Press Release
For Immediate Release: 
December 20, 2019
Contact Info: 
Mariel Saez 202-225-3130
The Majority Leader’s Office is now sending a weekly e-mail highlighting economic statistics and news that Members can use as they discuss the state of the economy and how House Democrats are working to spur economic growth, support job creation, and raise wages for the people.

QUOTE OF THE WEEK: “‘We do believe that manufacturing is in a recession,’ said Sarah Crane, an economist at Moody’s Analytics. ‘That is almost always going to have a disproportionately large impact on the Midwest.’” -  Sarah Crane [New York Times, 12/19/19]

STAT OF THE WEEK: “The global economy has steadied in recent months, although global growth is expected to slow to 3% for 2019—the lowest rate since the economic crisis, the International Monetary Fund said in October. The IMF expects improvement next year, estimating 2020 global growth at 3.4%.” [The Wall Street Journal, 12/19/19]

ECONOMIC NEWS YOU MAY HAVE MISSED
  • Hiring remains sluggish in Midwest states.  “"The American economy has found its footing after a summer recession scare. ... But job growth has slowed sharply this year in Michigan, Pennsylvania... Hiring in the region has remained sluggish even as it has picked up this fall in much of the rest of the country. Other economic measures show similar weakness. ... An unexpected surge in manufacturing jobs early in Mr. Trump's term was never as pronounced in the Midwest as elsewhere in the country. Now, those states are struggling as the boom has faded. State-level data through October shows a steep drop in factory employment in Wisconsin, Pennsylvania and other states. Other data paints a somewhat rosier picture, but there is no question that growth has slowed." [New York Times, 12/19/19]
  • Gender economic gap will take 257 years to close. “This year’s Global Gender Gap Report shows us a world of work for women that is in crisis. Yet again the equality horizon in this sphere of life has receded – by a half century. The gap between men’s economic participation and women’s is now projected to take 257 years to close, up from 202 years in 2018. Just a handful of countries are approaching parity. On average, only 55% of adult women are in the labour market vs. 78% of men, and the quality of women’s employment is generally poor, unsteady and unequally paid.” [World Economic Forum, 12/19/19]
  • Home sales fall. “The number of homes for sale at the end of November was the lowest on record for the month, according to the National Association of Realtors, which began tracking this metric in 1999. There were just 1.66 million homes on the market, down 5.7% compared with November 2018. That represents a 3.7-month supply at the current sales pace, down from a 4-month supply a year ago.” [CNBC, 12/19/19] 
  • Consumer confidence increases. “While recent retail-sales data showed less momentum heading into the holiday-shopping season after two solid quarters for household purchases, a steadfast labor market, income growth and more optimism about the economy will help buttress demand. The gauge of consumer expectations has increased 7.5 points in the last two months, the most since January-February of last year.” [Bloomberg, 12/19/19]