| Today's Economy
Europe Daily Briefing: Roadwork Ahead Europe braces for 25% tariffs on car exports to the U.S. U.S. Tax Season Check-In: More Than Halfway There With less than a month left in the tax season, refunds are still running hot. Auto Tariffs Are Coming Down the Pike The Trump administration is building a wall around the U.S. auto industry. LatAm Daily Briefing: Dismantling Monetary Defense in Mexico Policymakers seem poised for another interest rate cut. » VIEW MORE TODAY'S ECONOMY
Commentary
A Nail in the Coffin of European Automakers The 25% tariff rate on car exports to the U.S. is profoundly consequential and will lead to lower growth in Europe and raise recession risks. Climate Tracker: Shifting Agenda The EU has been under enormous pressure to ease its sustainability regulations. Global Energy Outlook: Making Sense of the Noise World oil supply will expand by 1.4 million bpd in 2025, about double last year’s growth. Trade War Tracker: Awaiting Clarity Our latest baseline forecast assumes a ratcheting-up in trade restrictions in the coming months but not a runaway trade war. » VIEW MORE COMMENTARY
Today's Economic Indicators
Norway
Monetary Policy
Mar. 2025: 4.5%
The Norges Bank kept its policy rate unchanged at 4.5% at its March meeting. Spain
Retail Sales
Feb. 2025: 1.3% m/m
In February, Spain's retail sales, adjusted for seasonal and calendar variations, rose 1.3% compared with the previous month, following a 1.2% decrease in January. Mexico
Trade Balance
Feb. 2025: US$2.212 bil
Mexico’s trade gap turned positive in February as imports contracted significantly and exports slowed down. United States
GDP
2024Q4: 2.4%, q/q, SAAR
U.S. economic growth remained strong in the fourth quarter, coming in at 2.4%, according to the Bureau of Economic Analysis’ third estimate. United States
Industry GDP
2024Q4: 2.1 ppt, SAAR
In the fourth quarter, private industries contributed 2.1 percentage points to the 2.4% annualized expansion in real GDP. Canada
Earnings, Hours and Employment
Jan. 2025: 5.5% y/y
In January, the number of employees receiving pay and benefits from their employer increased by 0.1%, or 26,800 positions, after a 0.4% increase in December. United States
Advance Wholesale and Retail Inventories
Feb. 2025: 0.3% m/m
According to the advance estimate, wholesale inventories rose 0.3% in February, following an increase in the prior month. United States
International Trade in Goods - Advanced
Feb. 2025: -$147.9 bil
The international trade deficit narrowed to $147.9 billion in February, down $7.7 billion from January's sharp rise to $155.6 billion. United States
Jobless Claims
March 22: 224,000
Jobless claims remain subdued. United States
St. Louis Fed Financial Stress Index
March 21: -0.65
The St. United States
Pending Home Sales
Feb. 2025: 2.0% m/m
The National Association of Realtors’ pending home sales index increased in February, rising 2% from the prior month. United States
Natural Gas Storage Report
March 21: 37 bil cubic feet
Last week’s increase in natural gas stocks exceeded analyst predictions, which will put some downward pressure on high gas prices. United States
Kansas City Fed Manufacturing Survey
Mar. 2025: -2
Factory activity in the Federal Reserve’s Tenth District dipped modestly in March, according to the Kansas City Fed’s Manufacturing Survey. Argentina
Economic Activity Indicator
Jan. 2025: 6.5% y/y
The statistics office’s monthly economic output index (a proxy for GDP) increased 6.5 year on year in January after 6% in the previous month. Mexico
Monetary Policy
Mar. 2025: 9.00%
In March, Mexico's central bank accelerated its monetary easing as inflation declined. Philippines
Foreign Trade
Feb. 2025:
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