U.S. Economic News
October 13, 2017
U.S. Economic Indicators
The University of Michigan Consumer Sentiment Index jumped 6 points to 101.1 in the preliminary October reading and is up 13.9 points on the year. The Index of Consumer Expectations increased 6.9 points to 91.3, and the Current Economic Conditions Index rose 4.7 points to 116.4. Report
Consumer prices rose 0.5% in September (up 2.2% on the year) almost entirely due to increases in gasoline prices. The “core” CPI, which excludes food and energy, edged up 0.1% in September and is up 1.7% on the year. BLS Report
Retail sales increased 1.6% in September and were up 4.4% on the year. Core sales — which excludes autos, gasoline, building materials, and food services — rose 0.4%. Census Bureau Report
Business inventories rose 0.7% in August and were up 3.6% from last year. Manufacturers’ sales increased 0.5% and were up 5.3% on the year. Census Bureau Report
U.S. News
The Wall Street Journal reports that President Trump recently interviewed economist John Taylor for the Federal Reserve Chair position. Taylor joins former Fed governor Kevin Warsh and current Fed governor Jerome Powell as candidates for Janet Yellen’s replacement, though the White House has hinted that Yellen may be considered for another term. WSJ