From NIPA accounts:
The Petroleum and Petroleum Products Balance
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US-Canada Oil & Gas Trade
From Census via ITA:
Trade Deficit Upside Surprise by $18bn
Goods trade deficit larger than before the election. So much for tariffs reducing goods imports relative to pre tariff.
Where Does the US (and Wisconsin*) Get Its Oil From?
Canada!
“Core GDP” Upwardly Revised
Core GDP, final sales ex net exports and government, was revised upward from 3.9% to 4.2%, even if headline GDP growth was not noticeably revised up. That means domestic aggregate demand momentum remains in place.
Business Cycle Indicators: Real Consumption Is Flat
Nominal consumption beats expectations ( +0.2% m/m vs +0.1% Bbg consensus), but real personal income ex-transfers remains below recent peak.
Guest Contribution: “The U.S. Household-Income Cycle and the Motio Rule”
Today we present a guest post written by Matías Scaglione and Romina Soria of Motio Research, an independent research firm focused on measuring and analyzing U.S. household income.
Gasoline, Diesel, Kerosene: Diesel Rises Again
From the EIA:
What the Heck Is “Structural Excess Capacity”?
The US is going to expand the trade war against a whole slew of countries, using Section 301 charging “structural excess capacity”, caused by government intervention. China is up on the block, according Bloomberg:
August Consumer Confidence Downside Surprise
Conference Board indicator registers decline relative to downwardly revised July confidence: