U.S. Economic News
July 16, 2019
U.S. Economic Indicators
Retail sales rose 0.4% in June and are up 3.4% from a year ago. Core sales — which exclude autos, gasoline, building materials, and food services — increased 0.7%. Census Bureau Report
Industrial production was unchanged in June (up 1.3% year-over-year) after rising 0.4% in May. Capacity utilization declined 0.2 point to 77.9 in June. Fed Report
Business inventories rose 0.3% in May and were up 5.3% from May of last year. Manufacturers’ sales rose 0.1% in May and were up 1.5% compared to a year ago. Census Bureau Report
The NAHB Housing Market Index rose 1.0 point to 65.0 in July. All major components of the index inched higher this month, though builders continue to face headwinds from buildable lot shortages and a lack of skilled labor. NAHB Report
U.S. News
The Wall Street Journal reports that Treasury Secretary Steven Mnuchin has announced the administration is “very close” to reaching a deal with congressional leaders to raise the federal borrowing limit and set spending levels for 2020 and 2021. Congress is under pressure to address the borrowing limit before the August recess to avoid a possible government shutdown in early September. WSJ