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(BLACK PR WIRE) – The Congressional Budget Office (CBO) provides information of an 18 percent split of financial income in America, from the study of Trends in the Distribution of Household Income Between 1979 to 2007, published October 2011.
Florida residents are unaware of the increasing gap of the financial inequality that affects the income of nearly 60 percent of households in America.
In 2007, household income was at a 5.4 percent decline for Whites, 7.5 percent decline for Asians, 7.2 percent decline for Hispanics, and 10 percent decline for African-Americans. In 2010, household incomes had declined for all races by 7.1 percent, but African-Americans experienced the largest financial decline among all other races, according to Income, Poverty, and Health Insurance Coverage in the United States--2010, issued September 2011.
In 2009, the national poverty rate was 14.3 percent and in 2010, the poverty rate increased to 15.3 percent, which equals about 46.2 million American citizens whose household financial income was below the national median household income, according to the United States Census Bureau, Poverty: 2009 and 2010, issued October 2011.
The average household income for all races was $49,445 in America. The average household income for Asians was $64,308, Whites were $54,620, Hispanics were $37, 759 and African-Americans were $32,068, according to the graph entitled Race and Hispanic Origin: 1967 to 2010, issued September 2011.
In 2010, the U.S. Census Bureau indicated that the highest income was located in the Northeast region of the country with an average household income of about $53,283, followed by household income in the West of $53,142, the Midwest of $48,445, and in the South median household income was $45.492.
From 2007, the Midwest household incomes declined by 8.4 percent, in the West 6.7 percent and in the South 6.3 percent, while in the Northeast there was not a significant change of household incomes, according to Income, Poverty, and Health Insurance Coverage in the United States: 2010.
Stefan Rayer, a research demographer at the Bureau of Economic and Business Research at the University of Florida, said that the poverty rate in Florida is often higher than the national poverty rate, but lower than other states in the South.
A radio host recently asked Gov. Rick Scott for an update on his trademark 7-7-7 plan -- creating 700,000 jobs in seven years in seven steps. (We're tracking that promise on the Scott-O-Meter.)
Scott said Florida’s economy is getting better in a lot of ways.
"We’re doing well. We’re at a three-year low on our unemployment in this state... We generated around 100,000 net jobs so far, if you look at the federal numbers," he said in the April 18, 2012, interview with Orlando-based station WDBO. "But if you look at the state numbers, about 230,000 people that were on unemployment when I took office are not on unemployment now.
"When you look around the state, tourism is up, the home market’s up, home sales are up, home prices are up. … So good things are happening, but we still have 900,000 people out of work," he said.
What stuck out to us is his claim that 230,000 fewer people receive unemployment benefits than when he took office 15 months ago. That sounds like a drastic decrease, which Scott is taking credit for and in turn using as evidence that the state’s economy is improving.
A spokeswoman with the state’s Department of Economic Opportunity, the agency that manages the unemployment compensation program, responded to our request about Scott’s claim. Spokeswoman Nancy Blum said the number of people receiving unemployment compensation dropped from 561,736 on Jan. 31, 2011, to 345,052 on March 31, 2012. That’s a total decline of 216,684.
That’s pretty close to "about 230,000," which is the number Scott offered. . . .
. . . Some experts also pointed to the contracting size of the labor force, which helps to lower the unemployment rate but also indicates some people are no longer looking for work. About 15,000 people left the labor force from February, according to the state’s March 2012 labor report.
The 15,000-person drop in the labor force was part of the reason why the unemployment rate fall from 9.4 percent in February to 9 percent in March.
"Some of those are people whose benefits ran out and are now not looking for work," said Chris McCarty, director of the University of Florida’s Bureau of Economic and Business Research. "Some of those are retirees who have left the labor force permanently."
Gov. Scott says 230,000 fewer people receive unemployment compensation since he took office - Tampa Bay Times • Miami Herald PoltiFact Check Florida - April 27, 2012
A growing number of couples are acquiring living room furniture rather than wedding rings, as the traditional household headed by married spouses continues its retreat.
In Broward County, the number of unmarried couples living together rose by 24 percent in the past decade, from 41,638 to 51,644, new Census numbers show. They make up 7.5 percent of all households.
Meanwhile, the percentage of Broward households headed by married couples continued its decline, dropping from 46.1 percent in 2000 to 42.8 percent in 2010.
The changes across the United States are even more dramatic, according to the Census Bureau study released Wednesday. The number of households headed by unmarried partners rose 41.5 percent and now make up 6.6 percent of all households.
And for the first time in at least 70 years, U.S. households headed by married couples sank into the minority, from 51.7 percent in 2000 to 48.4 percent.
The trend toward smaller households shows up in changes as trivial as an increased demand for single-serving meals to as far-reaching as the design of our cities and suburbs.
"It means the traditional view of the typical American being married and having a couple of kids is less and less true," said Stan Smith, director of the Population Program in the Bureau of Economic and Business Research at the University of Florida. "It was based on an unusual period that peaked in the 1950s, the Father Knows Best and Leave it to Beaver view of what people should be like. But if you go back to the 1800s, you didn't have that. To me it means we need to rethink what family values really means and should we define them so narrowly to be the Father Knows Best–type family."
Census: Broward has fewer marrieds, more living together - Sun-Sentinel - April 26, 2012
More on this topic:
Census: Palm Beach County has fewer marrieds, more living together - Sun-Sentinel - April 26, 2012
GAINESVILLE, Fla. — Consumer Sentiment among Floridians fell two points in April to 73 from the previous month’s revised figure of 75, marking a three-month decline, according to a monthly University of Florida survey.
All five categories measured by the survey dropped. Respondents’ overall assessment that their personal finances are stronger now than they were a year ago fell three points to 59. Their expectations of being better off financially a year from now fell four points to 78.
Respondents were modestly pessimistic over the economy. Their perceptions that the nation’s economy will improve in the coming year dropped one point to 72. Meanwhile, their confidence in U.S. economic conditions over the next five years also declined, dropping two points to 77.
Finally, perceptions, especially among those over 60, that now is a good time to buy big-ticket items, such as computers and automobiles, fell one point to 78.
This latest drop in Consumer Sentiment was expected, according to Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research.
“While we are in many ways repeating the pattern from last year, the levels of Consumer Sentiment among Floridians are higher overall,” he said. “This time last year the index was at 68 compared with 73 this month. All five of the index components are higher than they were last year, although lower than last month.”
UF: Consumer Sentiment in Florida falls in April, marking three-month trend - University of Florida News - April 24, 2012
More on this topic:
Florida Consumer Sentiment down again - Tampa Bay Times - April 24, 2012
Consumer Sentiment in Florida drops in April - South Florida Business Journal - April 24, 2012
Consumer Sentiment in Florida dips slightly - Gainesville Sun - April 24, 2012
Consumer Sentiment down in Florida for third straight month - Jacksonville Business Journal - April 24, 2012
Consumer Sentiment falls again in Florida - Sun Sentinel - April 24, 2012
Consumer Sentiment declines slightly in Florida, nationwide - Palm Beach Post - April 24, 2012
Infographic: Florida Consumer Sentiment continues slide - the Current - April 24, 2012
FL Consumer Sentiment falls for 3rd month in a row - WWSB 7 (Sarasota, Bradenton, Venice, North Port) - April 25, 2012
Economy better? State has skeptics - Herald-Tribune - April 25, 2012
Florida’s Consumer Sentiment Hinges on Jobs, Election - Sunshine State News - April 26, 2012
Consumer Sentiment Down in Florida Despite Fall in Gas Prices - The Ledger - May 18, 2012
ORLANDO -- If your pocketbook is hurting as the price of gas nears $4 a gallon in some areas, you are definitely not alone.
Myra Nadal put gas into her SUV on West Colonial Drive in Orlando Tuesday afternoon. She said the current gas prices are upsetting her. "Now I got to limit myself from going outside because of my gas prices," Nadal said. "This is ridiculous. It’s got to stop.” Nadal said her family cuts back on dining out when the gas prices start climbing. She said if she has an extra $50, she will put it towards gas, rather than spend it on eating out.
Juliana LaDino is the general manager of Zilly Bee in Downtown Orlando and said fewer people are dining out at her restaurant. She said her costs are higher for food and supplies and was shocked Tuesday to see the delivery truck surcharge fee jump $6. “Absolutely frustrated. I don’t know what to do,” LaDino said.
University of Florida Director of the Bureau of the Economic and Business Research Chris McCarty said consumers may start seeing more price increases on menus and in the supermarket if the gas prices continue to climb over the summer months, but said owners know customers are very sensitive to increases.
Optimism is slowly growing among Florida voters, but consumers in the Sunshine State tended to be a little more pessimistic in March than February, according to recent surveys by the Florida Chamber and University of Florida.
A Florida Chamber Political Institute study released Friday showed that voters were a little more supportive of the direction of the state and Gov. Rick Scott.
“While the national economy and Washington politics are causing concern with voters, this is quite an improvement from June of last year, when 60 percent said the state was headed in the wrong direction,” Marian Johnson, senior vice president of political strategy for the Florida Chamber of Commerce, stated in a release.
“The fact that likely voters rate Governor Scott more positively is an indication that they agree with his jobs agenda and that he is moving forward with exactly what he campaigned on.”
Meanwhile, UF’s Survey Research Center at the Bureau of Economic and Business Research found that concerns about the U.S. economic conditions over the next five years and uncertainty over whether now is the time to make big-ticket item purchases are causing a drag on Consumer Sentiment.
“The big drag on consumers will increasingly be gas prices, which have increased more than 15 cents a gallon in the past month,” Chris McCarty, director of UF’s Survey Research Center at the Bureau of Economic and Business Research, stated in a release for the survey released March 27.
“Prior to the housing market unraveling and the beginning of the past recession, there was a period of more than two years where gas prices were driving Consumer Sentiment. With increases in gas prices likely over the next few months, consumers -- particularly those with lower incomes -- will feel the impact. This will lead to lower confidence and perhaps lower spending than that associated with the higher January and February confidence results.”
Both surveys were conducted prior to the release Friday of the February unemployment numbers for Florida that listed 869,000 Floridians as jobless, a 9.4 mark that was the lowest for the Sunshine State since February 2009.
Optimism over Florida Grows with Voters, while Buying Prospects Remain Uncertain - Sunshine State News - April 3, 2012
Job creation wasn't just about numbers. The 7-7-7 plan also emphasized growth of high-paying, high-skill jobs in technology and biotech with a goal of growing wages and salaries.
Gov. Rick Scott entered the fray at a point when tourism was the strongest industry in Florida and the state was operating in a deficit compared with the national economic scenario.
In 2011, the job trend turned positive for several industries.
Scott appointed himself chief economic officer and reached out to companies considering a move to Florida. Maybe he influenced those technology-based companies, because the biggest relative gain was in professional, scientific and technical services, which added 18,400 jobs.
Those are jobs that pay a median salary of $46,854, well above the state median of $31,335, according to occupational data reported by the Florida Department of Economic Opportunity. Some economists urge the use of median figures rather than averages because they show what the person in the middle makes and are not skewed by extremes at the top or bottom.
Meanwhile, Scott aggressively cut government, and the state lost 7,200 public sector jobs. Those generally pay above the state median, although the state jobs pay less than local and federal jobs.
But the first sector to recover from the recession was tourism, so jobs were created where people eat and shop. Retail trade added 31,300 jobs at a median salary of $22,987 and food and accommodation added 13,700 jobs at a median salary of $19,127.
"The unfortunate part is what seems to be leading the way is tourism," said economist David Denslow of the University of Florida's Bureau of Economic and Business Research. "Those aren't high value-added jobs, so I wish it were the manufacturing leading the way or high-tech."
In a Florida TaxWatch report comparing the current economic scenario to past recoveries, Denslow, as part of the Florida Council of Economic Advisors, predicted muted growth through the third year of recovery, despite more rapid rises after recessions in the 1990s and 2000s. Where the jobs were lost and where they're being created has changed.
GAINESVILLE, Fla. — Consumer Sentiment among Floridians fell two points in March to 74, repeating a trend seen last year, according to a monthly University of Florida survey.
“The pattern of Consumer Sentiment from December to February was exactly the same as last year,” said Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research. “In March 2011 confidence among Floridians fell four points to 72, and then kept falling through August coinciding with a pull-back in spending among Floridians. This month the decline was only two points, but still down.”
Three of the five categories measured by the survey showed a drop of confidence among respondents. For instance, their overall assessment of the strength of the national economy over the next year declined one point to 73, while their trust in U.S. economic conditions over the next five years sank six points to 75. Perceptions over whether the present is a good time to buy big-ticket items such as automobiles or refrigerators also fell, dropping four points to 79.
Survey takers, however, were not so gloomy in how they viewed their personal financial situations. Taken as a whole, their perception that they are personally better off financially today than they were a year ago increased three points to 62, a post-recession high. In addition, their expectations that personal finances will improve a year from now increased one point to 82.
Unrest in the Middle East and the Japanese earthquake helped to tamp down Consumer Sentiment in the first quarter of last year, but rising fuel costs are fueling the current anxiety.
An unexpected outgrowth of the worst recession in 70 years: Sarasota has quietly become more cosmopolitan.
While hard times discouraged Midwesterners and New Englanders from moving here, more Peruvians, Italians, Brazilians, Ukranians and many others made the Gulf Coast home.
The foreign-born population in Manatee and Sarasota counties jumped 57 percent during the first decade of the 21st century — double the national growth.
Of course, the overall population of the two counties grew at nearly double the national rate, too. But Manatee and Sarasota looked much more like America in 2010 than they did in 2000.
At the beginning of the decade, just 8.4 percent of Manatee's population was born in another country. By the end of the decade, that grew to 12.2 percent. In Sarasota County, the number rose from 9.3 percent to 11.5 percent.
Larger metropolitan areas such as Los Angeles and Miami have long been gateways for the foreign-born. This secondary shift to more sedate locales like Sarasota is a nationwide phenomenon, says David Jacobson, a political sociologist at the University of South Florida who focuses on migration and citizenship issues.
"We are seeing a tipping point where minorities are now at least half of the population in the biggest cities," Jacobson says. "But immigration is changing smaller cities and towns as well. Hispanics and Asians in particular are moving beyond the traditional ethnic enclaves of the large metropolitan areas."
Such is the story of Southwest Florida's tiny but dynamic Bangladeshi community, which swelled from seven to 90 residents from 2000 to 2010. A migration like theirs is recession-proof, says Stefan Rayner, a research demographer for the Bureau of Economic and Business Research at the University of Florida.
"With international migration you generally have a large family component," Rayner notes. "They may or may not come for economic reasons, but because they want to be with family. That can add up to a significant instream, especially when the economy is not doing too well."
Recession brings diversity to Sarasota - Herald-Tribune - March 24, 2012
The gateway to downtown Tampa overlooks a 40-acre urban renewal project and a vacant plot where a light-rail and high-speed rail station would have been built if voters, and then the governor, had not turned the projects down.
The nearby Channelside retail, restaurant and entertainment complex remains mired in management difficulties, while a much-maligned streetcar that rambles alongside it provides the region's only alternative to car and bus travel.
Across the country, what catches one's eye along Interstate 5 in downtown Seattle is the Mariners' retractable-roof ballpark side-by-side with the Seahawks' football stadium. Commuter trains extend more than 25 miles north and south of downtown, and a 16-mile light-rail line serves the airport.
Preservationists rescued Pike Place Market from city demolition plans 50 years ago to transform it into a world-renowned anchor for downtown retail, tourist and conference trade that keeps sidewalks lively beyond 5 p.m.
But a major factor that differentiates the two cities is not immediately apparent: The Seattle area's $82,700 median annual income is $27,000 higher than the Tampa area's, eFannieMae.com data for 2011 show.
It's not necessary to travel 2,600 miles to find similar examples of income disparity. Tampa ranked last among a half-dozen Sun Belt business competitors — Jacksonville, Charlotte, Raleigh/Durham, Atlanta and Dallas — in the Tampa Bay Partnership's most recent economic scorecard.
A relatively low wage base, few corporate headquarters to provide major local spending sources and a political climate that quashed recent transportation initiatives affect the Tampa Bay area's quest to improve amenities and attract businesses — which in turn could raise the local wage base.
As Tampa area leaders seek improvements — better transportation, a new ballpark to keep the Tampa Bay Rays and other urban amenities — the amount of funding area residents are able, and willing, to contribute is almost certain to become an increasingly volatile — and vital — issue.
Pinellas County is considering a plan for a 24-mile light-rail system between Clearwater and St. Petersburg, with a proposed connection via a new Howard Frankland Bridge span to Tampa.
The Pinellas funding proposal would swap a sales tax increase for eliminating a property tax for transit, a new strategy that takes a lesson from the failed Hillsborough proposal.
If Pinellas takes the lead with a successful light-rail initiative in 2013 or 2014, an enhanced transit plan could be resurrected in Hillsborough County, though elected officials in particular appear to be in no hurry to raise the rail issue in Tampa so soon after the referendum defeat.
"Keep an eye on how things work out in Pinellas County," said Gary Sasso, president and chief executive officer of the Carlton Fields law firm in Tampa and head of the partnership's transportation task force. "Transportation continues to be a matter of great concern."
Sasso said public education about transportation issues is going to be a large part of moving forward. To that end, the partnership established the www.tampabayontrack.org website, a name reflecting a double entendre of rail opportunities the area lacks along with the role of transit in advancing economic development.
Intuitively, it would appear that better transportation would enhance economic development and ultimately a higher wage base, said David Denslow, a research economist for the University of Florida Bureau of Economic and Business Research.