U.S. Economic News
January 31, 2018
U.S. Economic Indicators
The ADP Employment Report shows that private-sector employment increased by 234,000 jobs in January, well above expectations of 195,000. The services sector added 212,000 jobs and the goods-producing sector added 22,000 jobs. ADP Report
According to the Employment Cost Index, compensation costs for civilian workers rose 0.6% in the fourth quarter and are up 2.6% on the year. Wages and salaries were up 2.5% on the year and benefit costs were also up 2.5%. BLS Report
U.S. News
According to the Wall Street Journal, the U.S. homeownership rate rose in 2017 for the first time in thirteen years. Housing experts say that the increase in homeownership was driven by millennials, who saw the largest jump in ownership rates of any age group, from 34.7% to 36%. WSJ
In a Wall Street Journal op-ed former vice-chair of the Federal Reserve Alan Blinder argues that now is the wrong time to expand the federal deficit. Blinder contends that borrowing for productive purposes, such as combating the effects of a recession, makes sense in specific instances, but the relative health of the U.S. economy at present means there is no need for stimulative fiscal measures. WSJ