U.S. Economic News

December 6, 2017

U.S. Economic Indicators

The ADP Employment Report shows that private-sector employment increased by 190,000 jobs in November, mostly in line with expectations of 186,000.  The services sector added 155,000 jobs and the goods-producing sector added 36,000 jobs.  ADP Report

Nonfarm business sector labor productivity increased 3.0% in Q3 after rising 1.5% in Q2.  In year-over-year terms, productivity rose 1.5%. Hours worked increased 1.1% (revised) in Q3 while unit labor costs fell 0.2% (revised).  BLS Report

U.S. News

David J. Lynch of the Washington Post argues that the current tax reform plan could leave policymakers with few tools to combat an economic downturn in the coming years. Lynch contends that the current tax reform plan is expected to widen the federal deficit substantially over the coming decade, which would leave the government little room to boost spending during a recession. WaPo

According to Nick Timiraos of The Wall Street Journal, recent appointments to positions in the Federal Reserve system have reinforced a gradual shift from hawkish to more centrist policymakers. Timiraos says that the new, more centrist Fed could provide increased policy stability and could signal a shift away from hiring career economists to leadership positions. WSJ

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