. Many travel destinations continued to suffer in 2002 and early 2003 from a declining stock market, sluggish economic recovery, and war in Iraq. Prior to these recent difficulties, however, travel and tourism?s role in the national economy had been rising steadily for decades.> As in the nation, the travel and tourism industry has become ...
How high tech is the Tenth District?
Newspapers in the Tenth Federal Reserve District generally keep a close eye on where their cities rank in national studies of high-tech activity. Readers have good reason to be interested in how ?high tech? their communities are, despite the recent downturn in the sector. High-tech workers are among the best paid of all workers and, if these recent studies are correct, an area?s failure to embrace the ?New Economy? could result in a lower standard of living and fewer opportunities for residents down the road. But studies of high-tech cities, which are usually produced by think tanks, trade ...