Be sure to tune in to the Joint Economic Committee's hearing on “The Need for U. S. Leadership on Digital Trade” coming up on June 21! Click here for details!

WEEKLY ECONOMIC UPDATE

June 18 – June 22

CHART OF THE WEEK

U.S. Exports Climb to New Record

U.S. exports set a new record of $211.2 billion in April driven largely by goods exports, according to the most recent monthly U.S. Census Bureau data. The record prior to late 2017 was $200.3 billion in August 2014. U.S. services exports tend to rise steadily but are only about a third of total exports.

CHAIRMAN’S UPDATE

 

Chairman Paulsen appeared on “Bloomberg Markets: Balance of Power” to discuss why tariffs aren’t a smart approach to grow the economy. Watch by clicking below:

In response to the Federal Reserve’s announcement that it would raise its interest rate target, Chairman Paulsen stated:

“With our economy growing strong thanks to measures like the Tax Cuts and Jobs Act and regulatory reform, I’m glad to see the Federal Reserve taking careful steps to maintain our economic momentum.”

The increase comes as part of a long-planned effort to unwind emergency measures taken after the financial crisis in 2009.

LAST WEEK

JEC Releases

Three Ways Wages and Investment Are Rising

FOMC REVIEW

News & Commentary

Powell Lauds Economy as Fed Nudges Up Interest-Rate Hike Path (Bloomberg)

US retail sales post biggest gain in six months (CNBC)

Small Business Optimism Index Soars, Continuing Historic Run, Hitting Several Records in May (NFIB)

ECB to End Bond-Buying Program in December as Crisis-Era Policies Wind Down (Wall Street Journal)

Seattle Quickly Repeals Misguided Jobs Tax (Economics21)