U.S. Economic News
July 17, 2019
U.S. Economic Indicators
Privately-owned housing starts fell 0.9% in June to a seasonally adjusted annual rate of 1.25 million (up 6.2% year-over-year). Housing permits declined 6.1% to a 1.22 million annual pace in June and are down 6.6% from last year. Census Bureau Report
U.S. News
According to the Financial Times, the WTO has ruled against the U.S. in a tariff dispute case brought by China in 2012 in response to U.S. tariffs on goods subsidized by Chinese state-owned enterprises. The WTO acknowledged China subsidizes some materials, but stated that the U.S. must accept Chinese pricing when calculating tariffs, giving China the option to impose retaliatory measures if the U.S. does not comply with the ruling. FT
The Wall Street Journal reports that Federal Reserve Chairman Jerome Powell stated the upheaval of the 2008 financial crisis reshaped the central banking landscape such that domestic monetary policy must take global developments into account. His assertion comes at a time when slowing growth abroad has likely set the stage for a Fed rate cut despite healthy consumer spending and a strong labor market at home. WSJ