U.S. Economic News
July 17, 2020
U.S. Economic Indicators
Privately-owned housing starts rose 17.3% in June to a seasonally adjusted annual rate of 1.19 million (down 4.0% year-over-year). Housing permits rose 2.1% to a 1.24 million annual pace in June (down 2.5% year-over-year). Census Bureau Report
The University of Michigan Consumer Sentiment Index fell 4.9 points to 73.2 in the preliminary July reading and is down 25.2 points from July of last year. The Index of Consumer Expectations fell 6.1 points to 66.2, while the Current Economic Conditions Index fell 2.9 points to 84.2. University of Michigan
U.S. News
The Wall Street Journal reports that the labor market recovery is showing signs of slowing down, with fewer job openings, weaker growth in worker hours, and persistently high numbers of new applications for unemployment benefits. Job postings declined in all 50 states and Washington, D.C. in July, suggesting that the slowdown reflects a broader sense of economic uncertainty and is not limited to states experiencing a surge in virus cases. WSJ