By Aaron Nathans, The NewsJournal
The weather forecast may be severe, but the state’s economic climate is merely fair, Delaware’s state treasurer says.
On Friday, Treasurer Chip Flowers released the Delaware Economic Index, a report of economic conditions surrounding Delaware and the nation.
The 10-page roundup looks at economic events, studies and political developments.
The nation’s economic trend, Flowers’ office reports, is marked by “weakening economic growth” with national and state economic growth as “stagnant.”
On a color-coded, five-tiered scale, ranging from red (”severe”) to green (”strong”), Flowers’ office designated the state’s economic climate over the last 60 days as “fair,” or yellow.
It underscores that judgment by pointing to:
» The state’s unemployment rate increasing by 0.1 percent, to 8.1 percent in July from 8.0 percent in June.
The national unemployment rate is 9.1 percent.
» A weak state housing market, except for Sussex County, where average home prices have increased by 10 percent over the last year.
The average price of a home in New Castle County is down 20 percent from July 2010, and Kent County is down 7 percent.
» National consumer confidence fell to its lowest level in decades in a University of Michigan survey.
But it also notes:
» A four-week moving average of U.S. jobless claims at 402,500 on Aug. 13, the lowest figure since April 16.
» Delaware’s portfolio, managed by Flowers’ office, had $1.8 billion this month, compared with $1.6 billion in August 2010.
The report also provided a roundup of major economic headlines, which included Fisker Automotive, Hawker Beechcraft and Southwest Windpower announcing new jobs in Delaware, as well as Bank of America’s plans to lay off 3,500 nationally.
