U.S. Economic News

June 28, 2018

U.S. Economic Indicators

The third estimate of Q1 GDP indicates that the U.S. economy expanded at an annualized rate of 2.0%, below the second estimate of 2.2%. The reading reflects healthy business investment, mediocre consumer spending, and weak residential investment. BEA Report
 
Initial jobless claims rose 9,000 to 227,000 last week. 
The four-week moving average increased 1,000 to 222,000.  DOL Report

U.S. News

The Wall Street Journal reports that some economists have recently upgraded their expectations for second-quarter U.S. growth. The upgrade comes amid a smaller-than-expected trade deficit in May, though economists warn that the smaller deficit may be due to companies exporting key goods ahead of expected tariffs. WSJ

Patricia Cohen of the New York Times writes that with unemployment at a multidecade low, firms are competing to hire a shrinking pool of foreign workers. U.S. employers have struggled to fill vacant job postings as the labor market has tightened, and have begun hiring temporary foreign workers, especially for lower-paying service jobs like landscaping and housekeeping. NYT

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