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Representative David Schweikert - Vice Chairman

More Good Economic News Released Last Week…

More Good Economic News Released Last Week…

WEEKLY ECONOMIC UPDATE 
May 21 – May 25
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Chart of the Week
More Good Economic News Released Last Week…

The Fed’s industrial production index, which measures the U.S. production of tangible goods, such as cars, electronics, medical equipment, etc.—registered “unequivocal strength” last month. For this month, the New York and Philly Federal Reserve banks’ manufacturing survey data from those banks’ districts (leading indicators for the industrial production index) showed greater strength than expected. The New York Fed survey indicated that “new orders have been very strong” and that “employment continues to grow,” while the new orders component of the Philadelphia Fed’s Manufacturing Business Outlook Index registered a 45-year high.

UPCOMING JEC HEARING
Breaking through the Regulatory Barrier: What Red Tape Means for the Innovation Economy

Tuesday, May 22, 2018, at 2:30 p.m., in room 1100 of the Longworth House Office Building. More details about the hearing here.

CHAIRMAN’S UPDATE
How tax reform brings opportunity to poor neighborhoods

Chairman Paulsen’s op-ed echoed the findings of JEC’s hearing last week on Opportunity Zones:

“As a component of the Tax Cuts and Jobs Act, Opportunity Zones are intended to incentivize long-term private investment into low-income areas, based on the Census. This approach allows state governors, and not Washington central planners, to select 25 percent of the state’s low-income census tracts as Opportunity Zones…[These] have the potential to bring long-term capital investments into struggling communities, which will hopefully lead to sustained economic growth. However, they will have a much better chance of succeeding if they are accompanied by market-friendly taxation and regulation, as well as better schooling and training policies. Federal tax reform and deregulation will help; but, to maximize Opportunity Zone benefits, state and local governments should facilitate further market-friendly reforms.”

LAST WEEK
News & Commentary

Economy Starts Second Quarter on Solid Footing (Economics21)
Leading indicators up for sixth straight month (CNBC)
Tucked Into the Tax Bill, a Plan to Help Distressed America (New York Times)
Federal Qualified Opportunity Zones (National Law Review)

FOR MORE ECONOMIC UPDATES IN A PRINTABLE FORMAT, CLICK HERE.

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