U.S. Economic News
October 19, 2017
U.S. Economic Indicators
Initial jobless claims decreased 22,000 to 222,000 last week. The four-week moving average fell 9,500 to 248,250. DOL Report
U.S. News
Sarah Chaney of the Wall Street Journal reports that while consumer confidence among older Americans has improved drastically in recent months, their consumer spending has been weak. Data show that Americans over age 55 are currently more confident than any other age group, although their consumer spending has been contracting for nearly three years. WSJ
According to the Wall Street Journal, foreign companies operating in the U.S. could face significant changes to their tax bills under new rules being considered by lawmakers. Congressional Republicans say that they need to establish rules that will “level the playing field” considering foreign companies are currently able to use complex tax strategies to reduce the income that is subject to the U.S. corporate tax rate. WSJ
The Washington Post writes that new data show that income inequality among older Americans is among the highest of developed countries. The data also suggest that income inequality is worsening for older Americans with the aging of every generation, and the effects are especially evident in the lack of retirement savings among those in lower income brackets. WaPo