U.S. Economic News
August 8, 2019
U.S. Economic Indicators
Initial jobless claims fell 8,000 to 209,000 last week. The four-week moving average rose 250 to 212,250. DOL Report
U.S. News
The Financial Times reports that Chinese exports grew 3.3% year-on-year in July, beating economists’ expectations and reflecting the fact that exports to the U.S. make up a relatively small proportion of China’s total trade. Rising Chinese exports to markets in Southeast Asia have provided a significant cushion against declining trade with the U.S. amid the ongoing trade conflict. FT
According to the Wall Street Journal, inflated bond ratings — one cause of the 2008 financial crisis — persist in the present-day bond market as ratings firms offer increasingly optimistic scores as they fight for market share. Newer challenger firms systemically rate bonds higher than major firms, suggesting that regulation intended to improve rating quality by promoting competition has largely backfired. WSJ