U.S. Economic News
March 8, 2018
U.S. Economic Indicators
Initial jobless claims rose 21,000 to 231,000 last week. The four-week moving average increased 2,000 to 222,500. DOL Report
U.S. News
Eric Morath of the Wall Street Journal reports that a new study from the Brookings Institution argues that while automation is not broadly eliminating jobs, it may be keeping incomes lower than they otherwise would be. The study found that automation actually increased total employment in advanced economies over the last five decades, but that productivity-enhancing advances meant that the owners of capital took home a larger share of profits. WSJ
According to the Wall Street Journal, a new report from Harvard economists finds that recent tax cuts would have a net cost of $1.2 trillion to the U.S. Treasury over a decade. The paper also finds that the tax cuts would add a total of about 0.4% to economic growth over ten years, though growth benefits would expand if Congress extends certain expiring tax provisions, such as full expensing of capital investments. WSJ