U.S. Economic News

July 18, 2018

U.S. Economic Indicators

Privately-owned housing starts plunged 12.3% in June to a seasonally adjusted annual rate of 1.17 million (down 4.2% year-over-year). Housing permits edged down 2.2% to a 1.27 million annual pace in June and are down 3.0% on the year.  Census Bureau Report

U.S. News

The Wall Street Journal reports that Fed Chairman Jerome Powell says that the U.S. economy is performing well and that the Fed should continue raising interest rates. However, Powell also highlighted the risk of permanently higher tariffs resulting from escalating trade tensions, which could force the Fed to slow the pace of rate hikes. WSJ

According to the Wall Street Journal, U.S. seaborne imports into west-coast ports surged in June as importers stocked up on key goods in advance of new tit-for-tat tariffs. Although Chinese goods make up some 70% of imports to key ports in California, just 7% of goods would be affected by this round of tariffs. WSJ

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