CHART OF THE WEEK

Following near stagnation during the previous administration’s last two years, domestic capital expenditures (“capex”)—the lasting investments of private businesses—accelerated dramatically after the November 2016 election and even more so since Tax Cuts Jobs Act (TCJA) became law. TCJA is not solely encouraging stock buybacks as some have claimed. (Although stock buybacks indirectly lead to greater capex by freeing up investment dollars to be directed toward companies that will use the funds to expand.) American workers will benefit from having more capital to work with, making them more productive and leading to higher wages.

THIS WEEK

JEC Releases

Chairman Paulsen Statement on July 2018 Jobs Report

July 2018 Jobs Review

August 2018 FOMC Review

Q2-2018 GDP Review

LAST WEEK

News & Commentary

Federal Reserve Holds Rates Steady, Says Economy Is Strong (Wall Street Journal)

U.S. Workers Get Biggest Pay Increase in Nearly a Decade (Wall Street Journal)

U.S. Household Spending, Income Rose at Solid Rate in June (Wall Street Journal)

U.S. factory orders in June jump 0.7% (MarketWatch)