U.S. Economic News
December 10, 2019
U.S. Economic Indicators
The NFIB Small Business Optimism Index rose 2.3 points to 104.7 in November as seven components improved, three weakened, and one was unchanged. The increase in the headline index was driven by notable improvements in earnings and confidence that now is a good time to expand. NFIB Report
Nonfarm business sector labor productivity fell 0.2% (revised) in Q3 but was up 1.5% (revised) compared to last year. Hours worked increased 2.5% and unit labor costs rose 2.5%. BLS Report
U.S. News
The Financial Times reports that House Democrats led by Speaker Nancy Pelosi have reached a deal with President Trump to allow ratification of the U.S.-Mexico-Canada Agreement (“USMCA”). Both business groups and trade unions are largely pleased with the USMCA deal, which is almost guaranteed to pass when it comes to a vote before the House and Senate. FT
According to the Wall Street Journal, U.S. and Chinese trade negotiators have hinted that a fresh round of tariffs set to go into effect on December 15 might be delayed, as the two sides continue to haggle over Chinese purchases of U.S. farm products. The U.S. is planning to impose an additional 15% tariff on $165 billion of Chinese goods on Sunday unless the U.S. suspends the deadline to allow negotiations to continue. WSJ