U.S. Economic News
November 16, 2018
U.S. Economic Indicators
Industrial production inched up 0.1% in October (up 4.1% Y/Y), after increasing 0.2% (revised) in September. Capacity utilization edged down 0.1 point to 78.4 in October. Fed Report
U.S. News
The Wall Street Journal reports that imports into U.S. seaports are surging as firms rush to stock inventories before new tariffs take effect. The U.S.’ largest ports have seen double-digit growth in recent months, though many shipping executives expect the volume of goods to slow noticeably in early 2019 once the new tariffs take effect. WSJ
Richard Rubin of the Wall Street Journal writes that the new measure of inflation used by the IRS to adjust tax brackets, the standard deduction, and other items will cost Americans roughly $133 billion over a decade. The new measure of inflation rises more slowly than the old measure because it better takes into account consumers’ tendency to purchase cheaper goods or services as prices increase. WSJ