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Hello. Today, we are looking at Trump 's declining tariffs, a somewhat weaker Chinese position on trade, and the number of job opportunities and the low unemployment rate are encouraging workers to switch from one to another. a job at the other.
TROUBLE IN THE HEART OF THE LAND
Businesses join forces to persuade President Trump that tariffs are hurting American industries. Organizations representing thousands of companies in industrial sectors such as retail, toy manufacturing, agriculture and technology plan to cooperate in a lobbying campaign called Tariffs Hurt the Heartland aimed at Oppose tariffs on imports. Some companies are concerned about rising costs of imported materials; others, especially farmers, about retaliatory tariffs imposed by China and Europe on US exports.
Swamp Thing: As of June 30, nearly 450 entities employed lobbyists on trade issues – up from around 160 at the beginning of the year and around 100 at the time of Mr. Trump 's inauguration.
Who else wants rates to leave?
Chinese leaders are stepping up a charm offensive against US multinationals and rejecting threats of retaliation as Beijing tries to prevent foreign investors from fighting with Washington. Beijing is still planning to escalate if the Trump administration proceeds to another slice of tariffs. But Liu He, President Xi Jinping's economic policy chief, told US officials that the US companies' operations in Beijing would not be discussed, according to the Lingling Wei and Yoko Kubota report. The tone is a marked change from a few months ago when officials warned US business leaders that there would be loss of life.
Do you think Trump administration rates are hurting or helping the US economy? Email Jeffrey Sparshott at [email protected], tweet @WSJecon and visit wsj.com/economy for the latest news. (Please include your full name and hometown, or a title and company, the answers may be included in this newsletter.)
WHAT TO WATCH TODAY & # 39;
United States producer price index for August, at 8:30 am, Eastern Time, is expected to increase 0.2% from the previous month, a resumption of the July flat reading.
James Bullard of the Saint-Louis Fed discusses the US economy and monetary policy at 9:40 am ET, and Fed Governor Lael Brainard talks about the prospects of economic and monetary policy at 12:45 ET.
The Fed publishes its beige book report at 14h ET.
BEST STORIES
WHO DOES NOT WANT THE RATES TO BE DISSOLVED?
Workers at two of America's largest steelmakers demand higher compensation, with tariffs on foreign metals pushing prices and profits to their highest level in years. Leaders of some 30,000 United Steelworkers say that United States Steel and ArcelorMittal are not passing on these benefits to their workers, who have not seen a rise in recent years, even as wages began to rise more widely. . The union's demands could put a damper on the sector's new fortune. Higher costs for wages and benefits would put pressure on steelmakers' profit margins, says Bob Tita.
WORKERS: TAKE THIS WORK AND CHOOSE IT
American workers leave their jobs en masse. The number of departures reached a new record in July, suggesting that people have another job offer on hand or that they are sure they can find one without too much difficulty.
More importantly perhaps, the departure rate of people is now at the highest level in 17 years.
It's great for the workers, not really for the employers. Wages grow much faster for job changers than for loyal soldiers.
EMPLOYERS: TAKE THIS WORK, PLEASE
In July, there were more job opportunities than job seekers. The gap appeared in March and has since widened. This forces employers to change the way they find and hire workers, says Eric Morath.
Case Study: Protolabs, a manufacturer of 3D printing equipment with a capacity of 1,700 employees, has added 390 employees this year to the United States and is seeking to fill a hundred additional jobs. The recruitment process has become fast. A few years ago, it took about four to five weeks for the company to go from a preliminary interview to an offer of employment. The current delay is about half as long.
EYE, ROBOT
Robots who see the future of autonomous cars and autonomous drones. Right now, they serve their learning to size sausages. Food manufacturers combine advances in laser vision with artificial intelligence software, so Natasha Khan reports that automated weapons can perform more complex tasks such as cutting chicken chops or inspecting fillings on pizzas machine made. It's a way to get rid of workers who demand decent wages.
QUOTE OF THE DAY
In Washington, I spoke on behalf of Europe. For some, the agreement reached with President Trump was a surprise. But it is not surprising that Europe succeeds when it speaks with one voice. – The President of the European Commission, Jean-Claude Juncker, in his last speech on the union
TWEET OF THE DAY
WHAT WE READ
Americans who earn the least spend the most on lottery tickets. "Twenty-eight percent of Americans in the lowest income bracket play the lottery at least once a week, compared with 19% of those who earn more. Low-income households spend $ 412 a year on lottery tickets, nearly four times more than $ 105. year when the highest-paying households ($ 75,000 + per year) report spending ", according to a survey by Bankrate.com.
From 2008 to 2012, Congress enacted at least 18 different laws with fiscal stimulus totaling more than $ 1.5 trillion. This helped – how and how not always clear though. "We know a little more today and it is likely that policymakers will continue to play a bigger role than when designing the next fiscal stimulus," Jason Furman writes. , one of the leading economic advisers of President Obama. Professor of Harvard.
NEXT: THURSDAY
The Bank of England publishes a political decision and minutes of meeting at 7 am
The European Central BankThe decision on the exchange rate is expected at 7:45 am (Eastern time), followed by ECB President Mario Draghi's press conference at 8:30 am ET.
The US consumer price index for August, output at 8:30 am ET, is expected to increase by 2.8 * over the previous year. Excluding food and energy, the forecast predicts a gain of 2.4%.
Unemployed claims in the United States were out at 8:30 ET. The number of Americans filing claims for new unemployment benefits dropped at the end of August, falling to nearly five decades.
The deficit of the US federal budget for August, it should rise to 205 billion dollars against 108 billion a year earlier.
Vice President of the Fed for Supervision Randal Quarles talks about the economy and regulation at 10 pm ET, and the Raphael Bostic, Atlanta Fed talks about the economic outlook and monetary policy at 12:15 ET.
Retail sales, industrial production and unemployment rate in China for August, release at 22h ET.
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