U.S. Economic News

June 16, 2017

U.S. Economic Indicators

Privately-owned housing starts fell 5.5% in May to a seasonally adjusted annual rate of 1.09 million (down 2.4% year-over-year) and have fallen for three straight months. Housing permits declined 4.9% to a 1.17 million annual pace in May and are down 0.8% on the year.  Census Bureau Report

The University of Michigan Consumer Sentiment Index dropped 2.6 points to 94.5 in the preliminary June reading but is up 1.0 point on the year.  The index for consumer expectations fell 3.0 points and the index for current economic conditions dropped 2.1 points.  Report

U.S. News

The Wall Street Journal reports that U.S. agricultural exports to Mexico dropped precipitously in early 2017 as uncertainty regarding the renegotiation of the North American Free Trade Agreement (“NAFTA”) abounds.  Analysts say that Mexican companies are beginning to buy more agricultural and food products from other countries, as they grow increasingly concerned about the possibility of tariffs or other trade barriers with the U.S. WSJ