Weekly Economic Update: January 17 – January 20, 2017
CHART OF THE WEEK
When the recovery began in June 2009, gross domestic product (GDP) was approximately $46,900 per person. If the current recovery had kept pace with the average post-1960 recovery, each American’s share of GDP would be $57,300 instead of the current $51,600, meaning that the economy is $5,700 smaller per person.
LAST WEEK
News & Commentary Weekly Highlights
- Wall Street Journal: European Elections Test ECB President Mario Draghi (Thursday)
- Bloomberg: Stocks Are No Longer the Most Actively Traded Securities in Stock Markets (Thursday)
- Economics21: Message to Congress: Sharpen the Fed’s Mandate (Wednesday)
- RealClear Markets: The Right Shouldn't Associate Itself With 'National' Strategies (Tuesday)
- Barron’s: December Brings Huge Spike in Small Business Optimism (Tuesday)
Top Economic Indicator Highlights
- Atlanta Fed Business Inflation Expectations Survey
- This survey measures how much businesses expect prices to rise over the next year.
- January: 2.0%, December: 2.1%, November: 2.0%
- Noteworthy: Since this survey began in October 2011, this is the first time business inflation expectations reached or exceeded 2% for three consecutive months. Previously, inflation expectations were consistently below 2%. Although the Fed does not use this specific survey to determine whether its objective of 2% average inflation is being met, these results may signal that inflation trends will encourage the Fed to increase interest rates to more “normal” levels.
JEC Releases
- Tiberi: Repealing Obamacare Critical for Well-Being of Americans, Economy (Friday)
- Tiberi Welcomes Portman, Comstock, Rooney, and LaHood to Joint Economic Committee (Friday)
- Obamacare’s Drain on Patients, Employers, and the Economy (Tuesday)
- Labor Review: Context for the December Labor Report (Monday)
THIS WEEK
Upcoming Economic Data and Events
- Monday
- Tuesday
- Business Leaders Survey (8:30am)
- Wednesday
- Consumer Price Index (8:30am)
- New Residential Construction (8:30am)
- Real Earnings (8:30am)
- Thursday
- Jobless Claims (8:30am)
- Philly Fed Manufacturing Survey (8:30am)
- Friday
- Chicago Fed National Activity Index (8:30am)
- Composite Indexes (10:00am)
- Existing Home Sales (10:00am)