Wichita Industry News and Developments provides a brief overview of statistical trends and major announcements by industry sector. The report covers the Wichita, KS MSA, which is comprised of Butler, Harvey, Sedgwick and Sumner counties.
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Economic variables occur at approximately the same time as the conditions they signify.
Economic variables that are considered to predict future economic activity.
Center for Economic Development and Business Research W. Frank Barton School of Business1845 Fairmount, Devlin HallWichita, KS 67260-0121 Phone: (316) 978-3225 Fax: (316) 978-3950 e-mail:
Jack Kleinhenz, Ph.D., chief economist for the National Retail Federation headquartered in Washington, D.C., will speak to the 35th Annual Wichita Area Economic Outlook Conference hosted by the Center for Economic Development and Business Research. The event will be held from 7:30 – 11:30 a.m. on October 9 in the Century II Convention Hall.
Kleinhenz is a frequent speaker on business and regional economic issues and is regularly called upon by local, national and international media, including the Financial Times, Bloomberg News, CNBC, Fox News, National Public Radio, The Wall Street Journal, USA Today and The Washington Post. In addition to his role with NRF, he is principal and chief economist of Kleinhenz & Associates, a registered investment advisory firm headquartered in Cleveland, Ohio, specializing in financial consulting and wealth management.
Kleinhenz is the current president of the National Association for Business Economics, the largest international association of applied economists, strategists, academics, and policy makers. He is also a contributing forecaster to The Wall Street Journal, USA Today, the Federal Reserve Bank of Philadelphia and the Federal Reserve Bank of Chicago, which recognized Kleinhenz for forecasting excellence.
Kleinhenz was a recent finalist for the 2014 Weatherhead School of Management Teaching Award. A graduate of John Carroll University, he earned his master’s degree and doctoral degree in economics from the University of Notre Dame.
Registration for the Economic Outlook Conference is now open, and tickets are $115. This price includes breakfast. Check the Center’s website often for updates about the conference, www.cedbr.org.
The second article of the CEDBR healthcare series is about the nursing occupation. Employment, location quotient, and average annual wages are analyzed for five specific occupations: registered nurses, licensed practical and vocational nurses, medical assistants, medical records and health information technicians, and medical transcriptionists. For comparison, data is provided for metropolitan areas in Kansas, the Midwest region, and a group of four metropolitan areas that most closely resemble Wichita in population, demographics and industrial mix. These are Akron, Ohio; Grand Rapids-Wyoming, Mich.; Greenville-Mauldin-Easley, S.C.; and Lancaster, Pa.
Read the complete article.
CEDBR recently completed a report for the Greater Wichita Economic Development Coalition that measures the economic diversity of the Wichita MSA over time. Specifically, the report addresses whether the employment base and earnings base of the MSA are becoming more or less diversified and whether diversification is occurring among targeted industries.
Read the report in its entirety.
The Barton School of Business faculty continue to lead their fields in cutting-edge research published in highly regarded academic journals. For example, the results of an economic development study by Dr. Masud Chand, assistant professor of management, and colleague Rosalie Tung of Simon Frasier University, were recently published in the Asia Pacific Journal of Management.
This study explored the role that bicultural identity has on business people’s decisions to conduct business in both their country of residence and their country of origin.
Read a summary of this article.
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Since the Great Recession, the United States and the Wichita MSA have experienced a drop in unemployment rates; however, the number of employed people in the Wichita MSA labor force has remained stagnant, while the number of employed in the U.S. labor force, as a whole, has grown. This report provides information and analysis to explain this situation.
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There was an average of 16,690 unemployed people in the Wichita metropolitan area in the second quarter of 2014, approximately 46 percent of whom collected unemployment insurance benefits. Examining the demographic profile of this subset of the unemployed, and comparing it to the labor force, provides insights into the overall unemployment situation in the Wichita area. An updated CEDBR report does this analysis, using educational attainment, gender, age and race as demographic characteristics for comparison.
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The unemployment rate for Kansas, as a whole, increased 0.5 percentage point from May to June. All of the Kansas MSAs experienced increases, ranging from 0.4 percentage point in Topeka, to a 0.7 percentage point increase in Lawrence and Manhattan. The Wichita MSA rose 0.5 percentage point. A slide presentation is available with additional employment and unemployment data for Kansas and its four metro areas.
Five industries accounted for 66.1 percent of unemployment insurance beneficiaries in the Wichita area in second quarter 2014: manufacturing, administrative and support and waste management and remediation services, health care and social assistance, construction, and transportation and warehousing. Of these five industries, health care and social assistance, as well as transportation and warehousing, were the only ones that had an increase in unemployment insurance beneficiaries from first quarter 2014 to second quarter 2014. The construction industry had the largest decrease of 1,178 beneficiaries. More information is available in a revised CEDBR report about the industries from which unemployment beneficiaries were separated in second quarter 2014.
From May to June, the WSU Current Conditions Index and the Leading Index both decreased 1 percent. Both indices also decreased from June 2013 to June 2014, with the Current Conditions Index dropping 1.1 percent and the Leading Index decreasing 0.8 percent. In addition, the Leading Index is forecasting a 0.41 percent increase in economic activity over the next six months.
Read a further analysis of the monthly Index activity.
The Consumer Price Index is used to calculate inflation, or the change in price of a basket of goods and services, as it impacts consumers; whereas, the Producer Price Index measures changes in selling prices, thereby expressing price changes from the perspective of the seller who produces a particular commodity.
A slide presentation updated with July 2014 data shows the Midwest inflation rate decreased from June to July in urban metros, as well as in non-metro urban areas.
The Producer Price Index data shows that prices in the United States have increased from July 2013 to July 2014 for aircraft (1.9 percent), natural gas (14.7 percent), and slaughter livestock (29.7 percent). During that same time period, crude petroleum decreased 9.1 percent, sorghum prices decreased 42.9 percent and wheat decreased 6.5 percent.
Access this slide presentation.
Learn more about the CPI.
Learn more about the PPI.
The 2nd Quarter 2014 issue of Wichita Industry News and Developments, which provides a brief overview of statistical trends and major announcements by industry sector, is now available. The report covers the Wichita MSA.
Access the full report.
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