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State of Alaska Department of Labor and Workforce Development September 18, 2020 No. 20-33 JUNEAU, Alaska — Alaska’s August job count was down 10.5 percent from last August, a loss of 37,000 jobs. Pandemic disruptions continued to spur large over-the-year losses in all industries except federal government, which was up... Continue reading
Posted Oct 7, 2020 at Alaskanomics
Alaska Department of Labor and Workforce Development Sept. 16, 2020 No. 20-32 JUNEAU, Alaska — The Alaska minimum wage will increase from $10.19 to $10.33 effective Jan. 1, 2021. Voters passed a ballot initiative in 2014 to adjust the minimum wage annually for inflation. Alaska Statute 23.10.065(a) requires the Alaska... Continue reading
Posted Oct 1, 2020 at Alaskanomics
Alaska Department of Labor and Workforce Development August 21, 2020 No. 20-30 JUNEAU, Alaska — Alaska’s July job count was down 11.2 percent from last July, a loss of 39,900 jobs. The state’s seasonally adjusted unemployment rate declined to 11.6 percent from 12.4 percent in June. The comparable U.S rate... Continue reading
Posted Sep 16, 2020 at Alaskanomics
By Tim Bradner Alaska’s economy is struggling. The COVID-19 closures of business and institutional employers last spring had a heavy impact, leaving thousands of Alaskans suddenly unemployed. Several billion dollars of federal emergency aid were pumped into the economy through enhanced unemployment benefits and business loans and grants, and these... Continue reading
Posted Jul 17, 2020 at Alaskanomics
May 22, 2020 No. 20-17 JUNEAU, Alaska — Alaska’s job count was down 13.1 percent in April from the same month last year, a loss of 42,200 jobs. The state’s seasonally adjusted unemployment rate jumped to 12.9 percent, up from 5.2 percent in March. The comparable U.S rate rose from... Continue reading
Posted May 22, 2020 at Alaskanomics
Dear KEEP Supporter, This is an extremely difficult time for Alaska, our nation and our world. The impact of the coronavirus has already been devastating to many of us personally and to our state economically. Alaska’s economic foundation is threatened by events over which we have little to no control.... Continue reading
Posted Apr 15, 2020 at Alaskanomics
By Tim Bradner The times are uncertain, for sure. COVID-19 and its effect has dealt a blow to almost all parts of our economy, from tourism to trade, to oil and gas and potentially fisheries. State revenues are under new pressure as oil prices implode. There is one thing to... Continue reading
Posted Mar 31, 2020 at Alaskanomics
North Slope LNG plan, water regulation and political action discussed at resource conference Resource development industry leaders and representatives shared valuable insights related to a new North Slope LNG plan, clean water regulation and political action at the Resource Development Council’s 40th Annual Alaska Resources Conference in November. Former Alaska... Continue reading
Posted Dec 4, 2019 at Alaskanomics
By Tim Bradner There’s an urban myth that energy costs in rural villages are heavily subsidized. The facts indicate that it’s more complicated. Power Cost Equalization, or PCE, is a state program that does help reduce some, but not all, rural residential electricity costs. But there are limits to what’s... Continue reading
Posted Oct 15, 2019 at Alaskanomics
With recent new stories involving volatility and an inverted yield curve, Elliott Cove believes it’d be helpful to share a recent piece by Dimensional Fund Advisors. This educational article titled "The Flat-Out Truth" takes a look at recent periods in which yield curve inversions have occurred. The data shows that... Continue reading
Posted Sep 5, 2019 at Alaskanomics
By Tim Bradner BP hands over the keys on its Alaska oil and gas holdings and operations to Hilcorp Energy next year, and it will be a bittersweet moment for Alaskans who remember the company as a fixture in the state’s oil patch for 60 years. BP began its Alaska... Continue reading
Posted Aug 29, 2019 at Alaskanomics
By Tim Bradner Alaska Legislative Digest Through line-item vetoes to HB 2001 made Aug. 19 when he signed the current year state budget, Gov. Mike Dunleavy reduced spending in the FY 2021 state budget by $220 million, offsetting part of the $375 million added to the budget by the Legislature... Continue reading
Posted Aug 21, 2019 at Alaskanomics
By Tim Bradner These are interesting times for Alaska. After several years of recession, the state’s economy appears set for recovery. But now there are concerns over the heated debate in Juneau on the state budget, the amount of the annual citizen Permanent Fund Dividend, or PFD, and the structure... Continue reading
Posted Jun 12, 2019 at Alaskanomics
By Kieran Baker According to the latest report in a new copper supply & demand outlook, by Fitch Solutions, global refined copper will grow steadily over the coming years, driven by demand from the power industry and rising electric vehicle (EV) production. Fitch forecasts that global copper demand will increase... Continue reading
Posted Jan 26, 2019 at Alaskanomics
By Tim Bradner What’s significant about the state 2018 state elections wasn’t who got elected – Alaskans have seen Republican governors and Republican-led Legislatures before – but rather how much of the campaign centered on how big the Permanent Fund Dividend will be. Instead of talking about challenges facing our... Continue reading
Posted Nov 19, 2018 at Alaskanomics
By Tim Bradner Those new oil discoveries announced recently on the North Slope are pretty remarkable. It wasn’t too long ago that we’d pretty much given up on major new finds, at least in areas open to exploration. Now billion-barrel new fields are being found. They aren’t super-giants like the... Continue reading
Posted Oct 23, 2018 at Alaskanomics
By Tim Bradner It will take a while for its significance to sink in, but the Legislature’s adoption of a plan to use certain Permanent Fund earnings to help support the state budget is a historic milestone. For the first time since North Slope oil revenues began pouring into the... Continue reading
Posted Jul 16, 2018 at Alaskanomics
As seen in Alaska Economic Trends, written by Neal Fried. Data for the fourth quarter of 2017 show Alaska is still in a recession, at least on the statewide level, but the employment picture varies widely around the state. While statewide average monthly employment is down by more than 10,000... Continue reading
Posted Jul 5, 2018 at Alaskanomics
Guest post by: Christian Muntean Alaska’s Baby Boomers stand on the threshold of what will be, for many, the largest opportunity in their careers. But most of them don’t see it. Or just aren’t ready for it. The few that do are positioned to win big. According to the U.S.... Continue reading
Posted Jun 21, 2018 at Alaskanomics
By Tim Bradner There is a little spring warmth, it seems, after a long winter. Several winters, in fact, of low oil prices and workforce cuts. The job numbers have not yet ticked up and in fact they’re still slipping, though modestly now, after big cuts made in 2016 and... Continue reading
Posted May 18, 2018 at Alaskanomics
As seen in the Anchorage Daily News, February 2018. The following speech was delivered by Ron Duncan, CEO and co-founder of GCI, at the Anchorage Economic Development Corp. economic forecast luncheon on Wednesday. It's been edited for length. There was a New York Times article this past weekend extolling the... Continue reading
Posted Feb 15, 2018 at Alaskanomics
By Scott Goldsmith Final data on employment thru the 2nd quarter of 2017 from the Alaska Department of Labor shows that all regions of the state lost jobs in the 2nd quarter compared to a year earlier. The statewide rate of decline so far has been 1.7 percent this year... Continue reading
Posted Jan 10, 2018 at Alaskanomics
By Scott Goldsmith Final data on Alaska employment by industry thru the 2nd quarter of 2017 (Alaska Department of Labor) shows the job loss slowing in the 2nd quarter. The slowdown in overall job loss is primarily due to reductions in job losses in the Oil and Gas and Other... Continue reading
Posted Jan 8, 2018 at Alaskanomics
By Tim Bradner Alaskans have chased the will-o'-wisp of a North Slope gas pipeline for decades. Several times the prize seemed within our grasp only to slip away, usually because of some unexpected, and adverse, market development. In recent years, the technical prowess and success of U.S. shale gas developers... Continue reading
Posted Dec 19, 2017 at Alaskanomics
By Tim Bradner After years of effort and hundreds of millions of dollars spent, are we any closer to getting a North Slope natural gas pipeline? A number of people are asking whether it’s worth continuing the effort including state legislators who have to pay the bills for work that... Continue reading
Posted Sep 22, 2017 at Alaskanomics