| Today's Economy
Economic Roundup: Complement or Substitute We view the Fed’s balance sheet policy as an adjunct to, rather than a substitute for, rate hikes. Mind the Gaps A U.S. unemployment gap may not lead to a substantial acceleration in core inflation. Brexit Wound Is Starting to Hurt U.K. growth was revised down to 0.2% q/q in Q2, while per capita growth was actually zero. Unfriendly Start for U.S. Trade and Inventories Advance economic reports cut our tracking for Q1 and Q2 GDP. » VIEW MORE TODAY'S ECONOMY
Commentary
Latin America Economic Preview: 29 May-2 June Brazil's economy jumps into positive annual growth. Argentina Outlook: Slow Recovery Ahead Brazil and weak income growth will prevent a more robust rebound. Revisiting the Key Questions for 2017 Some of our projections for the U.S. economy are on track, others are not. Euro Zone Outlook: Recovery Ramping Up Moderating downside risks could change the ECB’s forward guidance. » VIEW MORE COMMENTARY
Today's Economic Indicators
Spain
GDP
2017Q1: 0.8%
Spain's real economy expanded 3% y/y in first quarter of 2017, repeating the stellar figures of the previous stanza. United Kingdom
GDP Expenditure Breakdown
2017Q1: 0.2%
U.K.’s second estimate of GDP was a letdown, showing that the economy grew by a mere 0.2% q/q in Q1, down from a first estimate of 0.3% and a 0.7% rise in Q4. Hong Kong
Foreign Trade
Apr. 2017: -HK$34.1 bil
Hong Kong's trade balance rose to -HK$34.1 billion in April after -HK$42.3 billion in March. United States
Advance Wholesale and Retail Inventories
Apr. 2017: -0.3%
The inventory build is struggling to move ahead. United States
International Trade in Goods - Advanced
Apr. 2017: -$67.6 bil
The advance goods deficit suggests that net exports were not supportive for growth early this quarter. United States
Jobless Claims
May 20: 234,000
After falling for three consecutive weeks, initial claims for unemployment insurance edged higher. Canada
Earnings, Hours and Employment
Mar. 2017: 0.9%
The Canadian labor market made few gains in March. Mexico
Trade Balance
Apr. 2017: US$616.8 mil
The country’s trade account was in surplus in April after negative result in the previous month. World
Moody's Analytics Global HPI
2017Q1: 5.8%
Global house price growth accelerated in the first quarter, but there are some regional pockets of concern. United States
St. Louis Fed Financial Stress Index
May 19: -1.476
Financial market conditions tightened last week for the first time since mid-April. United States
Natural Gas Storage Report
May 19: 75 bil cubic feet
Natural gas inventories rose by slightly more than industry analysts were expecting, which will put minimal downward pressure on gas prices. United States
Kansas City Fed Manufacturing Survey
May. 2017: 8
The growth rate of factory production has stabilized in May, following a precipitous deceleration in the previous month. South Korea
Consumer Sentiment Index
May. 2017:
Japan
Consumer Price Index
Apr. 2017:
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