U.S. Economic News

U.S. Economic News

June 27, 2018

U.S. Economic Indicators

New orders of manufactured durable goods edged down 0.6% in May after falling 1.0% (revised) in April, but are up 9.9% year-over-year.  Excluding transportation, new orders slipped 0.3% (up 8.2% Y/Y).  Census Bureau Report
 
The U.S. Census Bureau Advance Economic Indicators Report shows that the goods deficit narrowed to $64.8 billion in May from $67.3 billion in April.
Meanwhile, wholesale inventories rose 0.5% and retail inventories rose 0.4%. Census Bureau Report
 
The National Association of Realtors pending home sales index edged down 0.5% in May (down
2.2% Y/Y).  NAR says that the spring buying season was lackluster, as demand remained healthy but supply did not pick up in response.  NAR Report

U.S. News

The Wall Street Journal reports that the Trump administration has decided to abandon efforts to impose new limits on Chinese investment in the U.S. The move comes after a sharp selloff in equity markets after reports came out that the administration was considering invoking executive authority to impose the new restrictions. WSJ

U.S. Economic News

U.S. Economic News

June 25, 2018

U.S. Economic Indicators

The Chicago Fed National Activity Index fell  from +0.42 (revised) in April to -0.15 in May.  The production and personal consumption & housing components made negative contributions while the employment and sales components contributed positively. Chicago Fed Report

New home sales rose 6.7% to a seasonally adjusted annual pace of 689,000 in May, and are 14.1% above the May 2017 rate.  The median sales price declined to $313,000 and the inventory of new homes decreased to 5.2 months at the current sales rate. Census Bureau Report

U.S. News

The Financial Times reports that the Trump administration plans to further restrict Chinese investment in key high-tech sectors in the U.S. Although Chinese foreign direct investment in the U.S. has already plunged more than 90 percent in the first half of this year compared to the same period of 2017, the White House is expected to unilaterally declare an “economic emergency” and establish new limits on Chinese investment. FT

Josh Mitchell of the Wall Street Journal writes that student-loan forgiveness programs may end up posing a risk to some borrowers who are unable to cover the additional tax expense. Mitchell points out that the IRS treats any forgiven debt as income, so if a borrower has a significant balance of their loan forgiven they may be unable to pay the additional taxes. WSJ

U.S. Economic News

U.S. Economic News

June 22, 2018

U.S. News

The Wall Street Journal reports that OPEC has tentatively agreed to boost production by 600,000 barrels per day. The production boost comes as recent production outages in Venezuela and Libya have driven oil prices above $75 a barrel. WSJ

The New York Times reports that the European Union has placed retaliatory tariffs on $3.2 billion of U.S. goods. The tariffs, which come after recent U.S. tariffs on European steel and aluminum, apply to goods such as bourbon, motorcycles, and orange juice. NYT

U.S. Economic News

U.S. Economic News

June 21, 2018

U.S. Economic Indicators

Initial jobless claims fell 3,000 to 218,000 last week. The four-week moving average decreased 4,000 to 221,000.  DOL Report

The FHFA House Price Index shows that U.S. house prices rose 0.1% in April and were up 6.4% from the same period last year. House prices rose on a monthly basis in six of nine census divisions, with the largest gains coming in the East North Central division. Report

U.S. News

The Financial Times reports that Commerce Secretary Wilbur Ross blamed speculators for the recent sharp rise in domestic steel prices. Ross said that “intermediaries” are stockpiling steel and intentionally constricting supply and driving prices up, and that the Commerce Department would investigate these practices. FT

According to the Wall Street Journal, Germany’s largest automakers support the abolition of all import tariffs between the E.U. and U.S. The move is seen as a way to avoid an all-out trade war between the two trading partners and comes after the E.U. retaliated against U.S. tariffs on steel and aluminum. WSJ

U.S. Economic News

U.S. Economic News

June 20, 2018

U.S. Economic Indicators

Existing home sales edged down 0.4% to a seasonally adjusted annual rate of 5.43 million in May, and are 3.0% below year-ago levels.  NAR said that rising mortgage rates and higher home prices are now pushing some buyers out of the market, and drastically low inventory means that this issue is unlikely to dissipate soon.  NAR Report

U.S. News

Stephen Wilmot of the Wall Street Journal writes that while China cannot match the scale of the latest potential U.S. tariffs, China can retaliate against the U.S. in other ways. Wilmot writes that China could target specific industries with non-tariff barriers such as heightened regulations, or could block key U.S. companies from completing acquisitions of foreign firms. WSJ

According to the Wall Street Journal, President Trump’s newest round of tariffs on $200 billion of goods from China would likely hit consumers directly. Consumer products such as cell phones, computers, and apparel are the top three imports from China and would likely face duties if the U.S. moves ahead with this next round of tariffs. WSJ

Page 30 of 165« First...1020...2829303132...405060...Last »