One of the more common questions I get, from students, people at the store, on the radio, is: how would the U.S. economy would perform if it was more like North Dakota? It is a natural question given the strong performance in North Dakota and the weaker performance in the U.S. At some level this makes the comparison of growth a bit more consistent because the distribution of activity is made identical between multiple regions. In demography/population analysis (a class I am teaching this summer) the process is called standardization. It is essentially the same idea as calculating real gross domestic product with base year prices to control for the effects of price changes on growth. So lets take a look at unemployment and real GDP for the US, MN, and ND.
Where is ND labor force growing?
Time to bore the readers with numbers. I was on Al-Jazeera in America last week talking with Ali Velshi regarding North Dakota’s energy sector. I have to admit that a live television interview was really exciting. Let’s get on with the numbers though.
As if on cue…
The Census Bureau released the Advance Sales Report for Retail and Food Services today (available here). While not stellar the nominal increase in sales, year-over-year, was three percent. The Conference Board also released their report today on Consumer Confidence, and it fell significantly (available here). This is why I posted that it matters more what people do than what they feel or say they will do in the future.
Economic growth as silver bullet
Recently, the Economist had a special feature on economic growth. One of the consequences they pointed out related to growth was improved survival of endangered species. I do not think we need to verify that work at this time, though it got me thinking about the consequences of economic growth for economic policy.