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the Portland Maine area economic summary for any economic summary for your neck of the woods if you want to find out how to look at this this is man Ford a geek like me this is just a wonderful resource on a BLS a Bureau of Labor Statistics and we're gonna show you from my home area neck of the woods my hometown as a matter of fact the Northeast generally speaking but we can even dive down to Portland Maine so let's click so we've got a bls.gov backslash sae i'm not sure what SI e stands for state and area state area economic or Bayway bls.gov slash sae and you get all your regions here so let's click on the great state of Maine and we're gonna go down to Maine Portland Maine here and we're gonna see what the Portland Maine area economic summary is via PDF here alright a lot and this is updated March 2019 so I mean just couple weeks ago I'm in I tell you I love this stuff the summary provide presents a sampling of economic information for the area supplemental data are provided for regions in the nation includes unemployment employment wages prices spending and benefits all data are not seasonally adjusted and some may be subject to revision area definitions may differ for more area summaries you can see here alright so let's look at this so unemployment rates for the Portland area and this is the Portland area Cumberland County Saginaw Hawk I don't know what that is in York County so I'm not familiar with these up here I'm not sure what what's in that or what's in this I guess you work I am from the Cumberland County because I was born as Portland Maine all right so unemployment rates in the US in 2018 December 3.7 not again remember the Social Security trustees report assumes a 5.5 percent from here until eternity to give us a gauge of what their the strength of the system is going to be and that's down from three point nine in December 2017 in the Portland area it's at two point five which is up you know a pretty significant amount was that 25 percent from december i met still too please five man 2.5 I tell you the old days in my lifetime the old days economy economy economist said Fulham point was at five crazy all right now let's look so that's unemployment now average weekly wages and this is where I take issue from the article I read yesterday about who was at John Malden retox for the average weekly wage is non managerial and I just I'm gonna show you why you're just saying it but this is the average week weekly rate wages for all industries by county 968 here in Portland and Carmel town together that's a Portland great important area so we take 968 times like 52 that's 50,000 a year my friends in York County is 833 times that by 52 and that's 43,000 years I mean yes that's real money yes that's real money right there average weekly wages I mean that's in the US the average weekly wages is 1055 now I'll share with you which is 55,000 now again you gotta be careful on averages averages few things upwards because you got Bill Gates and you got Josh it's gonna look like our average is billions of dollars a year and if you just look at my bank account you know that ain't true but still I'm gonna show you why it's okay in this scenario because I'll show you the second part of this average weekly wages in Cumberland County and May important main is pays about 50,000 a year that's not bad and I don't know what's a good Dahak counties I've never even heard that till just right now so I'm not sure anyways keep going down and here you see the change in unemployment right here in the Portland area had a pretty significant increase from December to December not sure what that's about but you know it's a seasonal for sure I imagine that has something to do with it but I don't know then you got right here so wait no area employment logging mining and construction sees as percentages here non-farm number of thousand okay so you got education health services forty five thousand whereas a government twenty three twenty four thousand trade transportation utilities forty-two mining and logging he's still 10,000 made in fact so a lot of different nights of diversification of different places to work in main ask for shores that's good two hundred eleven thousand dollars in the thousand employees in the Portland area remember Portland's the largest town of mean by far has only got sixty five thousand people I changed from December so a total nonfarm went up by 1.5 percent that's pretty good man that's pretty good so uh the government went up by 0.4 percent and I'm trying to think manufacture one it by 2.2 percent so it's not bad alright so what I want to show you here told much changes alright so here this is interesting over the year over the year change in prices paid by urban consumers for selected counties from selected categories all items one there's a - does it give us a what's - okay USA all right so New England all items went up by two percent alright and a US is 1.6 percent 12-month percent change in January 2019 that's not that's the hyperinflation by any stretch the interesting is look at why is being brought down as energy costs I'm this huge man and US average went down by almost five percent Thank You national gas thank you not natural gas that's wonderful Thank You Permian Basin thank you was it Wilford up there North Dakota just us wonderful look at that huge decreases the cost of energy throughout the US cheap energy just it's everything is good with that for sure but in New England's only went down by 1.1 because they have pipeline restrictions from Cuomo to get the natural gas in there and New York believe it I'm telling you is look at just look at they get their gas from Quebec or come back and they can't get it through New York so it's gotta be if you watch the pipeline it does this incredible gerrymandering thing to avoid New York State because Cuomo doesn't want the pipelines going through the state and I don't know why they you know Baker or something like that in Massachusetts don't say hey Rico mother ride acts a man you're killing us here bud but he doesn't he doesn't listen all right so I want to show you this annual spending averaged memory top of the average income skews it higher because the averages take Bill Gates and Josh and we're gonna look like we're making a lot of money but so does it the spending and so average annual spending Northeast region annual average expenditures $64,000 a year in the entirety of the Northeast for everybody who spends money that includes the people who are working who are spending more lessons was it conspicuously more spent therus because I'm reading an article here right now that talks about that people spend more when as income as opposed to taking it from their capital I eat when you're working you're inclined to spend more than when you're retired so in this case $64,000 a little bit more than $5,000 a month is our average spending in the northeast area 64,000 and that's skewed upwards so all these people all of these people who are saying the median household the average income wage is is nothing you're just you're aw man I don't mean you kook median averages are different I get it but we're using averages to compare apples to apples where average income and in Maine is 968 in Cumberland County and then average expenditures in the entirety of the Northeast region is 64,000 a year and that's for everybody not just retirees that's everybody so you can't have average consumption of 64,000 a year unless you have some kind of income to back that up and we know that most rich people spend a heck of a lot more than most poor people thus we can skew that up average significantly to reflect that the average that I eat the meat I should say the median consumption is going to be a lot lower than that which is probably gonna match pretty doggone close to what your median income is huh crazy huh now here's the interesting thing there's nothing a tick me off about the maulvis report not using a managerial x' people manage early off of lines of work that 53 dollars per hour is their average hourly wage so general and operations managers are making 53 dollars per hour in Portland and it's by far the way the largest of the pay now how many of those people are in managers versus how many people are underneath them I don't know but to just simply not use any overall scheme of things is gonna skew everything down ours even more because the facts our managers make a considerable amount more than non managers do so here you got our ends at 33 bucks an hour construction labor is a 16 bucks our personal care aides at 12 bucks an hour cashiers at 11 bucks an hour I mean so you can see that that's I mean just so not to use this and this is the Portland area all occupations is 23:54 so we take twenty three fifty four times that by two zero eight zero that gives us 23:54 time loops of times 2 0 8 0 that gives us 40 but right about 50,000 a year of income and has told occupations said mm you're an income most like you 50000 consumption give or take we're doing just fine I thought that was interesting actually and then you got down here employer cost I find this be awesome too so I'm getting some guys is ranking me over the coals for I don't know why it's weird actually but it for my sing out Social Security I said what if we didn't invest in the Social Security system we invested our own I said you would have got a higher salary and you have more to save so I don't think so well here watch this total compensation employer cost per hour work for wages and select employee benefits by geographic division this is in the northeast New England division total compensation is 42 dollars of which only twenty eight nine eighty four is your wages and salaries the rest goes to benefits now I'm not even sure if that includes Social Security benefits and I I don't know I hate to say assume it does I don't know but let's just say it does so of you're 42 and wages you only get 65 percent the rest goes to benefits part of that presumably would be your Social Security FICA and your Medicare all right so the whole point was to say that are they wouldn't give you a raise your employer would not give your raise relative to what you're not putting so to carry I completely disagree I mean we don't know it'll never know because never happen by me I met Tanya right now employer much rather say look dude I'll give you 35 bucks an hour you just go on your way and do your own thing find your own insurance find your own retirement we do dollar for dollar if he doesn't then you can go to some other place and say I want 42 bucks out that's what you're already paying I had just look at that the total compensation new English forty-two bucks an hour of which a third of that goes to benefits so don't tell me now that oh if we didn't put in Social Security they want to give it to you as a form of compensation and absolutely absolutely would it be dollar for dollar I don't know might be more I just don't know but at the end of the day you can't just say silly yeah I thought that's interesting so you can go back and you can look at any OC of these charts on this and we go back here hold on a second move myself over there you can go go back go back here all right there there we go so you can look at anything and we can look at Georgia and they will do another video on Georgia right here where I'm at Atlanta ABC e f g h IG right there Atlanta area I'll do another video on that but you can look at a it's awesome so I love it so more reason to be optimistic my friends if your average consumption in New England is 64,000 that's everybody and his average which skews higher you don't need 10 million dollars retire I'm sorry there's more proof than pudding here we'll see you next time