U.S. Economic News
October 16, 2017
U.S. Economic Indicators
The October Empire State Manufacturing Survey indicated that industrial activity in the New York region grew at a robust pace, as the headline index rose 6 points to 30.2, the highest level in three years. The new orders index fell to 18.0, the shipments index jumped to 27.5, and the index for number of employees improved to 15.6; meanwhile, hours worked remained unchanged. NY Fed Report
U.S. News
Eric Morath of the Wall Street Journal writes that the Labor Department is organizing a group of corporate executives, labor unions, and governors in order to establish a new apprenticeship task force. The White House says that apprenticeships will help workers learn the skills they need to fill openings in various specialized industries that have reported substantial shortages of skilled labor. WSJ
The Financial Times reports that National Economic Council Director Gary Cohn says post-crisis regulation is leading to the consolidation of financial activity in a few, immense banks. Cohn argues that strict financial regulations are keeping new players from entering the sector, thereby driving new business to existing banks. FT
According to the Wall Street Journal, analysts are beginning to consider the possibility of a full U.S. withdrawal from the North American Free Trade Agreement (“NAFTA”). While the White House aims to renegotiate NAFTA and avoid terminating the pact, analysis shows that a full withdrawal would have a minimal effect on U.S. GDP. WSJ