Weekly Economic Update: June 12 – June 16, 2017
CHART OF THE WEEK
Is Obamacare Mitigating the Opioid Crisis?
Since 1999, the largest year-over-year increases in the opioid overdose death rate were in 2014 and 2015, just after the individual mandate, Obamacare exchanges, and Medicaid expansions were implemented. While the graph does not prove that Obamacare caused a spike in the opioid-related death rate, it makes it hard to argue that Obamacare is helping. See the JEC releases below for more on the opioid crisis.
LAST WEEK
News & Commentary Weekly Highlights
Wall Street Journal: Sobering Testimony for Lawmakers Searching for Answers on Opioid Crisis
Mortgage Professional America: Financial CHOICE Act would slash deficit by billions – CBO
Wall Street Journal: Fiduciary Rule Is Now (Partially) in Effect
Bloomberg: May Vows to Stay on for Brexit After Forging Loose Alliance
Top Economic Indicator Highlights
Productivity and Costs (First Quarter 2017)
Nonfarm Labor Productivity (year-over-year percentage change)
2017Q1: 1.2% 2016Q4: 1.2% 2016Q3: 0.1% 2016Q2: -0.3%
Noteworthy: Productivity, the essential ingredient to a rising standard of living, was 1.2% higher than last year.
JEC Releases
Opioids and Obamacare: What’s the Real Story?
Tiberi: Drug Abuse Devastates Families, Degrades Communities, and Undermines Parts of the Economy
Economic Aspects of the Opioid Crisis (link to hearing video and witness testimonies)
THIS WEEK
Upcoming Economic Data and Events
Monday
Survey of Consumer Expectations (11:00am)
Tuesday
Producer Price Index (8:30am)
Wednesday
Advance Retail Sales (8:30am)
Consumer Price Index (8:30am)
Real Earnings (8:30am)
Business Inventories (10:00am)
Thursday
Empire State Manufacturing Survey (8:30am)
Exports/Imports (8:30am)
Philly Fed Manufacturing Survey (8:30am)
Industrial Production and Capacity Utilization (9:15am)
Friday
Business Leaders Survey (8:30am)
New Residential Construction (8:30am)
Atlanta Fed Business Inflation Expectations Survey (10:00am)
Michigan Consumer Sentiment (10:00am)
