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Read. Follow. Verify.Joint Economic Committee Hearing on the Economic Outlook (Nov 2019)
Record date · January 1, 2020
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What This Bill Does
This document is a transcript from a November 2019 Joint Economic Committee hearing featuring Federal Reserve Chairman Jerome Powell. Members of Congress and the Chairman discussed the state of the U.S. economy, including trends in unemployment, , manufacturing, and the impact of trade policies.
This hearing provides a formal record of the Federal Reserve's assessment of the national economy in late 2019, which influenced decisions affecting interest rates, inflation targets, and employment goals for all Americans.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
U.S. Workforce
Economic conditions discussed, such as unemployment rates and wage growth, directly impact the financial stability of the American workforce.
Federal Reserve
The Federal Reserve is responsible for adjusting monetary policy based on the economic outlooks discussed in such hearings.
Key Facts
- The hearing took place on November 13, 2019, before the Joint Economic Committee.
- The national unemployment rate was reported at 3.6 percent at the time of the hearing.
- The U.S. economy had experienced 109 consecutive months of job growth as of November 2019.
- GDP growth fell below 2 percent in the third quarter of 2019.
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- Manufacturing was identified as being in a recession during this period.
- Business investments had declined for two consecutive quarters prior to the hearing.
- Productivity fell in the quarter preceding the hearing for the first time since 2015.
- The Federal Reserve conducted a 'Fed Listens' tour to gather public input on economic conditions.
- The hearing included formal responses from Chairman Powell to written questions submitted by various Senators and Representatives.
Frequently Asked Questions
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News Coverage
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Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Economic Divergence
The hearing highlights a disconnect between low unemployment rates and slowing indicators in manufacturing and business investment in late 2019.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance60How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
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