U.S. Economic News

U.S. Economic News

May 14, 2018

 

U.S. News

The Wall Street Journal reports that Cleveland Fed President Loretta Mester said Monday that an improving economy may mean that the Fed needs to raise rates more quickly than she previously expected. Mester also said that she expects above-trend growth this year and next year, and that the Fed should continue removing monetary policy accommodation to avoid risks to financial stability. WSJ

According to the Wall Street Journal, gas prices are heading for $3 a gallon, which would mark the highest prices in more than three years. Analysts expect that rising fuel prices could dent consumer spending elsewhere by an annualized $38 billion as consumers face higher prices at the pump. WSJ

U.S. Economic News

U.S. Economic News

May 9, 2018

U.S. Economic Indicators

The headline Producer Price Index (“PPI”) for final demand rose 0.1% in April and is up 2.6% since April of last year. The core — which removes the volatile prices of food, energy, and trade services — also edged up 0.1% and is up 2.5% on the year. BLS Report

The U.S. Census Bureau reports that wholesale merchant inventories rose 0.3% in March to $627.4 billion. Inventories were up 5.5% year-over-year. Census Report

U.S. News

Greg Ip of the Wall Street Journal writes that rising interest rates in the U.S. are becoming a threat to many emerging market economies. Ip points to the fact that many emerging markets have dollar-denominated debt and imports, both of which become more expensive as the Fed raises interest domestic interest rates. WSJ

U.S. Economic News

U.S. Economic News

May 8, 2018

U.S. Economic Indicators

The NFIB Small Business Optimism Index inched up 0.1 point to 104.8 in April and remains near all-time highs, as four of the components rose, three fell, and three remained unchanged. The share of small business owners who are planning capital outlays in the next few months rose 3 points.  NFIB Report

U.S. News

The Job Openings and Labor Turnover Survey (“JOLTS”), a closely-watched measure of labor market health, indicated there were 6.6 million job openings at the end of March, a record high.  Hires edged down to 5.4 million while the quits rate inched up to 2.3%.  BLS Report

The Wall Street Journal reports that Federal Reserve Chairman Jerome Powell said that the Fed will communicate its interest rate policy as clearly and transparently as possible. Powell also said that the role of U.S. monetary policy in influencing capital flows into emerging markets was overstated, and that a stronger global financial system could help avoid “policy whiplash.” WSJ

U.S. Economic News

U.S. Economic News

May 7, 2018

 

U.S. News

The Wall Street Journal reports that the Trump administration is seeking an amendment to the North American Free Trade Agreement that would require a wage floor for workers in the automobile manufacturing sector. The proposed change would require 40% of the content of any duty-free autos to be produced by workers earning at least $16 per hour, which would represent more than double what many Mexican auto parts manufacturers make on an hourly basis. WSJ

In a Financial Times op-ed, former U.S. Treasury Secretary Lawrence Summers argues that the threat of secular stagnation is not gone. Summers contends that while economic growth may pick up in the near-term, the boost to growth will largely be because of stimulative fiscal and monetary policies, not due to improving fundamentals of the U.S. economy. FT

U.S. Economic News

U.S. Economic News

May 4, 2018

U.S. Economic Indicators

The U.S. economy added 164,000 jobs in April, below consensus. The unemployment rate dropped to 3.9%, the labor force participation rate edged down to 62.8%, and average hourly earnings remained muted at 2.6% Y/Y. BLS Report

U.S. News

The Wall Street Journal reports that the Trump administration has demanded a $200 billion reduction in the U.S. trade deficit with China by the end of 2020. The U.S. also demanded that China slash tariffs on U.S. imports, not target U.S. farmers, and also cut subsidies to key high-tech Chinese industries. WSJ

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