U.S. Economic News
August 15, 2017
U.S. Economic Indicators
Retail sales jumped 0.6% in July and were up 4.2% on the year. Core sales — which excludes autos, gasoline, building materials, and food services — surged 0.6%. Census Bureau Report
The NAHB Housing Market Index rose 4.0 points to 68.0 in August, slightly above consensus. The outlook for the next six months improved as strong Q2 GDP growth supported demand, though builders still face a number of supply-side headwinds. NAHB Report
Business inventories rose 0.5% in June and were up 2.8% from last year. Manufacturers’ sales increased 0.3% from May to June and were up 4.3% on the year. Census Bureau Report
U.S. News
In a Washington Post op-ed, Oklahoma Senator James Lankford contends that the U.S. trade deficit is a sign of a strong economy and that the administration’s renegotiation of the North American Free Trade Agreement (“NAFTA”) should shift focus away from reducing it. Lankford argues that powerful economies are attractive foreign investment destinations and have higher per-capita purchasing power, two indicators of economic strength that nevertheless add to the trade deficit. WaPo