ECON California surpasses France as world's sixth-largest economy

H

Housecarl

On TB every waking moment
Still have a long way to go to get back to where the state used to be.....

For links see article source.....
Posted for fair use.....
http://www.reuters.com/article/us-california-economy-idUSKCN0Z32K2?il=0

Markets | Fri Jun 17, 2016 9:17pm EDT

California surpasses France as world's sixth-largest economy

SAN FRANCISCO | By Robin Respaut

California is now the sixth-largest economy in the world, surpassing France, thanks to a robust state economy and strong U.S. dollar.

California was the world's eighth-largest economy in 2014, Irena Asmundson, chief economist of the California Department of Finance, said in a phone interview on Friday. "California did exceptionally well in 2015."

France is the world's seventh-largest economy with a growth domestic product of $2.42 trillion, and India is the eighth-largest with $2.09 trillion, according to the latest International Monetary Fund data.

California is home to diverse strong economies, including Silicon Valley and Hollywood. Manufacturing and agriculture have performed well despite a severe drought, Asmundson said.

The most populous U.S. state has outpaced the rest of the country on job growth, California's finance department said in its June bulletin this week. Gross state product was $2.46 trillion in 2015, with 4.1 percent of growth in real terms, it added.

U.S. gross domestic product grew by 2.4 percent in 2015. Growth slowed to 0.8 percent in the first quarter of 2016.


(Reporting by Robin Respaut; Editing by David Gregorio and Richard Chang)
 
T

Troke

On TB every waking moment
There a little PHOG here? Business people are moving out in droves and nobody is moving in except illegals. But then, them illegals do work hard. Just look out the window at your lawn maintenance people.
 
Blacknarwhal

Blacknarwhal

Let's Go Brandon!
Troke said:
There a little PHOG here? Business people are moving out in droves and nobody is moving in except illegals. But then, them illegals do work hard. Just look out the window at your lawn maintenance people.
Click to expand...

Not so much as you might think. The dollar, despite kicking and screaming to the contrary, is still the strongest currency on Earth. All exports denominated in dollars are therefore more expensive. Many of these exports are things that don't have ready substitutes on hand, so it's them or nothing, and sometimes nothing isn't an option. So exports are therefore paid more for, and yes, there are still things produced in the United States every day. Just not near so much as there once was, or the same kinds of things.

That and look at the comparison. California just surpassed France, and we all know what's been going on in France lately.
 
Meadowlark

Meadowlark

Has No Life - Lives on TB
Wow, France must be doing really bad as the California economy has all the aroma of unwashed ass. Except for silicon valley, most manufacturing is moving out of crazy californica.
 
Meadowlark

Meadowlark

Has No Life - Lives on TB
Blacknarwhal said:
You forget the movies and the agriculture.
Click to expand...

Thanks to the drought and crazy environmental laws, the hurt is being put on agriculture. As for movies who the frack knows how much money the movie industry makes, their associated accounting practices are legendarily criminal.
 
F

Faroe

Un-spun
Blacknarwhal said:
Not so much as you might think. The dollar, despite kicking and screaming to the contrary, is still the strongest currency on Earth. All exports denominated in dollars are therefore more expensive. Many of these exports are things that don't have ready substitutes on hand, so it's them or nothing, and sometimes nothing isn't an option. So exports are therefore paid more for, and yes, there are still things produced in the United States every day. Just not near so much as there once was, or the same kinds of things.

That and look at the comparison. California just surpassed France, and we all know what's been going on in France lately.
Click to expand...

True. As bad as things are becoming here, most of the Western world is apparently WORSE off! The US, by world standards, is actually considered a tax haven. EU laws are crazy as far as independent business go, and French add their own layer of crazy stupid on top of that. I was talking with BF about this last night. I don't see a US crash as imminent, simply because we are less screwed up than most other countries.

China and Russia will crush us if/when they can; for some reason they haven't seen fit to yet.
 
Blacknarwhal

Blacknarwhal

Let's Go Brandon!
Faroe said:
True. As bad as things are becoming here, most of the Western world is apparently WORSE off! The US, by world standards, is actually considered a tax haven. EU laws are crazy as far as independent business go, and French add their own layer of crazy stupid on top of that. I was talking with BF about this last night. I don't see a US crash as imminent, simply because we are less screwed up than most other countries.

China and Russia will crush us if/when they can; for some reason they haven't seen fit to yet.
Click to expand...

That reason is likely because they too are even worse off than we are. China's manufacturing focus has left it hamstrung since it now has no place for the finished goods to go. No one's buying, which means its factories are largely useless. Russia, meanwhile, is hamstrung thanks to its focus on oil. While it's more diversified than Venezuela, any dreams of empire it might have had are flatlined with low oil revenues.
 
Y

Yogizorch

Has No Life - Lives on TB
Troke said:
There a little PHOG here? Business people are moving out in droves and nobody is moving in except illegals. But then, them illegals do work hard. Just look out the window at your lawn maintenance people.
Click to expand...

That's what I had heard. People leaving in droves and too many of them headed for Texas, where job growth is real.
 
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