Widget Image
Follow PPD Social Media
Saturday, February 8, 2025
HomeStandard Blog Whole Post (Page 457)

unemployment-benefits

Weekly jobless claims, or first-time claims for unemployment benefits reported by the Labor Department.

The Labor Department said Wednesday the number of Americans filing for unemployment benefits gained 18,000 from a 43-year low in the week ending November 19. First-time claims for state unemployment benefits, otherwise known as weekly jobless claims and the firing rate, increased to a seasonally adjusted 251,000.

Claims for the prior week were revised to show 2,000 fewer applications filed than previously reported, but the median forecast called for 250,000. A Labor Department analyst said there were no special factors impacting this week’s initial claims and no state was triggered “on” the Extended Benefits program during the week ending November 5.

Claims have now been below 300,000, a threshold associated with a healthy labor market, for 90 straight weeks, which is the longest run since 1970. However, the labor market was much smaller back then in raw numbers and the eligible pool of applicants has now shrunk due to longterm unemployment and declining labor force participation.

The claims report, which was released a day early because of the Thanksgiving holiday, also showed the number of people still receiving benefits after an initial week of aid rose 60,000 to 2.04 million in the week ended November 12.

The four-week moving average–which is widely considered a better gauge as it irons out volatility–was 251,000, a decline of 2,000 from the previous week’s revised average. The previous week’s average was revised down by 500 from 253,500 to 253,000.

The four-week average of the so-called continuing claims edged up 750 to 2.02 million. The continuing claims data covered the period during which the government surveyed households for November’s unemployment rate.

The highest insured unemployment rates in the week ending November 5 were in Alaska (3.4), Puerto Rico (2.6), New Jersey (2.2), Connecticut (2.0), California (1.9), Pennsylvania (1.8), Massachusetts (1.7), Nevada (1.7), Wyoming (1.7), Illinois (1.6), and West Virginia (1.6).

The largest increases in initial claims for the week ending November 12 were in Minnesota (+586), Nevada (+93), and North Dakota (+80), while the largest decreases were in California (-7,890), Illinois (-2,532), Texas (-2,169), Missouri (-1,898), and Pennsylvania (-1,643).

The Labor Department report shows the number

durable-goods-reuters

American workers at a manufacturing plant for long-lasting durable goods. (PHOTO: REUTERS)

The Commerce Department said Wednesday durable goods orders rose 4.8% in October, topping the median forecast calling for a rise of 1.5%. The government report on durable goods–long-lasting items built to last more than 3 years–continues to paint a rosier picture of the manufacturing sector than the private-sector regional and national reports conducted by the Federal Reserve and Institute for Supply Management (ISM).

Excluding the volatile transportation component, durable goods orders rose 1.0%, missing the estimate for a 0.2% rise.

The report said non-defense capital goods orders excluding aircraft, or the so-called core capital goods orders that are a closely watched proxy for business spending, rose 0.4% after a slightly downwardly revised 1.4% drop the month prior. So-called core capital goods orders were previously reported to have fallen 1.3% in September, though last month’s increase matched economists’ expectations.

It was taken by some analysts as an indication the manufacturing sector might slowly be regaining strength. President-elect Donald Trump has proposed a substantial infrastructure spending program, which if done correctly via the private sector, could be a boon to business investment on capital equipment. It would also be to the profit of companies like Caterpillar Inc. (NYSE:CAT) and their workers.

The heavy machinery manufacturer, which President-elect Trump vowed to keep in the U.S., last month lowered its full-year revenue outlook for the second time this year.

The Commerce Department said Wednesday durable goods

Nikki-Haley-Marco-Rubio

South Carolina Gov. Nikki Haley and Florida Sen. Marco Rubio. (Photo: Getty Images)

UPDATE: President-elect Donald J. Trump has chosen South Carolina Gov. Nikki Haley to be the U.S. ambassador to the United Nations, the transition team confirmed Wednesday. Gov. Haley, who is the second Asian-American to serve as U.S. governor, is now the first female and minority to be chosen to serve in the new Trump Administration.

“Governor Haley has a proven track record of bringing people together regardless of background or party affiliation to move critical policies forward for the betterment of her state and our country,” President-elect Trump said in a statement. “She is also a proven dealmaker, and we look to be making plenty of deals. She will be a great leader representing us on the world stage.”

The decision is the latest example of President-elect Trump tapping talent outside his own loyal political circle. Gov. Haley endorsed Florida Sen. Marco Rubio and was at times hostile to the president-elect during the primary season.

“Our country faces enormous challenges here at home and internationally, and I am honored that the President-elect has asked me to join his team and serve the country we love as the next Ambassador to the United Nations,” Gov. Haley said in a statement.

A daughter of Indian immigrants, Gov. Haley became the first female governor of South Carolina in 2011 and is the youngest governor in the country. Born in Bamberg, S.C., she earned a degree in accounting at Clemson University and worked at her family business before being named to the board of directors of the Orangeburg County Chamber of Commerce and the board of directors of the Lexington Chamber of Commerce in 2003.

She represented Lexington County in the South Carolina House of Representatives from 2005 to 2011 before running for governor.

Further, the appointment means her gubernatorial role can be filled by Lt. Gov. Henry McMaster, an early supporter and vigorous defender of President-elect Trump. Lt. Gov. McMaster backed him before the state’s pivotal Republican primary in February. The state gave the New York businessman his second big win and much-needed momentum headed into Super Tuesday, otherwise known as the Southeastern Primary (SEC).

Republican presidential candidate Donald J. Trump, left, appears with South Carolina Lt. Gov. Henry McMaster, right, in February, 2016.

Republican presidential candidate Donald J. Trump, left, appears with South Carolina Lt. Gov. Henry McMaster, right, in February, 2016.

Lt. Gov. McMaster also officially nominated Donald J. Trump at the Republican National Convention (RNC) in Cleveland, Ohio, back in July.

ORIGINAL STORY: President-elect Donald J. Trump has chosen South Carolina Gov. Nikki Haley to be the U.S. ambassador to the United Nations, a source confirms. Gov. Haley would mark the first female and the first minority to be chosen to serve in the new Trump administration.

President-elect Donald J. Trump has chosen South

The-First-Thanksgiving-

The First Thanksgiving 1621, oil on canvas by Jean Leon Gerome Ferris (1899).

Tomorrow, as you celebrate the meal the Pilgrims ate with Indians, pause a moment to thank private property. I know that seems weird, but before that first Thanksgiving, the Pilgrims nearly starved to death because they didn’t respect private property.

When they first arrived in Massachusetts, they acted like Bernie Sanders wants us to act. They farmed “collectively.” Pilgrims said, “We’ll grow food together and divide the harvest equally.”

Bad idea. Economists call this the “tragedy of the commons.” When everyone works “together,” some people don’t work very hard.

Likewise, when the crops were ready to eat, some grabbed extra food — sometimes picking corn at night, before it was fully ready. Teenagers were especially lazy and likely to steal the commune’s crops.

Pilgrims almost starved. Governor Bradford wrote in his diary, “So they began to think how they might raise as much corn as they could … that they might not still thus languish in misery.”

His answer: He divided the commune into parcels and assigned each Pilgrim his own property, or as Bradford put it, “set corn every man for his own particular. … Assigned every family a parcel of land.”

That simple change brought the Pilgrims so much plenty that they could share food with Indians. Bradford wrote that it “made all hands very industrious, so as much more corn was planted than otherwise would have been.”

We see this principle at work all around us today. America is prosperous because private property is mostly respected, and people work hard to protect what they own. China rose out of poverty only when the Communist rulers finally allowed people to own property and keep profits from it.

But wait, you say, didn’t the Native Americans live communally? Isn’t that proof that socialism and collective property work?

No. It’s a myth that the Native Americans had no property rules. They had property — and European settlers should have treated those rules with respect.

Native American property rules varied. There wasn’t much point trying to establish private property in rocky hinterlands where no one traveled. But, writes Terry Anderson of the Property and Environment Research Center, “Private garden plots were common in the East, as were large community fields with plots assigned to individual families. Harvesting on each plot was done by the owning family, with the bounty stored in the family’s own storehouse.”

Today, however, many American Indians live in poverty. It’s not because Native Americans are lazy or irresponsible. When Indians are allowed to own their own land, they prosper. The laws of economics are the same for all people.

I asked Manny Jules, chief of the Kamloops Indian Band for 16 years, why so many Indians are poor.

“Nobody chooses poverty,” he said. “We’ve been legislated out of the economy by the federal governments, both in the United States and Canada.”

That sounds odd to people who know how much money governments spend to “care for” Indians.

“Well, by taking care of us, that means providing social welfare programs,” says Jules. “The only way to break the cycle of poverty (is) real property rights.”

The U.S. government, after killing thousands of Native Americans and restricting others to reservations, gave tribal governments control over Indians’ lives, in collaboration with the government’s Bureau of Indian Affairs.

Since then, no group in America has been more “helped” and “managed” by the federal government than Indians. Because of that, no group has done worse.

Homes on reservations are likely to lack electricity and indoor plumbing. There is serious alcoholism and drug abuse. A staggering number of American Indians are unemployed. Many commit suicide.

Jules says not being able to own your own land is part of the problem. “You can’t borrow. You can’t get a mortgage. You can’t be bonded. There’s nothing that you can have that’ll allow you to be able to go to the bank on your own without the (government) minister co-signing that loan.”

Tribal governments function about as badly as governments run by white people. They waste money, mismanage valuable resources and give sweetheart deals to crony businesses.

If we want to give people — all people — reason to celebrate this Thanksgiving, give them the proven formula for prosperity. Get government out of the way, and respect every individual’s property rights.

I know that seems weird, but before

Nurse practitioner Juliana Duque holds a box of insect repellent and information on mosquito protection that she gives her pregnant patients at the Borinquen Medical Center, Tuesday, Aug. 2, 2016 in Miami. The CDC has advised pregnant women to avoid travel to the nearby neighborhood of Wynwood where mosquitoes are apparently transmitting Zika directly to humans. (Photo: AP)

Nurse practitioner Juliana Duque holds a box of insect repellent and information on mosquito protection that she gives her pregnant patients at the Borinquen Medical Center, Tuesday, Aug. 2, 2016 in Miami. The CDC has advised pregnant women to avoid travel to the nearby neighborhood of Wynwood where mosquitoes are apparently transmitting Zika directly to humans. (Photo: AP)

A new report by Brazilian and U.S. researchers finds babies infected by the Zika virus appear to be born healthy and normal are developing defects. Doctors said Tuesday that the defects, which includes developing smaller-than-normal heads, are showing far later than previously believed to be possible.

The findings are a bad sign and indicate that the virus continues to damage a baby for weeks or even months after birth. The report, published today in the U.S. Centers for Disease Control and Prevention’s (CDC) Morbidity and Mortality Weekly Report, describes 13 infants in Brazil with congenital Zika virus infection who did not have microcephaly at birth, but later developed slowed head growth.

Dr. Vanessa Van der Linden, the pediatric neurologist in Recife, Brazil, was first to sound the first public alarm regarding the Zika virus. She and the team of researchers examined 13 babies who  were infected with the Zika virus in the womb but were born appearing otherwise unaffected.

Assessment of a Series of 13 Infants with Congenital Zika Virus Infection without Microcephaly at Birth. (Photo: CDC)

Assessment of a Series of 13 Infants with Congenital Zika Virus Infection without Microcephaly at Birth. (Photo: CDC)

“Among all infants, head growth was documented to have decelerated as early as 5 months of age, and 11 infants had microcephaly,” Dr. Van der Linden and her colleagues revealed in the report from the CDC. “This report documents that microcephaly at birth is not an essential hallmark of congenital Zika syndrome.”

Among the 11 who later developed microcephaly, the slowed head growth and microcephaly were accompanied by “significant neurologic complications.” The study found even though microcephaly was not present at birth, the babies had other brain abnormalities consistent with congenital Zika syndrome.

In Florida, 160 pregnant women have been infected with the Zika virus, which has no cure and causes permanent brain damage. More than 1,000 pregnant women in the U.S. have been infected, which initially did not result from mosquito-borne infections.

“Infants with normal head circumference at birth have brain and other abnormalities associated with congenital Zika syndrome and might develop microcephaly after birth,” the report reads. “These findings demonstrate the importance of early neuroimaging for infants exposed to Zika virus prenatally and the need for comprehensive medical and developmental follow-up.”

In June, People’s Pundit Daily reported that the Florida Department of Health confirmed a Haitian national who immigrated solely to give birth did so to the first baby born with Zika-related microcephaly in the state. The mother was infected with the Zika virus in Haiti before she was allowed to travel to the United States, specifically the state of Florida.

CDC officials and medical experts agree babies infected will now need to be monitored for years.

A new report by Brazilian and U.S.

Trader Peter Tuchman wears his "Dow 19,000" cap on the floor of the New York Stock Exchange, Monday, Nov. 21, 2016. U.S. stocks are rising in early trading as the price of oil jumps and energy companies move higher, keeping indexes at record highs. (Photo: AP)

Trader Peter Tuchman wears his “Dow 19,000” cap on the floor of the New York Stock Exchange, Monday, Nov. 21, 2016. U.S. stocks are rising in early trading as the price of oil jumps and energy companies move higher, keeping indexes at record highs. (Photo: AP)

The Dow Jones Industrial Average (INDEXDJX:.DJI) closed above 19000 for the first time ever Tuesday as markets continue a post-election Donald Trump rally.

By the closing bell, the Dow gained 67 points to 19023, or 0.35%, while the S&P 500 (INDEXSP:.INX) tacked on 4 points to 2202,, or 0.22%. Meanwhile, the Nasdaq Composite (INDEXNASDAQ:.IXIC) increased 17 points to 5386, or 0.33%.

Telecommunications, real estate, industrial and consumer discretionary sectors led the gains just one day after the major indexes hit new record highs. U.S. stocks have rallied and continue the bullish surge following the U.S. presidential election, with financial and health care companies also seeing big gains. Industrials posted 7% gains in the last month, while energy and health care added 5% and 3%, respectively.

Despite the same dire predictions the British heard before the Brexit vote, traders in U.S. markets ended on the best 5-day period since 2011 and new highs last week. Investors and traders have come to the realization that economically-friendly policy under a new Trump Administration outweighed the uncertainty after their preferred candidate Hillary Clinton was defeated.

“For the moment, investors appear to see the prospects of tax reform and fiscal stimulus as the most important result of Mr. Trump’s victory,” economists from Goldman Sachs said in a note late last week, adding “initial reactions could evolve as the new administration’s policy proposals and appointments take shape.”

Goldman backed Mrs. Clinton heavily and failed to largely hedge against her defeat and Michael Block, chief strategist at Rhino Trading Partners echoed Goldman’s sentiment.

“If we hear from Trump that he is not going to undo Dodd Frank… or if GOP legislators start pushing back on deregulation, we could see financials fall from lofty perches, ” Mr. Block said. He also cautioned the markets could turn “if Trump makes noise about leaving ACA alone because he can’t figure out how to replace it yet, health care could suffer a setback.”

Still, over the last four weeks, the financial sector has shot up more than 12% on the heels of an anticipated interest-rate hike from the Federal Reserve. The Federal Open Markets Committee meets again in December. Fed futures, a gauge used to forecast upcoming changes in monetary policy, indicate expectations for rate increase are at 100%.

That helped push the benchmark 10-year U.S. Treasury bond down 0.027 percentage point to 2.31%. The benchmark moves inversely to its price.

The Dow Jones Industrial Average (INDEXDJX:.DJI) closed

Donald Trump Holds Campaign Rally In Dallas

DALLAS, TX – SEPTEMBER 14: Republican presidential candidate Donald Trump greets supporters during a campaign rally at the American Airlines Center on September 14, 2015 in Dallas, Texas. More than 20,000 tickets had been distributed for the event. (Photo by Tom Pennington/Getty Images)

I’m very happy that we don’t have a one-world government, but my views have nothing to do with conspiratorial fears involving blue helmets and black helicopters.

Instead, I’m happy that there are lots of independent nations because that means lots of different approaches to public policy. And that means we have lots of real-life experiments about the relative merits of big government vs small government.

And this brings me joy because the evidence overwhelmingly shows that you get much better results when the size and scope of government is constrained.

Just compare France and Switzerland. Or look at the wreckage of communism. Or consider the prosperity of Hong Kong and Singapore.

Heck, I’ve put together all sorts of long-run comparisons to show that free markets produce much better results than statism.

This is also why I like federalism inside a nation. I think this decentralized approach leads to better policy, as we can see from Switzerland.

But it also means I have another set of real-life experiments about public policy.  And, once again, this brings a smile to my face because the data clearly show the negative consequences of big government.

It’s especially amusing to compare California and Texas. The Golden State is a playground for statist policies, including the highest income tax in the nation. The Lone Star State, by contrast, is famous for its laissez-faire approach and it doesn’t have any income tax.

And if you look at income data, we have very clear evidence that living standards are climbing much faster in Texas, particularly for the middle class.

I’m certainly not the only person to notice that there’s a clear link between good policy and good results.

Writing for Investor’s Business Daily, Vance Ginn of the Texas Public Policy Foundation compares Texas and California. He starts by noting that the Lone Star State and the Golden State share some common characteristics.

Texas and California…contribute 25% of U.S. economic output, have similar abundances of natural resources, and are where 20% of Americans reside.

But that’s where the similarity ends. California almost surely wins the battle for which state has the best climate and scenery, but Texas is way ahead when you measure economic freedom.

Texas has low taxes, no personal income tax, and less regulation, versus California’s high taxes, highest marginal personal income tax rate nationwide, and burdensome regulations. The Economic Freedom of North America report…ranks Texas as the third most free state and California as second worst. The Tax Foundation ranks Texas as having the 14th best business tax climate while California ranks third worst.

Vance then addresses the left-wing stereotype that Texas is a poverty-stricken backwater.

He looks at various measures and finds that Texas always comes out on top. There’s more poverty in California.

What about poverty? Taking the average over the 2013 to 2015 period, the Census Bureau provides the official poverty rate of 16.1% in Texas and 15% in California, which suggests that the critics are right. However, that rate doesn’t account for regional differences in housing costs or noncash government assistance. The supplemental poverty rate includes these factors and instead finds a rate of 14.9% in Texas while California has the highest rate nationwide at 20.6%.

But there’s more income in Texas.

What about real income? Average nominal median household income from 2010 to 2014 (in 2014 dollars) in California ($61,489) is 17% higher and nationwide ($53,482) is 1.7% higher than in Texas ($52,576). But, the Bureau of Economic Analysis’ regional price parities data for 2014 show that the cost of living for California is 17% higher and the U.S. average is 3.5% higher than in Texas. Therefore, real income in Texas purchases as much as in California and even more when you consider that Texas doesn’t have a personal income tax.

Vance then points out that there is more income inequality in California, which I generally think is an irrelevant measure.

In this case, though, it probably does matter because bad policy is causing disproportionate harm for the poor and middle class in California.

The column also looks at the jobs data (which will cause special angst for Paul Krugman).

In the last decade, Texas has been the economic and job creation engine as the real private sector expanded 29% in Texas compared with only 14% in California. Moreover, total civilian employment increased 1.2 million in California but 1.7 million in Texas, with a labor force two-thirds the size of California’s. This increase in Texas’ employment accounts for nearly one-third of all jobs created nationwide.

So what’s the moral of the story?

Vance closes his column with some very appropriate advice for the incoming Trump Administration.

The more you tax and regulate something, the less you get of it. Clearly, less government contributes to higher standards of living in Texas. …As the new administration and policymakers nationwide reassess which direction to take, it’s important to remember that spending is the disease and taxes are a function of that disease. Restraining spending growth while following the Texas model of free market capitalism would be an excellent way to get the economy, and personal finances, back on track.

None of this means policy is perfect in Texas, needless to say. There are several ways that policy could be improved.

But if you’re looking for general lessons about the relative merits of big government vs. small government, both Texas and California are role models. They teach us lessons about job creation. About business climate. About government efficiency. And about labor mobility. And the lesson is always the same: You get better results when government is smaller and less intrusive.

If Donald Trump is looking for general

existing homes sales reuters

(Photo: REUTERS)

The National Association of Realtors (NAR) said Tuesday existing home sales rose 2% in October to an annualized rate of 5.60 million units. The median forecast called for an annualized rate of 5.43 million units. The sales pace in October is 5.9% higher (5.29 million) than the previous year and topped the pace in June (5.57 million) as the highest since February 2007 (5.79 million).

“October’s strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply,” Lawrence Yun, NAR chief economist said. “Buyers are having more success lately despite low inventory and prices that continue to swiftly rise above incomes.”

All major regions saw monthly and annual sales increases in October and the median existing-home price for all housing types in October was $232,200, a 6% increase from October 2015 ($219,100). October’s price increase marks the 56th consecutive month of year-over-year gains.

“The good news is that the tightening labor market is beginning to push up wages and the economy has lately shown signs of greater expansion,” Mr. Yun added. “These two factors and low mortgage rates have kept buyer interest at an elevated level so far this fall.”

The Northeast saw a 1.4% gain to an annual rate of 750,000, which is 1.4% above a year ago. The median price in the Northeast was $255,500, or 2.9% higher than in October 2015. The Midwest saw sales grow by 2.3% to an annual rate of 1.36 million, or 6.3% above the year prior, while the median price in was $181,500, up 5.8%.

Existing home sales in the South increased 2.8% to an annual rate of 2.22 million, marking a 4.7% rise over October 2015, while the median price in the South was $202,300, or 7.4% higher on the year.

The West gained 0.8% to an annual rate of 1.27 million, making it 10.4% higher than a year ago, while the median price in the West was $345,800, up 7.8% from October 2015.

“To alleviate the cost for borrowers and better reflect the current risk in the marketplace, RealtorsÂŽ encourage FHA to reduce mortgage insurance premiums and consider eliminating ‘life of loan’ mortgage insurance,” NAR President William E. Brown, a Realtor from Alamo, Calif., said. “These two moves would help the current homeownership rate recover from its near all-time low and give more prospective first-time buyers a more affordable financing option.”

The National Association of Realtors (NAR) said

U.S. President-elect Donald Trump is seen speaking on a television on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Wednesday, Nov. 9, 2016. U.S. stocks fluctuated in volatile trading in the aftermath of Trump's surprise presidential election win, as speculation the Republican will pursue business-friendly policies offset some of the broader uncertainty surrounding his ascent. Photographer: Michael Nagle/Bloomberg

U.S. President-elect Donald Trump is seen speaking on a television on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Wednesday, Nov. 9, 2016. U.S. stocks fluctuated in volatile trading in the aftermath of Trump’s surprise presidential election win, as speculation the Republican will pursue business-friendly policies offset some of the broader uncertainty surrounding his ascent. Photographer: Michael Nagle/Bloomberg

The Dow Jones Industrial Average (INDEXDJX:.DJI) breached 19000 for the first time early Tuesday, just one day after the major indexes hit records.

Global stocks moved higher as a rise in commodity prices continued to sustain the post-election rally. U.S. stocks rallied and continue the bull surge following the U.S. presidential election, particularly among industrial, financial and health care companies.

Despite the same dire predictions the British heard before the Brexit vote, traders in U.S. markets ended on the best 5-day period since 2011 and new highs last week. Investors and traders have come to the realization that economically-friendly policy under a new Trump Administration outweighed the uncertainty after their preferred candidate Hillary Clinton was defeated.

“For the moment, investors appear to see the prospects of tax reform and fiscal stimulus as the most important result of Mr. Trump’s victory. Much is still unknown, however, and the initial reactions could evolve as the new administration’s policy proposals and appointments take shape,” said economists from Goldman Sachs in a note Friday. Goldman backed Mrs. Clinton heavily and failed to largely hedge against her defeat.

The Dow pulled back some to 18,990.79, which is still a gain of 34.10, or 0.18%, as of 10:50 A.M. EST.

The NASDAQ Composite (INDEXNASDAQ:.IXIC) also gained 8.68 points to 5,377.54, or 0.16%, while the S&P 500 (INDEXSP:.INX) gained 1.25 to 2,199.43, or 0.06%.

The Dow Jones Industrial Average (INDEXDJX:.DJI) breached

[brid video=”79945″ player=”2077″ title=”A Message from PresidentElect Donald J. Trump”]

President-elect Donald J. Trump released a video updating the American people to his agenda during the first 100 days of his presidency. He also laid out executive actions he will take on day one, fulfilling campaign promises.

“My agenda will be based on a simple core principle, putting America first,” President-elect Trump said. “Whether it’s producing steel, building cars or curing disease, I want the next generation of production and innovation to happen right here, in our homeland, creating jobs for American workers.”

President-elect Donald J. Trump released a video

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial