| Today's Economy
Economic Roundup: A Tale of Two Sets of U.S. Economic Data Survey-based data are strong, while the hard data disappoint. U.S. Retail Prices Jumped in January Prices, rather than real spending, drove the strength of sales. Q1 U.S. GDP Growth Struggles to Stay Above 1% Consumer spending disappointed in January. Mexico’s Output Gap Turns Positive A favorable environment exists for ever increasing inflation. » VIEW MORE TODAY'S ECONOMY
Commentary
Fed Talks the Talk but May Not Walk the Walk The central bank may have unintentionally pulled expectations too far forward. U.S. Chartbook: Happy Consumer, Healthy Economy Spillover from the strong labor market has permeated the broader economy. Why U.S. State and Local Tax Revenues Lag Despite the economic expansion, revenues have become less predictable. U.S. Weekly Highlights and Preview, February 24, 2017 Flurry of economic data and Fed speeches ahead. » VIEW MORE COMMENTARY
Today's Economic Indicators
United States
Moody's CMBS Delinquency Tracker
Jan. 2017: 5.91%
The Moody’s Delinquency Tracker total delinquency rate fell 11 basis points in January, to 5.91%. United States
Semiconductor Billings
Jan. 2017:
United Kingdom
Nationwide Housing Price Index
Feb. 2017: 4.5%
The Nationwide Housing Price Index gained 4.5% y/y in February, up from a 4.3% rise in the first month of the year. Germany
Lending by Banks
Jan. 2017: 2.5%
German bank lending to private enterprises rose year on year in January for the 14th consecutive month. Germany
Unemployment
Feb. 2017: 5.9%
Germany’s seasonally adjusted unemployment rate remained at 5.9% in February after it fell to this record low at the start of the year. Spain
Business Confidence
Feb. 2017: 2
Spain’s business confidence returned to positive territory in February, with a reading of 2 following -1 in the previous month. United Kingdom
BoE Lending to Individuals
Jan. 2017: £4.8 bil
Total net lending to individuals ticked up to £4.8 billion in January after a disappointing £4.7 billion in December. United States
MBA Mortgage Applications Survey
February 24: 5.8%
Mortgage applications were up last week as longer-term rates dipped. United States
Personal Income
Jan. 2017: 0.4%
Growth in nominal personal income accelerated to 0.4% in January from an unrevised 0.3% gain in December, besting our forecast for a 0.3% increase. United States
PCE Deflator
Jan. 2017: 0.4%
Financial markets have significantly increased bets on the Fed raising rates in March, and new data on inflation could support this view. United States
Personal Spending
Jan. 2017: -0.3%
Consumer spending unexpectedly fell in January. Canada
Balance of International Payments
2016Q4: -C$10.7 bil
Canada's seasonally adjusted current account deficit improved modestly in the fourth quarter, falling by C$9 billion to C$10.7 billion, as the merchandise trade deficit posted its first surplus in more than two years. Russian Federation
Business Confidence
Feb. 2017: -2.0
The business confidence indexes for manufacturing industries in Russia improved from -3 to -2 in February, its best performance since May 2014, just before the collapse in the price of oil. South Korea
Foreign Trade
Feb. 2017:
Peru
Consumer Price Index
Feb. 2017: 3.25%
Inflation ticked up in February as food prices resumed their upward climb. Canada
Monetary Policy
Mar. 2017: 0.5%
The Bank of Canada is standing firm. United States
ISM Manufacturing Index
Feb. 2017: 57.7
The February ISM manufacturing index continues the streak of strong survey-based data, but this has failed to show up in the hard data thus far. United States
Vehicle Sales - AutoData
Feb. 2017: 17.6 mil, SAAR
February vehicle sales came in stronger than expected as residential construction spending continued higher with warm weather. United States
Construction Spending (C30)
Jan. 2017: -1.0%
Total construction spending in January fell 1% from a month earlier, falling far below the consensus expectation of 0.6% growth. United States
Oil Inventories
February 24: 520.2 mil barrels
An increase in crude oil inventories roughly in line with analyst expectations will have little effect on prices. Colombia
GDP
2016Q4: 1.6%
The Colombian economy expanded at a slightly faster pace in the fourth quarter in part because of better weather conditions. United States
Beige Book
Feb. 2017:
The Federal Reserve’s Beige Book, covering economic activity from January through mid-February, indicates that economic activity expanded at a modest to moderate pace across districts. South Korea
Industrial Production
Jan. 2017:
South Korea
Retail Sales
Jan. 2017:
Australia
Foreign Trade
Jan. 2017:
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