Last updateThu, 22 Aug 2019 5pm

G.D.P. Grows at Tepid 1.9% Pace Despite Stimulus

The economy grew less than expected from April to June despite a huge booster shot of tax rebates, dimming the outlook for a quick recovery.

And more bad news may lie ahead: new claims for unemployment benefits jumped to a five-year high last week, an ominous sign for the ailing labor market that could signal a further decrease in spending in the months ahead.

Source: New York Times

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WTO Geneva Meeting Shows Divides Still Too Broad

National Association of Manufacturers President John Engler released the following statement in response to the end of World Trade Organization (WTO) discussions in Geneva:

“I regret to say that, despite incredible efforts on the part of U.S. Trade Representative Susan Schwab, Assistant to the President Dan Price and the entire U.S. negotiating team, WTO members declined to agree on terms that could have provided greater opportunities for trade of manufactured goods.”

Source: NAM

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Durable Goods Orders Spring Upside Surprise

New orders for U.S.-made capital goods surprised to the upside in June, signaling that some businesses were still spending despite headwinds from the credit crunch and housing recession.

New orders for durable goods rose 0.8% in June, pushed higher by orders for primary metals, machinery and electrical equipment, the Commerce Department reported.

Source: MarketWatch

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Chinese Seek to Broaden Trade Relationship With U.S.

China has become the United States’ No. 2 trading partner, and the Asian country doesn’t want to backslide.

That was the message delivered by Zhou Wenzhong, the ambassador of the People’s Republic of China to the United States.

Source: Business First of Louisville

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U.S. Jobless Claims Rose by More Than Expected

The number of U.S. workers filing new claims for jobless benefits jumped 34,000 last week, government data on Thursday showed, reflecting seasonal volatility typical at this time of year.

Initial claims for state unemployment insurance benefits rose to a seasonally adjusted 406,000 in the week ended July 19, from a revised 372,000 the prior week, the Labor Department said.

Source: Reuters

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