U.S. Economic News

July 28, 2017

U.S. Economic Indicators

The initial estimate of Q2 GDP indicates that the U.S. economy expanded at an annualized rate of 2.6%, in line with consensus estimates. The reading reflects a rebound in consumer spending and a continuation of healthy business investment, although residential investment fell by the most since 2010.  BEA

The University of Michigan Consumer Sentiment Index fell 1.7 points to 93.4 in the final July reading but is up 3.4 points on the year.  The Index of Consumer Expectations fell to 80.5 and is down 9 points year-to-date, but The Current Economic Conditions Index edged up 0.9 point to 113.4.  Report

According to the Employment Cost Index, compensation costs for civilian workers rose 0.5% in the second quarter and are up 2.4% on the year.  Wages and salaries were up 2.3% on the year and benefits were up 2.5%. BLS Report

U.S. News

The Wall Street Journal reports that the U.S. states enjoying the fastest economic growth have been benefitting greatly from the revitalized U.S. energy sector.  While national economic growth slowed in the beginning of 2017, states such as Texas, West Virginia, and Nevada saw growth accelerate significantly as mining output jumped. WSJ