U.S. Economic News
July 19, 2018
U.S. Economic Indicators
Initial jobless claims declined 8,000 to 207,000 last week. The four-week moving average decreased 2,750 to 220,500. DOL Report
U.S. News
The Wall Street Journal reports that the Trump administration projects that federal budget deficits will be more than $100 billion larger than previously expected in each of the next three years. The upward revisions, which will result in annual federal budget deficits of more than $1 trillion per year starting next year, are a result of expanded government spending and higher interest payments. WSJ
Richard Rubin of the Wall Street Journal writes that House Republicans are working on legislation to make recent tax cuts permanent for individuals. However, Senate Republicans are reportedly less interested in voting on another tax package, which would require 60 votes in the Senate but could allow Senate Democrats from Republican states the chance to vote for a sure-to-fail bill. WSJ