U.S. Economic News
July 31, 2018
U.S. Economic Indicators
Real disposable personal income rose 0.3% in June while real personal consumption expenditures (PCE) increased 0.3%. The PCE price index edged up 0.1% (up 2.2% Y/Y) and the core price index also inched up 0.1% (up 1.9% Y/Y). BEA Report
According to the Employment Cost Index, compensation costs for civilian workers rose 0.6% in the second quarter and are up 2.8% on the year. Wages and salaries were up 2.8% on the year and benefit costs were up 2.9%. BLS Report
The Conference Board’s Consumer Confidence Index inched up from 127.1 (revised) in June to 127.4 in July. The increase was driven by an improvement in the Present Situation Index, while the Expectations Index declined. Conference Board Report
U.S. News
The Financial Times reports that U.S. manufacturers are struggling to recruit millennials. Some manufacturers say that the inability to hire young workers is their top growth limiter and are expanding apprenticeship programs to help fill the 3.4 million manufacturing jobs projected to open over the next decade. FT