U.S. Economic News
July 1, 2019
U.S. Economic Indicators
The ISM Manufacturing Index edged down 0.4 percentage point to 51.7 in June. The Employment Index rose 0.8 percentage point to 54.5, while the New Orders Index declined 2.7 percentage points to 50.0. ISM Report
Construction spending declined 0.8% in May to an annualized rate of $1.29 trillion. Private construction fell 0.7%, while public construction decreased 0.9%. Census Bureau Report
U.S. News
The Wall Street Journal reports that OPEC and its Russia-led allies are likely to extend their agreement to cut oil output well into 2020, driven by concerns about softening demand from China. The threat to oil supplies due to the recent escalation of tensions in the Middle East has been more than offset by collective worries about the strength of the global economy, putting downward pressure on oil prices. WSJ
According to the Wall Street Journal, the U.S. and other advanced economies have experienced significant economic gains from an increasing share of older workers staying in the labor force rather than retiring. Driven by pension changes, better health, and increased education, the “gray wave” is helping offset obstacles to growth by stabilizing labor force participation. WSJ