Economic Snapshot of the States - Joint Economic Committee

Apr 24, 2017 - 4-year Public College, Annual Cost of Attendence (in-state) ...... The sources used to compile the Indiana Economic Snapshot can be found at: ...... Cost of college attendence includes tuition, room, board, and other mandatory ...
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Economic Snapshot of the States These state economic snapshots survey the economic situation on the ground in all 50 states and the District of Columbia. Although the U.S. economy overall continues its expansion from the Great Recession and associated financial crisis, the recovery can look very different from state to state, and even county to county. While some areas of the country have surged ahead, other regions are still struggling to regain their economic footing. Most Americans do not measure their financial health in terms of stock prices. Thus, the stateby-state snapshots track an array of metrics indicating local economic performance, families’ economic security, how well states are preparing for the economic future with investments in people’s health and learning, and the costs of living that feature regularly in kitchen table discussions. Each month, the snapshots also assess President Trump’s pledge to be “The greatest jobs producer that God ever created,” comparing actual job creation, unemployment, and wage growth under President Trump against performance in the late 1990s boom and each state’s alltime best. April Highlights • Overall, the U.S. economy added 98,000 jobs in March, compared with an average of 178,000 jobs added in the 12 months prior. In 28 states and the District of Columbia, total employment fell while private sector employment fell in 27 states and DC. • The national average hourly wage did not grow in March, after adjusting for inflation, marking the third consecutive month of no or negative real wage growth. This comes after 48 consecutive months of real wage growth leading into 2017. In 15 states, inflation-adjusted wages declined in March. • The gender wage gap varies substantially from state to state. The gap is smallest in states like New York and Delaware where women working full-time earn $0.89 for every dollar a man earns. At the other end of the spectrum, women working full-time in Wyoming earn just $0.64 for every dollar a man earns. • Every state has experienced a decline in the uninsured rate since 2013. On average, states that have expanded Medicaid have seen a larger decline (5 percent) than states that have not (3.9 percent).

U.S. Congress Joint Economic Committee

ALABAMA ECONOMIC SNAPSHOT **Includes the most recent data available for each measure** **Last updated on April 24th; next update on May 19th**

TRUMP ECONOMY TRACKER: ALABAMA March

Late 1990s Average

All-Time Best

Change since Jan '17

Total

-1,100

+1,700

+31,500

+1,200

Private Sector

-1,700

+1,600

+11,800

-100

5.8%

4.7%

3.8%

-0.6

+1.5%

n.a.

+5.1%

Job Creation

Unemployment Rate Average Wage Growth (inflation-adjusted, year-over-year)

-1.2%

STATE ECONOMIC PROGRESS: ALABAMA Alabama

U.S.

Reference Period

Growth Rate, Current Quarter (annualized)

3.3%

3.5%

2016q3

Growth Rate, Past 4 Quarters

1.7%

1.6%

2015q3 - 2016q3

$20,738

$1,487,227

Mar '16 - Feb '17

Median Household Income

$44,500

$56,500

2015

Earnings from Annual Full-Time Work at Minimum Wage

$14,500

$14,500

2017

76%

80%

2015

Population Living in Poverty

16.3%

13.5%

2015

Children Living in Poverty

26.6%

20.7%

2015

Veterans Unemployment Rate

4.9%

4.3%

2016

Mortgages Past Due

7.2%

5.1%

2016q4

Presc