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WEEKLY ECONOMIC UPDATE

June 4 – June 8

CHART OF THE WEEK

Consumer Confidence Near Record Highs

Consumer confidence—measured as an index of households’ optimism about current and prospective business, employment, and income conditions—is at a 17-year high. During the Obama era it was the lowest for any economic expansion lasting one year or more going back to 1967. This changed following the last election when the prospect for pro-growth reforms became a reality.

Chairman’s Update

In Friday’s BLS jobs report, Chairman Paulsen remarked:

“Not only has unemployment dropped to the lowest rate in 18 years, people in the private sector are finally earning more. With nearly one million jobs created since tax reform, we are seeing the positive results of strong economic policy-which is exactly why we should not risk harmful tariffs that can undermine this growth.” (Press release)

Regarding the Administration’s Action on Steel and Aluminum Tariffs, Paulsen stated:

“These tariffs threaten American jobs, our manufacturers’ access to materials across the border, and will result in increased consumer prices. Our nation has prospered in large part because of free trade, and yet this action threatens our own economy and our greatest allies. I urge the Administration to avoid hurting our ability to manufacture and sell American goods and defend our workers.” (Press release)

LAST WEEK

JEC Releases

May 2018 Jobs Review

News & Commentary

U.S. Payrolls Rise 223,000; Jobless Rate Matches 48-Year Low (Bloomberg)

Fed Sees Low Inflation, Higher Growth (Economics21)

U.S. factories shift into 'higher gear' despite trade worries, Fed says (CNBC)

It's the end of the beginning for the economy, not the other way around (The Hill)

U.S. Slaps Steel, Aluminum Tariffs on Canada, Mexico, European Union (Wall Street Journal)