U.S. Economic News

July 11, 2017

U.S. Economic Indicators

The NFIB Small Business Optimism Index edged down 0.9 point to 103.6 in June, as five of the components fell, four rose, and one was unchanged. The Index still remains historically strong, but has fallen 2.3 points since January as small business expectations for substantial policy reforms have faded.  NFIB Report
The U.S. Census Bureau reports that wholesale merchant inventories rose 0.4% in May to $593.9 billion.  
Inventories were up 1.9% year-over-year.  Census Report

U.S. News

The Job Openings and Labor Turnover Survey (“JOLTS”), a closely watched measure of labor market health, indicated there were 5.7 million job openings at the end of May, a decline from April.  Hires increased to 5.5 million and the quits rate was little changed at 2.2%.  BLS Report
The Wall Street Journal reports that President Trump will nominate Randal Quarles as the Federal Reserve’s top official in charge of regulating large banks.
If confirmed, Quarles would also serve as a member of the Board of Governors, meaning he would vote on monetary policy decisions. WSJ
According to the Wall Street Journal, a new report from the International Energy Agency (“IEA”) largely attributes a global uptick in oil and gas field investments in 2017 to the resurgence of the U.S. shale industry.
 IEA says that U.S. producers have focused on smaller, simpler projects as opposed to enormous megaprojects, which has allowed for exceptional productivity gains and ever-lower breakeven prices. WSJ