Economy.com Daily Update: June 30, 2021

Today's Economy

Social distancing guidelines as well as rampant active coronavirus cases depressed consumer confidence and curbed private consumption.

The Conference Board index is unique in approaching pre-pandemic levels.

With lots of churn in the job market, first prints of employment could be less reliable.

Preliminary estimates report a lower inflation rate in June.

Commentary

Economic stress from price pressures remains localized.

There are now 18 COVID-19 vaccines that are approved in at least one country.

The CDU and CSU parties will push to reduce government debt but don't plan to raise taxes.

The factors that pushed up inflation in the previous month moderated a bit.

Today's Economic Indicators

Netherlands
Retail Sales
May. 2021: 7.5%

Japan
Consumer Confidence
Jun. 2021: 37.4
Japan's consumer confidence rose to 37.4 in June, up 3.3 points from the previous month, reflecting the improved pandemic situation and the lifting of the state of emergency.

Denmark
GDP
2021Q1: -1.0%

Denmark
Unemployment rate
May. 2021: 4.0%
Denmark's labor market took a massive step forward in May.

France
Household Consumption Survey
May. 2021: 10.4%
France’s household consumption of goods rebounded strongly in May, by 10.4% m/m.

Austria
Employment and the Labour Market
May. 2021: 7.7%
The Austrian labor market showed signs of further improvement in May after stalling as the winter lockdowns weighed on activity.

Germany
Unemployment
Jun. 2021: 5.9%
Germany’s unemployment rate held steady at 5.9% in June.

Thailand
Foreign Trade
May. 2021: US$3.4 bil
Thailand’s trade position improved in May, as the foreign trade surplus increased to $3.4 billion, up from $2.4 billion in April.

Euro Zone
Preliminary Consumer Price Index
Jun. 2021: 1.9%
The preliminary estimate of the euro zone’s harmonized index of consumer prices reported 1.9% y/y growth in June.

Portugal
Industrial Production
May. 2021: 27.1%
Portugal's year-on-year industrial production spiked by 27.1% in May after April's 37.3% expansion.

United Kingdom
GDP - Quarterly
2021Q1: -1.6% q/q
Final numbers show that U.K.

United States
MBA Mortgage Applications Survey
June 25: -6.9%
Mortgage applications contracted 6.9% in the week of June 25, ending a two-week stretch of growth.

Brazil
Employment Situation
Apr. 2021: 14.7%
Unemployment remained high in April, though it showed signs of stabilizing as the economy advanced.

United States
ADP National Employment Report
Jun. 2021: 692,000 m/m, ths
The labor market recovery remains strong.

Canada
Industrial Product and Raw Materials Price Indexes
May. 2021: 2.7%
Producer prices continued their post-COVID-19 climb in May.

Canada
Gross Domestic Product by Industry
Apr. 2021: -0.3%
Economic growth slipped in April.

Chile
Employment
May. 2021: 10.0%
The national unemployment rate in Chile averaged 10% in the March-May rolling quarter, down from 11.2% a year earlier.

Chile
Manufacturing Production
May. 2021: 8.90% y/y
The national industry continued to report strong annual growth in May benefited by the comparison base.

Chile
Retail & Wholesale Sales
May. 2021: 47.6% y/y
Retailers and wholesalers in Chile smashed expectations with a near 50% y/y gain in May after coming up short the previous two months.

United States
Pending Home Sales
May. 2021: 114.7
The NAR pending home sales index increased 8% to 114.7 in May, more than gaining back April’s losses and rising to its highest level since January.

United States
Oil Inventories
June 25: 452.3 mil barrels
Another above-expectation decline in oil inventories will help support already-high oil prices.

United States
Agricultural Prices
May. 2021: 1.8% m/m
The Agricultural Prices Received Index increased 1.8% from April to May, hitting 106.8.

Japan
Tankan Survey
2021Q2:

Australia
Foreign Trade
May. 2021:

South Korea
Foreign Trade
Jun. 2021: