U.S. Economic News
August 2, 2019
U.S. Economic Indicators
The U.S. economy added 164,000 jobs in July, in line with expectations. The unemployment rate remained at 3.7%, the labor force participation rate was little changed at 63.0%, and average hourly earnings annual growth edged up to 3.2%. BLS Report
New factory orders for manufactured goods rose 0.6% in June following a 1.3% decrease in May and are up 0.2% compared to a year ago. New orders excluding transportation rose 0.1%, and new orders for nondefense capital goods excluding aircraft increased 1.5%. Census Bureau Report
The U.S. trade deficit decreased from $55.3 billion in May (revised) to $55.2 billion in June. The goods deficit fell by $0.8 billion while the services surplus fell by $0.6 billion. Census Bureau Report
The University of Michigan Consumer Sentiment Index rose 0.2 point to 98.4 in the final July reading and is up 0.5 point from July of last year. The Index of Consumer Expectations rose 1.2 points to 90.5, while the Current Economic Conditions Index fell 1.2 points to 110.7. University of Michigan
U.S. News
The Financial Times reports that China has announced it will retaliate if the U.S. moves forward with imposing a 10% tariff on $300 billion worth of Chinese goods next month. While Chinese officials have yet to identify specific retaliatory measures, U.S. companies are concerned they will face slower customs clearance, more inspections, and delayed approval for licenses. FT