| Today's Economy
Economic Roundup: Don't Get Too Excited About the Drop in U.S. Initial Claims Claims are very unreliable this time of year. Capital Market View: Tighter Spreads, Weaker Issuance Spreads tightened over the past week and we are entering a lull for issuance. LatAm Daily Briefing: Chile Sees an Annual Rebound Despite a Quarterly Moderation Chile’s economy reported a strong annual rebound in the second quarter. Europe Daily Briefing: Norges Bank Holds at Zero Norway’s policy rate will be hiked at the central bank's September’s meeting. » VIEW MORE TODAY'S ECONOMY
Commentary
U.S. Macro Outlook: Inflation and Other Road Hazards By our calculation, proposed and existing fiscal support will not overheat the economy. Switzerland’s Persistent Gender Gap in Employment Changes are needed to level the playing field. Australia Risk Matrix Update: Delta Dominates The COVID-19 variant has brought lockdowns and weighed on the economy. Global Outlook: Resurgence Risks to Recovery Until the pandemic is brought under control, a divergent dual-track recovery will persist. » VIEW MORE COMMENTARY
Today's Economic Indicators
Switzerland
Industrial Production
2021Q2: 16% y/y
Second quarter industrial production surged in Switzerland, growing by 16% y/y, substantially exceeding the previous quarter’s 4.7% y/y increase in output. Norway
Monetary Policy
Aug. 2021: 0.00%
Norway’s central bank left its key policy rate unchanged at 0% during its August meeting. Hong Kong SAR (China)
Consumer Price Index
Jul. 2021: 3.8% y/y
Canada
ADP Canada National Employment Report
Jul. 2021: 221,333
Employment growth in July more than made up for the decline in June. United States
Jobless Claims
August 14: 348,000
U.S. initial claims for unemployment insurance benefits dropped by 29,000 to 348,000 in the week ended August 14, but there is more noise than signal in the new data. United States
Philadelphia Fed Survey
Aug. 2021: 19.4
Manufacturing activity continues to expand, though it is decelerating. Netherlands
Unemployment
Jul. 2021: 3.1%
The unemployment rate in the Netherlands dropped again to 3.1% in July. United States
MBA Delinquency Rates
2021Q2:
United States
Quarterly Services Survey
2021Q2:
The reopening of the U.S. economy has put services on the road to recovery, but there are downside risks in the second half of the year, primary the Delta variant of COVID-19. United States
St. Louis Fed Financial Stress Index
August 13: -1.06
Financial stress fell last week, with the St. United States
Internet Sales (E-Commerce Sales)
2021Q2: $222.5 bil
On a seasonally adjusted basis, internet sales in the second quarter of 2021 rose 3.3% from the first quarter. United States
Conference Board Leading Indicators
Jul. 2021: 0.9%
The Conference Board Leading Economic Index rose 0.9% in July, slightly stronger than the consensus expectation of a 0.8% increase. United States
Natural Gas Storage Report
August 13: 46 bil cubic feet
The increase in gas stocks last week surpassed analyst predictions, suggesting that this report will add to downward pressure on gas prices. Argentina
Economic Activity Indicator
Jun. 2021: 10.8% y/y
Argentina’s economy grew in June for the first time in four months, in seasonally adjusted terms. Japan
Consumer Price Index
Jul. 2021:
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