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)