| Today's Economy
Economic Roundup: Inventories Cut Deeper Into Q2 U.S. GDP This lends a little upside risk to the GDP forecast, but Delta remains a downside risk. LatAm Daily Briefing: An Appropriate Rate Hike in Peru Peru’s central bank boosts the policy rate to combat inflation. Capital Market View: Asset Purchases Weren't Inflationary, Tapering Won't Be Disinflationary Tapering could help in other ways by keeping inflation expectations anchored. Europe Daily Briefing: Sweden’s Labor Market Rebounds Employment bounced back after losses in June. » VIEW MORE TODAY'S ECONOMY
Commentary
Early Evidence Suggests COVID-19 Surges Matter, UI Cuts Don't July’s U.S. state payroll data reveal some pain from new virus outbreaks but no help from benefit cuts. Japan Risk Matrix Update: A Clouded Picture GDP eked out some moderate growth in the second quarter, but the outlook for labour demand and spending remains at risk. U.S. Employment Outlook: The Long Road The unemployment rate will drop to 4.6% by year’s end and below its full-employment rate by the end of 2022. U.S. Credit Outlook: Mortgages Lead the Way Recent momentum in new- and used-vehicle prices has been a significant contributor to auto balance growth. » VIEW MORE COMMENTARY
Today's Economic Indicators
Singapore
Industrial Production
Jul. 2021: 16.3% y/y
Singapore’s industrial production grew by 16.3% y/y in July, benefitting from the lingering low base effects due to last year’s pandemic-induced lockdowns. Denmark
Retail Sales
Jul. 2021: -0.1% m/m
Retail sales declined modestly in July as Danish consumers pared back spending. Sweden
Unemployment rate
Jul. 2021: 8.4%
Sweden’s unemployment rate dropped in July to 8.4% from 9.4% in June. Hong Kong SAR (China)
Foreign Trade
Jul. 2021: -HK$35.0 bil
Hong Kong's trade deficit narrowed to HK$35 billion in July, from HK$40.5 billion in June, in line with our expectations. Canada
Earnings, Hours and Employment
Jun. 2021: % 0.7
Payroll employment rose by 214,800 in June, marking a 1.3% month-to-month increase, according to the Survey of Employment, Payroll and Hours. United States
Jobless Claims
August 21: 353,000
U.S. initial claims for unemployment insurance benefits increased from a revised 349,000 to 353,000 in the week ended August 21. United States
GDP
2021Q2: 6.6%, q/q, SAAR
U.S. Mexico
Employment Situation
Jul. 2021: 4.4% Unemployment
Mexico's unemployment rate increased in July as traditionally happens during the start of the summer vacation season. United States
St. Louis Fed Financial Stress Index
August 20: -0.83
Financial stress moved higher last week with the St. United States
Natural Gas Storage Report
August 20: 29 bil cubic feet
The increase in gas stocks last week fell short of analyst predictions, suggesting that this report will put some upward pressure on gas prices. United States
Kansas City Fed Manufacturing Survey
Aug. 2021: 29
Manufacturing activity in the Tenth District continued at a strong pace in August, with solid expectations for future activity. Japan
Consumer Price Index
Aug. 2021:
Australia
Retail Sales
Jul. 2021:
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