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11/3/06
Press
Release

#109-103

 

WASHINGTON, D.C. – Payroll employment rose by 92,000 in October, following upwardly revised increases of 148,000 in September and 230,000 in August, according to new data released today by the Bureau of Labor Statistics (BLS). The household survey measure of employment jumped by 437,000 in October, while the unemployment rate fell to 4.4 percent, its lowest level in 5 years. Chairman Jim Saxton made the following statement on the new labor market data:

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10/30/06
Press
Release

#109-102

 

WASHINGTON, D.C. – Personal income, after accounting for inflation and taxes, jumped 0.8 percent in September and 3.9 percent over the last year, according to new data released today by the Commerce Department. The decline in energy prices helped boost this measure of income -- real disposable personal income -- and recently has had similar effects on other measures of income and earnings. Chairman Jim Saxton made the following statement regarding the new data:

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10/27/06
Press
Release

#109-101

 

WASHINGTON, D.C. – Inflation-adjusted gross domestic product (GDP) advanced at an annual rate of 1.6 percent in the third quarter of 2006 and 2.9 percent over the last year. In the third quarter of 2006, consumer spending increased 3.1 percent, while equipment and software investment rose 6.4 percent. However, a decline in residential investment shaved over one percentage point off the growth rate in the last quarter. The Commerce Department data release “emphasized that the third-quarter ‘advance’ estimates are based on source data that are incomplete or subject to further revision…”

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10/25/06
Press
Release

#109-100

 

WASHINGTON, D.C. – The Federal Reserve’s expectation of continued economic growth is consistent with the Fed’s decision today to leave short-term interest rates unchanged.  The Fed noted a “high level of resource utilization” in connection to inflation, but stated that “inflation pressures seem likely to moderate over time.”

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10/18/06
Press
Release

#109-99

 

WASHINGTON, D.C. – Inflation-adjusted earnings advanced 2.2 percent over the last year, according to new data released today by the Bureau of Labor Statistics (BLS). The new BLS data for real weekly earnings of workers holding production and nonsupervisory jobs cover the 12-month period ending in September 2006. Between August and September of 2006, real weekly earnings jumped 1 percent. Chairman Jim Saxton made the following statement regarding the new BLS data:

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10/17/06
Press
Release

#109-98

 

WASHINGTON, D.C. – The past few years have seen a dramatic increase in the popularity of online gaming and the virtual economies that accompany them. The population of these online worlds has been estimated to exceed 10 million people worldwide. Because of their newness, some uncertainty exists regarding taxes and intellectual property rights.

Download Press Release#109-98 in PDF format

10/11/06
Press
Release

#109-97

 

WASHINGTON, D.C. – A 12 percent jump in 2006 federal revenues exceeded projections and cut the 2006 budget deficit to an estimated $248 billion, the Treasury Department announced today. The new deficit estimate is $88 billion below the $336 billion baseline level projected by the Congressional Budget Office (CBO) last March, and $71 billion below its actual 2005 level. Chairman Jim Saxton made the following statement on the new budget data:

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10/10/06
Press
Release

#109-96

 

WASHINGTON, D.C. – The Organization of Petroleum Exporting Countries (OPEC) is once again conspiring to reduce oil production to keep oil prices artificially high, Chairman Jim Saxton of the Joint Economic Committee said today. According to OPEC officials, the cartel is discussing a plan to cut oil production by about 1 million barrels per day to prevent further declines in oil prices from extremely high levels. Over the last two months, oil prices have fallen about 20 percent to about $60 per barrel, a level still over twice as high as the last OPEC target band of $22-$28 per barrel.

Download Press Release#109-96 in PDF format

10/06/06
Press
Release

#109-95

 

WASHINGTON, D.C. – Employment continued to advance in September, and a large upward revision to past employment data will show that employment growth has been significantly stronger than previously reported, Chairman Jim Saxton said today.

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9/22/06
Press
Release

#109-94

 

    WASHINGTON, D.C. – The share of income taxes paid by the top half of taxpayers reached its highest level in decades, according to new IRS data released today. According to the new data, the top half of taxpayers ranked by income paid 96.70 percent of the individual income taxes paid in 2004, compared to 86.05 percent in 1949, 89.35 percent in 1959, and 90.27 percent in 1969.

Download Press Release #109-94 in PDF format 9/22/06
Download IRS data in PDF format

9/19/06
Press
Release

#109-93

 

   WASHINGTON, D.C. – The Federal Reserve’s decision last August to pause in raising short-term interest rates is supported by recent economic data, Chairman Jim Saxton said today. Not only do short-term interest rates remain higher than long-term rates, but recent data, including commodity prices, suggest that inflation pressures may be easing. Today the Bureau of Labor Statistics released figures showing that the core producer price index (PPI) fell 0.4 percent in August, following a slightly smaller decline in July. The Fed had raised short-term interest rates 17 consecutive times until its decision to pause last August, a significant tightening of monetary policy whose impact will continue to affect the economy for some time.

Download Press Release #109-93 in PDF format 9/19/06

9/13/06
Press
Release

#109-92

 

    WASHINGTON, D.C. – A sustained plunge in oil prices would increase real household income and lower production costs, boosting the economy in the remainder of 2006 and in 2007, Chairman Jim Saxton of the Joint Economic Committee (JEC) said today.  Over the last six weeks crude oil prices have declined from $77 to under $65 per barrel, with many analysts predicting further declines.  Gasoline prices have also fallen in recent weeks.

Download Press Release #109-92 in PDF format 9/13/06

9/06/06
Press
Release

#109-91

 

....WASHINGTON, D.C. – The real value of nonfarm hourly compensation has increased 3.6 percent over the last year, according to new data released today by the Bureau of Labor Statistics (BLS). This measure of labor compensation includes not only wages and salaries, but also employer-provided employee benefits. As the BLS has noted in its international comparisons of compensation, earnings measures “do not include all items of labor compensation; and the omitted items of compensation frequently represent a large proportion of total compensation.” The compensation data were reported today in a BLS release on productivity and costs.

Download Press Release #109-91 in PDF format 9/06/06

9/01/06
Press
Release

#109-90

 

....WASHINGTON, D.C. – The newly reported employment gains in August are consistent with the pattern of continued economic growth seen in other recent economic data, Chairman Jim Saxton said today. According to the Bureau of Labor Statistics, nonfarm payroll employment advanced by 128,000, and the unemployment rate edged down to 4.7 percent. Though the pace of economic growth has moderated from the rapid and unsustainable 5.6 percent rate of the first quarter, economic output and employment continue to rise. Chairman Saxton made the following statement about the new employment data:

Download Press Release #109-90 in PDF format 9/01/06

 
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8/30/06
Press
Release

#109-89

 

....WASHINGTON, D.C. – The rate of economic growth in the second quarter of 2006 was revised upward to 2.9 percent, the Commerce Department announced today. This growth rate measures the increase in inflation-adjusted gross domestic product (GDP) -- the output of goods and services produced in the United States. Chairman Jim Saxton of the Joint Economic Committee issued the following statement:

Download Press Release #109-89 in PDF format 8/30/06

8/30/06
Press
Release

#109-88

 

....WASHINGTON, D.C. – The 2005 increase in median household income is welcome news, Chairman Jim Saxton said today. According to the Census Bureau release this morning, inflation-adjusted median household income climbed to $46,326 last year. Relative to the median, half of all household incomes rank higher and half lower. The Census release also showed that the poverty rate and the level of income inequality were statistically unchanged in 2005.

Download Press Release #109-88 in PDF format

 
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7/27/06
Press
Release

#109-87

 

....WASHINGTON, D.C. – There are at least five major problems Chinese policymakers must surmount to ensure China’s future economic health,  according to a new Joint Economic Committee study released today by Chairman Jim Saxton.  The study, Five Challenges That China Must Overcome to Sustain Economic Growth, examines unfavorable Chinese demographic trends; corruption and a weak rule of law; financially distressed state affiliated enterprises; unsound banking practices; and domestic and international imbalances.

Download Press Release #109-87 in PDF format

7/25/06
Press
Release

#109-86

 

....WASHINGTON, D.C. – It is a pleasure to welcome Mr. Simons and the members of our second panel of witnesses before the Committee today.  Given the course of events in the Middle East, this hearing on energy and the Iranian economy is very timely. 

Download Press Release #109-86 in PDF format

7/21/06
Press
Release

#109-85

 

....WASHINGTON, D.C. – Budget problems faced by the International Monetary Fund (IMF) have been exacerbated by excessive IMF interest rate subsidies, Chairman Jim Saxton said today.  Regardless of whether IMF lending is trending up or down, the IMF charges artificially low interest rates, and this practice reduces the income available to cover its costs.  Recently, IMF lending has been falling, eroding the IMF’s budget situation.

Download Press Release #109-85 in PDF format

7/17/06
Press
Release

#109-84

 

....WASHINGTON, D.C. – The rise of industrial production in June is consistent with solid economic growth, Chairman Jim Saxton said today.  The Federal Reserve reported today that industrial production increased 0.8 percent in June, and 4.5 percent over the last 12 months.  Saxton made the following statement regarding the new figures: 

Download Press Release #109-84 in PDF format

7/11/06
Press
Release

#109-83

 

....WASHINGTON, D.C. – Robust economic growth in recent years has caused a surge in federal revenue that has pushed the budget deficit from $413 billion in fiscal 2004 to about $300 billion in 2006, Chairman Jim Saxton said today.  Both the Congressional Budget Office (CBO) and the Office of Management and Budget (OMB) report that federal revenue growth continues to exceed levels projected in 2006.  Saxton made the following statement regarding the surge in federal revenue:

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6/29/06
Press
Release

#109-82

 

....WASHINGTON, D.C. – The 17th consecutive 25 basis point increase in short-term interest rates by the Federal Reserve, and questions about how to interpret Fed policy, highlight the need for a more formal adoption of inflation targets, Joint Economic Committee Chairman Jim Saxton said today.  Today the Federal Reserve increased the federal funds rate to 5.25 percent.

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6/27/06
Press
Release

#109-81

 

....WASHINGTON, D.C. – It is a pleasure to welcome Chairman Lazear of the President’s Council of Economic Advisers (CEA) before the Joint Economic Committee (JEC) this morning.  The CEA and the JEC share a common history, and we value the good relationship that we have had over many years.  I would also like to welcome the members of the second panel, Dr. Mickey Levy, and Dr. Brad Setser.

Download Press Release #109-81 in PDF format
Download Chairman Edward P. Lazear's Statement

6/26/06
Press
Release

#109-80

 

....WASHINGTON, D.C. – Huge reserves of unconventional oil in Canada and their accelerated development will undermine the OPEC oil cartel in coming years, according to a new Joint Economic Committee (JEC) study released today by Chairman Jim Saxton.  According to the study, Canadian Oil Sands: A New Force in the World Oil Market, estimates of proven oil reserves rank Canada second only to Saudi Arabia, with the possibility that Canada’s reserves may be even larger.  Strong economic incentives would exist, even with oil prices at half the current level, to ramp up oil sands production and more than double output in ten years.

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5/30/06
Press
Release

#109-79
 

....WASHINGTON, D.C. – The international oil cartel should end its system of production restrictions and plan to expand investments in production capacity when it meets June 1, Chairman Jim Saxton said today.  Although the restrictive practices of the OPEC cartel are not the only reason for high oil prices, they remain important.  A recent report by the nonpartisan Congressional Research Service (CRS) noted that among the events “leading up to the crisis,” were “Decisions by the Organization of Petroleum Exporting Countries (OPEC) cartel, after having reduced production quotas in 2002, to raise them only slowly and reluctantly.”
Download Press Release #109-79 in PDF format

5/26/06
Press
Release

#109-78
 

....WASHINGTON, D.C. – A new study from the Federal Trade Commission (FTC) identifies the collusion of the Organization of Petroleum Exporting Countries (OPEC) as a major factor contributing to high oil prices, Chairman Jim Saxton said today. As the FTC notes, “OPEC is a functioning cartel whose activities would be illegal if undertaken by private companies.” Elsewhere, the study notes that OPEC “plays a significant role in the pricing of crude oil and, accordingly, in the pricing of gasoline.” Last November, Saxton released a JEC study examining the efforts of the OPEC cartel to manipulate the oil market.
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5/25/06
Press
Release

#109-77
 

....WASHINGTON, D.C. – Today Joint Economic Committee (JEC) Chairman Jim Saxton released Federal Reserve Chairman Ben Bernanke’s answers to questions submitted in connection with a recent JEC hearing at which Bernanke testified.  Saxton submitted additional written questions on the following topics:

  • Possibility of future increases in the federal funds rate;
  • Flexibility of inflation targeting;
  • Role of asset prices in influencing monetary policy; and
  • Recent trends in inflation, and the relative merits of the personal consumption expenditure deflator and the consumer price index as measures of inflation.
Bernanke's Answers to Saxton's Questions Released
Download Press Release #109-77 in PDF format
5/25/06
Press
Release

#109-76
 
....WASHINGTON, D.C. – The 5.3 percent economic growth rate reported today for the first quarter of 2006 shows that the U.S. expansion remains robust, Chairman Jim Saxton said today. The first quarter growth rate was revised upward from an earlier estimate of 4.8 percent.
Download Press Release #109-76 in PDF format
5/16/06
Press
Release

#109-75
 
....WASHINGTON, D.C. – The Internet is emerging as the central gateway through which most data, voice, and video communications pass, and policy must take this into account, according to a new study released today by Chairman Jim Saxton. The study, Enabling the Future: Communications Law Should Anticipate Future Trends, Avoid Stalemates Over Issues that Will Soon Become Moot, examines the potential of broadband Internet access to make available a wide array of services more conveniently and cheaply in the future.
Download Press Release #109-75 in PDF format
5/5/06
Press
Release

#109-74
 

....WASHINGTON, D.C. – The advance of employment in April pushes total payroll job gains since August of 2003 to 5.3 million, Chairman Saxton said today. This increase in employment follows a number of other indicators showing solid economic growth. The unemployment rate remained at 4.7 percent in April.
Download Press Release #109-74 in PDF format

5/2/06
Press
Release

#109-73
 

....WASHINGTON, D.C. – The trend towards increasing transparency at the Federal Reserve is important, even if Fed statements are subject to different interpretations, Chairman Jim Saxton said today. Saxton's comments came in the wake of media reports regarding conflicting interpretations of Fed Chairman Ben Bernanke's testimony last week before the Joint Economic Committee.
Download Press Release #109-73 in PDF format

5/1/06
Press
Release

#109-72
 
....WASHINGTON, D.C. – The Federal estate tax undermines economic growth, fails to reduce inequality, and harms many small businesses, according to a new study released today by Joint Economic Committee (JEC) Chairman Jim Saxton and fellow Committee members Congressman Phil English and Congressman Kevin Brady. The study, Costs and Consequences of the Federal Estate Tax, offers a wide-ranging examination of the central issues regarding the estate tax and its potential reform.
Download Press Release #109-72 in PDF format
 
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4/28/06
Press
Release

#109-71
....WASHINGTON, D.C. – The 4.8 percent first quarter growth rate of the U.S. economy is consistent with forecasts for another year of good economic performance, Chairman Jim Saxton said today. The strong first quarter showing was generally in line with the expectations of the Federal Reserve and private economists, whose forecasts project growth of about 3.5 percent in 2006. GDP growth was 4.2 percent in 2004, and 3.5 percent in 2005.
Download Press Release #109-71 in PDF format
4/27/06
Press
Release

#109-70
 

....WASHINGTON, D.C. – Chairman Bernanke, it is my pleasure to welcome you this morning before the Joint Economic Committee (JEC).  We appreciate your testimony on the economic outlook.      
Download Press Release in #109-70 PDF format

4/20/06
Press
Release

#109-69
 
....WASHINGTON, D.C. – A surge in capital gain distributions in 2005 contributed to a large increase in taxes paid by mutual fund shareholders in the most recent filing season, Chairman Jim Saxton said today. Saxton based his remarks about this growing tax burden on a new study released by the respected Lipper research organization. According to the Lipper study, long-term capital gain distributions made by mutual funds surged 152 percent from 2004 to 2005.
Download Press Release #109-69 in PDF format
4/7/06
Press
Release

#109-68
 

....WASHINGTON, D.C. – The 211,000 rise in March payroll employment reflects robust economic growth, Chairman Jim Saxton said today. Today the Bureau of Labor Statistics reported the payroll employment increase and a 4.7 percent unemployment rate for March. Saxton released the following statement:
Download Press Release #109-68 in PDF format

4/3/06
Press
Release

#109-67
 

....WASHINGTON, D.C. – The expansion of manufacturing activity in March provides another indication that economic growth in the first quarter of 2006 will prove robust, Chairman Jim Saxton said today. According to the Institute for Supply Management (ISM), its index of manufacturing activity expanded for the 34th consecutive month, although at a slightly slower pace than in the previous month. According to the ISM, the March level of its manufacturing activity index was 55.2 percent, and its average level “for January through March (55.6 percent) corresponds to a 4.7 percent increase in real gross domestic product (GDP).” Index levels above 50 percent mean that manufacturing activity is expanding.
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3/28/06
Press
Release

#109-66
 
....WASHINGTON, D.C. – The Fed’s action today raising the short-term federal funds rate to 4.75 percent, will tend to further flatten the yield curve, Chairman Jim Saxton said. The Fed’s action reflects the consensus view of economists that the economy is currently very strong. The most recent Fed forecast indicates that the economy will grow about 3.5 percent in 2006.
Download Press Release #109-66 in PDF format
3/17/06
Press
Release

#109-65
 

....WASHINGTON, D.C. – The oil cartel’s recent statements indicating that it will manipulate supply to maintain oil prices provide more evidence of its monopoly power, Chairman Jim Saxton of the Joint Economic Committee (JEC) said today. Saxton was responding to statements made by the president of the Organization of Petroleum Exporting Countries (OPEC) suggesting that OPEC will act to keep its price band around $60, more than twice its previous range of $25-$28 per barrel.

Download Press Release #109-66 in PDF format

3/15/06
Press
Release

#109-64
 

....WASHINGTON, D.C. – Overall U.S. economic performance has been better than that of the other major advanced economies over the last five years, according to a new committee report released today by Chairman Jim Saxton of the Joint Economic Committee (JEC). The new JEC report uses standard measures such as GDP, investment, employment, unemployment, productivity, inflation, and equity prices to compare the performance of the American, European, Japanese, and Canadian economies. According to the new report, U.S. Economy Outperforms Peer Group From 2001 to 2005, the U.S. had the fastest rate of economic growth, and ranked highly in most other categories between 2001 and 2005.
Download Press Release #109-64 in PDF format

3/10/06
Press
Release

#109-63
 

....WASHINGTON, D.C. – Commissioner Utgoff, it is a pleasure to welcome you once again to testify before the Joint Economic Committee.

The employment figures released today reflect more good news for American workers. According to the payroll survey, 243,000 jobs were created during the month of February. The level of the diffusion index shows that job gains were widespread last month. According to the household survey, the unemployment rate, at 4.8 percent, was statistically unchanged.
Download Statement #109-63 in PDF format

3/3/06
Press
Release

#109-62
 

....WASHINGTON, D.C. – The increase in non-manufacturing business activity reported today by the Institute for Supply Management (ISM) is another sign of economic strength in the first quarter of 2006, Chairman Jim Saxton said today. The ISM index of non-manufacturing business activity increased to a level of 60.1 percent in February; a level above 50 indicates expansion. Last Wednesday the ISM reported that its index of manufacturing activity had increased to 56.7 percent.
Download Press Release #109-62 in PDF format

3/2/06
Press
Release

#109-61
 
Vast Iranian Oil and Gas Resources Belie Regime’s Claims for Nuclear Power Needs

....WASHINGTON, D.C. – Iran’s immense oil and gas reserves undermine Iranian government claims that nuclear power is needed for energy production, according to a new report released by Joint Economic Committee Chairman Jim Saxton today. The report, Iran’s Oil and Gas Wealth, is an examination of Iranian oil and gas fields, related energy production, and oil exports. Iran has the second largest conventional oil reserves in the world, with 40 major producing oil fields, of which 27 are on-shore, and 13 off-shore. The report also notes that Iranian oil and gas reserves are significantly underdeveloped, resulting in an enormous energy output gap and a huge potential for peacefully supplying future Iranian energy needs.
Download Press Release #109-61 in PDF format

3/1/06
Press
Release

#109-60
 
Economic Indicators Signal Continued Growth

....WASHINGTON, D.C. – Increases in February manufacturing activity and January personal consumption, along with other positive data, suggest solid economic growth in the first quarter of 2006, Chairman Jim Saxton said today. Today the Institute for Supply Management (ISM) announced an increase in its index of manufacturing activity to a level of 56.7 percent in February, a level reflecting continued expansion in the factory sector. Also today, the Commerce Department reported that personal consumption expenditures increased by 0.9 percent in January.
Download Press Release #109-60 in PDF format

 
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2/16/06
Press
Release

#109-59
 
Opening Statement of Chairman Jim Saxton Economic Report of the President

....WASHINGTON, D.C. – I am pleased to welcome Dr. Katherine Baicker and Dr. Matthew Slaughter of the President’s Council of Economic Advisers before the Committee this morning. The subject of today's hearing is the Economic Report of the President. I would also like to note that the Joint Economic Committee and the Council of Economic Advisers share a common history, and we value our long-standing relationship with the Council.
Download Press Release #109-59 in PDF format

2/8/06
Press
Release

#109-58
 
Tax Incentives for Investment Boost Economic Growth

....WASHINGTON, D.C. – Extension of the 2003 tax relief legislation, and other measures to facilitate capital formation, would reduce the anti-saving bias of the income tax and thus enhance long-term economic growth, according to a new study released today by Joint Economic Committee Chairman Jim Saxton. The new study, Reducing Tax Impediments to Capital Formation, examines how the income tax system subjects saving and investment to multiple layers of taxation and thereby effectively raises their cost relative to consumption. Drawing on research in tax theory from a number of economists, the study concludes that the complementary economic interests of both investors and employees would be best served by reducing the bias against saving and investment in the income tax to facilitate long-term economic growth.
Download Press Release #109-58 in PDF format

2/3/06
Press
Release

#109-57
 
Statement of Chairman Jim Saxton: January Employment Situation

....WASHINGTON, D.C. – It is a pleasure to welcome Commissioner Utgoff and her colleagues before the Committee this morning to discuss the latest employment data.

The January employment data are good news for American workers. According to the payroll survey, employment increased by 193,000 jobs in January. Since May of 2003, more than 4.7 million jobs have been created.
Download Press Release #109-57 in PDF format

 
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1/31/06
Press
Release

#109-56
 

....WASHINGTON, D.C. – With today’s actions by the Federal Reserve to increase the federal funds rate, a pause in further interest hikes is warranted, Chairman Jim Saxton said today. With short-term and long-term term interest rates at about the same level, the flattening of the yield curve and its potential impact on the economy need to be closely evaluated by policymakers on an ongoing basis. Although underlying trends in the economy remain quite strong, the empirical work of the Federal Reserve staff on the historical impact of an inversion of the yield curve provides reason for a pause in the tightening of monetary policy.
Download Press Release #109-56 in PDF format

1/26/06
Press
Release

#109-55
 

....WASHINGTON, D.C. – The U.S. economy is now much more able to withstand energy price shocks than it was 25 years ago, according to a new Joint Economic Committee study released today by Chairman Jim Saxton. The study, Energy Prices and the Economy, examines how the U.S. economy has become more energy efficient, less energy intensive, and more resilient in recent decades. As a result, past studies suggesting that significant oil price increases would lead to sharp declines in GDP growth were not reliable guides in predicting the course of economic growth in recent years. However, higher energy prices continue to have potential negative economic effects, even if they are much less severe than during the 1970s and early 1980s.
Download Press Release #109-55 in PDF format

1/17/06
Press
Release

#109-54
 

....WASHINGTON, D.C. – The increase in industrial production in December is consistent with other data showing continued economic growth, Chairman Jim Saxton said today. According to the Federal Reserve, industrial production climbed 0.6 percent in December, rising at an annual rate of 3.8 percent for the entire fourth quarter.
Download Press Release #109-54 in PDF format

1/6/06
Press
Release

#109-53

 

....WASHINGTON, D.C. – New job figures released this morning show that the U.S. economic expansion is on track, Chairman Jim Saxton said today. According to the Bureau of Labor Statistics, payroll employment increased by 108,000 in December, while November job growth was revised upward to 305,000. Meanwhile, the unemployment rate slipped to 4.9 percent.
Download Press Release #109-53 in PDF format

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