CHART OF THE WEEK

 

…In Other (Non-Tax) News, Domestic Crude Oil Production Set an All-Time Record High

 

 

 

As of the week ending November 3, domestic crude oil production reached a record high of 9.62 million barrels per day, despite worldwide crude oil prices falling about 50% since mid-2014. This achievement is the result of U.S. oil producers becoming more efficient at fracking.

 

LAST WEEK

News & Commentary Weekly Highlights

CNBC: Boom! Weekly US crude oil production hits an all-time high

Tax Foundation: Benefits of the Tax Cuts and Jobs Act for the Lower-Middle Class

Economics21: Making It Easier for Employers to Hire

Wall Street Journal: Economists See Few Monetary Policy Changes With Powell Leading Fed

Top Economic Indicator Highlights

Job Openings and Labor Turnover Summary (JOLTS) (August 2017)

 

Category (seasonally adjusted levels)	September	August	July
Job Openings (thousands)	6,093	6,090	6,140
Hires (thousands)	5,273	5,420	5,521
Separations (thousands)	5,240	5,273	5,362

 

 

Noteworthy: The total number of job vacancies recorded remains elevated above 6 million. Historically, the number of hires has always exceeded the number of openings. However, since late 2014 this has changed. A JEC hearing held earlier this year explored reasons and remedies for this situation.

 

THIS WEEK

Upcoming Economic Data

Monday

Survey of Professional Forecasters (10:00am)

Survey of Consumer Expectations (11:00am)

 

Tuesday

Producer Price Index (8:30am)

Consumer Credit Panel (11:00am)

 

Wednesday

Advance Retail Sales (8:30am)

Consumer Price Index (8:30am)

Empire State Manufacturing Survey (8:30am)

Real Earnings (8:30am)

Atlanta Fed Business Inflation Expectations Survey (10:00am)

Business Inventories (10:00am)

 

Thursday

Business Leaders Survey (8:30am)

Exports/Imports (8:30am)

Philly Fed Manufacturing Survey (8:30am)

Industrial Production and Capacity Utilization (9:15am)

 

Friday

New Residential Construction (8:30am)