U.S. Economic News

U.S. Economic News

May 31, 2018

U.S. Economic Indicators

Real disposable personal income rose 0.2% in April while real personal consumption expenditures (PCE) increased 0.4%. The PCE price index rose 0.2% (up 2.0% Y/Y) and the core price index also increased 0.2% (up 1.8% Y/Y). BEA Report
 
Initial jobless claims fell 13,000 to 221,000 last week. 
The four-week moving average increased 2,500 to 222,250.  DOL Report

The National Association of Realtors pending home sales index declined 1.3% in April (down 2.1% Y/Y).  NAR says that pending home sales have shown few signs of breaking out, as severe inventory shortages keep many potential buyers out of the market.  NAR Report

U.S. News

The Wall Street Journal reports that the Trump administration has imposed tariffs on imports of steel and aluminum from the European Union. The tariffs come after the White House has been unable to win trade concessions from the EU, which has in turn threatened to impose tariffs on American blue jeans, bourbon, and motorcycles. WSJ

U.S. Economic News

U.S. Economic News

May 30, 2018

U.S. Economic Indicators

The second estimate of Q1 GDP indicates that the U.S. economy expanded at an annualized rate of 2.2%, below the prior estimate of 2.3%. The reading reflects weak consumer spending and residential investment, but strong contributions from business investment. BEA Report
 
The U.S. Census Bureau Advance Economic Indicators Report shows that the goods deficit narrowed to $68.2 billion in April from $68.6 billion in March.
Meanwhile, wholesale inventories were largely unchanged and retail inventories rose 0.6%. Census Bureau Report
 
The ADP Employment Report shows that private-sector employment increased by 178,000 jobs in May, slightly below expectations of 187,000. 
The services sector added 114,000 jobs and the goods-producing sector added 64,000 jobs. ADP Report

U.S. News

The Wall Street Journal reports that a severe shortage of housing in rural areas is limiting labor supplies at a time when the unemployment rate is at a seventeen-year low. Many rural areas in the U.S. have unemployment rates below the national average and high numbers of job openings, but sluggish population growth, widely dispersed populations, and high building costs have stunted growth of housing supply in rural areas, further limiting employment growth. WSJ

U.S. Economic News

U.S. Economic News

May 29, 2018

U.S. Economic Indicators

The Conference Board’s Consumer Confidence Index rose from 125.6 (revised) in April to 128.0 in May.  The increase was driven by improvements in both the Expectations Index and the Present Situation Index.  Conference Board Report

U.S. News

The Washington Post reports that President Trump says that he will proceed with tariffs on $50 billion in Chinese imports as well as limits on Chinese investment in U.S. high-tech industries. The announcement comes ahead of Commerce Secretary Wilbur Ross’s trip to Beijing this week for talks aimed at relieving trade tensions between the two countries. WaPo

According to the Wall Street Journal, credit growth slowed noticeably in the first quarter of 2018, driven in large part by a pullback in auto lending. Data from the New York Federal Reserve show that auto delinquencies have consistently climbed over the past three years, a trend that could worsen as interest rates continue to rise in coming months. WSJ

U.S. Economic News

U.S. Economic News

May 25, 2018

U.S. Economic Indicators

New orders of manufactured durable goods fell 1.7% in April after rising 2.7% (revised) in March, but are up 9.6% year-over-year. Excluding transportation, new orders edged up 0.9% (up 7.9% Y/Y).  Census Bureau Report

The University of Michigan Consumer Sentiment Index edged down 0.8 point to 98.0 in the final May reading, but is up 0.9 point on the year. The Index of Consumer Expectations rose 0.7 point to 89.1, while the Current Economic Conditions Index fell 3.1 points to 111.8. Report

U.S. News

The Wall Street Journal reports that the Congressional Budget Office (CBO) forecasts a federal budget deficit $2.3 trillion larger than the White House’s estimate for the coming decade. Compared to the White House’s budget estimate for the next ten years, the CBO projects that the government will bring in $1.9 trillion less in revenue and spend $300 billion more, reflecting different expectations of how the economy will perform. WSJ

According to the Wall Street Journal, Federal Reserve Chairman Jerome Powell said that an erosion of public trust in institutions following the Great Recession could threaten the independence of central bankers. Powell advocated for greater transparency from policy-makers as a way to boost public trust, pointing to the Fed’s recent efforts to increase disclosures about big-bank stress tests as an example. WSJ

U.S. Economic News

U.S. Economic News

May 24, 2018

U.S. Economic Indicators

Existing home sales declined 2.5% to a seasonally adjusted annual rate of 5.46 million in April, and are 1.4% below year-ago levels.  NAR notes that staggeringly low inventories have kept potential buyers out of the market, even as demand for homes has remained strong.  NAR Report
 
Initial jobless claims rose 11,000 to 234,000 last week. 
The four-week moving average increased 6,250 to 219,750.  DOL Report

The FHFA House Price Index shows that U.S. house prices rose 1.7% in the first quarter and were up 6.9% from the same period last year.  House prices rose on an annual basis in all 50 states and the District of Columbia. Report

U.S. News

The Wall Street Journal reports that President Trump has threatened to impose tariffs of up to 25% on imported cars. The move would hit some of the U.S.’ closest allies the hardest, as countries like Germany, Japan, and South Korea collectively accounted for roughly 20% of the vehicles sold in the U.S. last year. WSJ

According to the Wall Street Journal, Federal Reserve officials have signaled their intention to raise interest rates when they meet again in June. Officials also said that interest rates could move and remain above their long-run normal level for an extended period of time, as the U.S. economy is expected to operate above potential in the short term. WSJ

Page 3 of 13512345...102030...Last »