Subject: "The Short-term Economic Outlook under the "New Normal". On July 11, Jeffrey B. Carr of EPR gave a presentation on the economic outlook for the United States—with a focus on the tourism industry—at the Resort Hotel Association's annual conference in Pebble Beach, California.
Mr. Carr's presentation is available as a PDF below:
The Bureau of Labor Statistics has released employment data for June 2016. Unemployment rose 0.2 percentage points to 4.9%, though nonfarm payroll employment increased by 287,000.
Employment rose in the information sector after workers returned from a strike. There was also job growth in leisure and hospitality, health care and social assistance, and financial activities.
The full release is available as a PDF below:
The Bureau of Economic Analysis has released its third estimate of first quarter 2016 gross domestic product and revised estimate of first quarter corporate profits.
The third estimate of GDP, based on more complete data, shows GDP increasing at an annual rate of 1.1%, which is up from 0.8% in the second estimate and 0.5% in the advance estimate. This is still a slight deceleration, however, from fourth quarter 2015, which saw GDP increasing at an annual rate of 1.4%. The data used in the third estimate paint a similar general economic picture, but show an increase in exports.
The revised estimate of corporate profits shows a greater increase of $34.7 billion, which is up from the preliminary estimate of $6.5 billion. This increase shows a great contrast with the $159.6 billion decrease seen in the fourth quarter of 2015.
The full report is accessible via the link below:
Business Losses: Legal Framework, Economic Concepts
The Bureau of Labor Statistics has released Consumer Price Index data for May. The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in May.
The food index saw a decline of 0.2% as a result of the decline in all six major grocery store food group indexes. The gasoline index, however, rose 2.3%, driving an increase of 1.2% in the energy index.
The full report is available as a PDF below:
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Real gross domestic product (GDP) decreased at an annual rate of 0.9 percent in the second quarter of 2022, according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter,...