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OMB: The abbrevation for Office of Management and Budget, which is an office within the Executive branch (specifically within the Office of the White House), that assists the President in various fiscal matters. Established in 1970, the Office of Management and Budget (OMB) is responsible for developing the President's annual budget request to Congress, managing the Executive Branch, and evaluating Federal government regulations. The OMB staff are appointed by the President, but unlike other appointments, they do not need Senate confirmation. The duty of preparing the fiscal budget, and what this means for fiscal policy, has made the director of the OMB one of the more influential economic positions in country, ranking just a notch below the Chairman of the Federal Reserve System's Board of Governors and the Chairman of the Council of Economic Advisors. The Congressional counterpart of the OMB is the Congressional Budget Office (CBO).
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State of the ECONOMY
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| Production/Income |
| Real average weekly earnings |
November 2016 |
$367.50 Bureau of Labor Statistics |
Constant 1982-84 dollars |
| Median weekly earnings |
Third Quarter 2016 |
$827 / week |
Up $24 from 3rd Qtr. 2015 |
| GDP: Real |
Third Quarter 2016 |
$18,675.3 Billion (Annual Rate) Source: BEA |
Up 5.0% |
| U.S. Exports |
November 2016 |
$185.8 billion |
Down 0.2% from Oct. 2016: Econ. Stat. Admin. |
| e-commerce sales |
3rd Quarter 2016 |
$101.3 billion |
Up 4.0% from 2nd Quarter 2016 US Census Bureau |
| Personal Income |
November 2016 |
$16,233.8 billion |
Up 0.1% from Oct. 2016 |
| U.S. Imports |
November 2016 |
$231.1 billion |
Up 1.1% from Oct. 2016: Econ. & Stat. Admin. |
| Private Employer Cost for Employee Compensation |
September 2016 |
$32.27 per hour |
Benefits are $10.73 / hour Source: BLS |
| Sales of New Single-Family Homes |
November 2016 |
592,000 (seasonal adjusted annual rate) |
Up % from October 2016 Source: Econ Stats Adm. |
| Productivity |
3rd Quarter 2016 |
Unchanged from a year ago |
Source: BLS |
| Real Average Hourly Earnings |
November 2016 |
$10.68 |
Up $.07 from November 2015 |
| Employment |
| U 3 Unemployment |
December 2016 |
4.7% Up from November |
Bureau of Labor Statistics |
| U.S. Job Openings |
October 2016 |
5.5 million Steady |
Bureau of Labor Statistics |
| U 6 Unemployment |
November 2016 |
9.3% Down a little |
Includes those who have given up looking. BLS |
| Prices |
| Consumer Price Index W |
November 2016 |
235.215 |
Down slightly from Oct. 2016 Source: B L S |
| Money/Interest |
| U.S. National Debt |
January 3, 2017 |
$19,951,017,689,395.11 |
Up over $1 trillion in 2016: U.S. Debt Clock |
| Federal Discount Rate |
January 3, 2017 |
1.25% |
Up 0.25% |
| Prime Rate |
January 3, 2017 |
3.75% |
Up .25% from a year ago |
| Federal Funds Rate |
January 3, 2017 |
.75% |
Up 0.25% from a year ago |
| Cyclical Indicators |
| Consumer Price Index Urban |
November 2016 |
241.353 |
Up 0.2% from Oct. 2016 Source: BLS |
| New Orders for Manufactured Goods |
November 2016 |
$458.3 billion |
Down 2.4% from Nov. 2016 Econ & Statistics Adm |
| New Orders for Manufactured Durable Goods |
November 2016 |
$228.2 billion U.S. Commerce Dept. |
Down 4.6% from Oct. 2016 |
| Business Inventories |
October 2016 |
$1,814.5 billion |
Up 2% from Oct. 2015: Econ. Stat. Admin. |
| Retail Sales |
November 2016 |
$468.05 billion |
U.S Census Bureau |
| Producer Price Index Final Demand |
November 2016 |
110.8 |
Up 0.4% from Oct. 2016 Soure: BLS.gov |
| Wholesale Inventories |
November 2016 |
$594.5 billion |
U.S. Dept. of Commerce |
| Housing Starts |
November 2016 |
1,090,000 |
Down 18.7% from Oct. 2016: U.S. Census Bureau |
| Construction Spending |
October 2016 |
$1,172.6.4 billion |
Up 0.5% from Sept. 2016 Source: Econ Stats Adm. |
| Building Permits |
November 2016 |
1,201,000 |
Do 4.7% from October 2016: U.S. Census Bureau |
| Other |
| World Population |
January 3, 2017 |
7,362,851,059 |
Higher: U.S. Census Bureau |
| U.S. Population |
January 3, 2017 |
324,321,654 |
Up again...U.S. Census Bureau |
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INCREASING-COST INDUSTRY A perfectly competitive industry with a positively-sloped long-run industry supply curve that results because expansion of the industry causes higher production cost and resource prices. An increasing-cost industry occurs because the entry of new firms, prompted by an increase in demand, causes the long-run average cost curve of each firm to shift upward, which increases the minimum efficient scale of production.
Complete Entry | Visit the WEB*pedia |
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Fighting Business Cycles With STABILIZATION POLICIESAs you may recall, the twins, Donna the Democrat and Rhonda the Republican, seldom agree on anything involving politics, economics, fashion, or flower arrangements. Their imminent entry into the Interstate OmniBank can only mean trouble. Donna, in her official capacity as economic advisor to the President of the quaint and courteous Republic of Northwest Queoldiola, is attempting to enter Interstate OmniBank anxious to borrow enough to finance the Queoldiolan government deficit. Rhonda, as the head of the central bank of the Republic of Northwest Queoldiola, is making every effort to stop her. The source of this particular confrontation between the twins is apparently the best way to eliminate a year-long recession that has struck the quaint and courteous Republic of Northwest Queoldiola.
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Visit the PEDestrian's Guide
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for door-to-door salesmen.
Your Complete Scope
This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"It is only our deeds that reveal who we are. " -- Carl Jung, psychiatrist
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ALAC
Latin American Free Trade Area
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