Weekly Economic Update: June 5 – June 9, 2017
CHART OF THE WEEK
JEC to Explore “Economic Aspects of the Opioid Crisis”
Thursday, 10:00 a.m., 1100 Longworth House Office Building
The chart comes from a Federal Reserve Bank of Boston study. JEC Chairman Pat Tiberi discussed the opioid epidemic in an earlier op-ed, and JEC will explore the topic in a hearing this Thursday.
LAST WEEK
News & Commentary Weekly Highlights
Wall Street Journal: Unemployment Rate Falls to 16-Year Low, But Hiring Slows
Bloomberg: Productive Enough for Government Work
American Banker: Fed must stop rewarding banks for not lending
Top Economic Indicator Highlights
Employment Situation (May)
Nonfarm payroll jobs May: 138,000 April: 174,000 March: 50,000
Headline unemployment rate (U-3) May: 4.3% April: 4.4% March: 4.5%
“True” unemployment rate (U-6) May: 8.4% April: 8.6% March: 8.9%
Noteworthy: The nonfarm payroll jobs number fell short of expectations. The headline unemployment rate (U-3) fell to its lowest rate since May 2001, while the “true” unemployment rate (U-6) is at its lowest since the month before the last recession began (November 2007).
JEC Releases
Tiberi Statement on May Jobs Report
Reminder: Obamacare Still Needs to Be Repealed and Replaced
The Good News and Faulty Assumptions in CBO’s New Analysis of the American Health Care Act (AHCA)
THIS WEEK
Upcoming Hearing
Economic Aspects of the Opioid Crisis (Thursday, 10:00am, 1100 Longworth House Office Building)
Upcoming Economic Data and Events
Monday
Productivity and Costs (8:30am)
ISM Non-Manufacturing (10:00am)
Manufacturers’ Shipments, Inventories, & Orders (10:00am)
Tuesday
Job Openings and Turnover Summary (JOLTS) (10:00am)
Wednesday
Consumer Credit (3:00pm)
Thursday
No releases
Friday
Wholesale Trade (10:00am)
