Ann Battle Macheras Vice President, Regional Research and Economic Education Research Department National and Virginia Economic Update Mount Vernon-Lee.

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Presentation transcript:

Ann Battle Macheras Vice President, Regional Research and Economic Education Research Department National and Virginia Economic Update Mount Vernon-Lee Chamber of Commerce Economic Outlook 2016 April 14, 2016 The views and opinions expressed herein are those of the author. They do not represent an official position of the Federal Reserve Bank of Richmond or the Federal Reserve System.

Overview National Economic Trends –Gross Domestic Product –Household Spending and Income –Labor Market –Inflation Virginia Economic Overview –Labor Market –Metro Area Growth –Industry Growth –State Taxable Sales 2

National Economic Trends 3

U.S. Real Gross Domestic Product 4 Source: Bureau of Economic Analysis via Haver Analytics

Decomposition of Real GDP 5 Source: Bureau of Economic Analysis/Haver Analytics Note: Productivity is calculated as real GDP per employee, from the Household Survey.

Real Gross Domestic Product 6 Source: Bureau of Economic Analysis/Haver Analytics

Personal Income and Expenditures Source: Bureau of Economic Analysis/Haver Analytics 7

Sales of Automobiles & Light Trucks 8 Autos and Light Trucks Light Trucks Autos Millions of Vehicles Source: Autodata Corporation/Haver Analytics March mil.

Total Employment Growth 9 Source: Bureau of Labor Statistics/Haver Analytics

Unemployment Rate Source: Bureau of Labor Statistics/Haver Analytics 10

Labor Force Participation 11 Source: Bureau of Labor Statistics via Haver Analytics

Consumer Price Index Source: Bureau of Labor Statistics/Haver Analytics February 2016: All Items: 1.0% Core: 2.3% 12

Virginia Economic Overview 13

Virginia Employment Growth 14 Source: Bureau of Labor Statistics/Haver Analytics

Virginia Employment Growth 15 Source: Bureau of Labor Statistics/Haver Analytics

MSA Payroll Employment Growth in Virginia 16 Source: Bureau of Labor Statistics/Haver Analytics

Virginia Industry Structure 17 Source: Bureau of Labor Statistics/Haver Analytics

Virginia Industry Growth 18 Source: Bureau of Labor Statistics/Haver Analytics

Virginia Unemployment Rate 19 Source: Bureau of Labor Statistics/Haver Analytics

Virginia Taxable Sales Quarterly data through 2015Q4 20 Source: Virginia Department of Taxation and UVA Weldon Cooper Center

Summary The U.S. economy continues to grow at a modest pace: –“A range of recent indicators, including strong job gains, points to additional strengthening of the labor market. Inflation picked up in recent months; however, it continued to run below the Committee's 2 percent longer-run objective, partly reflecting declines in energy prices and in prices of non-energy imports.” (FOMC statement, 3/16/16) Virginia’s employment growth exceeds the national rate of growth (starting in October 2015) Growth in Professional and Business Services has resumed as a strong driver of job gains in the state. Virginia’s unemployment rate remains below the national average. 21

The views and opinions expressed herein are those of the author. They do not represent an official position of the Federal Reserve Bank of Richmond or the Federal Reserve System. Questions? … and thank you! 22