U.S. Economic News

September 27, 2017

U.S. Economic Indicators

New orders of manufactured durable goods rose 1.7% in August after decreasing 6.8% in July, and are up 5.0% year-over-year.  Excluding transportation, new orders rose 0.2% (up 5.3% Y/Y).  Census Bureau Report

The National Association of Realtors pending home sales index fell 2.6% to 106.3 in August (also down 2.6% Y/Y).  NAR says this summer’s “terribly low” supply levels have drained all of the momentum from the housing market.  NAR Report

U.S. News

The Washington Post reports that the United States climbed to the world’s second-most competitive economy according to the World Economic Forum’s (“WEF”) Global Competitiveness Report. WEF economists say that the U.S. improved due to innovation and sophistication factors, while the biggest barrier to conducting business in the U.S. was found to be the tax code. WaPo

According to the Financial Times, Federal Reserve Chair Janet Yellen says that policymakers should be wary of moving too gradually on monetary policy. Yellen acknowledged that low inflation may persist for longer than previously thought, but also cautioned that without further increases in the federal funds rate, a sudden surge in inflation could overheat the economy. FT

Aaron Gregg of the Washington Post writes that the U.S. government has moved to impose tariffs of up to 219% on Canadian-made jetliners. The Commerce Department ruled in favor of U.S. jetliner producers, who had argued that their Canadian counterparts have been receiving unfair taxpayer subsidies which allow the Canadian planes to be sold in the U.S. at a discount. WaPo

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