Weekly Economic Update: August 14 – August 18, 2017
CHART OF THE WEEK
Other Countries Undercut U.S. Corporate Tax Rate
The chart shows the combined corporate income tax rates in 2000 and 2017 of countries in the OECD (Organization for Economic Cooperation and Development). All OECD member countries except Chile lowered their corporate tax rate, even if it was already lower than the U.S. rate, to attract more business and investment. The U.S. rate remained virtually unchanged and is now the highest in the developed world.
LAST WEEK
News & Commentary Weekly Highlights
Economics21: The Missing Millions
Wall Street Journal: U.S. Productivity Rose at 0.9% Rate in Second Quarter
Wall Street Journal: What Econ 101 Can Teach Us About Artificial Intelligence
Wall Street Journal: U.S. Sanctions Venezuelans It Said Helped Form Assembly
Top Economic Indicator Highlights
Job Openings and Labor Turnover Summary (JOLTS) (June 2017; seasonally adjusted levels)
Noteworthy: The total number of job vacancies recorded a new high in the series history at 6.163 million job vacancies. Historically, the number of hires has always exceeded the number of openings. However, since late 2014 this has changed. A JEC hearing explored reasons and remedies for this situation last month.
Productivity and Costs (Second Quarter 2017; quarterly change at annualized rates)
Noteworthy: Labor productivity, an essential ingredient to a rising standard of living, increased at a 0.9% annual rate for the second quarter of 2017.
Consumer Price Index (July 2017; percentage changes are from same month last year)
Noteworthy: The core CPI inflation rate slowed slightly this month to 1.70% from 1.71% in June. Since peaking in January 2017 at 2.26%, it has declined six consecutive months. The headline CPI inflation rate accelerated somewhat after declining four consecutive months.
THIS WEEK
Upcoming Economic Data and Events
Monday
Survey of Consumer Expectations (11:00am)
Tuesday
Advance Retail Sales (8:30am)
Empire State Manufacturing Survey (8:30am)
Exports/Imports (8:30am)
Business Inventories (10:00am)
Consumer Credit Panel (11:00am)
Wednesday
Business Leaders Survey (8:30am)
New Residential Construction (8:30am)
Atlanta Fed Business Inflation Expectations Survey (10:00am)
FOMC Minutes Released (2:00pm)
Thursday
Philly Fed Manufacturing Survey (8:30am)
Industrial Production and Capacity Utilization (9:15am)
Composite Indexes (10:00am)
Friday
Michigan's Surveys of Consumer Sentiment (10:00am)