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Tag Archives: economics

PERDUE: RURAL U.S. NEEDS #TRADE

During a hearing before the House Ag Committee, USDA Secretary Sonny Perdue Wednesday said the U.S. farming community is in “dire straits,” but could be helped by stronger trade. Perdue also said there are “some challenges ahead” due to budget cuts proposed by President Donald Trump. “Our budget situation is challenging,” Perdue said. “We’ve got… read more

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FEWER JOBS

Illinois lost over 16,000 jobs in December and the unemployment rate rose to 5.9%, according to the latest jobs numbers from the Illinois Department of Employment Security. Over the entire year, Illinois saw 3,000 less jobs than at the start of 2015. 

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LEAVING THE LAND OF LINCOLN

Illinois saw approximately 105,200 more people leaving the state than arriving. Of the 50 states, Illinois was the top population loser, new data released by the U.S. Census Bureau shows. “Businesses – especially manufacturers – are ignoring Illinois as a place to grow their companies because of the economic climate,” said Katherine Kelly, Gov. Bruce… read more

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MIDDLE CLASS

Middle-income Americans are no longer the nation’s economic majority. In early 2015, there were 120.8 million adults in middle-income households, matched in number by the 121.3 million adults who were in lower- and upper-income households combined, Pew Research says.

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ILLINOIS GRAIN FARM INCOME DOWN 81% THIS YEAR

A sharp drop in Illinois grain-farm income for 2015 could continue for several years as a result of low commodity prices, according to University of Illinois projections released Wednesday.  The average $20,000 profit projected this year compared with $104,000 in 2014 would be at levels not seen since 1998 through 2002.  The 81% drop follows… read more

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TPP A BIG DEAL

The intense, final hours of negotiations to conclude the Trans-Pacific Partnership trade deal came down to disputes over milk imports, drug patents and origin of car parts. But the seven-year-long effort by the U.S. was always about something bigger: embedding an American-led vision of an economic and political order in Asia. The 12-nation accord is… read more

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FARM INCOME

USDA forecasts that both net cash and net farm income for 2015 will be below their 10-year moving averages in inflation-adjusted terms for the first time since 2009.

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FARM OUTLOOK

Projected gross revenue for corn stands at $814 per acre, down from $864 per acre in June on highly productive central Illinois farmland.  University of Illinois economists now project lower gross revenue and lower total non-land costs due to continued decreases in corn and soybean prices. More at FarmWeekNow.com.

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RURAL POVERTY

1 out of every 6 rural Americans – more than 8.2 million people – lives in poverty, according to a report by the Census Bureau. The rural poverty rate of 16.5% for 2014 was not statistically different than the 2013 rate.

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STEEP FARM INCOME DECLINE FORECAST

U.S. farm incomes will decline 36%t this year to the lowest level in nine years, the Agriculture Department projected Tuesday, reflecting a continued slump in crop prices and recent weakness in the dairy and hog markets. Net farm income will drop to $58.3 billion from $91.1 billion in 2014, the Wall Street Journal reports.

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