In a recent column, I described our outlook for Texas job growth by industry. This time around, let's focus on our projections for output (or gross product). Simply stated, gross product is the final value of all of the goods and services produced in an area. It's a widely used measure of the health of an economy, and the US gross product numbers are always worthy of headlines.
The Economist magazine's Big Mac index was recently released, providing insights into the cost of the classic McDonald's burger in countries around the world. The index was started in 1986 to provide a quick look at how currencies are trending against one another. The economic concept of purchasing power parity (PPP) indicates that exchange rates change over time to equalize the global price of an identical basket of goods and services. A single burger was chosen because it is highly standardized irrespective of location (and is ubiquitous and simple to grasp).
The Potential Economic Costs to the US Government of Discretionary Denial of Inter Partes Review Based on Criteria such as the NHK‑Fintiv RulesReport Published on August 25, 2023
Recently proposed rulemaking and legislation would increase discretionary denial of institution of inter partes review (IPR) matters based on the criteria set forth in the Apple, Inc. v Fintiv, Inc. (Fintiv) matter and similar provisions. The Fintiv guidelines and related restrictions can make it difficult for claims to be fully considered even in cases where there is a substantial probability of success for the petitioner. If the proposed guidelines were implemented, the result would be a reduction in IPR proceedings even for cases that are otherwise meritorious. As a consequence, the economic efficiency benefits associated with the IPR process would be substantially diminished.
Texas continues to shatter records for new jobs. The expansion has been broad based, both in terms of industries and geographic areas. Our latest projections call for notable employment gains over the next five years, though the pace will vary along with external conditions.
As you probably know, UPS and the Teamsters union have reached an agreement to narrowly avert a nationwide strike. This high-stakes standoff likely wasn't nightly dinner table conversation for most of you, but the issue was far more impactful than merely one company and its 340,000 or so workers directly involved in the negotiations. A strike would have caused delivery delays, challenged the supply chain, pushed up inflation, and affected individuals and businesses across the world. It would have been particularly problematic for rural residents and those requiring critical medical supplies.