The Economic Data Global Express (e-EDGE)
v.9 n.46 Released Nov. 14, 2005
Produced by the Los
Angeles
County Economic Development Corporation as a public service to the
global community.
THIS WEEK'S HEADLINES:
- September International Trade -- National foreign
trade data
- California Budget Update -- for the first four
months of FY2006
- September Hotel Numbers Hot -- Local hotel
occupancy & room rates
- Two New Regional Reports Released -- San Gabriel
Valley & Greater Westside
- Announcements
- Quick
Stats
SEPTEMBER INTERNATIONAL TRADE
U.S. exports of goods and services fell in
September and imports
rose, combining to produce a record trade deficit of -$66.1 billion
that month, up from August's -$64.1 billion shortfall and the previous
record of -$60.4 billion set in February. Almost all of the
month's
-$3.3 billion deterioration in goods exports was accounted for by (1)
the machinists' strike at Boeing (civilian aircraft exports dropped by
$2.4 billion over the month) and (2) reduced service through the Gulf
Coast ports (exports of food and organic chemicals fell by -$780
million). Total goods imports increased by $3.8 billion in
September.
Imports of most commodity groups increased, except Automotive Vehicles,
which fell by -$729 million over the month.
Looking at geographical areas the biggest U.S.
trade deficit was
with China (-$20.1 billion), followed by Europe (-$12.0 billion), North
America (-$11.7 billion), OPEC (-$9.1 billion) and "20 Latin American
Republics" (-$8.8 billion). All of these 2005 deficits were
markedly
higher than in September 2004, when the total monthly deficit was
"only" -$56.5 billion.
Exports from California were $9.58 billion in
September, up by
2.0% from September 2004. Year-to-date, California exports were
$85.51
billion through September, which was 4.9% higher than the first
nine-months of 2004. California ranks #2 in these measures behind
Texas, whose exports were $95.28 billion in September 2005. (Nancy
D.
Sidhu)
PR: http://www.census.gov/indicator/www/ustrade.html
CALIFORNIA BUDGET UPDATE
The State Controller just released results for
the General Fund
during the first four months of the State's 2005-2006 fiscal year (July
through October). In brief, total receipts increased by 11.9% to
$25.0
billion, while total disbursements grew by 12.6% to $36.3
billion.
Thus, the General Fund deficit jumped by 16% to $11.0 billion compared
with the first four months of fiscal 2004-2005.
Some other interesting details from the
Controller's report: (1)
Revenue from the big three tax sources--corporation, income and sales
& use taxes--increased by $2.2 billion (+10.5%) over last
year.
(2) On the spending side, local K-12 education received $11.9 billion,
an increase of $885 million (+8.0%) over the previous fiscal
year. (3)
Large increases in spending were also registered for the MediCal
program (+$560,000) and for Corrections (+$322 million). (4)
Outlays
for "Other Local Assistance" were up by $1.27 billion. The latter
figure includes a $1.1 billion payment to local governments for the
motor vehicle license fee "backfill gap." (5) Receipts are
running
6.6% above the budget forecast, while disbursements are 1.0% below
expectation. (Nancy
D.
Sidhu)
SEPTEMBER HOTEL NUMBERS HOT
The September PKF Consulting data on the local
hotel industry was
strong, with Los Angeles County red hot! The County's occupancy
rate
for the month was 79.3% compared with 73.4% last year. Nine areas
in
the County had occupancy rates at 80% or better, with West Hollywood
setting the pace at 85.5%. Better yet, the average daily room
rate
(ADR) in the County increased by 12.1% over the year to $125.85.
The
month's growth leader in this measure was Hollywood with a 22.6%
increase over the year.
Orange County's September performance was also
better but a bit
more subdued, with the occupancy rate at 73.0% compared with 65.0% last
year. The ADR increased by 9.4% to $126.52. The best
performance was
turned in by the Orange County Airport area with a 76.0% occupancy rate.
San Diego County's September hotel occupancy
rate was 77.4%
compared with 72.0% last year. The ADR rose by 7.9% to
$145.01. By
area, the strongest performances were found in South Bay at 82.7% and
Downtown at 80.8%. Moreover, there are plans to develop another
1,000+
room hotel adjacent to the San Diego Convention Center (there are
already two). (Jack
Kyser)
QUICK STATS:
* BLS: US export prices for 10/05: +0.6% (9/05: +0.8%)
* BLS: US import prices for 10/05: -0.4% (9/05: +2.3%)
* Cal Assn. of Realtors: Housing Affordability Index for California for
9/05: 15% (9/04: 19%)
* Cal Assn. of Realtors: Housing Affordability Index for LA County for
9/05: 13% (9/04: 17%)
* Census: US wholesale trade for 9/05: +2.4% (8/05: +1.8%)
* Census: US wholesale inventories for 9/05: +0.6% (8/05: +0.5%)
* Census: US exports for 9/05: -2.6% (8/05: +1.5%)
* Census: US imports for 9/05: +2.4% (8/05: +1.8%)
* Census: US merchandise trade deficit for 9/05: US$66.1 billion (8/05:
$59.3bil.)
* Univ. of Michigan: US Consumer Sentiment Survey for 11/05: 79.9
(10/05: 74.2)
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