Economic and Investment News Bits
- One million more people will travel this Memorial Day weekend than last year (an increase of 2.7%). (Source: AAA)
- Unemployment decreased slightly to 4.4%, tying the lowest level from the last economic expansion. In the last 40 years, the only time unemployment has been lower was during the longest economic expansion in history, from 1991 to 2002. (Source: WisdomTree).
- Salt Lake City and Denver (at 3.2%) were tied for the lowest unemployment rate while Cleveland (at 7.5%) has the highest unemployment rate of U.S. metropolitan areas with populations of at least 1 million. (Source: Department of Labor)
- The world consumes 98 million barrels of oil per day. 40% of the world’s oil supply is produced from less than 2% of the world’s largest operating oil fields. (Source: Energy & Capital)
- Americans under the age of 35 make up 25% of the U.S. population but hold just 5% of U.S. wealth. Americans between the ages of 55-64 make up 16% of the population but hold 31% of U.S. Wealth. (Source: Federal Reserve Bank of St. Louis)
- Financial advice for college grads: Create a budget, find affordable housing, quit the comparisons, start a side gig, build an emergency savings fund, invest in a 401(k). (Source: USA Today)
- 34% of 18-34 year olds are living in their parents’ home, up from 26% in 2005. (Source: S. Census Bureau)
Thought for the Month
“Avoiding stupidity is much more attainable than emulating brilliance.”
Ben Carlson, American Investor and Author (1982-)
Chart for the Month (CLICK TO ENLARGE)
US states’ GDPs compared to foreign countries’ GDPs
Gross Domestic Product (GDP) is a monetary measure of the market value of all final goods and services produced in a nation. As commonly reported for the United States, the entire country is represented (the “D” in GDP). As this chart from Visual Capitalist shows, when broken down by state and compared to foreign countries with similar sized GDPs, the size of the United States’ overall combined economy becomes even more impressive.
Our home state of Ohio has roughly equivalent production to the entire country of Switzerland. Of course, in Ohio we don’t have world-renowned watchmakers, chocolates, or the Alps, but we certainly enjoy fine cheeses from Ohio’s Amish Country (and Mad River Mountain is passable for some rudimentary skiing…provided they can make enough snow during the warmer days).
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