U.S. Economic News

U.S. Economic News

August 9, 2018

U.S. Economic Indicators

The headline Producer Price Index (“PPI”) for final demand was unchanged in July and is up 3.3% since July of last year.  The core — which removes the volatile prices of food, energy, and trade services — rose 0.3% and is up 2.8% on the year.  BLS Report
 
The U.S. Census Bureau reports that wholesale merchant inventories inched up 0.1% in June to $632.4 billion. 
Inventories were up 5.1% year-over-year. Census Report

Initial jobless claims fell 6,000 to 213,000 last week. The four-week moving average decreased 500 to 214,250.  DOL Report

U.S. News

Jennifer Smith of the Wall Street Journal reports that trucking capacity is critically low in the U.S. and has driven hauling rates up 29% from last year. The trucking market is now in its longest period of sustained price increases since the industry was deregulated in 1980, causing many businesses to lock in long-term contracts at exceptionally high rates to avoid further price increases. WSJ

U.S. Economic News

U.S. Economic News

August 8, 2018

U.S. News

The Wall Street Journal reports that the U.S. will move ahead with new tariffs on $16 billion of imports from China. The tariffs, which will take effect on August 23rd, are in response to what U.S. officials say is China’s unwillingness to curb unfair trade practices and the targeting of U.S. firms. WSJ

The Financial Times reports that China has retaliated against the new U.S. tariffs. China plans to implement a 25% tariff on $16 billion of imports from the U.S., including crude oil, cars, and medical equipment. FT

U.S. Economic News

U.S. Economic News

August 3, 2018

U.S. Economic Indicators

The U.S. economy added 157,000 jobs in July, below consensus. The unemployment rate edged down to 3.9%, the labor force participation rate was unchanged at 62.9%, and average hourly earnings held steady at 2.7% Y/Y. BLS Report

The U.S. trade deficit widened from $43.2 billion in May (revised) to $46.3 billion in June. The goods deficit jumped $3.1 billion while the services surplus decreased less than $0.1 billion. Census Bureau Report

The ISM Non-Manufacturing Index decreased 3.4 percentage points to 55.7 in July. The New Orders Index plunged 6.2 percentage points to 57.0 while the Employment Index rose 2.5 percentage points to 56.1. ISM Report

U.S. News

The Wall Street Journal reports that China has threatened tariffs on $60 billion of U.S. goods if the U.S. moves ahead with further tariffs on Chinese goods. The People’s Bank of China also announced that it will increase the reserve requirement for investors betting that the yuan will fall in value in an attempt to stabilize the currency, which has fallen to its lowest level against the dollar in over a year. WSJ

U.S. Economic News

U.S. Economic News

August 1, 2018

U.S. Economic Indicators

The ADP Employment Report shows that private-sector employment increased by 219,000 jobs in July, well above expectations of 173,000The services sector added 177,000 jobs and the goods-producing sector added 42,000 jobs. ADP Report


The ISM Manufacturing Index declined 2.1 percentage points to 58.1 in July. 
The Employment Index edged up 0.5 percentage point to 56.5 while the New Orders Index fell 3.3 percentage points to 60.2. ISM Report
 
Construction spending declined 1.1% in June to an annualized rate of $1.32 trillion.
Public construction dropped 3.5% while private construction edged down 0.4%. Census Report

U.S. News

The Financial Times reports that U.S. manufacturers are struggling to recruit millennials. Some manufacturers say that the inability to hire young workers is their top growth limiter and are expanding apprenticeship programs to help fill the 3.4 million manufacturing jobs projected to open over the next decade. FT

U.S. Economic News

U.S. Economic News

July 31, 2018

U.S. Economic Indicators

Real disposable personal income rose 0.3% in June while real personal consumption expenditures (PCE) increased 0.3%. The PCE price index edged up 0.1% (up 2.2% Y/Y) and the core price index also inched up 0.1% (up 1.9% Y/Y). BEA Report
 
According to the Employment Cost Index, compensation costs for civilian workers rose 0.6% in the second quarter and are up 2.8% on the year.
 Wages and salaries were up 2.8% on the year and benefit costs were up 2.9%. BLS Report

The Conference Board’s Consumer Confidence Index inched up from 127.1 (revised) in June to 127.4 in July. The increase was driven by an improvement in the Present Situation Index, while the Expectations Index declined. Conference Board Report

U.S. News

The Financial Times reports that U.S. manufacturers are struggling to recruit millennials. Some manufacturers say that the inability to hire young workers is their top growth limiter and are expanding apprenticeship programs to help fill the 3.4 million manufacturing jobs projected to open over the next decade. FT

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