Mosler Economics

Flattened out at modest levels of growth with no sign that the tax cuts have led to an acceleration: Pending home sales fall for seventh straight month in July Signed contracts to buy existing homes fell 0.7 percent in July compared with June, according to the National Association of Realtors’ pending home sales index. The gauge was down 2.3 percent compared with July 2017. That is the seventh straight month of annual declines. Pending home sales are an indicator of future...

Larger than expected: Highlights In some of the early data coming out in this period of trade disputes, the goods deficit of the July trade report totaled a much deeper-than-expected $72.2 billion. Exports of goods fell 1.7 percent in the month to $140.0 billion showing a very steep 6.7 percent month-to-month decline in food & feeds together with a 2.5 percent dip in exports of consumer goods and a 1.7 percent decline in the nation’s largest export, that of capital...