Afternoon Coffee: New Anti-Dumping Bill Coming ‘Soon,’ Brexit Squeezes Economy for Everyday Britons

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Concerning the dumping of foreign steel and aluminum in the U.S., President Donald Trump said Monday morning that legislation to address this issue would be coming “soon,” Reuters reports. The president provided no further details, however.

Brexit Blowback 

The same political forces that spurred last year’s Brexit vote have now hobbled the government that was supposed to execute that decision, according to the New York Times. Since that time, the British pound has lost 13% of its value against the euro, driving inflation for everything from food to gasoline to vacations — all while wages remain stagnant.

Manufacturing Growth

Back in the U.S., similar populist rumblings around decline of the manufacturing industry appear to be based more on perception than reality. As a new report from the Ball State Center for Business and Economic Research (CBER), U.S. manufacturing production grew 11% since the dot-com bubble, even in spite of the Great Recession.

“According to folklore, this has been a terrible generation for manufacturing and those who move goods,” said CBER director Michael Hicks, George and Frances Ball Distinguished Professor of Economics and Business Research. “That isn’t really what the data says. Indeed, 2015 was a record manufacturing production year in inflation-adjusted dollars. While 2016 fell just short with some weakness in the first and second quarter, 2017 looks to be a new record year.”

Jobless Claims

And finally, some current economic data: Initial jobless claims fell to a seasonally adjusted 245,000 in the week ended June 3, the Wall Street Journal reports, with the four-week moving average of continuing claims dropping to its lowest level since January 1974.

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