Retail Sales

Stocks slipped from record highs yesterday after President Trump said that we have a long way to go on trade talks with China.

Four of the major US Banks JP Morgan, Goldman Sachs, Wells Fargo, and Bank of America all reported earnings results that beat analysts expectations.  On the earnings conference calls all of the companies mentioned the trade war and the Fed cutting interest rates as reasons for declining revenues later this year.

Sales at U.S. retailers rose solidly in June for the fourth month in a row, pointing to a strong rebound in consumer spending in the second quarter that suggests the economy is not as fragile as the Federal Reserve apparently believes.  Retail sales increased 0.4% last month, the government said Tuesday. Economists polled by MarketWatch expected a 0.1% gain.

Oregon’s unemployment rate has been at or near a record low for almost three years. That trend continued in June, according to the latest figures released by the state.  The unemployment rate in Oregon for June was 4.1%, according to economists with the Oregon Employment Department. The rate for May was 4.2%. The record low, for data going back to 1976, was 4% in May 2018.  For 32 months, or since November 2016, Oregon’s unemployment rate has been between 4% and 4.4%.