| Today's Economy
Economic Roundup: U.S. Labor Market Back in the Spotlight Job gains expected to tally 190,000 in November while the jobless rate holds at 3.7%. Inflation Expectations Moderate Among U.K. Corporates The BoE still needs to tighten further to deliver on-target inflation. Capital Market View: Financial Conditions Ease Corporate bond issuance has slowed to a crawl, and corporate liquidity cushions will erode the longer the new issuance drought persists. Final Thoughts Ahead of November U.S. Employment We look for the economy to have added 190,000 jobs, on net, in November. » VIEW MORE TODAY'S ECONOMY
Commentary
Canada Outlook: Danger Ahead As cracks begin to form, the economy will enter a perilous period in the first half of 2023. Has Euro Zone Inflation Peaked? Cost of living increases slowed in November after accelerating for 16 months, but December could even bring a new record high. U.S. B2B Tracker: Manufacturing a Slowdown Surveys from Federal Reserve districts around the country show a weakened business environment for goods producers. U.S. Chartbook: Fed Tones It Down Powell suggested the economy will soon need smaller rate hikes for longer. » VIEW MORE COMMENTARY
Today's Economic Indicators
Japan
Consumer Confidence
Nov. 2022: 28.6
Japan’s consumer confidence index fell to 28.6 in November from 29.9 in October. Switzerland
Consumer Price Index
Nov. 2022: 3.0%
Switzerland’s inflation rate was unchanged this November at 3% y/y from the previous month. Germany
Retail Sales
Oct. 2022: -2.8% m/m
German real retail sales fell 2.8% m/m on a seasonally adjusted basis in October, following a rise of 1.2% in September. Switzerland
Retail Sales
Oct. 2022: -2.5% y/y
Switzerland’s retail sales dropped by 2.7% m/m in October, wiping out the 0.9% gain in September. Hong Kong SAR (China)
Retail Sales
Oct. 2022: 3.9% y/y
October retail sales values in Hong Kong surprised on the upside with a 3.9% year-over-year growth to HKD31.9 billion; both market and our expectations were for a year-on-year decline. Italy
Unemployment
Oct. 2022: 7.8%
Italy’s October employment report brought good news. Euro Zone
Unemployment
Oct. 2022: 6.5%
The euro zone’s unemployment rate ticked down to 6.5% in October from 6.6% in September. Chile
Monthly Economic Activity Indicator
Oct. 2022: -1.2% y/y
Economic activity in Chile weakened in October as industrial production remained in negative territory. Brazil
GDP
2022Q3: 3.6% y/y
As expected, Brazil’s economy advanced further in the third quarter stimulated by the political business cycle. United States
Challenger Report
Nov. 2022: 76,835
Job cut announcements from U.S.-based employers spiked in November to 76,835, up 127% from the 33,843 cuts announced the month prior. United States
Jobless Claims
November 26: 225,000
U.S. initial claims for unemployment insurance are moving in the right direction again. United States
Moody's Analytics Beige Book Index
Nov. 2022: 11.1
The Moody’s Analytics Beige Book Index fell even further in November to 11.1, down from 30.6 in October. United States
Personal Income
Oct. 2022: 0.7% m/m
Surpassing expectations, personal income in the U.S. expanded 0.7% from September to October. United States
PCE Deflator
Oct. 2022: 0.3% m/m
The implications for monetary policy from the October personal consumption expenditure deflator are not overly significant. United States
Real Personal Spending
Oct. 2022: 0.5% m/m
Real consumer spending growth has accelerated despite continuing to struggle under little real income growth, still-high inflation, rising interest rates, and falling wealth. United States
ISM Manufacturing Index
Nov. 2022: 49.0
U.S. manufacturing activity contracted in November for the first time since May 2020. United States
Construction Spending (C30)
Oct. 2022: -0.3% m/m
Construction spending in October was estimated at a seasonally adjusted annual rate of $1.79 trillion, 0.3% below the revised September estimate. United States
St. Louis Fed Financial Stress Index
November 25: -0.26
The St. United States
Monthly GDP
Oct. 2022: 0.4% m/m
It's early, but U.S. economic data for the fourth quarter have come in strong so far. World
Moody's Analytics Global HPI
2022Q3: 15.6% y/y
The Moody’s Analytics estimate of the worldwide house price index increased by 15.6% y/y in nominal terms during the third quarter, following a 15.1% rise in the second quarter. Peru
Consumer Price Index
Nov. 2022: 8.5% y/y
Inflation in the Lima metropolitan area—a barometer of price pressures at the national level in Peru—rose 8.5% y/y in November, an acceleration from the 8.3% annual rate logged in October. United States
Natural Gas Storage Report
November 25: -81 bil cubic feet
Last week’s decline in natural gas stocks closely matched analyst predictions, suggesting that this report will have minimal effect on gas prices. United States
Vehicle Sales - BEA
Nov. 2022:
Brazil
Foreign Trade
Nov. 2022: US$6.68 bil
The country’s trade account reported another surplus in November as export growth continued to recover. South Korea
Consumer Price Index
Nov. 2022:
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