U.S. Economic News

November 2, 2017

U.S. Economic Indicators

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 0.8% in Q3 and unit labor costs rose 0.5%.  BLS Report
Initial jobless claims edged down 5,000 to 229,000 last week.  
The four-week moving average fell 7,250 to 232,500. DOL Report

U.S. News

The Wall Street Journal reports that President Trump will nominate Jerome Powell to be the next Fed chair. Powell is expected to approach monetary policy much like the outgoing chair Janet Yellen, who has been relatively cautious in voting to raise interest rates in the wake of the Great Recession. WSJ

According to the Wall Street Journal, the Republican tax bill released today will seek a permanent cut of the corporate tax rate to 20%. The plan will also maintain the highest individual tax rate of 39.6% for single filers making more than $500,000 and will repeal the estate tax starting in 2024. WSJ