REGIONAL ECONOMIES • Oct 2016 • Volume 5 / Number 15
Labor market risks of a magnitude-6.8 Hayward Fault earthquake in the San Francisco Bay Area: an update
The 2015 Hollywood blockbuster movie “San Andreas” portrayed a doomsday scenario whereby virtually all of California was devastated by a major earthquake. Although the movie version is almost certainly different from a likely major earthquake scenario in California, the threat of a major and damaging earthquake in Northern California, and especially the San Francisco Bay Area is real, imminent and would be disruptive to businesses and the regional economy.Read full article » | Download PDF
What the Consumer Expenditure Survey tells us about mortgage instruments before and after the housing collapse
In December 2007, the U.S. economy entered a recession that affected most consumers in some way. The unemployment rate rose from 5.0 percent at the start of the recession to 7.3 percent 1 year later and ultimately peaked at 10.0 percent in October 2009. Accompanying this recession was a collapse in the housing market—a phenomenon characterized by depreciating home values—beginning in 2007
Household healthcare spending has increased in dollar amount and as a share of household spending, even during the last recession when average household expenditures (and pretax income) declined. Consumer Expenditure Survey (CE) data show that household out-of-pocket healthcare spending rose steadily from an average of $2,664 (in nominal dollars) in 2005 to $4,290 in 2014 while the share of the household budget accounted for by healthcare spending went from 5.7 percent in 2005–2007 to 8 percent in 2014. (See chart 1.) In contrast, average total household expenditures rose from $46,409 in 2005 to $50,486 in 2008, and then fell from 2009 to 2011. Spending increased to $51,442 in 2012, fell to $51,110 in 2013, and then rose once again to $53,495 in 2014.
The Bureau of Labor Statistics (BLS) import price index measures changes in prices of goods purchased from abroad by residents of the United States.