U.S. Economic News
September 7, 2017
U.S. Economic Indicators
Nonfarm business sector labor productivity increased 1.5% in Q2 (revised) after inching up 0.1% in Q1. In year-over-year terms, productivity rose 1.3% (revised). Hours worked increased 2.5% in Q2 and unit labor costs edged up 0.2% (revised). BLS Report
Initial jobless claims rose 62,000 to 298,000 last week, mostly due to the effects of Hurricane Harvey in the Gulf Coast region. The four-week moving average rose 13,500 to 250,250. DOL Report
U.S. News
The Wall Street Journal writes that only 49% of Americans believe that earning a four-year college degree will lead to a good job and higher lifetime earnings. The skepticism about the value of a four-year degree is concentrated especially amongst people under the age of 30 and people with less than a college education. WSJ
According to the Wall Street Journal, President Trump has agreed to a plan put forward by Congressional Democrats to raise the debt ceiling for three months and increase disaster relief for the Gulf Coast area. If the plan is approved by Congress, the threat of a government default or shutdown would be delayed until mid-December and Congress could work on a longer-term solution to the debt ceiling. WSJ
The Financial Times reports that Federal Reserve vice-chair Stanley Fischer will resign in October before his term ends in 2018. Fischer has chaired the Fed’s committee on financial stability and recently criticized attempts to loosen financial regulations put in place after the financial crisis. FT