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Daily Update

Current economic and public policy news from the Penn Wharton Public Policy Initiative. Subscribe to receive the daily update by email.

  • Citing robust growth and a generational low in unemployment, Federal Reserve Chairman Jerome Powell emphasized t... June 20
    EU panel approves controversial copyright legislation that would affect companies such as Facebook; President Trump reversed the administration’s position on separating families at the border; Robust economic growth and record-low unemployment numbers have painted a picture of strong economic fundamentals; US home sales are decelerating. 
  • T-Mobile and Sprint on Tuesday laid out the case for a $26 billion merger, filing for approval at the Federal Communi... June 19
    T-Mobile and Sprint laid out the case for a $26 billion merger; Senate appropriations subcommittee approved a $23.688 billion financial services spending bill; Housing starts achieves an 11-year high. 
  • Stocks fell on Monday as a potential trade war between the U.S. and China — the world's largest economies in th... June 18
    Speaker Ryan is bringing up two pieces of legislation aimed at immigration and the crisis of children separated from their families at the border; The Supreme Court passed up two opportunities to rule on partisan favoritism in drawing voting districts; The Dow Jones industrial average dropped 103.01 points due to trade conflict. 
  • Trump announces  billion in tariffs on Chinese goods June 15
    President Trump announced Friday he would not sign a GOP compromise immigration bill; The President announced Friday that the US would levy 25% tariffs on $50 billion of Chinese goods; The GDP is projected to grow at a four percent annualized rate in the 2nd quarter this year.
  • Stock markets have brushed off President Trump’s contentious performance at the Group of Seven summit, continui... June 14
    The House Appropriations Committee approved a $23.4 billion financial services spending bill that includes a boost to IRS funding; Stock markets continue to rise despite President Trump’s contentious performance at the Group of Seven summit; New applications for U.S. unemployment benefits unexpectedly fell last week;  U.S. retail sales increased more than expected in May; Prices for U.S. imports increased 0.6 percent for the second consecutive month in May. 
  • Inflation rose at the fastest pace in six years in May, the Labor Department reported Tuesday. June 13
    The House Committee voted to advance the Pentagon’s annual spending bill; Speaker Ryan announced House Republicans will vote next week on two bills aimed at addressing the fate of DACA recipient; Fed increases rates as expected; Inflation rose at the fastest rate in six years. 
  • Just weeks after passing a new tax on big businesses, Seattle political leaders signaled late Monday they would rever... June 12
    Seattle political leaders signaled they would reverse course and repeal a new tax on big businesses; AT&T and Justice Department await a ruling on the proposed purchase of DirecTV; The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in May. 
  • The U.S. open internet rules expired on Monday, handing sweeping new powers to internet providers to block, throttle or of... June 11
    Net neutrality rules enacted by the FCC went into effect Monday; Supreme Court upholds Ohio voter ID law; Despite strong economic and employment data, Economist’s survey predict an economic recession by the end of 2019 and the beginning of 2020. 
  • The World Trade Organization (WTO) on Thursday said Mexico has filed a formal complaint against the United States over ste... June 7
    The World Trade Organization said Mexico has filed a formal complaint against the United States over steel and aluminum tariffs; Senate Democrats signed a letter urging Paul Ryan to hold a vote on a bill that would restore the FCC’s net neutrality rules; Initial jobless claims totaled below previous projections; EIA Natural Gas Report demonstrates a new increase in working gas
  •  An acute shortage of affordable homes in the United States will continue over the coming year, according to a majori... June 6
    On Wednesday, President Trump signed a bill that would enact several reforms designed to expand veterans’ access to private health care; The House Appropriations Committee revealed its $674.6 billion Pentagon spending bill; Shortages of affordable homes in the US continue to drive prices.  
  • White House economic adviser Larry Kudlow said Tuesday that President Trump may seek to strike separate trade de... June 5
    According to the White House economic adviser Larry Kudlow, President Trump may seek to strike separate trade deals with Canada and Mexico; JOLTS Metrics indicate little change from April except for a new series high in job openings level of 6.7 million; The US Services PMI index observed an increase in May.
  • International Shipping Trade May 31
    President Trump announced new tariffs on aluminum and steel imports from Canada, Mexico, and the EU; Pending home sales are down while consumer spending is on the rise.
  • Volcker Rule prevents banks from making risky, short term trades May 30
    The Volcker Rule, a regulation instituted in the wake of the financial crisis to prevent banks from making risky, short term trades, to be simplified; President Trump signs ‘right to try’ legislation; economic growth revised downward.
  •   May 29
    President Trump said that he will put tariffs on $50 billion of Chinese imports, while limiting China’s investments in US tech industries; Concerns over Italy’s political situation, and reports of stagnant banking, have caused stocks to drop.
  • BMW logo May 24
    President Trump is considering a new 25% tariff on imported cars after Commerce Secretary Ross announced that they are critical for national security. The House of Representatives passed the National Defense Authorization Act, the annual defense bill, that amounts to $717 billion in expenditures.President Trump signed into law a change in the Dodd-Frank Act.
  • President Trump figuratively cuts Dodd Frank May 23

    The House of Representatives voted on two bills, one aimed at easing regulations on many but the largest banks, the second allowing patients to bypass the FDA in requesting companies’ approval on experimental drugs. Mortgage applications are down this week due to sharp rate increases.

  •   May 22
    The Senate Banking Committee approved an amendment that would block President Trump from easing sanctions on Chinese telecommunications firm ZTE without first certifying to Congress that ZTE is following US sanctions; US stock markets were mainly down today.
  • Supreme Court May 21
    Supreme court curtails labor rights in class action suit case; China trade fears ease as Trump backs down; US Job market optimism at 17-year high.
  • Farmer working the fields May 18
    Acting Veterans Affairs Secretary Robert Wilkie to be nominated for role; the Farm Bill failed to pass the US House of Representatives; jobless claims total greater than expected; and the Conference Board’s Leading Economic Index, gained for the 6th straight month.
  •   May 17
    The FDA begins naming companies that have stifled competition, while the Senate voted to reinstate the FCC’s net neutrality rules; Fed manufacturing gauges show increased activity, while 30-year fixed mortgages increased last week.
  •   May 16
    Governor Scott of Vermont legalized the importation of prescription drugs from Canada, against the wishes of Trump administration;Mortgage applications for the week decline, while housing starts miss expected targets.
  • Entrance of The Home Depot in Newington, CT May 15

    President Trump is considering easing some restrictions on Chinese telecommunications firm ZTE; the Dow dropped 186 points due to lower than expected Home Depot earnings and higher interest rates.

  • Democrats will force a Senate vote on Wednesday on a bill that would save the Federal Communication Commission May 14
    Senate Democrats force a vote in the Senate on the FCC’s repeal of net neutrality; the US Supreme Court ruled that federal law prohibiting sports betting intrudes on states’ rights; Euro-zone economic slow-down; President Trump’s ZTE tweets has eased investors’ concerns about the trade conflict. 
  • Seven senators are calling on President Trump to support their legislation that would provide a $1 billion boost... May 11
    Seven senators urge President Trump to support their legislation that would provide a $1 billion boost for research on a universal flu vaccine; The House Armed Services Committee passed a $716 billion defense policy bill; Consumer sentiment was slightly higher than anticipated in the beginning of May. 
  • Republican Sen. John Kennedy (La.) on Thursday said Medicaid work requirements should be mandatory for states, a... May 10
    Republican Sen. John Kennedy (La.) said that Medicaid work requirements should be mandatory for states; Metrics indicate that the consumer price index (CPI) rose 0.2 percent after slipping 0.1 percent in March; U.S. weekly jobless claims total 211,000 vs. 218,000 expected.
  • US President Donald Trump has walked away from the Iran nuclear deal, breaking with allies in Europe and le... May 9
    President Trump requests for Congressional approval to rescind $15.4 billion from the omnibus spending package; President Trump pulls the US out of the Iran deal; Producer price index growth misses expectations
  • One of Barack Obama’s top food policy rules has escaped Donald Trump’s war on regulations. May 7
    A request to waive imposing lifetime limits on Medicaid benefits was rejected by the Trump administration; An Obama-administration nutrition rule will go into effect, forcing food purveyors to post calorie counts; Consumer housing confidence jumped to its highest levels on record this past month.
  • The White House plans to ask Congress for $11 billion in discretionary spending cuts, a GOP aide told The Hill, a signific... May 3
    White House to request $11 billion in spending cuts from Congress; Factory orders rose 1.6% in March, the seventh increase in the last eight months; New applications for U.S. jobless benefits increased less than expected last week. 
  • WASHINGTON (Reuters) - Texas and six other Republican-governed states on Tuesday sued the Trump administration to try to e... May 2
    Seven Republican states sued the administration yesterday to try and end the Deferred Action for Child Arrivals (DACA); The US economy adds 204,000 jobs in the month of May. 
  • Former Secretary of Health and Human Services Tom Price on Tuesday said that the repeal of ObamaCare’s ind... May 1
    Repeal of ObamaCare’s individual mandate is anticipated to increase costs; Though construction spending decreases in March, it is stronger for the year to date; U.S. factory activity slowed for a second straight month in April.

PENN WHARTON PPI
RESOURCE SPOTLIGHT:

  • <h3>Congressional Budget Office</h3><p><img width="180" height="180" alt="" src="/live/image/gid/4/width/180/height/180/380_cbo-logo.rev.1406822035.jpg" class="lw_image lw_image380 lw_align_right" data-max-w="180" data-max-h="180"/>Since its founding in 1974, the Congressional Budget Office (CBO) has produced independent analyses of budgetary and economic issues to support the Congressional budget process.</p><p> The agency is strictly nonpartisan and conducts objective, impartial analysis, which is evident in each of the dozens of reports and hundreds of cost estimates that its economists and policy analysts produce each year. CBO does not make policy recommendations, and each report and cost estimate discloses the agency’s assumptions and methodologies. <strong>CBO provides budgetary and economic information in a variety of ways and at various points in the legislative process.</strong> Products include baseline budget projections and economic forecasts, analysis of the President’s budget, cost estimates, analysis of federal mandates, working papers, and more.</p><p> Quick link to Products page: <a href="http://www.cbo.gov/about/our-products" target="_blank">http://www.cbo.gov/about/our-products</a></p><p> Quick link to Topics: <a href="http://www.cbo.gov/topics" target="_blank">http://www.cbo.gov/topics</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>USDA Nutrition Assistance Data</h3><p><img width="180" height="124" alt="" src="/live/image/gid/4/width/180/height/124/485_usda_logo.rev.1407789238.jpg" class="lw_image lw_image485 lw_align_right" srcset="/live/image/scale/2x/gid/4/width/180/height/124/485_usda_logo.rev.1407789238.jpg 2x, /live/image/scale/3x/gid/4/width/180/height/124/485_usda_logo.rev.1407789238.jpg 3x" data-max-w="1233" data-max-h="850"/>Data and research regarding the following <strong>USDA Nutrition Assistance</strong> programs are available through this site:</p><ul><li>Supplemental Nutrition Assistance Program (SNAP) </li><li>Food Distribution Programs </li><li>School Meals </li><li>Women, Infants and Children </li></ul><p> Quick link: <a href="http://www.fns.usda.gov/data-and-statistics" target="_blank">http://www.fns.usda.gov/data-and-statistics</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>National Bureau of Economic Research (Public Use Data Archive)</h3><p><img width="180" height="43" alt="" src="/live/image/gid/4/width/180/height/43/478_nber.rev.1407530465.jpg" class="lw_image lw_image478 lw_align_right" data-max-w="329" data-max-h="79"/>Founded in 1920, the <strong>National Bureau of Economic Research</strong> is a private, nonprofit, nonpartisan research organization dedicated to promoting a greater understanding of how the economy works. The NBER is committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community.</p><p> Quick Link to <strong>Public Use Data Archive</strong>: <a href="http://www.nber.org/data/" target="_blank">http://www.nber.org/data/</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>MapStats</h3><p> A feature of FedStats, MapStats allows users to search for <strong>state, county, city, congressional district, or Federal judicial district data</strong> (demographic, economic, and geographic).</p><p> Quick link: <a href="http://www.fedstats.gov/mapstats/" target="_blank">http://www.fedstats.gov/mapstats/</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>The Penn World Table</h3><p> The Penn World Table provides purchasing power parity and national income accounts converted to international prices for 189 countries/territories for some or all of the years 1950-2010.</p><p><a href="https://pwt.sas.upenn.edu/php_site/pwt71/pwt71_form.php" target="_blank">Quick link.</a> </p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>HUD State of the Cities Data Systems</h3><p><strong><img width="200" height="200" alt="" src="/live/image/gid/4/width/200/height/200/482_hud_logo.rev.1407788472.jpg" class="lw_image lw_image482 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/200/height/200/482_hud_logo.rev.1407788472.jpg 2x, /live/image/scale/3x/gid/4/width/200/height/200/482_hud_logo.rev.1407788472.jpg 3x" data-max-w="612" data-max-h="613"/>The SOCDS provides data for individual Metropolitan Areas, Central Cities, and Suburbs.</strong> It is a portal for non-national data made available through a number of outside institutions (e.g. Census, BLS, FBI and others).</p><p> Quick link: <a href="http://www.huduser.org/portal/datasets/socds.html" target="_blank">http://www.huduser.org/portal/datasets/socds.html</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>Internal Revenue Service: Tax Statistics</h3><p><img width="155" height="200" alt="" src="/live/image/gid/4/width/155/height/200/486_irs_logo.rev.1407789424.jpg" class="lw_image lw_image486 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/155/height/200/486_irs_logo.rev.1407789424.jpg 2x" data-max-w="463" data-max-h="596"/>Find statistics on business tax, individual tax, charitable and exempt organizations, IRS operations and budget, and income (SOI), as well as statistics by form, products, publications, papers, and other IRS data.</p><p> Quick link to <strong>Tax Statistics, where you will find a wide range of tables, articles, and data</strong> that describe and measure elements of the U.S. tax system: <a href="http://www.irs.gov/uac/Tax-Stats-2" target="_blank">http://www.irs.gov/uac/Tax-Stats-2</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>Federal Reserve Economic Data (FRED®)</h3><p><strong><img width="180" height="79" alt="" src="/live/image/gid/4/width/180/height/79/481_fred-logo.rev.1407788243.jpg" class="lw_image lw_image481 lw_align_right" data-max-w="222" data-max-h="97"/>An online database consisting of more than 72,000 economic data time series from 54 national, international, public, and private sources.</strong> FRED®, created and maintained by Research Department at the Federal Reserve Bank of St. Louis, goes far beyond simply providing data: It combines data with a powerful mix of tools that help the user understand, interact with, display, and disseminate the data.</p><p> Quick link to data page: <a href="http://research.stlouisfed.org/fred2/tags/series" target="_blank">http://research.stlouisfed.org/fred2/tags/series</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>NOAA National Climatic Data Center</h3><p><img width="200" height="198" alt="" src="/live/image/gid/4/width/200/height/198/483_noaa_logo.rev.1407788692.jpg" class="lw_image lw_image483 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/200/height/198/483_noaa_logo.rev.1407788692.jpg 2x, /live/image/scale/3x/gid/4/width/200/height/198/483_noaa_logo.rev.1407788692.jpg 3x" data-max-w="954" data-max-h="945"/>NOAA’s National Climatic Data Center (NCDC) is responsible for preserving, monitoring, assessing, and providing public access to the Nation’s treasure of <strong>climate and historical weather data and information</strong>.</p><p> Quick link to home page: <a href="http://www.ncdc.noaa.gov/" target="_blank">http://www.ncdc.noaa.gov/</a></p><p> Quick link to NCDC’s climate and weather datasets, products, and various web pages and resources: <a href="http://www.ncdc.noaa.gov/data-access/quick-links" target="_blank">http://www.ncdc.noaa.gov/data-access/quick-links</a></p><p> Quick link to Text & Map Search: <a href="http://www.ncdc.noaa.gov/cdo-web/" target="_blank">http://www.ncdc.noaa.gov/cdo-web/</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>Federal Aviation Administration: Accident & Incident Data</h3><p><img width="100" height="100" alt="" src="/live/image/gid/4/width/100/height/100/80_faa-logo.rev.1402681347.jpg" class="lw_image lw_image80 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/100/height/100/80_faa-logo.rev.1402681347.jpg 2x, /live/image/scale/3x/gid/4/width/100/height/100/80_faa-logo.rev.1402681347.jpg 3x" data-max-w="550" data-max-h="550"/>The NTSB issues an accident report following each investigation. These reports are available online for reports issued since 1996, with older reports coming online soon. The reports listing is sortable by the event date, report date, city, and state.</p><p> Quick link: <a href="http://www.faa.gov/data_research/accident_incident/" target="_blank">http://www.faa.gov/data_research/accident_incident/</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>The World Bank Data (U.S.)</h3><p><img width="130" height="118" alt="" src="/live/image/gid/4/width/130/height/118/484_world-bank-logo.rev.1407788945.jpg" class="lw_image lw_image484 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/130/height/118/484_world-bank-logo.rev.1407788945.jpg 2x, /live/image/scale/3x/gid/4/width/130/height/118/484_world-bank-logo.rev.1407788945.jpg 3x" data-max-w="1406" data-max-h="1275"/>The <strong>World Bank</strong> provides World Development Indicators, Surveys, and data on Finances and Climate Change.</p><p> Quick link: <a href="http://data.worldbank.org/country/united-states" target="_blank">http://data.worldbank.org/country/united-states</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>National Center for Education Statistics</h3><p><strong><img width="400" height="80" alt="" src="/live/image/gid/4/width/400/height/80/479_nces.rev.1407787656.jpg" class="lw_image lw_image479 lw_align_right" data-max-w="400" data-max-h="80"/>The National Center for Education Statistics (NCES) is the primary federal entity for collecting and analyzing data related to education in the U.S. and other nations.</strong> NCES is located within the U.S. Department of Education and the Institute of Education Sciences. NCES has an extensive Statistical Standards Program that consults and advises on methodological and statistical aspects involved in the design, collection, and analysis of data collections in the Center. To learn more about the NCES, <a href="http://nces.ed.gov/about/" target="_blank">click here</a>.</p><p> Quick link to NCES Data Tools: <a href="http://nces.ed.gov/datatools/index.asp?DataToolSectionID=4" target="_blank">http://nces.ed.gov/datatools/index.asp?DataToolSectionID=4</a></p><p> Quick link to Quick Tables and Figures: <a href="http://nces.ed.gov/quicktables/" target="_blank">http://nces.ed.gov/quicktables/</a></p><p> Quick link to NCES Fast Facts (Note: The primary purpose of the Fast Facts website is to provide users with concise information on a range of educational issues, from early childhood to adult learning.): <a href="http://nces.ed.gov/fastfacts/" target="_blank">http://nces.ed.gov/fastfacts/#</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>