WEEKLY ECONOMIC UPDATE
July 9 – July 13

CHART OF THE WEEK

Largest Export by State

 

The chart shows each state’s largest export category to other countries by value in 2017. Transportation equipment was the largest export category in 14 states; computer and electronic products the largest in 12, chemicals in 8, machinery in 4, oil, gas, petroleum and coal in 3, manufactured metals/mineral and ores also in 3, fish in 2, food products in 2, and miscellaneous manufacturing commodities and waste/scrap each in one state.

CHAIRMAN’S UPDATE

Regarding the employment report release last Friday, Chairman Paulsen commented:

“Another positive jobs report shows that the U.S. economy clearly had room to grow and that the Tax Cuts and Jobs Act was essential to sparking that growth. I am hopeful this momentum will be sustained despite the Administration’s new tariffs and the retaliation incurred, which make purchases more expensive for American families and threaten our newly rediscovered potential for robust economic growth. I will continue to advocate for the President to lower trade barriers so our manufacturers can hire here at home and thrive across the globe.”

UPCOMING HEARING

“The Innovation Economy, Entrepreneurship, and Barriers to Capital Access”

A hearing on “The Innovation Economy, Entrepreneurship, and Barriers to Capital Access” will be held by the Joint Economic Committee on Thursday, July 12, 2018, at 2:30 p.m. in room 216 of the Hart Senate Office Building. You can watch a livestream here. Chairman Erik Paulsen will preside.

Witnesses:

Mr. Phil Mackintosh, Global Head of Economic Research
Nasdaq
New York City, NY

Ms. Rachel King, CEO
GlycoMimetics
Rockville, MD

Mr. Michael Brown, General Partner
Battery Ventures
Boston, Massachusetts

Ms. Lisa Mensah, President and CEO
Opportunity Finance Network
Washington, DC

LAST WEEK

News & Commentary

The unemployment rate rose for a good reason — 601,000 workers searching for jobs (MarketWatch)

This Year’s Selloff in Chinese Markets Isn’t Like 2015. It Looks Worse. (Wall Street Journal)

AMLO Is Bad News for Mexico and the United States (Economics21)

To invert or not to invert? That is the Fed’s question (MarketWatch)