FCC Unveils Final Net Neutrality Bill
January 05, 2018
The FCC unveils final version of bill to roll back net neutrality regulations; U.S. Added 148,000 Jobs in December; Unemployment at 4.1%; U.S. factory orders increase more than expected in November.
- The FCC unveils final version of bill to roll back net neutrality regulations. The Federal Communications Commission (FCC) released on Thursday the final version of its plan to roll back net neutrality measures. The agency had voted to approve the bill in December. The proposal will get rid of Obama-era net neutrality regulations that prevented broadband service providers from blocking or slowing down websites or creating internet “fast lanes” in order to create a level playing field on the Internet. The 539-page final draft was one of the few remaining steps before the policy became finalized. Before the measure goes into effect, it must still be approved by the White House Office of Budget and Management (OMB), which is expected to give it the go ahead. After the rules are approved by the OMB and published in the Federal Registrar, opponents of the policy can file lawsuits against it. Multiple states, including New York and Washington, along with consumer groups, are expected to launch legal challenges to Republican FCC Chairman Ajit Pai’s plan to eliminate net neutrality. [The Hill]
Economic Indicators & News
- U.S. Added 148,000 Jobs in December; Unemployment at 4.1%. According to the Labor Department, 148,000 jobs were added last month, bringing the average over three months to 204,000. The unemployment rate remained at 4.1 percent, the same rate as in November. Average hourly earnings increased by 9 cents, to $26.63, bringing the year-over-year increase to 2.5 percent. The growth in jobs in December marks the 87th consecutive month of job growth. The monthly jobs gain is below what the economy added for most of the year, yet still ahead of what the economy needs to keep up with the new, slow rate of working-age population growth. The number of people joining the workforce increased only slightly in December compared to November, continuing the trend of participation rates that have not changed much since 2015 due to baby boomers’ retiring and the labor market hiring new workers. [NYTimes]
- U.S. factory orders increase more than expected in November. A report released by the Commerce Department on Friday showed that new orders for U.S. manufactured goods jumped by more than expected in November. The Commerce Department reported that orders surged up by 1.3 percent in November after rising by an upwardly revised 0.4 percent in October. Economists had expected factory orders to climb by 1.1 percent in November compared to the 0.1 percent drop originally reported in October. Durable goods orders increased by 1.3 percent in November after falling by 0.4 percent in October, while orders for non-durable goods grew by 1.4 percent after increasing by 1.1 percent in the previous month. There was also a significant increase in the shipment of manufactured goods, which surged up by 1.2 percent in November after growing by 0.8 percent in October. [Nasdaq]