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Geographic Cost of Living Differences: In Brief [March 2, 2022]
From the Document: "The 'cost of living' (COL) is an economic term referring to the amount of money people need to achieve a certain standard of living. It is largely determined by the prices of goods and services consumers must buy to reach that standard, including housing, food, energy (e.g., electricity and gas), medical care, and leisure, among many others. The federal government produces several measures of prices in the economy. For example, the Consumer Price Index and the Personal Consumption Expenditures Price Index track prices paid for goods and services by households."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2022-03-02
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How Climate Change May Affect the U.S. Economy [April 4, 2022]
From the Summary: "There is general consensus within the scientific community that human activities have increased greenhouse gas concentrations in the atmosphere and that the increased concentrations have contributed to a rise in global average temperatures. The United Nations' Intergovernmental Panel on Climate Change recently assessed, 'Overall adverse economic impacts attributable to climate change, including slow-onset and extreme weather events, have been increasingly identified.' Two of the main avenues through which climate change can affect GDP [Gross domestic product] in the short and long terms are productivity and investment effects. Productivity is a key determinant in long-term economic growth--as productivity increases, economies can produce more goods and services with the same level of resources, which in turn tends to increase well-being and income. Business investment is also a determinant of long-term growth insofar as it contributes to the domestic capital stock, which is directly related to the economy's overall productive capacity. Research suggests that climate change could negatively impact productivity and business investment, as rising temperatures and heat waves could result in lower output per worker. Declines in productivity and production could decrease businesses' incentive to invest, particularly in a scenario in which physical capital is routinely damaged or destroyed due to the effects of extreme weather events to a point where further investment becomes unattractive. Climate change can also bring some benefits (such as fewer extreme cold events) and opportunities (opening of Arctic shipping lanes), although the net effects of climate change on the economy are generally expected to be increasingly adverse and widespread on net."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2022-04-04
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Supply Disruptions and the U.S. Economy [May 13, 2022]
From the Document: "The COVID-19 [coronavirus disease 2019] pandemic has disrupted the production of many goods and services. Although those disruptions have waned since spring 2020, some continue to constrain production, exacerbating inflationary pressures [hyperlink]. The Biden Administration has announced a series of initiatives to address supply chain disruptions, which are detailed in CRS [Congressional Research Service] Insight IN11927 [hyperlink]. This Insight discusses some of the factors contributing to supply disruptions and policy considerations surrounding this issue."
Library of Congress. Congressional Research Service
Labonte, Marc; Weinstock, Lida R.
2022-05-13
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Summary of Selected Biden Administration Actions on Supply Chains [May 13, 2022]
From the Document: "This CRS [Congressional Research Service] Insight presents selected Biden Administration actions on supply chains. The U.S. economy has faced many supply disruptions and bottlenecks since the beginning of the COVID-19 [coronavirus disease 2019] pandemic. These supply issues have contributed to high inflation throughout 2021 and thus far in 2022. For more information on supply chain disruptions and their effect on the U.S. economy, see CRS Insight IN11926 [hyperlink]. The first section of this Insight focuses on select executive orders signed by President Biden aimed at supply chain issues. The second section focuses on other Administration actions and goals to reduce supply chain disruptions and bottlenecks. Both sections are organized in chronological order. Each header provides a hyperlink to a description of the action in question."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2022-05-13
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U.S. Economic Recovery in the Wake of COVID-19: Successes and Challenges [May 31, 2022]
From the Introduction: "The COVID-19 [coronavirus disease 2019] pandemic caused an unprecedented disruption to the basic functioning of the economy in spring 2020. According to the National Bureau of Economic Research (NBER), an independent, nonprofit research group, the U.S. economy experienced a two-month recession in March and April of 2020. The recession was the deepest since the Great Depression, with gross domestic product (GDP) falling by the largest percentage in one quarter in the history of the data series and unemployment rising to its highest monthly rate in the history of that series. Just as economic activity had declined at a historically fast pace, it also started to recover at a historically fast pace. In May 2020, a new economic expansion began, spurred in large part by the historic nature of both fiscal and monetary stimulus throughout the initial months of the pandemic. The recovery continued throughout 2020 and 2021, bolstered by additional stimulus, the gradual loosening of travel restrictions and stay-at-home orders, and the eventual rollout of COVID-19 vaccines and treatments. [...] This report details the initial economic impact of the pandemic and the ways in which the economy has recovered and continues to recover. This report further explores the ways in which this shock and recovery have been unusual and what this all might mean for the economy in the coming months and years."
Library of Congress. Congressional Research Service
Labonte, Marc; Weinstock, Lida R.
2022-05-31
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Summary of Selected Biden Administration Actions on Supply Chains [Updated June 14, 2022]
From the Document: "This CRS [Congressional Research Service] Insight presents selected Biden Administration actions on supply chains. The U.S. economy has faced many supply disruptions and bottlenecks since the beginning of the COVID-19 [coronavirus disease 2019] pandemic. These supply issues have contributed to high inflation throughout 2021 and thus far in 2022. For more information on supply chain disruptions and their effect on the U.S. economy, see CRS Insight IN11926 [hyperlink]. The first section of this Insight focuses on select executive orders signed by President Biden aimed at supply chain issues. The second section focuses on other Administration actions and goals to reduce supply chain disruptions and bottlenecks. Both sections are organized in chronological order. Each header provides a hyperlink to a description of the action in question."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2022-06-14
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Post-Pandemic Labor Market and Rising Inflation [Updated November 22, 2021]
From the Document: "As measured by the Consumer Price Index [hyperlink] (CPI), published by the Bureau of Labor Statistics (BLS), inflation has increased relatively quickly throughout 2021. In October 2021, CPI inflation was 6.2% (measured by the percent change from October 2020), significantly higher than the sub 2% inflation that had become commonplace since the 2008 financial crisis. There are several reasons this could be occurring, and some have pointed to the labor market as an explanation. This Insight discusses the theoretical connection between the state of the labor market and inflation, recent trends in the labor market, and the dynamics between current labor market conditions and rising inflation in the economy."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-11-22
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Introduction to U.S. Economy: Inflation [Updated November 22, 2021]
From the Document: "'Inflation' is defined as a general increase in the price of goods and services across the economy, or, in other words, a general decrease in the value of money. Conversely, deflation is a general decrease in the price of goods and services across the economy, or a general increase in the value of money. As inflation occurs, individuals can purchase fewer goods and services with the same amount of money. For this reason, an individual would need about $326 in 2021 to purchase the same amount of goods and services as $100 would have purchased in 1980. Measures of inflation are used to adjust money figures to keep purchasing power constant over time, allowing for more accurate comparisons across disparate time periods. Monetary figures that have been adjusted for inflation are referred to as 'real,' and non-inflation-adjusted figures are referred to as 'nominal.'"
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-11-22
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Inflation in the Wake of COVID-19 [September 1, 2021]
From the Introduction: "The COVID-19 [coronavirus disease 2019] pandemic has led to many unexpected and unprecedented economic developments. One of those developments is higher price inflation than the United States has experienced in recent decades. According to several measures, including the Consumer Price Index (CPI) and the Personal Consumption Expenditures (PCE) Index, prices have risen more rapidly than usual on both a monthly and an annual basis for several months, most notably since March 2021. [...] Inflation is a policy concern for Congress in multiple ways. First, higher prices affect spending on government programs and the capacity of government programs at a given spending level. Second, high inflation is unpopular with the general public because it erodes purchasing power. Third, rising inflation might be a leading signal of an overheating economy. [...] This report begins by explaining what inflation is and how it is measured. It then discusses the costs of inflation, as well as the costs of inflation being too low. Next, it discusses the potential causes of inflation. Then it discusses the history of inflation in the United States since World War II. Finally, it analyzes the causes and implications of the current situation and prospects for future inflation."
Library of Congress. Congressional Research Service
Labonte, Marc; Weinstock, Lida R.
2021-09-01
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COVID-19-Related Fiscal Response: Recent Actions and Future Options [August 31, 2021]
From the Document: "The federal response to the Coronavirus Disease 2019 (COVID-19) pandemic has included programs providing economic relief to individuals, businesses, and state and local governments. Expiration or exhaustion of several of these programs has generated congressional discussions on the effect extending some of these programs could have on the U.S. economy's short- and long-term performance. This Insight briefly summarizes the fiscal policy response to COVID-19, highlights some programs that are near expiration or exhaustion of funding, and discusses underlying economic issues."
Library of Congress. Congressional Research Service
Driessen, Grant A.; Weinstock, Lida R.
2021-08-31
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Breaking Down the U.S. Inflation Rate [December 21, 2021]
From the Document: "Focus on rising consumer prices has increased amid the latest data release [hyperlink] from the Bureau of Labor Statistics [hyperlink] showing that the inflation rate, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), was 6.8% over the 12 months ending November 2021, the largest 12-month increase in 39 years [hyperlink]. Inflation is generally defined as an increase in prices across the economy broadly. However, not all prices used to calculate the inflation rate increase by the same amount, and inflation rates can differ across geographic locations. This Insight examines the inflation rate across various product categories and geographic areas."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Weinstock, Lida R.
2021-12-21
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Introduction to U.S. Economy: The Business Cycle and Growth [Updated January 13, 2022]
From the Document: "On July 19, 2021, the National Bureau of Economic Research (NBER), an independent, nonprofit research group, announced that economic activity in the United States reached a post-COVID-19 [coronavirus disease 2019] pandemic onset low in April 2020 and subsequently exited a two-month recession. Economic activity did not recover to its pre-pandemic level until mid-2021. This In Focus discusses the business cycle, how recessions are determined, and potential causes and effects of these fluctuations in the economy."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2022-01-13
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Introduction to U.S. Economy: GDP and Economic Growth [Updated January 13, 2022]
From the Document: "As a result of the COVID-19 [coronavirus disease 2019] pandemic, economic activity declined rapidly in the United States in early 2020 before rebounding and surpassing pre-pandemic levels in the second quarter of 2021. The speed of the economic recovery and projections of longer-term growth are of concern to policymakers due to the connection between the economy's performance and the overall well-being of Americans. This In Focus provides an introduction to the U.S. economy, including how economists measure its performance and the factors that influence its long-run trajectory."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Weinstock, Lida R.
2022-01-13
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Infrastructure and the Economy [Updated November 29, 2021]
From the Summary: "Infrastructure investment has received renewed interest of late, with both President Biden and some Members of Congress discussing the benefits and costs of such spending and what investments should be considered part of infrastructure. 'Infrastructure investment' or 'infrastructure reform' can describe a wide array of activities in policy discussions, depending on the context. In general, infrastructure has historically referred to longer-lived, capital-intensive systems and facilities, such as roads, bridges, and water treatment facilities. Partly owing to the amorphous definition of 'infrastructure', there is no set method for measuring infrastructure investment. For public infrastructure, economists often use a measure called government investment. Infrastructure is a critical factor in the modern economy, enabling private businesses and individuals to produce goods and services more efficiently. With respect to overall economic output, increased public infrastructure spending generally leads to higher economic output in the short term by stimulating demand and in the long term by increasing overall productivity. The short-term impact on economic output largely depends on the type of financing (whether deficit-financed or deficit-neutral investment) and the state of the economy (whether in a recession or expansion). The long-term impact on economic output is also affected by the method of financing, due to the potential for 'crowding out' of private investment when investments are deficit financed. Economists also expect the type of infrastructure--whether in roads, railways, airports, utilities, or public buildings--to affect the impact on economic output."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-11-29
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COVID-19: Government Resources for Real-Time Economic Indicators [Updated January 13, 2021]
From the Document: "This CRS [Congressional Research Service] Insight presents select real-time economic indicators that attempt to measure the impact of the Coronavirus Disease 2019 (COVID-19) pandemic on the U.S. economy. Created by select federal government agencies, these new or unique indicators attempt to measure the demographic, social, and economic impacts of COVID-19 in real-time, or on a weekly or monthly basis, rather than quarterly or annually."
Library of Congress. Congressional Research Service
Jennings, Julie; Weinstock, Lida R.
2021-01-13
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COVID-19: Government Resources for Real-Time Economic Indicators [Updated August 10, 2021]
From the Document: "This CRS [Congressional Research Service] Insight presents select real-time economic indicators that attempt to measure the impact of the Coronavirus Disease 2019 (COVID-19) pandemic on the U.S. economy. Created by select federal government agencies, these new or unique indicators attempt to measure the demographic, social, and economic impacts of COVID-19 in real-time, or on a weekly or monthly basis, rather than quarterly or annually."
Library of Congress. Congressional Research Service
Jennings, Julie; Weinstock, Lida R.
2021-08-10
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High Home Prices: Contributing Factors and Policy Considerations [February 18, 2022]
From the Document: "Home prices have been rising over the past decade, with the rise accelerating during the COVID-19 [coronavirus disease 2019] pandemic[.] [...] Policymakers and the public have expressed concern over the impact high home prices may have on individuals, society, and the economy. This In Focus reviews a number of factors that have contributed to high home prices and discusses selected policy considerations. [...] There are several potential factors contributing to the rise in home prices, both over the past decade and since the start of the pandemic. But at the heart of the rise in home prices is the interaction between supply and demand: There are more people who want to buy homes than there are homes for sale. As a result, prices have increased. The upward trend in home prices over the last decade started in mid- to late 2011 partly as demand rose with an improvement in household incomes and balance sheets (and the economy) after the 2007-2009 financial crisis and housing bubble burst. Accompanying the recovery was the start of a general downward trend in mortgage interest rates that has been attributed to a number of factors, including Federal Reserve (Fed) policy, slower than expected economic growth following the financial crisis, a global savings glut, and aging demographics. Mortgage rates continued to hover around historic lows into 2022, supporting home-buying demand. More recently, changes in household behavior during the pandemic have further pushed up demand."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Weinstock, Lida R.
2022-02-18
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COVID-19: Household Debt During the Pandemic [Updated May 6, 2021]
From the Introduction: "This report explores household debt since the COVID-19 [coronavirus disease 2019] pandemic began. First, it describes the effects the pandemic has had on unemployment and income losses, followed by a discussion of observed trends in household debt and delinquencies. Then, the report highlights two important policy impacts that influenced these trends: consumer loan forbearance and macroeconomic policy to support households during the economic recession. Lastly, the report discusses the uncertain outlook for household finances and consumer debt markets."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Mullins, Maura; Weinstock, Lida R.
2021-05-06
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Infrastructure and the Economy [July 1, 2021]
From the Summary: "Infrastructure investment has received renewed interest of late, with both President Biden and some Members of Congress discussing the benefits and costs of such spending and what investments should be considered part of infrastructure. 'Infrastructure investment' or 'infrastructure reform' can describe a wide array of activities in policy discussions, depending on the context. In general, infrastructure has historically referred to longer-lived, capital-intensive systems and facilities, such as roads, bridges, and water treatment facilities. Partly owing to the amorphous definition of 'infrastructure', there is no set method for measuring infrastructure investment. For public infrastructure, economists often use a measure called government investment."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-07-01
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COVID-19 and the U.S. Economy [Updated May 11, 2021]
From the Introduction: "This report provides a synopsis of the economic conditions caused by the pandemic and the theoretical context for how and why economic conditions deteriorated so rapidly in many cases. The report discusses the following economic indicators: employment and unemployment, GDP [gross domestic product] and its components, saving, productivity, and inflation. The report then discusses the impacts of fiscal and monetary policy on the economy, most specifically on GDP and personal income. Finally, the report closes with a discussion about the economic landscape moving forward and the potential lasting impacts to the economy from both the pandemic and the recession."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-05-11
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Is High Inflation a Risk in 2021? [April 6, 2021]
From the Document: "Assuming public health continues to improve, many economists project rapid economic growth in 2021. The unprecedented fiscal [hyperlink] and monetary [hyperlink] stimulus in response to the COVID-19 [coronavirus disease 2019] pandemic is also expected to continue in 2021. Some observers have questioned whether the combination of stimulus and rapid growth will result in rising prices [hyperlink]. [...] The economy experienced persistently high inflation in the 1970s and early 1980s [hyperlink], last reaching double-digits in 1981. Most economists believe this high inflation was caused by overly expansionary monetary and fiscal policies, along with significant increases in energy prices. Additionally, as expectations of higher inflation became incorporated into consumer and business decisions, these expectations contributed to actual increases in inflation. The Federal Reserve (Fed) raised short-term interest rates significantly in the early 1980s, which successfully brought inflation down quickly, though at the cost of a recession."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Labonte, Marc; Weinstock, Lida R.
2021-04-06
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COVID-19: Government Resources for Real-Time Economic Indicators [Updated November 19, 2020]
From the Document: "This CRS [Congressional Research Service] Insight presents select real-time economic indicators that attempt to measure the impact of the Coronavirus Disease 2019 (COVID-19) pandemic on the U.S. economy. Created by select federal government agencies, these new or unique indicators attempt to measure the demographic, social, and economic impacts of COVID-19 in real-time, or on a weekly or monthly basis, rather than quarterly or annually."
Library of Congress. Congressional Research Service
Jennings, Julie; Weinstock, Lida R.
2020-11-19
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Introduction to U.S. Economy: Unemployment [Updated November 6, 2020]
From the Document: "The U.S. economy has seen historically high levels of unemployment as a result of the Coronavirus Disease 2019 (COVID-19) pandemic. This In Focus provides an introduction to the official unemployment rate and alternative measures of unemployment, briefly examines the reasons for unemployment, and places the unemployment rate in a broader economic context."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2020-11-06
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COVID-19: How Quickly Will Unemployment Recover? [Updated November 6, 2020]
From the Document: "Because of effects of the Coronavirus Disease 2019 (COVID-19) pandemic, the United States has seen both high unemployment levels and record rates of change in those levels. This has made it difficult to forecast unemployment from one month to the next. This Insight discusses the current state of unemployment, how unemployment might change over the next few years, and what those changes would mean for the economy."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2020-11-06
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COVID-19: Employment Across Industries [January 5, 2021]
From the Document: "The nature of the Coronavirus Disease 2019 (COVID-19) pandemic has caused differing economic outcomes across industries. Certain industries, such as those that require in-person contact, have been affected more than others by stay-at-home orders, social distancing mandates, and fears of the virus. This Insight discusses which industries have been hardest hit by the pandemic."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-01-05
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Introduction to U.S. Economy: Productivity [Updated June 30, 2021]
From the Document: "Productivity is broadly defined as the ratio of outputs to inputs. With respect to the economy, productivity measures how efficiently goods and services can be produced by comparing the amount of economic output with the amount of inputs (labor, capital, etc.) used to produce those goods. Policymakers are interested in productivity because productivity growth is generally the most consequential determinant of long-term economic growth and substantive improvements in individual living standards."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-06-30
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Introduction to U.S. Economy: The Business Cycle and Growth [Updated January 4, 2021]
From the Document: "On June 8, 2020, the National Bureau of Economic Research (NBER), an independent, nonprofit, research group, determined that economic activity in the U.S. peaked in February 2020 and that the economy subsequently entered into a recession in the same month. On a quarterly basis, economic activity peaked in the fourth quarter of 2019. This In Focus discusses the business cycle, how recessions are determined, and potential causes and effects of these fluctuations in the economy."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-01-04
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Introduction to the U.S. Economy: GDP and Economic Growth [Updated October 30, 2020]
From the Document: "As a result of the Coronavirus Disease 2019 (COVID-19) pandemic, economic activity declined rapidly in the United States in early 2020 and remains below pre-pandemic levels, despite gross domestic product growth being positive in the third quarter of 2020. The speed of the economic recovery and projections of longer-term growth are of concern to policymakers due to the connection between the economy's performance and the overall wellbeing of Americans. This In Focus provides an introduction to the U.S. economy, including how economists measure its performance and the factors that influence its long-run trajectory."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Weinstock, Lida R.
2020-10-30
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Introduction to U.S. Economy: GDP and Economic Growth [Updated January 4, 2021]
From the Document: "As a result of the Coronavirus Disease 2019 (COVID-19) pandemic, economic activity declined rapidly in the United States in early 2020 and remains below pre-pandemic levels, despite gross domestic product growth being positive in the third quarter of 2020. The speed of the economic recovery and projections of longer-term growth are of concern to policymakers due to the connection between the economy's performance and the overall wellbeing of Americans. This In Focus provides an introduction to the U.S. economy, including how economists measure its performance and the factors that influence its long-run trajectory."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Weinstock, Lida R.
2021-01-04
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Post-Pandemic Labor Market and Rising Inflation [July 28, 2021]
From the Document: "As measured by the Consumer Price Index [hyperlink] (CPI), published by the Bureau of Labor Statistics (BLS), inflation has increased relatively quickly during the first several months of 2021. In June 2021, CPI inflation was 5.4% (measured by the percent change from June 2020), significantly higher than the sub 2% inflation that had become commonplace since the 2008 financial crisis. There are several reasons this could be occurring, and some have pointed to the labor market as an explanation. This Insight discusses the theoretical connection between the state of the labor market and inflation, recent trends in the labor market, and the dynamics between current labor market conditions and rising inflation in the economy."
Library of Congress. Congressional Research Service
Weinstock, Lida R.
2021-07-28
