Weekly Economic Update: March 5 - March 9
CHART OF THE WEEK
Jobless Claims Lowest in Nearly a Half Century
Jobless claims for the week of February 24, 2018, fell to their lowest level since the week of December 6, 1969. This indicates the labor market is continuing to strengthen. As a percentage of the civilian population, it is the lowest ever.
LAST WEEK
News & Commentary Weekly Highlights
MarketWatch: U.S. jobless claims fall to lowest level since 1969
MarketWatch: ISM manufacturing gauge hits 13-year high in February
CNBC: US crude oil output hit an all-time high in November, taking out the 1970 record
Bloomberg: Maybe Cities Don’t Need Tech Hubs to Succeed
Wall Street Journal: Trump to Impose Steep Aluminum and Steel Tariffs
The Hill: Congress should push Powell on policy sea change
Top Economic Indicator Highlights
Gross Domestic Product (Second Estimate) (Q4-2017)
Category (seasonally adjusted at annualized rates) |
2nd estimate |
1st estimate |
Real GDP (RGDP) growth |
2.5% |
2.6% |
Noteworthy: Third quarter RGDP growth was revised down slightly from 2.6% to 2.5% due mostly to downward revisions for consumer spending on goods, business inventory investment, and lower than initially reported federal government expenditures.
Personal Consumption Expenditures (PCE) Deflator (January 2018)
Category (percentage change from same month last year) |
Jan |
Dec |
Nov |
Overall PCE Deflator |
1.65% |
1.71% |
1.74% |
Core PCE Deflator (excludes food and energy) |
1.52% |
1.53% |
1.51% |
Noteworthy: The Fed’s main inflation metric continues to remain below its “symmetric” 2 percent inflation target. The continuation of below target inflation makes Fed interest rate hikes less likely.
THIS WEEK
Upcoming Economic Data
Monday
PMI Services Index (9:45am)
ISM Non-Manufacturing (10:00am)
Tuesday
Manufacturers’ Shipments, Inventories, & Orders (Full) (8:30am)
Wednesday
ADP National Employment Report (8:15am)
International Trade (8:30am)
Productivity and Costs (8:30am)
Consumer Credit (3:00pm)
Thursday
Jobless Claims (8:30am)
Federal Reserve Balance Sheet (4:30pm)
Money Supply (4:30pm)
Friday
Employment Situation (8:30am)
Wholesale Trade (10:00am)