U.S. Economic News
August 23, 2019
U.S. Economic Indicators
New home sales fell 12.8% to a seasonally adjusted annual pace of 635,000 in July but were 4.3% above the July 2018 rate. The median sales price rose to $312,800, and the inventory of new homes rose to 6.4 months at the current sales rate. Census Bureau Report
U.S. News
The Wall Street Journal reports that China has announced it will impose tariffs on an additional $75 billion worth of U.S. goods in retaliation for planned U.S. tariffs on an additional $300 billion of Chinese goods. The new tariffs will apply to most of the remaining goods that China has not yet imposed punitive levies on, including U.S. auto parts, apparel, chemicals, and textiles. WSJ
The Washington Post reports that the U.S. manufacturing sector has contracted for the first time since 2009, according to the latest reading of the U.S. manufacturing purchasing managers’ index (PMI). The decline in the closely-watched indicator suggests that the manufacturing sector, buffeted by headwinds from slowing global economic conditions, is on the verge of recession. WaPo