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BLS Releases July 2016 Employment Situation (Aug. 2016)


According to the Bureau of Labor Statistics, nonfarm payroll employment increased 255,000.  The unemployment rate for July remained unchanged at 4.9 percent.

Job gains occurred in the professional and business services, health care, and financial activities; while mining continued to shed employment, down by 26% since its peak in 2014. 

The full release is available as a PDF below

The employment situation for August is scheduled to be released on Friday, September 2, 2016.


July 2016 VBR/EPR Survey Results Release (July 2016)


The VBR/EPR Business Conditions Survey for the second quarter of 2016/third quarter of 2016 has been released.  Most responses to the question about the state’s overall business climate outlook were neutral (58%).  The remaining responses were split between optimistic (22%) and pessimistic (20%).  More than 60 percent of respondents (61%) shared negative outlooks specifically with ease of hiring for available positions.  The accommodations sector had the most optimistic outlook on the general business climate, while the utilities sector had the least optimistic outlook.  For this reporting period, the diffusion index shows a decline in optimism from Q2 2016 to Q3 2016, indicating that Vermont CEOs continue to feel neutral about the business climate for the coming three months.

The Business Conditions Survey is conducted in partnership between the Vermont Business Roundtable and Economic & Policy Resources.  The nine question survey of the 96 members of the Vermont Business Roundtable captures a glimpse of how Vermont business leaders see the state economy.  The survey asks business leaders how their businesses have fared in the recent past and how they view the future.  Sentiments regarding the current and expected business climate and the expected impact on hiring and investing decisions are also surveyed.   Included in the standard survey is a question asking roundtable members for opinions on a current debate in public policy.   Along with providing a snapshot of the Vermont business climate, the survey allows Vermonters to see how these markers change over time.

The survey results are attached in the pdf below.  


BEA Releases Advance Estimate of Second Quarter GDP (July 2016)


The Bureau of Economic Analysis released its “advance” estimate of second quarter 2016 Gross Domestic Product.  The advance estimate is based on data that may be incomplete or subject to revision.  The second estimate, released in August, will be based on more complete data.

The advance estimate shows that real GDP increased at an annual rate of 1.2 percent during the second quarter of 2016.  In the first quarter of 2016, real GDP increased 0.8 percent (revised).

The increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE) and exports which were offset by negative contributions from private inventory investment, nonresidential and residential fixed investment and state and local government spending.  Imports, which is subtracted in the GDP calculation, decreased. 

The full BEA press release on the advanced estimate of second quarter GDP can be accessed in the link below:

The next release—for the second estimate of second quarter GDP 2016 and preliminary estimate for corporate profits, second quarter 2016 will be released on Friday, August 26, 2016. 



July 2016 Emergency Board Testimony (July 2016)


On July 21, 2016, Jeffrey B. Carr testified before the Vermont Emergency Board concerning the revised consensus revenue forecast for the State’s 2017 and 2018 fiscal years.  The revenue forecast update was adopted unanimously by the five member Emergency Board comprised of the Governor and the four chairs of the “money committee” of the Vermont Senate and Vermont House of Representatives.  The report is attached below.    


EB5 Investors Magazine NY Summit (July 2016)


EPR's Jeff Carr participated in a panel discussion on how to put together an "approvable EB-5 Project" at EB-5 Investors Magazine's 2016 EB-5 Conference in New York City on July 18th.

Mr. Carr presented information regarding what is required to complete an economic impact study and explained the differences between establishing your own regional center versus "renting" an already established regional center.

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