Economy.com Daily Update: December 17, 2024

Today's Economy

The U.S. consumer is chugging along, but industrial production underwhelmed.

The Bank of England is more likely to pause after October wage growth surprised to the upside.

The nation’s oil output will hinge on his dealings with Maduro.

How do cities escape the 'urban doom loop'?

Commentary

Uncertainty is a concern for consumers in addition to the level of prices.

Last week brought a flurry of inflation data.

Credit conditions continue to grow more restrictive, though the overall pace of tightening is slowing.

Retail sales jumped 0.4% in October, and we expect that the same robust pace continued in November.

Today's Economic Indicators

United States
Moody's CMBS Delinquency Tracker
Nov. 2024: 7.19%
The Moody’s Delinquency Tracker total delinquency rate rose 25 basis points to 7.19% in November.

Hong Kong SAR (China)
Employment Situation
Nov. 2024: 3.1%
Hong Kong’s seasonally adjusted unemployment rate was 3.1% from September to November, unchanged from the previous period.

United Kingdom
Unemployment
Oct. 2024: 4.3%
The U.K.'s unemployment rate in the three months to October was 4.3%, unchanged from the previous period.

Euro Zone
External Trade
Oct. 2024: €6.8 bil
The euro zone’s not seasonally adjusted trade surplus in goods fell €6.8 billion in October from €9.4 billion in the same month a year earlier.

Mexico
Retail & Wholesale Sales
Oct. 2024: -1.2% y/y
Household consumption remained weak in October, contracting as the domestic market was affected by the typical slowness introduced by the political transition.

United States
Retail Sales
Nov. 2024: 0.7%, m/m
Top-line retail sales grew at a stronger-than-expected pace, marking the third straight month of strong growth, the first time sales have grown strongly for three consecutive months in over a year.

Canada
Consumer Price Index
Nov. 2024: 1.9% y/y
Price pressures were subdued in November.

Canada
New Housing Price Index
Nov. 2024: 0.2% y/y
The national new housing price index saw a slight 0.1% month-over-month increase in November.

Canada
International Transactions in Securities
Oct. 2024: C$21.5 bil
Foreign investors added C$21.5 billion in Canadian securities to their portfolios in October, the second consecutive month of notable inward investment.

United States
Industrial Production
Nov. 2024: -0.1% m/m
In November, U.S. industrial production ticked down 0.1%.

United States
Business Inventories (MTIS)
Oct. 2024: 0.1% m/m
Business inventories rose 0.1% in October, on par with consensus estimates after they were unchanged in September.

United States
NAHB Housing Market Index
Dec. 2024: 46
Homebuilder confidence held steady at 46 in December, according to the National Association of Home Builders’ Housing Market Index.

Chile
Monetary Policy
Dec. 2024:

Japan
Foreign Trade
Nov. 2024:

Malaysia
Foreign Trade
Nov. 2024: