U.S. Economic Indicators

The U.S. trade deficit decreased from $55.5 billion in June (revised) to $54.0 billion in July. The goods deficit fell by $1.6 billion while the services surplus fell by $0.1 billion. Census Bureau Report

U.S. News

According to the Wall Street Journal, New York Fed leader John Williams says the U.S. central bank will act as appropriate to keep the economic expansion on track, noting that July’s rate cut was the right move for supporting the Fed’s dual mandate goals. Williams stated that while the economy is currently in a “good place,” low inflation and an uncertain international outlook remain areas to watch. WSJ

Bloomberg reports that strong consumer spending is the main driver of current global economic growth, but concerns are rising that weakness in manufacturing activity may spill over into hiring, putting pressure on household spending. Recent surveys suggest that factory employment is already weakening around the world, while the latest dip in U.S. consumer sentiment reflects concerns about higher prices due to tariffs. Bloomberg