JEC mentioned in WSJ: GDP's ObamaCare Downgrade
Congress's Joint Economic Committee points out that to catch up with the post-1960 average, GDP would have to grow at 6.5% for the rest of President Obama's second term. The first quarter plunge suggests the economy would have to soar for the rest of the year even to grow by 2% for 2014.
Real GDP Declined 2.9% in 1st-Quarter
The Bureau of Economic Analysis (BEA) significantly downgraded its estimate of real gross domestic product (GDP). According to BEA, real GDP declined at an annual rate of 2.9 percent during the 1st-quarter 2014. BEA had previously estimated that real GDP declined at an annual rate of 1.0 percent dur...
Economic Growth Needed For Obama To Catch Up
Weekly Economic Update: June 16-20, 2014
Industrial production increased 0.6% in May. The consumer price index rose 0.4% in May, while core CPI rose 0.3%. Housing starts fell 6.5% in May to an annualized pace of 1.001 million units. Building permits fell 6.4% in May to an annualized pace of 991,000 units. The FOMC announced that policy rat...
Weekly Economic Update: June 9-13, 2014
The U.S. Treasury reported a $130 billion deficit for May. Business inventories increased 0.6% in April. Retail sales increase 0.3% in May. The producer price index for total final demand fell 0.2% in May. Initial jobless claims rose 4,000 to 317,000 for the week ended 6/7.
More Private Sector Jobs with an Average Recovery
Catching Up is Hard to Do
Private Sector Adds 216,000 Jobs in May, Unemployment Rate Stays at 6.3%
The Bureau of Labor Statistics (BLS) reported this morning that the economy added 217,000 nonfarm payroll jobs and 216,000 private sector payroll jobs during May. The unemployment rate remained at 6.3% with the labor force participation stuck at 62.8% and the employment-to-population unchanged at 5...
Weekly Economic Update: June 2-6, 2014
The ISM index was corrected to 55.4 for May. Construction spending increased 0.2% in April. Vehicle sales increased 4.4% to a 16.77 million annual rate in May. Factory orders are up 0.7% for April. The U.S. trade deficit widened $3 billion (6.8%) to $47.2 billion for April. Nonfarm productivity fell...
Weekly Economic Update: May 26-30, 2014
Durable goods orders rose 0.8% in April. The Case-Shiller home price index increased 1.2% for March. Real GDP growth fell 1.0% in the second estimate of the 1st quarter of 2014. Pending home sales rose 0.4% in April. Personal income rose 0.3% in April, while personal spending fell 0.1%. Initial jobl...
