10 bits of economic news to say thanks for the bountiful harvest

10 bits of economic news to say thanks for the bountiful harvest

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California bosses added 811,000 workers in the past year as the pandemic’s economic throttle has been lessened.

‘This the season to be grateful for a bountiful harvest. Coronavirus and its variations made 2021 a troublesome year in numerous ways for some individuals, particularly monetarily talking. However various business designs graphed a course to be thankful for – regardless of whether you haven’t been fortunate enough to be helped by any or these moves. In the spirit of holiday gratitude, I offer my appreciation for 10 patterns in the business world that we’ve seen since our last customary turkey feast — without taking note of the conundrums, complications, consequences or controversies tied to these swings.

Big winners were leisure and hospitality workers rehired as the business of having fun enjoyed a modest return to normal.

Other industries with big staffing increases were business services, education and health, and transportation.

Pay raises
Bosses scrambled to restaff their business and competition for talent in many industries has become heated.

As a result, paychecks grew — and in some cases, by a large amount.

Southern California’s wages and salaries rose at a 6.5% annual rate in the 12 months ended in September, up from 3.1% a year earlier, according to one federal pay index.

In the Bay Area, the same index showed 3.3% gains — down from 4% a year earlier.

Cheap money
Mortgage rates are a bit higher this Thanksgiving — an average 3.1% vs. 2.8% a year ago. But anybody with even a few gray hairs knows 3.1% is a massive bargain.

The use of historically low interest rates to keep the economy flowing during in the pandemic era benefited many consumers and corporations – especially those owning, or wanting to own, real estate. More homebuying
The California pace of house purchases will hit a post-Great Recession high this year.

That’s because numerous challenges created by coronavirus nudged lots of households to become homeowners. Cramped living quarters — multiplied by how many in a household were working or school at home — made a housing upgrade a necessity.

And those cheap mortgages certainly helped ease the pain of rapidly rising prices. Uplifted stocks
Those with the nerve to invest on Wall Street were well paid for their risk-taking.

I’ll simply note the year’s 35% gain in the Nasdaq stock index — a technology-laden benchmark filled with Corporate California’s many success stories. That steep appreciation not only gave many households added cash to spend — further boosting the economy and company bottom lines — it’s a key reason why the state government has another huge surplus.

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