US Job Openings Fall to 10.3 Million in Hopeful Sign for Fed

U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending November 25, 2022 which was 228,000 barrels per day more than the previous week’s ...

Good morning. It is a pleasure to be back in Michigan, although I wish I had been here to participate in the Turkey Trot last week, which is an annual tradition for my family and me. It is especially a treat to be back in Detroit, with its rich history of music, art, architecture, and industrial innovation—which I will address today. I am also delighted to see some familiar faces. Today, I would like to discuss the economic outlook and focus on one particularly important aspect of the economy: productivity. I have spent much of my career researching the ways in which American ingenuity and invention can be wellsprings of economic growth. I am here, therefore, to address the impressive innovation happening in the auto industry and what it tells us about future prospects for productivity in the U.S. manufacturing sector and in the economy more generally. I can think of no better place to do that than in the Motor City. tweet at 12:35pm: FED'S COOK: TOO SOON TO SAY INFLATION TREND TURNING MORE FRIENDLY YET tweet at 12:37pm: FED'S COOK: PRUDENT FOR FED TO HIKE IN ‘SMALLER STEPS’ AS IT MOVES FORWARD FED'S COOK: HOW FAR FED GOES WITH RATE HIKES DEPENDS ON HOW ECONOMY RESPONDS FED HAS TAKEN STRONG STEPS TO CONTROL INFLATION INTEREST RATE SENSITIVE PARTS OF ECONOMY IMPACTED BY FED RATE HIKES