Economic News Today !!BETTER!!

BEA produces some of the most closely watched economic statistics that influence decisions of government officials, business people, and individuals. These statistics provide a comprehensive, up-to-date picture of the U.S. economy. The data on this page are drawn from featured BEA economic accounts.

The U.S. current-account deficit narrowed by $16.5 billion, or 7.6 percent, to $200.3 billion in the third quarter of 2023, according to statistics released today by the U.S. Bureau of Economic Analysis. The revised second-quarter deficit was $216.8 billion. The third-quarter deficit was 2.9 percent of current-dollar gross domestic product, down from 3.2 percent in the second quarter.

Economic News Today

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Whose indicator will be the leading economic story of 2024? Kenny Malone with interest rates? Jeff Guo on 'Bidenomics'? Or Wailin Wong taking out junk fees? Kenny Malone, Jeff Guo, Wailin Wong/NPR hide caption

Federal Reserve Chair Jerome Powell speaks during a news conference after the central bank's policy meeting at the Federal Reserve in Washington, D.C., on Nov. 1, 2023. The Fed kept interest rates unchanged on Wednesday, but projected they would be able to lower them next year. Kevin Dietsch/Getty Images hide caption

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President Biden will sign that order today at Fort Liberty, North Carolina, currently home to the largest number of military spouses in the U.S. military. The president will be accompanied to Fort Liberty by First Lady Dr. Jill Biden, who said the executive order is one of the "most consequential" executive actions the Biden administration has taken to support military spouses.

Interest rates for borrowing are another big negative news item. In the last two years, the average interest rate on a home mortgage has doubled, and credit card interest rates have risen six percentage points. These increases have made it harder for people to buy homes and other expensive products that require borrowing. The high rates also mean households must devote more of their income to servicing their debt. Household payments on debt as a percentage of personal income are now higher than they were prior to the pandemic.

The result of this bad news is summarized in how households evaluate their personal financial situation. The Federal Reserve conducts an annual survey on this issue. The latest survey from 2022 shows the percentage of households rating their personal finances good or excellent continues to drop, extending a trend that began in 2020.

Now on to the good news. Although average consumer prices are still rising, the increases are moderating. During the summer of 2022, average consumer prices were rising 9% year-over-year. The latest year-over-year inflation rate is now 3.7%. The Federal Reserve, which is the key player in controlling inflation, has a goal of reaching a 2% year-over-year inflation rate. The 2% rate is significantly lower than the 3.8% annual average over the past 50 years.

In this blog post we discuss the stark differences in homeownership and housing wealth across racial and ethnic groups in the United States, which are key contributors to the persistence of the racial wealth gap[1] and drive differences in economic security across groups.

In addition to the substantial sense of security that housing stability provides, homeownership imparts many economic benefits to households including unique access to leverage, a hedge against rising rents, tax deductions for mortgage interest and property taxes, low capital gains taxes relative to other investments, and, crucially, a vehicle for building wealth. Households outside the top wealth decile derive more wealth from housing equity than from financial assets, businesses, or other components of non-retirement wealth.[2]

Homeownership can have some drawbacks, including high transaction costs, the lack of diversification compared to assets like index funds, the correlation of price risk with local labor market outcomes, and restricted mobility. Despite these costs to households and the macroeconomy, the benefits have largely been perceived to outweigh the costs. As such, government policy over the last century has been designed to promote homeownership by instilling additional economic benefits to homeowners in the form of the tax benefits discussed above and other policies such as tax credits for first-time homebuyers.

The disparities in homeownership rates are attributable to many factors. For one, past government policies supported white homeownership while excluding many Black households from similar benefits.[7] As an example, there is evidence that the Federal Housing Administration rarely insured loans in low-income, urban neighborhoods, where most Black Americans lived in the 1930s.[8] This exclusionary behavior prevented many Black households from owning homes and likely contributes to the persistence of racial homeownership gaps today given the positive association between parental and child homeownership.[9]

Finally, continued gaps in homeownership can be partially attributed to stark differences in other indicators of economic well-being, such as inheritances, family income, and education.[13] For instance, Black and Hispanic households get less down-payment assistance from relatives, a result of receiving markedly less intergenerational inheritances and gifts than white Americans[14] that further underscores the long-lasting benefits of wealth accumulation for households and the harms from its absence.[15] We will explore the disparities in income and education in future blog posts.

The special role that homeownership plays in wealth building and economic security underscores the need to address the disparities outlined in this blog post. Owning a home continues to be the primary source of wealth for most Americans, and efforts must be made to extend the benefits of homeownership to people who have long been shut out of the market. In addition, increasing homeownership rates for Black and Hispanic households can have long-lasting effects that spread to other households and future generations as well.[29]

CEQ today also announced that the National Academies of Sciences, Engineering, and Medicine is working toward launching a study that would assess existing environmental health and geospatial data and environmental screening tools, for the purpose of developing information that could be used to further update and improve the methodology in the CEJST.

A few cities in Japan and the Republic of Korea (for example, Nagasaki and Busan) have experienced population decline between 2000 and 2018. Several cities in countries of Eastern Europe, such as Poland, Romania, the Russian Federation and Ukraine, have lost population since 2000 as well. In addition to low fertility, emigration has contributed to the lower population size in some of these cities. Globally, fewer cities are projected to see their populations decline from today until 2030, compared to what has occurred during the last two decades.

As the world continues to urbanize, sustainable development depends increasingly on the successful management of urban growth, especially in low-income and lower-middle-income countries where the pace of urbanization is projected to be the fastest. Many countries will face challenges in meeting the needs of their growing urban populations, including for housing, transportation, energy systems and other infrastructure, as well as for employment and basic services such as education and health care. Integrated policies to improve the lives of both urban and rural dwellers are needed, while strengthening the linkages between urban and rural areas, building on their existing economic, social and environmental ties.

The US economic calendar is the most important one since the country is the largest world economy. The most important indicators mainly impact the price of the dollar, having important effects in other markets and currencies.

The organizations that publish the most meaningful indicators, the ones that carry the greatest impact in the markets, are the US Bureau of Labor Statistics, the US Bureau of Economic Analysis, the US Census Bureau and the Energy Information Administration. Of special interest are the Federal Reserve decisions, usually announced by Governor Jerome Powell.

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Patricia Abaroa brings decades of economic accounting experience to this role in which she will work to enhance and expand the agency's statistical programs and their impact and help shape the agency's highest priority research projects.

Policymakers in small states can improve long-term growth prospects by bolstering resilience to climate change, fostering effective economic diversification, and improving government efficiency. The report calls upon the global community to assist small states by maintaining the flow of official assistance to support climate-change adaptation and help restore debt sustainability. ff782bc1db