U.S. Economic News
July 25, 2019
U.S. Economic Indicators
New orders of manufactured durable goods increased 2.0% in June after falling 2.3% (revised) in May and are unchanged compared to a year ago. Excluding transportation, new orders rose 1.2% (up 1.1% from last year). Census Bureau Report
The U.S. Census Bureau Advance Economic Indicators Report shows that the goods deficit narrowed to $74.2 billion in June from $75.0 billion in May. Meanwhile, wholesale inventories rose 0.2% and retail inventories fell 0.1%. Census Bureau Report
Initial jobless claims fell 10,000 to 206,000 last week. The four-week moving average fell 5,750 to 213,000. DOL Report
U.S. News
According to the Wall Street Journal, a new study found that a higher Fed inflation target ahead of the 2007-09 recession likely would have given the central bank more room to lower interest rates, resulting in a much faster economic recovery. The research suggests that raising the Fed’s current inflation target to 3% or 4% could substantially improve the Fed’s ability to fight future recessions. WSJ
The Financial Times reports that the E.U. has released a report urging the U.S. to join forces in countering China’s attempts to take the lead on setting global standards for the technologies of the future. The statement reflects concerns that Chinese state-backed companies are extending their influence into international bodies that set technical criteria for sectors such as telecoms and the internet of things. FT