U.S. Economic News
December 20, 2017
U.S. Economic Indicators
Existing home sales jumped 5.6% to a seasonally adjusted annual rate of 5.81 million in November, and are 3.8% above year-ago levels. NAR notes that although the housing market appears to be solidifying, most of the gains were in the upper end of the price spectrum and affordability remains an issue for first-time buyers. NAR Report
U.S. News
The Wall Street Journal reports that both the House and Senate have passed the Republican tax reform bill. The bill now heads to President Trump’s desk for his signature, though he reportedly may wait until January to sign the bill. WSJ
Timothy Puko of The Wall Street Journal writes that although the tax bill currently moving through Congress would open parts of the Arctic National Wildlife Refuge (“ANWR”) for oil drilling, the current oil glut means that energy companies are unlikely to invest significantly in the area. Puko points out that the rig count in Alaska has been falling since the beginning of the year, likely because of the high costs associated with drilling in environmentally-sensitive and remote areas like the ANWR. WSJ