U.S. Economic News
November 9, 2017
U.S. Economic Indicators
Initial jobless claims increased 10,000 to 239,000 last week. The four-week moving average fell 1,250 to 231,250. DOL Report
The U.S. Census Bureau reports that wholesale merchant inventories rose 0.3% in September to $609.5 billion. Inventories were up 4.6% year-over-year. Census Report
U.S. News
The Wall Street Journal reports that a new paper by former Treasury Secretary Lawrence Summers concludes that high productivity has in fact been boosting wages over the last 50 years, though gains from increased productivity have been overwhelmed by a confluence of factors pulling wages down. Summers argues that factors such as the decline in unionization have led to workers’ inability to fully share in wage boosts from productivity. WSJ
According to the Wall Street Journal, Treasury Secretary Mnuchin says that Janet Yellen has not yet decided whether to stay on the Fed board after her term as chairwoman ends early next year. Yellen’s term on the Fed board of governors does not end until 2024, though past Fed chairs have usually stepped down from the central bank after their term as chair ended. WSJ