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United States

Report | Heard this one before? for July 12, 2018

Summary

​The labor market continued to perform well in June, with job gains coming in above 200,000 and the labor participation rate increasing. Wage growth remains stuck at around 2.7 percent, but most signs indicate that wage growth should accelerate in the future. Trade tensions, which continued to escalate, cast a shadow over the good news. The Trump administration implemented the first tranche of tariffs on the Chinese goods that it had targeted and the Chinese government retaliated as expected. Meanwhile, the Fed notes indicated that the Fed will likely keep raising rates on a measured pace, unless trade tensions throw a wrench into the works. On the whole business and consumers remain upbeat and CRE continues to fare relatively well. But risks are rising and any missteps could upset the apple cart. 

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