Economy.com Daily Update: March 8, 2022

Today's Economy

Oil prices continue to rise as U.S. announces ban on Russian energy imports.

The economy benefits from a windfall, but it may not last long.

Our participants discuss the scary implications of rising oil prices amid the Russia-Ukraine military conflict.

Together, the two countries produce most of the world's sunflower oil.

Commentary

Asia continues to battle Omicron, which is sweeping across the continent.

After consecutive weeks of strong growth for the U.S. Back-to-Normal Index, the latest reading showed a move in the opposite direction.

Despite labor-supply challenges, Moody’s Analytics expects job gains to easily top 4 million this year.

A strong employment report headlined last week's new economic data.

Today's Economic Indicators

Taiwan (China)
Consumer Price Index
Feb. 2022: 2.4% y/y
Taiwan’s headline consumer price index rose 2.4% over the year in February, as inflation pressures rose within the food and fuel categories.

Taiwan (China)
Foreign Trade
Feb. 2022: US$5.8 bil
Taiwan's trade surplus increased 31.7% over the year to hit US$5.8 billion in February.

Spain
Industrial Production
Jan. 2022: -0.1% m/m
Spain’s industrial production decreased by 0.1% m/m in January in seasonally and calendar-adjusted terms.

Italy
Retail Sales
Jan. 2022: -0.5% m/m
Italy’s retail sales fell by 0.5% m/m in January, after increasing in December, as nonfood spending declined for the third month in a row.

Euro Zone
GDP
2021Q4: 0.3% q/q
Final estimates confirmed that the euro zone’s GDP grew by 0.3% q/q in the fourth quarter of 2021.

Germany
Industrial Production
Jan. 2022: 2.7% m/m
Germany's industrial sector rushed forward in January as the economy’s industrial production index jumped by 2.7% m/m.

Chile
Consumer Price Index
Feb. 2022: 7.8% y/y
Chile’s annual inflation climbed higher in February even though monthly increases moderated.

Ireland
Industrial Production
Jan. 2022: -3.1% m/m
Irish industrial production dropped by 3.1% m/m in January after increasing 6.1% m/m in December.

United States
NFIB Small Business Survey
Feb. 2022: 95.7
The NFIB Small Business Optimism Index fell from 97.1 in January to 95.7 in February.

United States
International Trade (FT900)
Jan. 2022: -$89.7 bil
The U.S. nominal trade deficit widened more than anticipated in January, and that could ding our tracking estimate of first-quarter GDP growth.

Canada
International Merchandise Trade
Jan. 2022: C$ 2.6 bil
In January, Canada's merchandise imports decreased by 7.4% with nearly all product sections in decline.

United States
Wholesale Trade (MWTR)
Jan. 2022: 0.8% m/m
Wholesale inventories expanded 0.8% in January, following an upwardly revised 2.6% gain (previously 2.2%) in December.

United States
Moody’s Analytics Policy Uncertainty Index
March 04:

Japan
GDP
2021Q4:

Philippines
Industrial Production
Jan. 2022:

China
Consumer Price Index
Feb. 2022:

China
Producer Price Index
Feb. 2022: