Economy.com Daily Update: April 5, 2022

Today's Economy

Even political headwinds may not derail a robust, growth-oriented economy.

The unresponsiveness of the central bank means continued trouble ahead.

The sanctions will also hurt the European economy.

Inflation picked up in Thailand, the Philippines and South Korea in March.

Commentary

Shanghai's snap lockdown follows a record number of asymptomatic COVID-19 cases.

An increasingly tight labor force turns up the heat on the Fed.

The international trade deficit for February could have some implications for first-quarter GDP.

The landscape has shifted considerably with growth in 2022 determined in part by the Russia-Ukraine military conflict.

Today's Economic Indicators

United States
CoreLogic Home Price Index
Feb. 2022: 20.0% y/y
The CoreLogic Home Price Index increased 20% year over year in February, up from 19.1% before revisions in January, and once again registered its quickest pace recorded going back more than 45 years.

Australia
Monetary Policy
Apr. 2022: 0.1%
The Reserve Bank of Australia kept all monetary settings on hold in April, as expected.

Singapore
Retail Sales
Feb. 2022: -3.4%
Retail sales values in Singapore fell by 3.4% y/y in February to SGD3.2 billion after rising 12% in January when pre-Lunar New Year spending was most concentrated.

France
Industrial Production
Feb. 2022: -0.9% m/m
French industrial production took a fall in February.

Austria
Retail Sales
Feb. 2022: -6.3% y/y
Retail sales fell sharply on a year-earlier basis in February, posting a 6.3% y/y decline; however, an oscillating base of comparison is affecting yearly growth rates, so February's number should not be concerning.

Belgium
Retail Sales
Feb. 2022: -6.5% y/y
Belgium's retail sales are on a downward trajectory.

Canada
International Merchandise Trade
Feb. 2022: C$ 2.7 bil
In February, Canada's merchandise imports increased by 3.9%.

United States
International Trade (FT900)
Feb. 2022: -$89.2 bil
The U.S. nominal trade deficit barely budged in February and net exports will be a noticeable drag on first-quarter GDP.

United States
Moody's Analytics Used Vehicle Price Indexes
Mar. 2022: 34%
The Moody’s Analytics Used-Vehicle Price Index saw the largest month-to month decrease in March since the height of the pandemic.

United States
ISM Nonmanufacturing Index
Mar. 2022: 58.3
The U.S. nonmanufacturing sector expanded in March for the 22nd month in a row, and the breadth of growth was greater than in the prior month.

United States
Moody’s Analytics Policy Uncertainty Index
April 01:

Singapore
GDP - Advanced
2022Q1:

Uruguay
Consumer Price Index
Mar. 2022: 9.4% y/y
Inflation in Uruguay continued to speed up in March, increasing 9.4% year on year.

United States
Semiconductor Billings
Feb. 2022: 3.4%

Colombia
Consumer Price Index
Mar. 2022: