Economy.com Daily Update: December 23, 2021

Today's Economy

We will return on Monday, December 27.

Inflation relief is coming while real consumer spending didn't budge in November.

Third-quarter GDP was revised up thanks to stronger private consumption.

The central bank thought that inflation was transitory for too long.

Commentary

The Mountain West leads the way and the South makes strides, but the broader story is mixed.

State-level details reveal where new-home sales have contributed to moderating price gains.

Despite the holiday, this is a jam-packed week.

The new variant is responsible for more than 70% of new infections.

Today's Economic Indicators

Singapore
Consumer Price Index
Nov. 2021: 3.8% y/y
Singapore’s headline inflation soared far above expectations for the second month in a row, surging by 3.8% y/y from the previous month’s 3.2% increase.

Taiwan (China)
Industrial Production
Nov. 2021: 12.2%
Taiwan’s industrial production improved 12.2% year on year in November after an 11.3% gain in October.

Spain
GDP
2021Q3: 2.6% q/q
Spain's GDP expanded by 2.6% q/q in seasonally adjusted terms during the third quarter of 2021.

Canada
Earnings, Hours and Employment
Oct. 2021: 2.7% y/y
Job growth in October pushed higher at 2.7% in year-ago terms, little changed from August and September.

Canada
Gross Domestic Product by Industry
Oct. 2021: 0.8% m/m
The Canadian economy accelerated from its recent sluggish pace in October.

United States
Jobless Claims
December 18: 205,000
U.S. initial claims for unemployment insurance benefits appear to have settled down after seasonal adjustment issues caused some big swings.

United States
Durable Goods (Advance)
Nov. 2021: 2.5% m/m
U.S. durable-goods orders increased 2.5% in November while October was revised to show a 0.1% gain (previously -0.5%).

United States
Personal Income
Nov. 2021: 0.4% m/m
Personal income climbed 0.4% m/m in November, a touch higher than our expectations for a 0.3% gain.

United States
PCE Deflator
Nov. 2021: 0.6% m/m
The Federal Reserve has been surprised by inflation and the next couple of months may not provide a significant amount of relief.

United States
Real Personal Spending
Nov. 2021: 0.0% m/m
Real consumer spending growth petered out in November following three months of healthy to strong growth.

Mexico
Employment Situation
Nov. 2021: 3.7% Unemployment
The economy created more jobs in November, allowing the unemployment rate to decline further.

United States
St. Louis Fed Financial Stress Index
December 17: -0.62
Financial stress edged higher in the latest week.

United States
New-Home Sales
Nov. 2021: 744,000 SAAR
U.S. new-home sales jumped in November to 744,000 annualized units, but there was a sizable downward revision to October as sales are now shown to have been 662,000 (previously 745,000).

United States
University of Michigan Consumer Sentiment Survey
Dec. 2021: 70.6
Despite continued weight from high infection rates, gasoline prices, and political brinkmanship, U.S. consumer confidence rose in December, according to the final report from the University of Michigan.

United States
Natural Gas Storage Report
December 17: -55 bil cubic feet
Last week’s draw in natural gas stocks was much smaller than typical for this time of year.

Argentina
Economic Activity Indicator
Oct. 2021: 6.7% y/y
The statistics office’s monthly economic activity index (IMAE) increased 6.7% y/y in October, after 11.4% in the previous month.

Japan
Consumer Price Index
Nov. 2021:

Japan
Foreign Trade
Nov. 2021: