Economic Report

   In this week’s Economic Report, Dr. Rick Harper discusses the July tourism boom, the effect of Brexit on the U.S. housing market and the call to repeal the commercial real estate sales tax.

July means big business for tourism and leisure and hospitality industries in the Panhandle, and this year is no exception.

 

  In this week’s Economic Report, Dr. Rick Harper discusses the effect the Brexit referendum had on the Federal Reserve’s decision not to raise interest rates, an expected rise in employment and foreign home buying growing in the U.S., with Florida leading the way.

 

Minutes from the June Federal Reserve meeting released this week suggest that concerns about Brexit played a part in the Fed’s decision not to raise interest rates, but there were also other issues at play.

 

  In this week’s Economic Report, Dr. Rick Harper discusses the British exit from the European Union and what it means for the world’s economy.

On Thursday, voters in the United Kingdom unexpectedly voted to exit the European Economic Union in a historic referendum, and the world economic markets were caught off guard.

“Polling was dead wrong,” Harper said. “As late as Thursday, there had been as much as an 85 percent probability placed by markets on the likelihood of remaining in the European Union, but Britain has voted to leave.”

 

The Federal Reserve met this week and decided once again not to raise interest rates, but the effect of that decision to do nothing is still making waves in the larger economy.

  In this week’s Economic Report, Dr. Rick Harper discusses what Memorial Day tourism numbers are telling us about the 2016 tourist season. He also talks about the potential threat the Zika virus poses to Florida tourism, and he discusses new grants that could benefit the Gulf of Mexico’s ecosystem.

 

The Memorial Day holiday signaled the beginning of the 2016 tourist season, and it looks like the area is off to a good start.

 

  In this week’s Economic Report, Dr. Rick Harper talks about the changes in overtime pay rules, the latest unemployment numbers and the prospect of the Federal Reserve’s next interest rate increase.

New federal regulations have nearly doubled the the amount of overtime pay employees are eligible to receive. Harper said the rules are drastic, in part, because they are cumulative.

 

In this week’s Economic Report, Dr. Rick Harper discusses record numbers of visitors in the first quarter of 2016 and the direct effect on Florida’s tourism job numbers.

 

Florida’s tourism business is booming. A report released by the governor’s office this week said that 29.8 million visitors came to the state in the first quarter of 2016, an increase of 4.8 percent over the same period last year.

 

In this week’s Economic Report, Dr. Rick Harper discusses the Panama Papers scandal and tax inversion,the rise in service sector jobs and why economic growth isn’t benefiting everyone in our area.

The Panama Papers scandal, in which a leak revealed that many world leaders are storing their wealth in secret offshore accounts to avoid taxes, was big news this week, but what does it mean for the world economy? In Harper’s view, not much in the short term.

In this week’s economic report, Dr. Rick Harper discusses the effect two recent devastating tornadoes in Escambia County could have on the local economy and rental housing market.

A tornado cut a swath of damage through the town of Century last week. Then on Tuesday night, another tornado plowed through Pensacola. That later storm destroyed a number of dwellings, including three buildings containing 24 units at the Moorings Apartment complex on Old Spanish Trail.

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In this week’s edition of the Economic Report, Dr. Rick Harper discusses the financial boon this weekend’s Pensacon event should bring to the area, a reduction in jobless claims nationally, and whether recent actions from OPEC could affect gas prices. 

The three-day Pensacon event, which kicks off Friday, is expected to draw thousands of visitors to the downtown area. Harper said Pensacon comes “just at the right time” for area hotels, restaurants and shops. 

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In this week’s Economic Report, Dr. Rick Harper talks about the economic issues discussed in the State of the Union address and discusses how important education will be for job development in the Pensacola area.

In his final State of the Union address, President Barrack Obama began by assuring Americans that the U.S. economy is the strongest and most durable in the world.

  In this week’s Economic Report, Dr. Rick Harper discusses what the slight rise in unemployment claims means for the economy and the possible changes to the state’s short sell mortgage laws.

 

The Dec. 5 unemployment claims are in, and the state’s initial claims have risen to their highest point in five months – up 13,000 to 282,000. But Harper says that’s no cause for alarm. Depending upon when the month ends, where Thanksgiving falls and where Christmas spending begins, the reports can be volatile from week to week.

 

In this week’s Economic Report, Dr. Rick Harper discusses a reduction in unemployment benefit claims, a healthier job markets and the success of the recent EntreCon business convention held Nov. 5-6 in Pensacola.

Harper said that both the weekly number and the four-week moving average for jobless claims are down well below 300,000 per week, which signals a “pretty decent jobs market.”

  In this week’s Economic Report, Dr. Rick Harper discusses the latest Florida jobs report and the Federal Reserve’s decision to postpone increasing interest rates.

The Florida Department of Economic Opportunity this week released the jobs report for August, showing overall growth of 3.1 percent, or 243,000 new jobs, for the state.

DD: Lots to talk about this week starting off with the National Association for Business Economics, a big meeting there.

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