Economic Snapshot of the States

May 19, 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. Highlights • Overall, the U.S. economy added 211,000 jobs in April. In 20 states and the District of Columbia, total employment fell while private sector employment fell in 21 states and DC. • The national average hourly wage grew 0.1 percent in April, after adjusting for inflation. In 15 states, inflation-adjusted wages declined in April. • Less than half of three- and four-year-old children are enrolled in preschool nationally; more than 50 percent of three- and four-year-old children are enrolled in preschool in only eight states and the District of Columbia. • Twenty percent of Americans are covered by Medicaid or the Children’s Health Insurance Program. In some states, these programs provide health insurance for as high as 29 percent of the population. • In the 21 states where workers earn the federal minimum wage of $7.25 an hour, a fulltime minimum-wage worker earns about $14,500 annually. The federal poverty level for a family of four is $24,600 a year.

ALABAMA ECONOMIC SNAPSHOT **Includes the most recent data available for each measure** **Last updated on May 19th; next update on June 16th**

TRUMP ECONOMY TRACKER: ALABAMA April Job Creation

Late 1990s Average

All-Time Best

Change since Jan '17

Total

+200

+1,700

+31,500

+2,900

Private Sector

-400

+1,600

+11,800

+700

5.4%

4.7%

3.8%

-1.0

+2.0%

n.a.

+5.1%

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

+0.5%

STATE ECONOMIC PROGRESS: ALABAMA Reference Period

Alabama

U.S.

Growth Rate, Current Quarter (annualized)

2.2%

1.9%

2016q4

Growth Rate, Past 4 Quarters

1.4%

1.8%

2015q4 - 2016q4

$20,992

$1,494,398

Apr '16 - Mar '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

5.9%

4.3%

2017q1

Preschool Enrollment, 3-4 year olds

41.5%

45.0%

2015

College Enrollment, 18-24 year olds

39.3%