Economy

Economic trends that provide information and resources globally, domestically, and within the field of corrections.

This Notice publishes the annual determination of average cost of incarceration for the Fiscal Years (FY) 2016 and 2017. The fee to cover the average cost of incarceration for Federal inmates was $34,704.12 ($94.82 per day) in FY 2016 and $36,299.25 ($99.45 per day) in FY 2017. The average annual cost to confine an inmate in a Residential Re-entry Center was $29,166.54 ($79.69 per day) for FY 2016 and $32,309.80 ($88.52 per day) for FY 2017.

Annual GDP by state in 2018

Real GDP increased in 49 states and the District of Columbia in 2018. The percent change in real GDP ranged from 5.7 percent in Washington to -0.3 percent in Alaska. Information services; professional, scientific, and technical services; and durable goods manufacturing were the leading contributors to national economic growth in 2018. Information services and retail trade were the leading contributors to the increase in real GDP in Washington, the fastest growing state.

 

Other highlights

At a Glance

Each year, the Congressional Budget Office issues a set of long-term budget projections—that is, projections of what federal spending, revenues, deficits, and debt would be for the next 30 years if current laws generally did not change. This report is the latest in the series.

Insights From Fiscal 50’s Key Measures of State Fiscal Health

After years of slow progress, states benefited from a more promising economic and fiscal environment in 2018. Pressure on state finances eased somewhat as the second-longest economic recovery gained momentum and state tax revenue jumped, at least temporarily. Still, not all states have fully recovered from the shocks of the Great Recession more than a decade ago. Some are in a stronger position than others as they gauge how long the recovery will last.

The United States has the largest economy in the world at $20.4 trillion, according to data from the International Monetary Fund (IMF), which shows the US economy increased from around $19.4 trillion last year.
China follows, with $14 trillion, which is an increase of more than $2 trillion in comparison to 2017. Japan is in third place with an economy of $5.1 trillion, up from $4.87 trillion a year previously.

The world economy has strengthened as lingering fragilities related to the global financial crisis subside. In 2017, global economic growth reached 3%—the highest growth rate since 2011—and growth is expected to remain steady for the coming year.  The improved global economic situation provides an opportunity for countries to focus policy towards longer-term issues such as low carbon economic growth, reducing inequalities, economic diversification and eliminating deep-rooted barriers that hinder development.