Weekly Economic Update: May 15 – May 19, 2017

May 15, 2017

CHART OF THE WEEK

Leading Destinations for American-Produced Goods

Which countries accounted for the largest shares of goods exported by the United States in 2016?

Canada was the largest. It accounted for over $266.8 billion, or 18%, of all U.S. goods exported in 2016. It is followed by Mexico ($231.0 billion, 16%), China ($115.8 billion, 8%), and Japan ($63.3 billion, 4%). The fifteen countries listed in the chart accounted for over 73% of the $1.45 trillion worth of goods exported from the United States in 2016.

Note: These data include only the value of exported goods (e.g., construction equipment, commodities, food) and not exported services (e.g., financial services, transportation, health care).

LAST WEEK

News & Commentary Weekly Highlights

The Columbus Dispatch: Pat Tiberi: Opioid epidemic calls for preventative efforts

Wall Street Journal: Conference Board’s Employment Trends Index Rises to 132.64

E21: Who Should Pay to Cover Pre-Existing Conditions?

E21: Hypocrites Hide Obamacare’s Flaws

Bloomberg: JPMorgan Tells Banks to Partner Up as U.S. Deposit Drain Looms

Wall Street Journal: Salaries Soar for the Class of 2017

Top Economic Indicator Highlights

Consumer Price Index (April, data reported here as percentage change from 12 months ago)

Core CPI (excludes food and energy) April: 1.9% March: 2.0% February: 2.2%

Headline CPI April: 2.2% March: 2.4% February: 2.8%

Noteworthy: While the Federal Reserve uses a broader measure of inflation (the personal consumption expenditures price index) to determine its goal of maintaining 2% average inflation, inflation as measured by the CPI has decelerated somewhat since January 2017. If this trend continues, it diminishes the likelihood of Fed rate hikes.