Economy.com Daily Update: August 17, 2017

Today's Economy

There are signs that production will perk up.

There are signs auto production, hit by retooling in July, will perk up.

Despite relatively upbeat new data, there's little cause for the U.K. to tighten monetary policy.

Consumption doesn't automatically follow income.

Commentary

Financial markets may be overly optimistic about the euro zone economy and overreacting to signals from the ECB.

The economy has been performing adequately as Beijing stems short-term risks.

The political crisis is prolonging an economic depression.

Only the West has slowed considerably over the past year, at least as measured by job growth.

Today's Economic Indicators

United Kingdom
Retail Sales
Jul. 2017: 1.31%
U.K. retail sales came in line with expectations and increased by only 0.3% m/m in July, following a downwardly revised similar rise in June.

Euro Zone
Consumer Price Index
Jul. 2017: 1.3%
The euro zone's annual harmonized inflation remained unchanged at 1.3% in July from a month earlier, in line with the preliminary estimates.

Euro Zone
External Trade
Jun. 2017: €26.6 bil
The euro zone’s external trade surplus expanded in June to €26.6 billion, after it increased to a revised €20.3 billion in May.

Canada
Survey of Manufacturing
Jun. 2017: -1.8%
Manufacturing sales dropped from their record level in June.

United States
Jobless Claims
August 12: 232,000
The U.S. labor market continued to do well in August.

United States
Philadelphia Fed Survey
Aug. 2017: 18.9
The Philadelphia Fed Manufacturing Business Outlook Survey held mostly steady in August, remaining in double-digit positive territory.

United States
Industrial Production
Jul. 2017: 0.2%
Industrial production gained 0.2% in July, a touch stronger than our forecast and slightly lower than the consensus.

United States
Internet Sales (E-Commerce Sales)
2017Q2: $111.5 bil
Internet sales can’t be stopped.

United States
Conference Board Leading Indicators
Jul. 2017: 0.3%
The U.S. outlook remains bright.

United States
St. Louis Fed Financial Stress Index
August 11: -1.51
U.S. financial market conditions tightened for the second consecutive week.

Russian Federation
Retail Sales
Jul. 2017: 1.0%
The healthy recovery in Russian retail sales continued in July.

Russian Federation
Unemployment
Jul. 2017: 5.1%
The Russian not seasonally adjusted unemployment rate held at 5.1% in July, down 0.2 point from a year earlier.

United States
Natural Gas Storage Report
August 11: 53 bil cubic feet
The build in natural gas inventories was greater than analysts were expecting, which will put downward pressure on natural gas prices.

Singapore
GDP - Final
2017Q2:

Argentina
Retail Sales Index
Jun. 2017: 11.3%
The index that tracks nominal sales at Buenos Aires’ largest shopping centers increased 11.3% y/y in June, after 12.3% in the previous month.

Malaysia
GDP
2017Q2: