Weekly Economic Update: January 30 – February 3, 2017
CHART OF THE WEEK
During the Obama Administration, average annual growth was a meager 1.5%, less than half the 3.4% annual average during the 50 prior years. The Congressional Budget Office forecasts that economic growth will continue to be modest without a change in policy direction.
The JEC Chairman, Representative Pat Tiberi, summed up the results well when he stated, “President Obama proved we can’t tax, spend, or regulate our way to a booming economy.”
LAST WEEK
News & Commentary Weekly Highlights
- Wall Street Journal: U.S. Economy Returns to Lackluster Growth (Friday)
- RealClear Policy: We Shouldn't Have to Ask Permission to Work (Friday)
- Reuters: Breakdown: Border tariff vs. border-adjustment tax (Wednesday)
- RStreet: It’s time for the Senate to pull in the REINS (Monday)
- National Review: Putting patients back in control of healthcare (Monday)
Top Economic Indicator Highlights
- Gross Domestic Product (GDP)—Fourth Quarter 2016 (First Estimate)
- 2016 Real GDP (seasonally adjusted at annual rates): Q4: 1.9%, Q3: 3.5%, Q2: 1.4%, Q1: 0.8%
- Noteworthy: Real GDP growth slowed substantially in the fourth quarter. The slowdown was mostly the result of a decrease in exports and an increase in imports, which subtracts from GDP growth. The Office of Management and Budget (OMB) had forecast a 2.6% growth rate for 2016 overall. The actual overall 2016 growth rate was a lackluster 1.6%.
JEC Releases
- Did the Obama Administration Leave America “Better Off”? (Friday)
- Tiberi: Republicans Ready to Unleash America’s Economic Potential (Friday)
- Repealing and Replacing Obamacare: Myth vs. Fact (Wednesday)
THIS WEEK
Upcoming Economic Data and Events
- Monday
- Personal Income/PCE Deflator (8:30am)
- Pending Home Sales (10:00am)
- Dallas Fed Manufacturing Survey (10:30am)
- Tuesday
- Employment Cost Index (8:30am)
- Chicago Purchasing Managers Index (9:45am)
- Consumer Confidence Index (10:00am)
- Dallas Fed Texas Retail Outlook Survey (10:30am)
- Wednesday
- ADP National Employment Report (8:15am)
- Construction (10:00am)
- ISM Manufacturing (10:00am)
- Thursday
- Jobless Claims (8:30am)
- Productivity and Costs (8:30am)
- Friday
- Employment Situation (8:30am)
- ISM Non-Manufacturing (10:00am)