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Happy Friday!
As the tropics are quiet this week, with no new storms expected in the next 10 days, in this week's edition we show the NOAA Seasonal Climate Forecast. Additionally, we highlight AI job stratification, a drought impact study on Amazon dolphins, a recently published article on how Miami residents value natural coastal resilience, and information about FDEP's 2024-25 Great Outdoors Initiative that was announced this week. In keeping up with news from the West Coast, we have an article highlighting the climate barriers Tribal nations face in Washington State and the Pacific Northwest. Our data visualization shows the industry-specific change in the employment revision that the Bureau of Labor Statistics released this week, of which four industries lead 90% of the change in the benchmark estimates.
We hope you enjoy the read and let us know what you think! Feel free to share and stay tuned for the next Economic Perspective. If you’d like to view previous editions please click here, or to subscribe please click here!
Thank you and have a great weekend!
NOAA Seasonal Climate Forecast
The National Oceanic and Atmospheric Administration (NOAA) released its seasonal outlook for weather and climate for the Winter season. Early precipitation and temperature outlooks for the nation have been released and influenced with the chances of La Niña developing, or the periodic cooling of the sea-surface temperatures. Precipitation outlooks mark Florida in the “Likely Below” normal category with a 50-60% probability, and in the “Likely Above” normal for temperatures with a 50-60% probability in the next season. See NOAA to learn more.
Miami Residents Value Natural Solutions Over Hard Structures, Says New Study
A study in Marine Policy Journal was published last month highlighting Miami residents' willingness to pay for nature-based solutions to coastal erosion. Coastal resilience comes in many forms, but measures generally fall under two categories; hard structures, such as seawalls and levees, and nature-based solutions like reefs, mangroves, and wetlands. The article finds that residents of Miami are willing to pay more for nature-based solutions, to the tune of $7.31 more per resident per month on average for mangroves over the hard structure seawall alternative. Overall, for a mile of mangrove-based protection, residents would be willing to pay $18.05 on average per month over the “status quo” of unprotected coastline. Read more and access the article here.
AIs Unfolding Job Stratification
According to a report published by the United Nations and International Labor Organization, Artificial Intelligence is likely to affect many aspects of our daily lives, and its impact is expected to be most severe in the workplace. AI can be seen to have a profound effect on job quality, and it risks becoming too overbearing and mechanized. This has led to the growth of algorithmic management, which drives digital labor platforms and industries. The voice of the workers in the design, implementation and use of technology will dictate whether the effect of technology on working conditions is positive or negative. Read more here.
Drought-threatened Amazon Dolphins Studied for Climate Change Impact
Since the Amazon river dolphin population was hurt by one of the longest droughts in history last year, studies have been done to monitor their populations and health. During the drought water temperatures had risen to 40 degrees Celsius, or 105.62 degrees Fahrenheit. These temperatures were far beyond the healthy limit for the river dolphin, as well as many fish populations. During the drought, hundreds of river dolphin carcasses were found washed ashore. Temperatures have dropped to 86 degrees Fahrenheit since the end of the drought. Studying of the dolphin populations and how they are affected by warming temperatures and drier climates is ongoing. Read more here.
Climate Change Barriers for NW Coastal Tribes
A recent initiative co-led by the Affiliated Tribes of Northwest Indians and the University of Washington Climate Impacts Group provides insight into the complex array of climate change threats to Northwest coastal tribes including health, infrastructure, culture, and economies. A report guided by the Tribal Advisory Group as well as testimony directly from Tribal members from 13 Tribal nations, outlined biggest hurdles that these Tribes face, including insufficient funding relative to Tribal needs, misalignment of available funds with Tribal priorities, adequate and consistent staff, partnerships & collaboration, insufficient technical assistance and access to data, and engagement with external audiences. NW Coastal Tribes are particularly susceptible to increased coastal flooding and erosion from sea level rise, as well as larger and more frequent wildfires, among other climate change risks. Full Report
FDEP 2024-25 Great Outdoors Initiative
The Florida Department of Environmental Protection (FDEP) announced this week the 2024-25 Great Outdoors Initiative aimed to to enhance public access, outdoor activities, and lodging in state parks. The Florida Park Service, active since 1935, manages 175 parks that drew nearly 30 million visitors in 2023, generating $3.6 billion in economic impact and supporting over 50,000 jobs. The new initiative proposes the addition of campsites, cabins, and lodges to state parks, as well as recreational activities like pickleball and disc golf. Read the full announcement here. Public meetings regarding the initiative are being held at 3:00 PM local time on Tuesday, August 27th throughout the state. Specific location information can be found here.
Data Visualization of the Week
Weaker than anticipated US Job Growth
According to preliminary estimates of the annual benchmark revision to US Employment figures, the US economy added 818,000 fewer jobs between March 2023 and March 2024 than originally estimated. The Bureau of Labor Statistic's employment estimates are annually benchmarked against the comprehensive employment data from state unemployment insurance tax records with a revision that is typically 0.1 percent of employment over the last 10 years. However, this year's revision was a 0.5 percent decline, the largest adjustment since 2009. This means the US labor market wasn't as overheated as originally thought and is not reflective of jobs suddenly lost, rather over-counted. Job growth was still fairly solid during the time period with 2.08 million jobs added, or a monthly average of 174,000 jobs. The Statista Chart below shows how each of the major industries fared in the revision, with 90% of the change accounted for across four industries: leisure and hospitality, professional and business services, retail trade, and manufacturing. Leisure and hospitality is the only industry of the four that experienced job additions, with the other three seeing job declines. Read more here.
Click the visual below for more information.
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