US Economic News

US Economic News

November 12, 2018

U.S. News

Kate Davidson and Daniel Kruger of The Wall Street Journal report that growing U.S. public debt and rising interest rates are increasing government borrowing costs. They estimate that the government will spend more on interest payments than Medicaid by 2020 and more than national defense by 2023.  WSJ

Bloomberg News reports China’s policymakers are expected to increase their budget deficit in 2019 amid sluggish third quarter growth and a trade war with the United States. Most surveyed economists expect Chinese authorities to increase the budget deficit target to between 2.6 percent and 3.0 percent of output, up from 2.6% this year. Bloomberg

According to the Wall Street Journal, the Trump administration is broadening its trade conflict with China to counter the theft of intellectual property. The administration plans to use export controls and targeted indictments of Chinese companies to protect American firms that produce key technological goods that are unavailable elsewhere in the world. WSJ

U.S. Economic News

U.S. Economic News

November 9, 2018

U.S. Economic Indicators

The University of Michigan Consumer Sentiment Index fell 0.3 point to 98.3 in the preliminary November reading, and is down 0.2 point on the year. The Index of Consumer Expectations declined 0.6 point to 88.7, while the Current Economic Conditions Index edged up 0.1 point to 113.2. Report

The headline Producer Price Index (“PPI”) for final demand rose 0.6% in October and is up 2.9% since October of last year. The core — which removes the volatile prices of food, energy, and trade services — rose 0.2% and is up 2.8% year-over-year. BLS Report
 
The U.S. Census Bureau reports that wholesale merchant inventories rose 0.4% in September to $644.6 billion. 
Inventories were up 5.2% year-over-year. Census Report

U.S. News

Stephanie Yang and David Hodari of the Wall Street Journal report that U.S. oil entered a bear market Thursday. The price of Brent crude oil fell 0.8% to $70.11 per barrel as rising production and softening U.S. oil sanctions on Iran put downward pressure on oil prices. WSJ

 

U.S. Economic News

U.S. Economic News

November 8, 2018

U.S. Economic Indicators

Initial jobless claims declined 1,000 to 214,000 last week. The four-week moving average edged down 250 to 213,750.  DOL Report

U.S. News

The Financial Times reports that despite U.S. tariffs on nearly $250 billion of Chinese goods, Chinese exports to the U.S. have continued to strengthen in recent months. Analysts say that the combined effects of a weak renminbi, robust U.S. demand, and expectations of higher tariffs in early 2019 have boosted U.S. imports from China in 2018. FT

Nick Timiraos of the Wall Street Journal reports that the Fed is expected to keep interest rates unchanged after their policy meeting concludes today. Thursday’s meeting also marks the first meeting attended by new San Francisco Fed President Mary Daly, who joined the FOMC in October. WSJ

U.S. Economic News

U.S. Economic News

November 7, 2018

U.S. News

The Wall Street Journal reports that former U.S. Treasury Secretary Henry Paulson says that an “economic Iron Curtain” may soon descend between the U.S. and China. Paulson criticized China for failing both to open its economy and to end uncompetitive practices such as forced technology transfers and government subsidies, practices which he says has unified the American business community against China and could pose a major threat to global markets. WSJ

Austen Hufford of the Wall Street Journal writes that manufacturers are building new factories closer to their customers to minimize logistical issues and to lower transportation costs. Data show that 12% of U.S. manufacturers that added capacity in the second quarter did so via building expansions, which is the highest mark in at least a decade and a sign that manufacturers are feeling pressure from rising costs. WSJ

U.S. Economic News

U.S. Economic News

November 6, 2018

U.S. News

The Job Openings and Labor Turnover Survey (“JOLTS”), a closely-watched measure of labor market health, indicated there were 7.0 million job openings at the end of September, a decline from August.  Hires edged down to 5.7 million while the quits rate was unchanged at 2.4%.  BLS Report

Mike Bird of the Wall Street Journal writes that China’s neighbors may benefit from the U.S.–China trade war. Economists expect that Taiwan, Vietnam, and South Korea will benefit from U.S. tariffs on Chinese goods as global supply chains realign to avoid tariffs on goods such as clothing and electronic equipment. WSJ

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