Despite economic growth over the past 12 months and declines in the unemployment rate, the share of the American population with jobs did not change in 2013 according to a New York Times analysis of the recent Bureau of Labor Statistics (BLS) data. The economy added about 182,000 jobs a month in 2013, or enough to keep pace with growth in the overall population.
Education Commission of the States
Center for Retirement Research
Nelson A. Rockefeller Institute of Government
Congressional Budget Office
State fiscal conditions are modestly improving in fiscal 2014 with spending and revenues projected to rise above fiscal 2013 levels. Signs of fiscal distress continue to subside, and most states expect revenue and spending growth in fiscal 2014. Tax collections outperformed projections in fiscal 2013, and revenues experienced steady gains in most states. Although revenues are expected to increase in fiscal 2014, states are not projecting a rise in tax collections comparable to the gains in fiscal 2013.
With one federal budget deadline next week, and more important deadlines to follow, NASBO staff prepared this reference sheet to provide members with an overview of key dates and an update on the current status of budget negotiations in Washington, DC.
Federal Funds Information for States
Last week, NASBO released the latest version of its State Expenditure Report, examining fiscal 2011-2013 state spending and revenue trends. The report found that for the first time in the 26-year history of the publication, total state spending declined in fiscal 2012 as spending from state funds slowly increased, while spending from federal funds rapidly declined as most Recovery Act spending ended. In fiscal 2013 it is estimated that total spending grew moderately as both state and federal expenditures returned to more typical growth levels. Other findings include: