Extension Economy Resilient – (___) (___) No impact- Empirically US economy resilient Kliesen, Regional Economist, 2015 (Kevin, economist at Federal Reserve Bank, Growth Is Resilient in the Midst of Uncertainty, The Regional ) Economist, the Bank of announced a policy change that effectively caused its currency to On Aug. 11, depreciate by about 3 percent over the following two days. This action took many people by surprise. the Shanghai stock market index plunged by more than 9 percent. Then, on Aug. 24, Many global financial market participants, policymakers and economists began to worry that China was slowing more than demand-sensitive commodity prices—like those for crude most forecasters had suggested. In response, oil—fell sharply, adding to the volatility. the Dow industrial average declined by more than In the span of five trading days in late August, 1,800 points, or a little less than 11 percent, and the St. Louis Fed Financial Stress Index rose to its highest point in more than 3½ years. in the midst of this turmoil, the regular flow of data But indicated that the U.S. economy was likely to continue to advance at a moderate pace in the third quarter—somewhere around 2.5 percent. consumer spending, spurred by surging auto sales, was brisk. Second, labor market conditions First, remained vibrant. monthly job gains are 200,000; the unemployment Average thus far in 2015 nearly rate was below the median rate since 1960 housing in September 5.1 percent, well of 5.8 percent. Third, activity strengthened further in July. Home prices were continuing to increase, and homebuilder confidence was at levels last seen in 2005. construction spending Finally, because of improving finances, by state and local governments was on the upswing and hiring by them was advancing at its strongest pace since 2007.
Extension – Economy Resilient (___) (___) No impact- Empirically US economy resilient Kliesen, Regional Economist, 2015 (Kevin, economist at Federal Reserve Bank, Growth Is Resilient in the Midst of Uncertainty, The Regional Economist, ) On Aug. 11, the Bank of announced a policy change that effectively caused its currency to depreciate by about 3 percent over the following two days. This action took many people by surprise. Then, on Aug. 24, the Shanghai stock market index plunged by more than 9 percent. Many global financial market participants, policymakers and economists began to worry that China was slowing more than most forecasters had suggested. In response, demand-sensitive commodity prices—like those for crude oil—fell sharply, adding to the volatility. In the span of five trading days in late August, the Dow industrial average declined by more than 1,800 points, or a little less than 11 percent, and the St. Louis Fed Financial Stress Index rose to its highest point in more than 3½ years. But in the midst of this turmoil, the regular flow of data indicated that the U.S. economy was likely to continue to advance at a moderate pace in the third quarter—somewhere around 2.5 percent. First, consumer spending, spurred by surging auto sales, was brisk. Second, labor market conditions remained vibrant. Average monthly job gains thus far in 2015 are nearly 200,000; the unemployment rate in September was 5.1 percent, well below the median rate since 1960 of 5.8 percent. Third, housing activity strengthened further in July. Home prices were continuing to increase, and homebuilder confidence was at levels last seen in 2005. Finally, because of improving finances, construction spending by state and local governments was on the upswing and hiring by them was advancing at its strongest pace since 2007.
2-Muslim-Ban-Core_NAUDL-18-19.docx