Literacy is defined as "the ability to understand, evaluate, use and engage with written texts to participate in society, to achieve one's goals, and to develop one's knowledge and potential" by the Program for the International Assessment of Adult Competencies (PIAAC--part of the National Center for Education Statistics (NCES)). Through my economist lens, another aspect of literacy is that it greatly enhances job opportunities for individuals and provides some near-term relief to the workforce shortage.
Throughout the pandemic recovery, Texas has been leading the way. With growth in key industries, this pattern is likely to continue.
The dynamic Texas economy has been leading the way in job creation and opportunities. At the same time, future performance hinges on the ability to meet demand for workers in the midst of substantial demographic challenges. In fact, despite record numbers of people working in the state, there are presently around 800,000 unfilled jobs in Texas. We recently looked at the need for employees by occupation over the next 10 years based on our projections of economic growth by industry.
Even with current challenges, the long-term outlook for the US economy is positive. Business cycles are inevitable, but significant growth is expected in the decades to come.
About 2.5 million Texas voters recently approved 13 Constitutional Amendments. Several of the propositions involve notable and much-needed investments, while others relate to tax relief and other topics. On the same night, scores of local elections saw the passage of substantial bond packages providing billions of dollars to build and upgrade public school facilities.
Dr. Perryman discusses US and China relations and economic benefits and issues.
This issue of The Perryman Report & Texas Letter focuses on the need for workers by occupation and the importance of workforce development.
Every three years, the Board of Governors of the Federal Reserve System releases results of the Survey of Consumer Finances. The Survey looks at family income, net worth, debt, and other indicators of the financial health of US families. The most recent report covers the interesting time period from 2019 (just before the COVID-19 pandemic) to 2022. Let's explore a few interesting findings.