July 2018 | Monthly Economic Update
THE MONTH IN BRIEF
While segments of the stock market rallied in June, assumptions that a global trade war was starting hurt the blue chips – the Dow Jones Industrial Average lost 0.59% last month. As the U.S., European Union, and China exchanged tariff threats, equity benchmarks worldwide treaded water or took losses. The economy was doing well: the latest hiring and retail sales data was excellent, consumer confidence appeared strong, and industries were growing impressively. Inflation pressure was mounting, and unsurprisingly, the Federal Reserve responded with another interest rate hike. New home sales improved, but residential resales waned. Ongoing trade frictions seemed to mute much of the bullishness seen early in the year.