U.S. Economic News

August 1, 2017

U.S. Economic Indicators

Real disposable personal income edged down 0.1% and real personal consumption expenditures (PCE) held steady in June. The PCE price index was unchanged (up 1.4% Y/Y) while the core price index rose 0.1% (up 1.5% Y/Y).  BEA Report

The ISM Manufacturing Index fell 1.5 percentage points to 56.3 in July.  The new orders index dropped 3.1 percentage points to 60.4 and the employment index decreased 2.0 percentage points to 55.2.  ISM Report

Construction spending fell 1.3% in June to an annualized rate of $1.2 trillion.  Public construction declined 5.4% while private construction edged down 0.1%.  Census Report

U.S. News

According to the Wall Street Journal, the Trump administration is pushing an aggressive timeline for tax reform.  The White House is confident tax reform can be achieved this year, but recognizes that it requires committee debate in September, a House floor vote in October, and a Senate vote in November — all of which may prove difficult given that legislators have been largely unable to agree on a tax plan as of yet.  WSJ

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