GDP grew 1.9% in the third quarter estimate for 2019, beating projected estimates. Personal income growth remained strong, allowing consumers to lead economic growth over the quarter even as they also increased personal savings. Residential investment growth, led by single family home construction, was positive for the first time since 2017—a welcome development.
Witnesses Lyman Stone, American Enterprise Institute Research Fellow and Ryan Bourne, R. Evan Scharf Chair for the Public Understanding of Economics at CATO join JEC Executive Director Scott Winship to talk family affordability.
GDP grew at 2.1% in the second quarter, beating expectations though slowing from last quarter’s 3.1% rate. The increase confirms other economic data showing we have matched the longest economic expansion on record, quarter for quarter. The annual GDP revisions also show that growth in 2017 was stronger than the original estimate—2.4%, revised up from 2.2%.
Following the JEC's second hearing, The Economic Impacts of the 2020 Census and Business Uses of Federal Data, Scott Winship was joined by Mallory Bateman, State Data Center Coordinator and Research Analyst at the Kem C. Gardner Policy Institute and Nick Eberstadt, Henry Wendt Chair in Political Economy at AEI.
Are we more divided as a nation today than we were before? Our new research within the Joint Economic Committee’s Social Capital Project suggests that we are. The findings indicate that Americans are more frequently dividing themselves geographically and along lines of education. Highly educated Americans have increasingly moved to a handful of states over the last several decades, leaving other places behind.
At the Joint Economic Committee, we believe knowledge of social capital is vital to achieving our goal of expanding economic opportunity for all Americans. Join us as we invite hearing witnesses to engage in a deeper social capital conversation on The Social Capitalists Podcast: Post-hearing Discussions with the Joint Economic Committee Republicans.