2025-11-19 03:16:59
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The record-long U.S. government shutdown resulted in billions in losses to the economy.
Over a million federal workers went without pay for more than six weeks, limiting their spending capacity. Meanwhile, about $2 billion in food stamp spending was delayed over the six-week period, affecting 40 million people.
This graphic shows the estimated cost of the U.S. government shutdown, based on analysis from the Congressional Budget Office.
Below, we show the financial impact of delayed federal spending by category:
| Category | Six Week Shutdown Estimates |
|---|---|
| Delayed Spending on Goods and Services | $36B |
| Delayed Compensation | $16B |
| Delayed Spending on SNAP | $2B |
| Total Delayed Spending | $54B |
As we can see, delayed compensation was estimated to reach $16 billion over a six-week period.
In total, 730,000 federal employees were working without pay, while 670,000 were furloughed. Many air traffic controllers looked for other work during the shutdown, an industry already facing a shortage of 3,903 fully certified workers prior to the shutdown.
Delayed spending on goods and services totaled $36 billion, the largest category overall. For instance, the shutdown forced the Small Business Administration to halt $170 million in federal loan guarantees per day, impacting at least 8,300 small businesses.
Given these disruptions, it is estimated that the shutdown will shave off $28 billion from real GDP in the fourth quarter of 2025. For the travel industry alone, spending fell by an estimated $5 billion.
To learn more about this topic, check out this graphic on America’s federal workforce.
2025-11-19 00:43:00
Fueled by post-Brexit trade agreements, the UK leads its peers with 39 deals. How do other economies from this year’s Sustainable Trade Index stack up?
This visualization, created in partnership with Hinrich Foundation, shows the number of trade agreements each country has in place, using data from the World Trade Organization.
The analysis comes from the 2025 Sustainable Trade Index (STI), which the Hinrich Foundation produced in collaboration with the IMD World Competitiveness Center.
A trade agreement is a pact between countries that sets rules for cross-border trade. These deals lower barriers like tariffs and quotas, making trade more predictable and encouraging investment.
Types include bilateral (two countries) and multilateral (three or more). They range from free trade agreements that reduce tariffs, to customs unions with shared external policies, and economic unions (like the European Union) with deeper integration.
Of the 30 countries tracked by the STI, there is a huge range in terms of number of trade agreements.
The UK ranks first with 39 agreements. The country focused on building trade ties with non-EU nations after voting to leave the bloc in 2016.
| Rank | Country | Regional Trade Agreements (number) |
|---|---|---|
| 1 |
 UK |
39 |
| 2 |
 Chile |
31 |
| 3 |
 Singapore |
28 |
| 4 |
 Mexico |
23 |
| 4 |
 South Korea |
23 |
| 6 |
 Peru |
21 |
| 7 |
 China |
20 |
| 8 |
 Australia |
19 |
| 8 |
 India |
19 |
| 10 |
 Japan |
18 |
| 11 |
 Malaysia |
17 |
| 12 |
 Indonesia |
16 |
| 12 |
 Vietnam |
16 |
| 14 |
 Canada |
15 |
| 14 |
 New Zealand |
15 |
| 14 |
 Thailand |
15 |
| 17 |
 U.S. |
14 |
| 18 |
 Brunei |
11 |
| 18 |
 Philippines |
11 |
| 18 |
 Russia |
11 |
| 21 |
 Cambodia |
10 |
| 21 |
 Laos |
10 |
| 21 |
 Pakistan |
10 |
| 24 |
 Ecuador |
9 |
| 24 |
 Myanmar |
9 |
| 26 |
 Hong Kong |
8 |
| 27 |
 Papua New Guinea |
6 |
| 27 |
 Sri Lanka |
6 |
| 29 |
 Bangladesh |
5 |
| 30 |
 Taiwan |
4 |
Chile ranks second with 31 agreements. Singapore follows in third place with 28 agreements. Both countries are small and depend heavily on imports.
Canada ranks 14th with 15 agreements. The U.S. ranks 17th with 14 agreements. Both countries sit in the middle of the pack.
Several countries in the STI show limited openness to trade.
Taiwan ranks last with only 4 agreements. Bangladesh follows closely with 5 agreements. Sri Lanka and Papua New Guinea each hold 6 agreements.
Russia maintains 11 agreements despite heightened geopolitical tensions. It ranks 18th overall.
This infographic was just a small subset of what the Sustainable Trade Index has to offer. To learn more, visit the Hinrich Foundation, where you can download additional resources including the entire report for free.
Visit the Hinrich Foundation to download the entire report, for free.
Based on the Hinrich Foundation’s 2025 Sustainable Trade Index, which economies are the most and least sustainable?
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2025-11-18 23:42:16
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Gold remains one of the world’s most enduring stores of value, and central banks continue to accumulate it at record levels. The buying also cause the metal to hit record high prices in 2025.
This map highlights which countries hold the most gold in their official reserves. The data for this visualization comes from BullionVault, which tracks global central bank gold holdings. Figures represent official gold reserves in tonnes as of 2024.
Collectively, the U.S. and Europe control more than 60% of all reported reserves.
| Rank | Country | Gold reserves (tonnes) |
|---|---|---|
| 1 |
United States |
8,133.5 |
| 2 |
 Germany |
3,351.6 |
| 3 |
 Italy |
2,451.9 |
| 4 |
 France |
2,437.0 |
| 5 |
Russia |
2,333.1 |
| 6 |
China |
2,279.6 |
| 7 |
 Switzerland |
1,039.9 |
| 8 |
India |
876.2 |
| 9 |
Japan |
846.0 |
| 10 |
 Netherlands |
612.5 |
| 11 |
 Turkey |
595.4 |
| 12 |
 Poland |
448.2 |
| 13 |
 Portugal |
382.7 |
| 14 |
 Uzbekistan |
382.6 |
| 15 |
 Saudi Arabia |
323.1 |
| 16 |
United Kingdom |
310.3 |
| 17 |
 Lebanon |
286.8 |
| 18 |
 Kazakhstan |
284.1 |
| 19 |
 Spain |
281.6 |
| 20 |
 Austria |
280.0 |
| 21 |
Thailand |
234.5 |
| 22 |
 Belgium |
227.4 |
| 23 |
Singapore |
220.0 |
| 24 |
 Algeria |
173.6 |
| 25 |
 Iraq |
162.6 |
| 26 |
 Libya |
146.7 |
| 27 |
 Azerbaijan |
146.6 |
| 28 |
Philippines |
130.5 |
| 29 |
 Brazil |
129.7 |
| 30 |
 Egypt |
126.9 |
| 31 |
 Sweden |
125.7 |
| 32 |
 South Africa |
125.4 |
| 33 |
Mexico |
120.3 |
| 34 |
 Greece |
114.6 |
| 35 |
 Qatar |
110.8 |
| 36 |
 Hungary |
110.0 |
| 37 |
South Korea |
104.4 |
| 38 |
 Romania |
103.6 |
| 39 |
 Kuwait |
79.0 |
| 40 |
Indonesia |
78.6 |
| 41 |
 United Arab Emirates |
74.4 |
| 42 |
 Jordan |
71.6 |
| 43 |
Australia |
70.9 |
| 44 |
 Denmark |
66.5 |
| 45 |
Pakistan |
64.7 |
| 46 |
 Argentina |
61.7 |
| 47 |
 Belarus |
53.9 |
| 48 |
 Venezuela |
52.0 |
| 49 |
 Czech Republic |
51.2 |
| 50 |
 Serbia |
48.1 |
| 51 |
Cambodia |
46.5 |
| 52 |
 Finland |
43.8 |
| 53 |
 Bulgaria |
40.9 |
| 54 |
Malaysia |
38.9 |
| 55 |
 Kyrgyzstan |
38.1 |
| 56 |
Peru |
34.7 |
| 57 |
 Slovakia |
31.7 |
| 58 |
 Ghana |
30.5 |
| 59 |
 Ukraine |
27.4 |
| 60 |
Ecuador |
26.3 |
| 61 |
 Syria |
25.9 |
| 62 |
 Bolivia |
22.5 |
| 63 |
 Morocco |
22.1 |
| 64 |
 Afghanistan |
21.9 |
| 65 |
Bangladesh |
14.3 |
| 66 |
 Cyprus |
13.9 |
| 67 |
 Mauritius |
12.4 |
| 68 |
 Ireland |
12.0 |
| 69 |
 Paraguay |
8.2 |
| 70 |
 Mongolia |
7.3 |
| 71 |
Myanmar |
7.3 |
| 72 |
 Georgia |
7.1 |
| 73 |
 Guatemala |
6.9 |
| 74 |
 Tunisia |
6.8 |
| 75 |
 Latvia |
6.7 |
| 76 |
 Guinea |
6.3 |
| 77 |
 Lithuania |
5.8 |
| 78 |
 Colombia |
4.7 |
| 79 |
 Bahrain |
4.7 |
| 80 |
 Mozambique |
3.9 |
| 81 |
 Bosnia and Herzegovina |
3.5 |
| 82 |
 Albania |
3.4 |
| 83 |
 Slovenia |
3.2 |
| 84 |
 Luxembourg |
2.2 |
| 85 |
Hong Kong |
2.1 |
| 86 |
 Iceland |
2.0 |
| 87 |
 Trinidad and Tobago |
1.9 |
| 88 |
 Haiti |
1.8 |
| 89 |
 El Salvador |
1.4 |
| 90 |
Papua New Guinea |
1.3 |
| 91 |
 Suriname |
1.2 |
| 92 |
 Honduras |
0.7 |
| 93 |
 Dominican Republic |
0.6 |
| 94 |
Sri Lanka |
0.5 |
| 95 |
 Estonia |
0.2 |
| 96 |
Chile |
0.2 |
| 97 |
 Malta |
0.2 |
| 98 |
 Solomon Islands |
0.2 |
| 99 |
 Uruguay |
0.1 |
| 100 |
 Bhutan |
0.1 |
| 101 |
 Moldova |
0.1 |
The United States remains the world’s largest holder of gold by a wide margin, with 8,133.5 tonnes, a figure virtually unchanged for decades. Most of this gold is stored at Fort Knox and the New York Federal Reserve.
At current prices, America’s reserves are worth over $1 trillion, serving as a strategic asset that underpins confidence in the U.S. dollar.
Europe’s major economies—Germany (3,352 tonnes), Italy (2,452 tonnes), and France (2,437 tonnes)—collectively hold nearly 8,200 tonnes, rivaling the U.S. total.
These large holdings date back to the postwar Bretton Woods era, when gold underpinned the international monetary system.
China’s gold reserves have surged from 1,948 tonnes in 2019 to 2,280 tonnes in 2024, as Beijing diversifies away from U.S. Treasury holdings and seeks to internationalize the yuan.
India, now the world’s fifth-largest economy, holds 876 tonnes.
Other emerging markets, including Turkey (595 tonnes) and Poland (448 tonnes), have sharply increased gold holdings to hedge against inflation, currency volatility, and geopolitical uncertainty.
Countries like Uzbekistan (383 tonnes) and Saudi Arabia (323 tonnes) also feature prominently, highlighting the growing appeal of gold among energy and resource-rich economies. In addition, developing nations such as Thailand, Singapore, and Kazakhstan are quietly increasing their reserves as a safeguard against global shocks.
If you enjoyed today’s post, check out Gold or Stocks? $10K After 25 Years on Voronoi, the new app from Visual Capitalist.
2025-11-18 21:05:49
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The U.S. economy has grown significantly over the past two decades, but the pace of growth has not been even from state to state.
In this graphic, we ranked each state by its real GDP per capita growth from 2000 to 2024, adjusted for inflation. Current GDP per capita figures (2024) were included for a second layer of context.
The data for this visualization was sourced from the U.S. Bureau of Economic Analysis and the Census Bureau.
| Region | Real GDP Per Capita Change (2000–2024) |
GDP Per Capita (2024 USD) |
|---|---|---|
| North Dakota | 104% | $100,504 |
| Washington | 60% | $107,564 |
| California | 60% | $102,662 |
| Nebraska | 58% | $94,364 |
| Utah | 52% | $85,475 |
| Texas | 50% | $88,517 |
| Montana | 48% | $68,975 |
| South Dakota | 47% | $83,052 |
| Massachusetts | 46% | $109,095 |
| Oklahoma | 46% | $64,388 |
| Oregon | 46% | $77,299 |
| New York | 45% | $116,883 |
| Iowa | 44% | $81,998 |
| New Mexico | 40% | $69,046 |
| Kansas | 39% | $77,601 |
| Tennessee | 38% | $77,645 |
| Vermont | 38% | $71,359 |
| New Hampshire | 38% | $84,694 |
| Colorado | 37% | $93,602 |
| Maryland | 36% | $87,180 |
| Arizona | 35% | $75,186 |
| Arkansas | 34% | $60,984 |
| Florida | 34% | $73,879 |
| Maine | 33% | $70,586 |
| West Virginia | 33% | $60,156 |
| Pennsylvania | 33% | $77,062 |
| Virginia | 33% | $86,451 |
| Alabama | 31% | $63,080 |
| Indiana | 30% | $75,028 |
| Idaho | 30% | $64,457 |
| Minnesota | 29% | $87,636 |
| Wisconsin | 29% | $76,044 |
| Illinois | 28% | $90,330 |
| Ohio | 28% | $77,684 |
| District of Columbia | 27% | $262,439 |
| Mississippi | 27% | $53,751 |
| Hawaii | 27% | $81,339 |
| Kentucky | 27% | $64,375 |
| North Carolina | 26% | $76,427 |
| South Carolina | 26% | $65,173 |
| Wyoming | 26% | $87,639 |
| Alaska | 24% | $96,695 |
| Georgia | 23% | $78,841 |
| Rhode Island | 22% | $72,265 |
| Louisiana | 21% | $71,594 |
| Missouri | 21% | $71,846 |
| New Jersey | 19% | $89,045 |
| Michigan | 18% | $69,274 |
| Connecticut | 14% | $97,096 |
| Nevada | 12% | $82,330 |
| Delaware | 1% | $105,495 |
| U.S. Average | 37% | $86,143 |
North Dakota leads the nation with a remarkable 104% increase in real GDP per capita since 2000.
Its shale oil boom dramatically reshaped its economy, making it America’s third largest oil producer as of 2024.
Texas (+50%) also benefited from strong energy production and related investment flows.
Washington and California each posted 60% growth, outpacing the national average of 37%.
Washington now boasts one of the highest GDP-per-capita levels in the country at $107,564, supported by its deep technology ecosystem anchored by Microsoft, Amazon, and a broad base of high-productivity industries.
California similarly benefits from Silicon Valley’s innovation engine, which drives strong per-worker economic output even after accounting for the the state’s massive population.
If you enjoyed today’s post, check out America’s Fastest Growing States by Population on Voronoi, the new app from Visual Capitalist.
2025-11-18 00:42:00
Stock prices are influenced by a wide range of factors, but one driver may be lesser-known: free float.
This graphic, in partnership with MSCI, shows how changes in free float have historically impacted the next month’s returns.
Free float refers to the portion of a company’s shares that are publicly available for trading. It does not include restricted shares held by insiders, which are not typically traded on the open market.
MSCI’s analysis found that, historically, stock-specific returns tended to rise the month after an increase in free float. Stock-specific returns are net of market, industry, and style-factor influences.
Conversely, stock prices often dropped after a decrease in float.
| Free Float Change | Average Stock-Specific Returns (%), Month After Free Float Change |
|---|---|
| ≤ -5% | -0.39 |
| -1% to -5% | +0.07 |
| -1% to +1% | -0.04 |
| +1% to 5% | +0.13 |
| ≥ 5% | +0.66 |
Source: MSCI. Data from Feb. 2023 to Sep. 2025. Stock-specific returns correspond to the next month of float-change disclosure and are based on the MSCI global equity risk model (EFMGEMLT).
The scale of the float change mattered, with larger increases in float being associated with stronger next-month performance.
Why might stock prices go up when float increases? When there are more shares available for trading, it can make it easier to buy and sell the stock and attract more investors. On top of this, it may even boost the stock’s weight in major indexes during updates.
Investors may react early to these expected changes, driving up the price shortly after the float increase is announced.
On the other hand, when float decreases, the stock can become harder to trade and might lose ground in index weightings, leading some investors to pull back.
Free float is more than just a technical index adjustment. Asset owners and money managers can treat it as a risk and return variable, incorporating float changes into trading models and portfolio construction.
Explore key insights on how free float can shape liquidity, risk, and returns.
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Globally, nearly 14% of deaths are related to a bacterial infection—but research isn’t keeping up with the need for new treatments.
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This graphic from MSCI shows the pace of industrial automation across leading countries like China and the U.S.
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2025-11-17 23:47:03
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The global solar energy landscape is rapidly transforming as countries race to expand clean energy capacity. This visualization breaks down total solar power by country, combining both operational and prospective (planned) projects.
The data for this visualization comes from the Global Energy Monitor’s Solar Power Tracker. It compiles every known solar project around the world, measured in megawatts alternating current (MWac), a measure of how much usable electricity a solar farm delivers to the grid.
Total global solar capacity, including all projects in construction and planned, is expected to reach almost 2.9 terawatts (TWac), with 80% concentrated in just 15 countries.
| Country | Operational (MWac) | Prospective | Total Capacity |
|---|---|---|---|
|
China |
447,508 | 670,935 | 1,118,442 |
|
U.S. |
121,311 | 116,636 | 237,947 |
|
India |
72,300 | 98,442 | 170,742 |
|
Brazil |
20,165 | 139,376 | 159,541 |
|
Spain |
28,014 | 103,062 | 131,076 |
|
Australia |
11,626 | 114,147 | 125,772 |
|
Greece |
1,397 | 64,512 | 65,908 |
 Mauritania |
133 | 47,032 | 47,165 |
|
Philippines |
3,188 | 40,359 | 43,547 |
 Oman |
1,688 | 39,508 | 41,196 |
|
Colombia |
3,451 | 31,955 | 35,406 |
|
Germany |
26,283 | 8,879 | 35,161 |
|
Chile |
9,982 | 24,830 | 34,812 |
|
UK |
9,031 | 25,070 | 34,100 |
|
Mexico |
12,787 | 20,943 | 33,731 |
|
Japan |
31,095 | 1,587 | 32,682 |
|
Libya |
460 | 28,039 | 28,499 |
|
Morocco |
794 | 26,219 | 27,013 |
|
Saudi Arabia |
3,305 | 21,363 | 24,668 |
|
Egypt |
3,125 | 17,320 | 20,445 |
|
Vietnam |
12,902 | 7,305 | 20,207 |
 Rest of World |
104,623 | 280,093 | 384,716 |
| Global Total | 925,166 | 1,927,613 | 2,852,779 |
China dominates both operational and planned solar power, with a total capacity exceeding 1.1 million MWac. Its prospective projects alone account for about 35% of all global planned solar.
Beyond installation capacity, China also produces over 80% of the world’s solar panel materials and components.
The United States and India follow distantly, at 237,947 MWac and 170,742 MWac of total future capacity respectively. Both countries are seeing strong growth in utility-scale projects, driven by policy support like the U.S. Inflation Reduction Act and India’s National Solar Mission.
Still, their combined future capacity equals less than half of China’s.
While traditional solar leaders remain in North America, Europe, and Asia, several emerging markets are gaining momentum. Mauritania, and Colombia, for example, now appear among the top 15, each with over 35,000 MWac in planned projects.
If you enjoyed today’s post, check out Mapped: The Average Cost of Electricity by U.S. State on Voronoi, the new app from Visual Capitalist.
