Trump to end DACA, US Factory Orders Fall
September 05, 2017
In a tweet, President Trump announced Tuesday that he will let the DACA program expire in six months. US factory orders fell by the largest margin in nearly three years.
- Trump to let Deferred Action for Child Arrivals expire. President Trump, in a tweet, signals he will let the DACA program expire in 6 months, leaving the responsibility of the policy to Congress. DACA does not provide legal immigration status; instead, it provides temporary protection from deportation to some 800,000 young people who were brought to the United States as children. It also enables “Dreamers” to obtain work permits, provided they have a clean record and have received or are pursuing education. Attorney General Jeff Sessions, in a press conference Tuesday, called DACA an “open-ended circumvention of immigration law,” and that it “denied jobs to Americans.” The President’s tough stance on immigration has forced Congress to act on the law, or DACA recipients will once again be eligible for deportation. [NPR]
- House to vote on Harvey aid bill. The House of Representatives will vote on an appropriations bill Wednesday which will provide Hurricane Harvey disaster relief. Some right wing lawmakers have advocated for tying the bill to the debt ceiling, as has Treasury Secretary Steven Mnuchin. It is unclear whether this will occur, as doing so could imperil the bill’s progress. Harvey has claimed the lives of 50 people in Texas, and broke rain records in the state. [The Hill]
- US factory orders fall 3.3%. US factory orders fell by the largest margin in nearly three years, the biggest drop since August of 2014. However, capital goods rose 1%, indicating business spending is on the rise. June’s data was also revised, showing that the increase in factory orders was larger than previously reported, at 3.2%. The drop was mostly weighed down by a decrease in transportation orders, largely fueled by a decrease in orders for Boeing aircraft. While motor vehicles fell, destruction of property in the wake of Hurricane Harvey will likely surge demand for vehicles and other goods [Reuters]
- Euro Area poised for fastest economic expansion in a decade. Eurozone economic growth is on fire, with the economic area’s GDP growing 0.6% in the 2nd quarter. A composite Purchasing Manager’s Index held at 55.7, slightly below estimates but still signaling economic expansion. Meanwhile, the UK economy has struggled as services PMI fell more than forecast and spending growth has felt the pain of Brexit anxiety and prices. Data show fragile consumer confidence will continue to curtail UK economic expansion. [Bloomberg, Bloomberg]