Economy Items
Fault Lines Widen in the Global Recovery
Economic prospects have diverged further across countries since the April 2021 World Economic Outlook (WEO) forecast. Vaccine access has emerged as the principal fault line along which the global recovery splits into two blocs: those that can look forward to further normalization of activity later this year (almost all advanced economies) and those that will still face resurgent infections and rising COVID death tolls. The recovery, however, is not assured even in countries where infections are currently very low so long as the virus circulates elsewhere.
Annual Survey of State Government Finances Summary: 2020
This report presents data on state government finances collected from the 2020 Annual Survey of State Government Finances.
Transparency at CBO: Future Plans and a Review of 2021
The Congressional Budget Office’s transparency efforts are intended to promote a thorough understanding of its work, help people gauge how estimates might change if policies or circumstances differed, and enhance the credibility of its analyses and processes. This report fulfills CBO’s requirement to report on its plans for such efforts.
Gross Domestic Product by State: Fourth Quarter and Annual 2018
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
The 2018 Long-Term Budget Outlook
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.
World Economic Situation and Prospects 2018
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.
The world's biggest economies in 2018
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.
European countries round off the top 5.
Annual Determination of Average Cost of Incarceration 2018
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.
Gross Domestic Product by State: 4th Quarter and Annual 2019
Washington had the fastest growth in the fourth quarter
Real gross domestic product (GDP) increased in 48 states and the District of Columbia in the fourth quarter of 2019, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the fourth quarter ranged from 3.4 percent in Washington and Utah to -0.1 percent in West Virginia (table 1).
Annual Determination of Average Cost of Incarceration Fee (COIF)
Title 28 of the Code of Federal Regulations, part 505, allows for assessment of a fee to cover the average cost of incarceration for Federal inmates. We calculate the cost of incarceration fee (COIF) by dividing the number representing the Bureau of Prisons (Bureau) facilities' monetary obligation (excluding activation costs) by the number of inmate-days incurred for the fiscal year, and then by multiplying the quotient by the number of days in the fiscal year.
The Federal Budget in 2019: An Infographic
The federal deficit in 2019 was $984 billion, equal to 4.6 percent of gross domestic product. Learn more about the deficit with a new interactive version of the infographic.
- Discretionary Spending in 2019: An Infographic
April 15, 2020 - Mandatory Spending in 2019: An Infographic
April 15, 2020 - Revenues in 2019: An Infographic
April 15, 2020
World Economic Outlook, October 2019 Global Manufacturing Downturn, Rising Trade Barriers
Fiscal 50: State Trends and Analysis
In ninth year of recovery, states’ fiscal and economic prospects perked up
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.
World Economic Situation and Prospects 2019
The global economy will continue to grow at a steady pace of around 3 percent in 2019 and 2020 amid signs that global growth has peaked. However, a worrisome combination of development challenges could further undermine growth, according to the United Nations World Economic Situation and Prospects (WESP) 2019, which was launched today.
Global Competitiveness Report 2019: How to end a lost decade of productivity growth
The Company Store: A Deeper Look at Prison Commissaries
To bring some clarity to this bread-and-butter issue for incarcerated people, we analyzed commissary sales reports from state prison systems in Illinois, Massachusetts, and Washington. We chose these states because we were able to easily obtain commissary data, but conveniently, these three states also represent a decent cross section of prison systems, encompassing a variety of sizes and different types of commissary management.
2018 State & Local Government Finance Historical Datasets and Tables
Statistics on revenue, expenditure, debt, and assets (cash and security holdings) for US governments. There are statistics for the 50 state areas and the District of Columbia, as well as a national summary.
Please read the accompanying documentation for the individual unit file before using these data. It can be found in the .zip file below.
Public Use File - Data records by state and type of government for each item code (1 amount per record).
The Price of Jails: Measuring the Taxpayer Cost of Local Incarceration
ails are far more expensive than previously understood, as significant jail expenditures—such as employee benefits, health care and education programs for incarcerated people, and general administration—are often not reflected in jail budgets, but rather in other county agencies. This report surveys 35 jail jurisdictions in 18 states to tally the actual price of their jails—and discovered that the untallied cost of jail can be sizable. More than 20 percent of jail costs were outside the jail budget in nearly a quarter of the surveyed jurisdictions.
Following the Money of Mass Incarceration
Our goal with this report is to give a hint as to how the criminal justice system works by identifying some of the key stakeholders and quantifying their “stake” in the status quo. Our visualization shows how wide and how deep mass incarceration and over-criminalization have spread into our economy. We find:
The Price of Prisons: Examining State Spending Trends, 2010 - 2015
Global Growth to Weaken to 2.6% in 2019, Substantial Risks Seen
Emerging, developing economies’ growth to pick up to 4.6% in 2020 from 4% in 2019; expansion vulnerable to trade, financial disruptions
Global economic growth is forecast to ease to a weaker-than-expected 2.6% in 2019 before inching up to 2.7% in 2020. Growth in emerging market and developing economies is expected to stabilize next year as some countries move past periods of financial strain, but economic momentum remains weak.
U.S. economy’s current growth will peak in 2019
The U.S. economy has been on a long, slow upward trend for eight years, but a Cornell economist predicts that – like all good things – the steady growth will soon come to an end, likely by the end of the year.
It won’t be a disastrous scenario like the 2009 recession, but rather a garden-variety reaction to the Federal Reserve raising interest rates and, in turn, interest-sensitive sectors cooling off, he said.
Global Financial Stability Report: Lower for Longer
State of the Union 2019: How Americans see major national issues
Following a political standoff that briefly delayed his annual speech to the nation, President Donald Trump will deliver his second State of the Union address on Tuesday night. The speech comes amid a debate between Trump and congressional Democrats over border security – one that recently led to the longest federal government shutdown in history.
As Trump’s speech takes the spotlight, here’s a look at public opinion on important issues facing the country, drawn from Pew Research Center’s recent surveys.