Economic & Policy Resources Inc. and Crane Associates Inc. prepared and submitted to Barnstable County, MA and the Cape Cod Commission a Regional Housing Market Analysis and 10-Year Forecast of Housing Supply and Demand. You may view the analysis and forecast by clicking the pdf below.
The Bureau of Economic Analysis (BEA) released its third estimate of first quarter 2017 GDP along with its revised estimate of corporate profits on June 29, 2017.
Real GDP increased at an annual rate of 1.4 percent in Q1 2017, down from a 2.1 percent increase seen in Q4 2016. This decrease is the result of reduced government spending, increased imports, and a reduction in private investment, among other factors.
Corporate profits decreased by $48.4 billion, down from a Q4 2016 increase of $11.2 billion.
The next release—the advance estimate of Q2 2017 GDP—is scheduled to be released on July 28.
The full text of this release is available in the PDF below:
Forecasters participating in the June 2017 Livingston Survey have predicted that GDP will rise at an annual rate of 2.1% in the first half of 2017 and 2.5% in the second half, a change from 2.2% and 2.4% (respectively) as previously predicted in the December Survey.
The unemployment rate is expected to fall, reaching 4.4% in June, 4.3% in December, and continuing the trend to 4.2% in June 2018.
CPI inflation is expected to be 2.4% in 2017, decreasing to 2.3% in 2018.
The Livingston Survey, published by the Federal Reserve Bank of Philadelphia, is the oldest continuous survey of economists’ expectations. EPR’s Bob Chase is a long-time participant.
The next Survey is scheduled to be released in December.
The full report is available at the link below:
According to the Bureau of Labor Statistics, the Consumer Price Index for all urban consumers (CPI-U) decreased 0.1 percent in May on a seasonally-adjusted basis. A decrease in the energy index was the main contributor to the monthly decrease, as the energy index fell 2.7 percent, led by a 6.4 percent decrease in the gasoline index.
Excluding the volatile costs of food and energy, the index for all items less food and energy rose by 0.1 percent in May, as it did in April. However, many indexes declined in May including those for apparel, airline fares, communication, and medical care services.
The all items index has risen 1.9 percent over the last 12 months ending in May, a smaller rise than the 2.2 percent average rise for the 12 months ending in April. However, it is still a larger rise than the 1.6 percent average annual increase over the past 10 years.
The full press release can be found via the link below.
Next release is Friday, July 14, 2017 for the June 2017 Consumer Price Index.
Employers added 138,000 nonfarm payroll jobs in May of 2017, according to the Bureau of Labor Statistics. The unemployment rate declined to 4.3 percent.
Job gains occurred in health care and mining. The number of jobs in professional and business services increased by 38,000 over the month, and employment in food services and drinking places increased by 30,000 jobs.
Job growth in April 2017 was revised to 174,000, down from the initially estimated 211,000. Over the past three months, job growth has averaged 121,000 additions a month.
Average hourly earnings rose by four cents to $26.22. Over the year, average hourly earnings have risen 2.5 percent.
The full BLS press release on the May 2017 employment situation can be accessed in the link below:
The next employment situation report for June 2017 will be released on Friday, July 7, 2017.