Weekly Economic Update: September 5 – September 9, 2016
LAST WEEK
News & Commentary Weekly Highlights:
- Wall Street Journal: Soft Jobs Data Cools Market Expectations on Fed Rate Increase (Friday)
- Market Watch: Bill Gross says negative interest rates are nothing but liabilities (Wednesday)
- Wall Street Journal: A Cure for Swelling Drug Prices: Competition (Wednesday)
- Cato: Venezuelan Regime Kidnaps Yon Goicoechea, Friedman Prize Winner (Tuesday)
- The Telegraph: EU’s TTIP trade deal with the US has collapsed, says Germany (Monday)
Top Economic Indicator Highlights:
Employment Situation (August 2016)
- Unemployment rate (seasonally adjusted)
- August: 4.9% (preliminary); July: 4.9% (revised); June: 4.9%
- Nonfarm payroll jobs (seasonally adjusted annual rate)
- August: 151,000 (preliminary); July: 275,000 (revised); June: 271,000
- Noteworthy: The unemployment rate was unchanged at 4.9%, as was the labor force participation rate, which remained at 62.8%. Nonfarm private-sector job growth was 126,000.
JEC Releases:
- Coats Statement on August Jobs Report (Friday)
- Six New, Scary Equations from the Congressional Budget Office (Thursday)
THIS WEEK
Upcoming Economic Reports & Releases:
Major Indicators
- CoreLogic Home Price Index (10:00am, Tue)
- ISM Non-Manufacturing (10:00am, Tue)
- Job Openings and Turnover Summary (JOLTS) (10:00am, Wed)
- Federal Reserve Board of Governors Beige Book (2:00pm, Wed)
- Consumer Credit (3:00pm, Wed)
- Jobless Claims (3:00pm, Thu)
- Wholesale Trade (10:00am, Fri)
JEC Hearings and Releases
- Federal Debt: Direction, Drivers and Dangers (9:30am, Tue)
Chart of the Week:
This chart shows the 20 price indices for specific goods and services that experienced the greatest increases from the beginning of the current Administration, in January 2009, to July 2016. For example, as of July 2016, college textbooks are 50% more expensive than they were in January 2009. This compares with the overall increase in the consumer price index of 14%. Notably, 4 of the 20 largest price increases arose from healthcare-related goods and services.
