Weekly Economic Update: November 13 – November 17, 2017
CHART OF THE WEEK
…In Other (Non-Tax) News, Domestic Crude Oil Production Set an All-Time Record High
As of the week ending November 3, domestic crude oil production reached a record high of 9.62 million barrels per day, despite worldwide crude oil prices falling about 50% since mid-2014. This achievement is the result of U.S. oil producers becoming more efficient at fracking.
LAST WEEK
News & Commentary Weekly Highlights
CNBC: Boom! Weekly US crude oil production hits an all-time high
Tax Foundation: Benefits of the Tax Cuts and Jobs Act for the Lower-Middle Class
Economics21: Making It Easier for Employers to Hire
Wall Street Journal: Economists See Few Monetary Policy Changes With Powell Leading Fed
Top Economic Indicator Highlights
Job Openings and Labor Turnover Summary (JOLTS) (August 2017)
Category (seasonally adjusted levels) |
September |
August |
July |
Job Openings (thousands) |
6,093 |
6,090 |
6,140 |
Hires (thousands) |
5,273 |
5,420 |
5,521 |
Separations (thousands) |
5,240 |
5,273 |
5,362 |
Noteworthy: The total number of job vacancies recorded remains elevated above 6 million. Historically, the number of hires has always exceeded the number of openings. However, since late 2014 this has changed. A JEC hearing held earlier this year explored reasons and remedies for this situation.
THIS WEEK
Upcoming Economic Data
Monday
Survey of Professional Forecasters (10:00am)
Survey of Consumer Expectations (11:00am)
Tuesday
Producer Price Index (8:30am)
Consumer Credit Panel (11:00am)
Wednesday
Advance Retail Sales (8:30am)
Consumer Price Index (8:30am)
Empire State Manufacturing Survey (8:30am)
Real Earnings (8:30am)
Atlanta Fed Business Inflation Expectations Survey (10:00am)
Business Inventories (10:00am)
Thursday
Business Leaders Survey (8:30am)
Exports/Imports (8:30am)
Philly Fed Manufacturing Survey (8:30am)
Industrial Production and Capacity Utilization (9:15am)
Friday
New Residential Construction (8:30am)