| Today's Economy
Economic Roundup: Don’t Call It a Recession, Yet U.S. GDP declined for a second-consecutive quarter, but a recession call is more nuanced. LatAm Daily Briefing: Brazil Continues to Benefit From Commodity Exports The nation has stepped up as a commodity supplier as a result of geopolitical turbulence. Europe Daily Briefing: Confidence Drops Once the summer is over, consumers will retrench, cutting back on spending in response to their dwindling purchasing power. Asia-Pacific Daily Briefing: Hong Kong Hikes, Aussie Sales Growth Slows Hong Kong's central bank has lifted its policy rate by 75 bps, keeping lockstep with the Fed. » VIEW MORE TODAY'S ECONOMY
Commentary
U.S. Budget Reconciliation Endgame: Inflation Reduction Act of 2022 The IRA of 2022 would invest in clean energy and healthcare coverage, while generating tax revenue and Medicare savings. Russia-Ukraine Tracker: Gas and Grains The invasion has displaced more than 20 million people. U.S. B2B Tracker: Business Spending Softens It can be tricky parsing changes in the volume of goods and services businesses are purchasing from the effects of cost increases. Exploring the Global Recession Scenario The drivers of a possible downturn are more conventional this time around. » VIEW MORE COMMENTARY
Today's Economic Indicators
Denmark
Retail Sales
Jun. 2022: -3.1% m/m
Denmark’s retail sales fell 3.1% in June from May. Norway
Unemployment rate
May. 2022: 3.2%
Norway’s unemployment rate was unchanged at 3.2% in May, from April. Spain
Retail Sales
Jun. 2022: -0.1% m/m
Spain's retail sales dropped 0.1% m/m in June, building on a downwardly revised 0.1% m/m decrease in May. Spain
Unemployment
2022Q2: 12.5%
Spain’s unemployment rate fell to 12.5% in the second quarter from 13.7% in the first quarter. Sweden
Retail Sales
Jun. 2022: -1.2% m/m
Sweden’s retail sales fell by 1.2% m/m in June, deepening a 0.7% decline in May. Euro Zone
Business and Consumer Sentiment
Jul. 2022: 99.0
The euro zone’s economic sentiment index collapsed to 99 in July from 103.5 in June, marking the first time since February 2021 that sentiment has fallen below its long-term average. Belgium
Consumer Price Index
Jul. 2022: 9.6% y/y
Consumer price growth in Belgium remained steady in July, clocking in at 9.6% year over year. Ireland
Retail Sales
Jun. 2022: -2.2% m/m
Ireland's retail sales fell by 2.2% m/m in June, building on a 1.8% decline in May. Chile
Employment
Jun. 2022: 7.8%
The national unemployment rate averaged 7.8% in the April-June rolling quarter, down from 9.5% a year earlier. United States
GDP
2022Q2: -0.9%, q/q, SAAR
U.S. Canada
Earnings, Hours and Employment
May. 2022: 2.5% y/y
Canadian job growth decreased by 0.1% in May. United States
Jobless Claims
July 23: 256,000
U.S. initial claims for unemployment insurance continue to show some stress on the labor market, and if they move higher it will raise a red flag. Mexico
Employment Situation
Jun. 2022: 3.3% Unemployment
The unemployment rate reported no improvement in June as the economy advanced slowly. United States
St. Louis Fed Financial Stress Index
July 22: -2.22
Financial stress eased for the third consecutive week as long-term Treasury yields plunged and equity markets continued to rally. United States
Natural Gas Storage Report
July 22: 15 bil cubic feet
Natural gas inventories rose by 15 billion cubic feet for the week ended July 22. United States
Kansas City Fed Manufacturing Survey
Jul. 2022: 13
Manufacturing activity in the Tenth District grew moderately in July. South Korea
Industrial Production
Jun. 2022:
South Korea
Retail Sales
Jun. 2022:
Japan
Employment Situation
Jun. 2022:
Japan
Industrial Production
Jun. 2022:
Japan
Retail Sales
Jun. 2022:
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