Economy.com Daily Update: February 14, 2020

Today's Economy

U.S. control retail sales are lower now than in August 2019.

Growth stalled in the fourth quarter and could contract in the first.

Nonresidential investment will handily outpace spending on new houses in 2020.

There had been hopes of improvement after the Phase One agreement, but the virus intervened.

Commentary

Monetary stimulus may do less to shore up domestic demand.

Can the British economy recover momentum?

Argentina's economy will gradually come out of recession in the first half of this year.

The country will remain a large manufacturing hub, despite the trade war and coronavirus.

Today's Economic Indicators

World
Moody's Analytics Global CPI
Jan. 2020:

Spain
Consumer Price Index
Jan. 2020: 1.1%
Spain’s consumer price index started the year off strong, rising 1.1% in January on a year-ago basis.

Euro Zone
External Trade
Dec. 2019: €23.1 bil
The euro zone trade surplus surged to €23.1 billion in December from €16.3 billion a year earlier.

Peru
Unemployment
Jan. 2020: 6.3%
The job market in the Lima metropolitan area—a proxy for labor market conditions in the rest of Peru—remains in an extended lull.

United States
Import and Export Prices
Jan. 2020: 0%
U.S. import prices are unlikely to alter the domestic inflation dynamics soon.

United States
Retail Sales
Jan. 2020: 0.3%
Retail sales continued to grow at a healthy pace in January, although weather played a role in temporarily juicing sales.

Peru
Monetary Policy
Feb. 2020: 2.25%
Peru’s central bank left the key reference rate unchanged during its February meeting, reaffirming its expectation of a gradual rebound in growth and inflation in the first half of this year.

United States
Industrial Production
Jan. 2020: -0.3%
Boeing’s decision to halt production of the 737 MAX contributed to the 0.3% drop in industrial production in January, near our and consensus expectations.

United States
Business Inventories (MTIS)
Dec. 2019: 0.1%
The inventory build started up again in December, with business stockpiles rising 0.1% over the month.

United States
University of Michigan Consumer Sentiment Survey
Feb. 2020: 100.9
Consumer sentiment remains strong, with consumers seemingly ignoring any threat from the coronavirus.

United States
Monthly GDP
Dec. 2019: 0.1%
The U.S. economy lost some momentum in December, adding to the list of issues for growth in the first quarter of this year.

Colombia
GDP
2019Q4: 3.4%
Colombia's economy expanded at a steady pace in the fourth quarter, supported by stable macroeconomic conditions and solid domestic demand growth.