[Vision2020] The States With the Best and Worst Economies

[Ron Force]

5. Washington
> 5 yr. GDP annual growth rate: +3.0% (the largest increase)
> 2017 GDP: $439.4 billion (14th largest)
> June 2018 Unemployment: 4.7% (tied — 4th highest)
> 5 yr. annual employment growth: +2.2% (7th largest increase)

Washington state’s economy is not perfect across all measures included in
this index. Notably, the state’s unemployment rate as of June 2018 of 4.7%
is tied for the fourth highest among states. However, the state economy
makes up for the less than ideal labor market by ranking well in other key
factors. Specifically, the state’s average annual GDP growth of 3.0% over
the last half decade is the highest of any state and nearly double the
comparable national pace.

With a median average income of *$56,835*, Washington state ranks No. 13
nationally,

So, what's the deal? Why the difference in unemployment rates? If you're
unemployed, you stick around Washington, but flee Idaho? Because of this?

Amount and Duration of *Unemployment Benefits* in *Idaho*. If you are
eligible to receive *unemployment*, your weekly *benefit* will be your
total *compensation* in the highest-*paid* quarter of the base period
divided by 26. The current maximum *benefit*amount is $405 per week; the
minimum weekly *benefit* is $72.

We will mail you a Statement of Wages and Hours after you file your claim
that tells you how much you are potentially eligible to receive. In
*Washington* state, the maximum weekly benefit amount is $749. The minimum
is $178.
Ron Force
Moscow Idaho USA


On Thu, Aug 16, 2018 at 3:05 PM Kenneth Marcy <kmmos1 at frontier.com> wrote:

>
> *The States With the Best and Worst Economies *
>
> *https://tinyurl.com/y7dbnjgz <https://tinyurl.com/y7dbnjgz>*
>
> By several measures, the national economy is the strongest it has been in
> decades. The U.S. monthly unemployment rate now sits comfortably below 4%,
> and we are in the second longest period of GDP growth since World War II.
>
> In most states, unemployment has improved in recent years as well, but
> that is not to say every state economy is equally healthy. Some states are
> experiencing an economic boom, while others continue to struggle with job
> losses, poor GDP growth, and poverty.
>
> Economic vitality is as much about growth as it is about a state’s ability
> to support its population — with jobs, education, and economic
> opportunities. In turn, employed, better-paid, and better-educated
> residents contribute to economic growth.
>
> 24/7 Wall St. reviewed economic growth, poverty, unemployment, job growth,
> and college attainment rates to compare and rank state economies. The best
> ranked states tend to have fast-growing economies, low poverty and
> unemployment rates, high job growth, and a relatively well-educated
> workforce, while the opposite is generally the case among states with the
> worst ranked economies.
>
> Residents of top-ranked state economies tend to be relatively affluent.
> Though the median household income was not used to rank states, it exceeds
> the national median in 9 of the 10 best state economies. A population with
> greater disposable income may be more able to purchase goods and services,
> which helps the success of local business.
>
> “The national economy is continuing to recover, and some sectors are doing
> better than others,” Martin Kohli, chief regional economist at the Bureau
> of Labor Statistics, explained in a conversation with 24/7 Wall St.
> “Nationally, we’ve consistently seen relatively large job growth in health
> care, and relatively large growth in leisure and hospitality, and strong
> growth in professional and business services.” Many of the states with
> growing economies have outsized concentration of employment or strong
> growth in these industries.
>
> *Click here to see the best and worst state economies*
> <https://247wallst.com/special-report/2018/08/15/the-states-with-the-best-and-worst-economies-2/2/>
> *Click here to read our methodology*
> <https://247wallst.com/special-report/2018/08/15/the-states-with-the-best-and-worst-economies-2/12/>
>
> Jobs in many high-paying industries require college education. And states
> with well-educated labor forces often attract businesses in such
> industries. According to Kohli, occupations that are expected to grow the
> most over the next several decades are also the ones that tend to require
> more education.
>
> “I think it is well-known historically that higher levels of education are
> associated with lower levels of unemployment and higher earnings,” Kohli
> said. “Many of the sectors that are growth sectors … typically require
> people with higher levels of education.”
>
> People with higher educational attainment also are more likely to have
> greater job stability and higher incomes, each of which are boons for a
> region’s economy.
>
> Many of the states with contracting economies have a high reliance on jobs
> in energy extraction industries like coal mining and oil production. Four
> of the five worst ranked states on this list — Louisiana, West Virginia,
> Alaska, and New Mexico — also have among the largest mining sectors
> relative to total state employment.
>
> When the price of oil collapsed beginning in 2014, many oil-dependent
> state economies suffered as a result. “These are states that are very
> reliant on energy — either coal mining or oil drilling — and they’re not as
> diversified as the states at the top of the list,” Kohli said.
>
>
> Source: knowlesgallery / iStock
>
> *9. Idaho*
> *> 5 yr. GDP annual growth rate:* +2.4% (6th largest increase)
> *> 2017 GDP:* $62.6 billion (10th smallest)
> *> June 2018 Unemployment:* 2.9% (tied — 7th lowest)
> *> 5 yr. annual employment growth:* +2.4% (4th largest increase)
>
> States with relatively affluent populations tend to prosper. Among the
> states with the 10 highest ranked economies, Idaho is the only one with a
> median household income that trails the national median. The typical state
> household has an income of $51,807 a year, compared to a national median
> household income of $57,617.
>
> However, the state makes up for its low incomes by ranking among the best
> states in the country in GDP and employment growth, as well as by having
> one of the lower unemployment rates in the country. Between 2012 and 2017,
> state GDP and employment each grew at an average annual rate of well over
> 2%. The state’s 2.9% unemployment rate is nearly a full percentage point
> below the national rate of 3.8%.
>
>
>
> *https://tinyurl.com/y7dbnjgz <https://tinyurl.com/y7dbnjgz> *
>
>
>
> *Ken*
>
>
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