CHART OF THE WEEK

 

 

Hat tip to JEC member Senator Ben Sasse for highlighting how productivity transformed agriculture and literally fed America.  Recent trends in productivity are highlighted below, but this chart reminds us how growing productivity can dramatically improve an industry and raise living standards.

 

In 1790 it took 90% of the workforce to feed 3.9 million Americans.  By 1900, 38% of the working population was needed to feed 76 million people.  As of 2010, only 1.4% of workers were needed to feed 309.3 million people.

 

Improved productivity from technological advancements gave one farm worker in 2010 the ability to feed 140 people, rather than the 2 people fed in 1790.  The rising tide of productivity helped free resources for use in new industries and fed a burgeoning American economy.

LAST WEEK

News & Commentary Weekly Highlights:

• Bloomberg: 5 Things to Watch For in Next Week's Fed Meeting (Thursday)
• Investor’s Business Daily: Trump Day One To-Do List: Repeal $1.7 Billion Of Dodd-Frank Rules (Tuesday)
• E21: Rising Bond Yields Signal Improving Economic Environment (Monday)
• Daily Signal: What Italy’s Referendum Vote Means (Monday)
• Daily Caller: Obama Admin. Blocks Dakota Access Pipeline Months After Approving It (Sunday)

 

Top Economic Indicator Highlights:

• Productivity and Costs (November)
  • Nonfarm Labor Productivity (seasonally adjusted at annual rates):
    • 2016-Q3: 3.1%; 2016-Q2: -0.2%; 2016-Q1: -0.6%; 2015-Q4: -2.4%
• Noteworthy: The most recent quarter’s increase in productivity was a very welcome change after three consecutive quarters of negative productivity growth.

 

JEC Releases:

• From Creation to Reform, Part II: Congressional Roles in Regulation (Friday)
• The Looming Debt Crisis: A State & Local Perspective (Thursday)
• Breaking the Conventional Mold: Monetary Policy Actions since the 2008 Financial Crisis (Thursday)

 

THIS WEEK

Upcoming Economic Data and Events

• Monday
  • Survey of Consumer Expectations (11:00am)
• Tuesday
  • Exports/Imports (8:30am)
• Wednesday
  • Advance Retail Sales (8:30am)
  • Producer Price Index (8:30am)
  • Industrial Production and Capacity Utilization (9:15am)
  • Business Inventories (10:00am)
  • Federal Reserve FOMC Meeting Statement (2:00pm)
• Thursday
  • Consumer Price Index (8:30am)
  • Empire State Manufacturing Survey (8:30am)
  • Jobless Claims (8:30am)
  • Real Earnings (8:30am)
• Friday
  • Business Leaders Survey (8:30am)
  • New Residential Construction (8:30am)
  • Atlanta Fed Business Inflation Expectations Survey (10:00am)
  • Regional and State Employment and Unemployment (10:00am)