U.S. Economic News
May 30, 2018
U.S. Economic Indicators
The second estimate of Q1 GDP indicates that the U.S. economy expanded at an annualized rate of 2.2%, below the prior estimate of 2.3%. The reading reflects weak consumer spending and residential investment, but strong contributions from business investment. BEA Report
The U.S. Census Bureau Advance Economic Indicators Report shows that the goods deficit narrowed to $68.2 billion in April from $68.6 billion in March. Meanwhile, wholesale inventories were largely unchanged and retail inventories rose 0.6%. Census Bureau Report
The ADP Employment Report shows that private-sector employment increased by 178,000 jobs in May, slightly below expectations of 187,000. The services sector added 114,000 jobs and the goods-producing sector added 64,000 jobs. ADP Report
U.S. News
The Wall Street Journal reports that a severe shortage of housing in rural areas is limiting labor supplies at a time when the unemployment rate is at a seventeen-year low. Many rural areas in the U.S. have unemployment rates below the national average and high numbers of job openings, but sluggish population growth, widely dispersed populations, and high building costs have stunted growth of housing supply in rural areas, further limiting employment growth. WSJ