U.S. Economic News
September 16, 2019
U.S. Economic Indicators
The September Empire State Manufacturing Survey indicates that business activity ebbed slightly in September as the headline index edged down 2.8 points to 2.0. The new orders index fell 3.2 points to 3.5, while the shipments index fell 3.5 points to 5.8; meanwhile, the index for number of employees rose 11.3 points to 9.7 and the hours worked index turned positive, indicating a slightly longer workweek. NY Fed Report
U.S. News
According to the Wall Street Journal, the latest drone strikes on Saudi Arabian oil production facilities and resulting rise in global oil prices are likely to have noticeable effects on China and Japan but little impact on U.S. economic activity. Since energy consumption accounts for much less of U.S. households’ total consumption while domestic U.S. oil production continues to climb, higher oil prices are likely to have a muted effect on the U.S. economy compared to the past. WSJ
Jeanna Smialek reports for the New York Times that the Federal Reserve is likely to cut interest rates for a second time Wednesday as policymakers attempt to get ahead of risks from the global economic slowdown and uncertainty stemming from the U.S.-China trade war. While investors largely expect a rate cut, the decision could still be contentious, as economic data continue to send mixed signals about the underlying health of the economy. NYT