U.S. Economic News
September 11, 2018
U.S. Economic Indicators
The NFIB Small Business Optimism Index rose 0.9 point to 108.8 in August, a new all-time high, as six of the components rose and four fell. The share of small business owners who are planning to hire more workers reached a record high. NFIB Report
The U.S. Census Bureau reports that wholesale merchant inventories rose 0.6% in July to $636.3 billion. Inventories were up 5.0% year-over-year. Census Report
U.S. News
The Job Openings and Labor Turnover Survey (“JOLTS”), a closely-watched measure of labor market health, indicated there were 6.9 million job openings at the end of July, little changed from June. Hires were flat at 5.7 million while the quits rate inched up to 2.4%. BLS Report
Bob Tita of the Wall Street Journal reports that workers at two of the largest U.S. steel-producing firms are demanding higher wages as tariffs on imported steel drive profits higher. Union leaders say that steelmakers can afford to offer larger pay raises than they would have otherwise offered, especially because the two firms account for 40% of flat-rolled steel production capacity in the U.S. and can set prices accordingly. WSJ