A sharp rebound in economic output this spring has revived hopes the nation’s five-year-old recovery could be poised to move into a higher gear. Gross domestic product rose at a seasonally adjusted annual rate of 4.0% in the second quarter, according to an advanced estimate from the Commerce Department Wednesday. Show More Summary
A sampling of economists’ assessments of the Fed’s statement
U.S. Bureau of Labor Statistics Health care and social assistance is the dominant industry in most American states — surpassing manufacturing and retail trade in the last two decades, the latest Labor Department data show.
While president Obama brags about clean energy advances in the US (mostly hot air and subsidies to uneconomic businesses), the US quietly exports pollution to Europe. Coal is a particular good example. Please consider US Exports Help...Show More Summary
Many Federal Reserve watchers expected Dallas Fed President Richard Fisher, who recently wrote an opinion piece in The Wall Street Journal criticizing current Fed policy, to dissent against the central bank's forward guidance at Wednesday's meeting. Instead, it was Charles Plosser of the Philadelphia Fed who took the stand.
A combination of health care and social assistance now rank as the dominant industry in most American states, surpassing manufacturing and—for a spell—retail trade as the top industries in decades past, according to a new government report.
The jobless rate declined in all but one large U.S. metropolitan area in June, with Chicago and Las Vegas leading the way.
The Wall Street Journal’s Daily Report on Global Central Banks for Wednesday, July 30, 2014: Sign up for the newsletter. Will turmoil in the Middle East and the West’s worsening confrontation with Russia derail the global economy? Investors...Show More Summary
But how much of the growth is due to the man sitting in the Oval Office?
New technology is making consumers more vulnerable to abuse, a new survey by consumer protection groups has found
What am I doing with my life?
Another $10 billion reduction in asset purchases. Two key statement changes: "a range of labor market indicators suggests that there remains significant underutilization of labor resources" and "Inflation has moved somewhat closer to...Show More Summary
Lawsuit alleges that GM knew about the defective switches that can cause engines to stall since as early as 2001
The Bureau of Economic Analysis announced today that U.S. real GDP grew at a 4.0% annual rate in the second quarter. Hopefully that’s the start of something good; but so far, it’s only a start. In part, the growth from Q1 to Q2 looked good because the level for Q1 was so bad. True, the […]
Obamacare: not just the exchanges.
Timothy DeLaGhetto overwhelmed his parents by presenting them with a $210,000 check
When 2013 ended I couldn’t help pointing out that we passed Krugman’s famous “test” of market monetarism with flying colors. GDP growth was initially estimated as being slightly higher in 2013 than 2012 (comparing Q4 to Q4.) Now the annual revisions are in for 2012 and 2013, and the new numbers look even worse for […]
(July 30, 2014 01:39 PM, by David Henderson) One issue that has come up a lot in the discussion of expanding immigration is many people's worry (at times, I have been one of the worriers) about immigrants coming in and voting, more than existing Americans do, for statist... (2 COMMENTS)
Wednesday’s surprisingly strong report on second-quarter economic growth should keep the Federal Reserve on track to finish its bond-buying program in October, while intensifying the debate about when to start raising short-term interest rates without resolving it.
Gary Burtless: Unemployment and the “Skills Mismatch” Story: Overblown and Unpersuasive, by Gary Burtless, Brookings: The jobless rate has dipped to 6.1 percent, and businesses are already complaining about a skills shortage.... To an economist, the most accessible and...