Washington, like most other states, continues to struggle to add jobs, according to a new report from the FDIC. The 4 percent drop in payroll employment here as of 2009 far exceeds the nosedive of 2002. Since then, the state saw a 3.2 percent decline in this year’s first quarter and a 1.1 percent drop in the second quarter. That compares with declines of 2.4 percent and 0.5 percent nationally.
Other stats: Personal income growth of 2.5 percent statewide in the second quarter was far below the 8.6 percent clocked in the 4th quarter of 2007. Median family income of $70,400 outpaced the national average of $64,400 nationally. The personal bankruptcy filing rate per 1,000 has come down to a below-average 8.2 percent in the first quarter from 47 percent in the first quarter of 2009.
And while the residential real-estate numbers show a relative recovery vs. the rest of the nation, the overall picture is one of a struggling expansion.
If there’s any silver lining, it’s a general rebound in commodity prices, which benefits Washington’s farmers, exporters and port activity.
Today’s Econ Haiku:
What will the Fed do?
More quantitative easing?
It’s only money
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