The U.S. ranked 18th among nations with the greatest inflation from 2020 to June 2025 at 23 percent, according to data from Deutsche Bank. Though less than ideal, we are certain Fact Pack readers agree it’s a far cry from the situation in Argentina:

This colorful infomap from Visual Capitalist offers a global glance:

Source: Deutsche Bank

Manufacturing

Large states including California and Texas almost always rank at the top of business lists because of the size of their populations, but their per capita business output is often dwarfed by smaller states.

In 2022, for example:

• Louisiana ranked 25th by population — but number one in value of manufacturing shipments (revenue) per capita.

• Florida — the nation’s third most populous state — was in the bottom five for manufacturing output per person.

New orders for U.S. durable goods were up by 2.9 percent in August over July:

Source: U.S. Census Bureau

Inventories were little changed from July to August:

Source: U.S. Census Bureau

Source: U.S. Census Bureau

RCG Economics Nevada Job Flash Report

Toplines:

As of July 2025

View the full RCG report here.

Government Revenue

The size of two the U.S. government’s primary revenue “buckets” has grown over the decades with

• Individual income taxes consistently accounting for the largest share, growing from 43 percent in 1964 to 49 percent in 2024

• Payroll taxes, which fund programs including Social Security, contributing 35 percent of federal revenue in 2024 compared to 20 percent in 1964.

Corporate income taxes have declined as a share of revenue, dropping from 21 percent in 1964 to 11 percent in 2024. Other funding sources, such as excise taxes, tariffs, and miscellaneous receipts, have historically been relatively minor contributors to the federal coffers — $2.4 trillion was generated from individual income taxes in 2024 while just $77 billion was collected by way of customs duties and tariffs.

Trend graphic from Visual Capitalist:

Data source: CBO As of 2024

Seniors in Poverty

Poverty rates ticked up among seniors in the U.S. in 2024, according to new data released by the U.S. Census Bureau. Last year, 9.9 percent of U.S. adults aged 65 and older were experiencing poverty, up from 9.7 percent in 2023.

Poverty rates were highest among under 18-year-olds, although the group’s metric improved from 15.3 percent in 2023 to 14.3 percent in 2024.

This Statista chart accounts for the federal government’s official poverty measure, which is based on pre-tax cash income:

As of 2024

Note: In 2009, the Census Bureau introduced an additional measure, called the supplemental poverty measure (SPM), which takes into consideration factors such as food and housing subsidies and medical out-of-pocket costs, comparing it with a poverty threshold that reflects actual spending, while also taking into consideration regional differences in housing costs.

In 2024, the SPM rate for seniors ticked up to 15 percent from 14 percent in the two previous years. By this measure, the 65-year-olds and up group marked the highest poverty level among all age groups.

Data from U.S. Census Bureau as of 2024

Read the full Census Bureau report here.

Migrants

The UN estimated the world’s migrant population at 304 million in 2024, nearly double the number from 1990 (154 million). Migrants originated from nations in

• Asia (121 million)

• Europe (61 million)

• Latin America (48 million)

• Africa (42 million)

with endpoints in

• Europe (94 million)

• Asia (92 million)

• North America (61 million).

Migrant flows reflect:

• the push of socio-economic pressure and/or pull of economic opportunity

• naturally occurring demographic shifts

• pressures from political conflicts across regions (about 17 percent of the world’s international migrants are refugees, asylum seekers, or others in need of protection)

• climate disasters.

Europe saw an increase of 43 million migrants in the years between 1990 and 2024, largely because of refugee flows from Ukraine and other nations.

The number of international migrants entering North America:

• 1990: 27.5 million

• 2010: 51 million

• 2024: 61.2 million

and opting for the U.S.:

• 1990: 23.3 million

• 2010: 43.9 million

• 2024: 52.4 million

Data set from Visual Capitalist:

Note: The dataset includes estimates from 233 countries and areas, with 87 percent having at least one data source since 2010. Population censuses and registers are primary sources for estimating international migrant stock.

Rent Subsidies

A new visualization from Visual Capitalist shows which states’ low-income residents received the most federal government assistance for rent, on average, in 2024.

• Low-income California renters received an average of $1,604 a month from the federal government for rent, the highest in the country.

• Low-income Iowa renters received the least: $547.

• Nevada renters received $1,132.

• Across the U.S., a low-income household will receive about $1,000 a month in federal rental assistance.

• Trends in rent subsidies correlate strongly with rental markets across the country.

Data source: HUD As of 2024

“Top” 10 based on data from HUD:

As of 2024

Nevada residents ranked 14th for assistance with an average subsidy of $1,132:

As of 2024

Happy?

44 percent of Americans said they were ‘very satisfied’ with their lives, in a recent Gallup survey that inquired about 30 life metrics.

As of 6/23/ 2025

On the Horizon

This week’s MarketWatch calendar:

Data & Dialogue About the Economy



The Fact Pack is a monthly business e-report co-authored by Mike PeQueen of Hightower Las Vegas and John Restrepo of RCG Economics, which combines important metrics relevant to business decision makers and financial commentary on the current issues facing the economy.

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