WEEKLY ECONOMIC UPDATE

July 23 – July 27

CHART OF THE WEEK

Capital is returning to the United States. More domestic investment will help to stimulate job creation and wage growth for American workers. U.S. multinational firms repatriated $305.6 billion in earnings held offshore during the first quarter of 2018 alone. According to the Bureau of Economic Analysis (BEA), these inflows “reflect the repatriation of accumulated earnings by foreign affiliates of U.S. multinational enterprises to their parent companies in the United States in response to the 2017 Tax Cuts and Jobs Act (TCJA).” The pre-TCJA tax code had induced U.S. companies to keep foreign earnings outside the country.

LAST WEEK

News & Commentary

Trump advisor Kudlow says economic growth could top 4% for 'a quarter or two,' more tax cuts could be coming (CNBC)

Trade’s Widening Battleground (Wall Street Journal)

The Global Credit Market Has Good News About the U.S. Economy (Bloomberg)

Trump to Sign Executive Order on Job Training (Wall Street Journal)

Addressing America’s Reskilling (Council of Economic Advisers)