Economy.com Daily Update: December 22, 2021

Today's Economy

Confidence increased in December, but as cases continue to rise, it could be tested in January.

The country's currency has bounced back but still has a lot of ground to recover.

The Fed's patience is thin and there are hints rate hikes will start soon after tapering ends.

The country's economy has made strides, but there are still issues to resolve.

Commentary

State-level details reveal where new-home sales have contributed to moderating price gains.

Despite the holiday, this is a jam-packed week.

The new variant is responsible for more than 70% of new infections.

We were mostly correct on the economy's performance but inflation and politics deviated.

Today's Economic Indicators

Thailand
Monetary Policy
Dec. 2021: 0.5%
The Bank of Thailand kept its benchmark interest rate unchanged at 0.5% in its December meeting, amidst the first sightings of the Omicron variant within Thailand.

Sweden
Retail Sales
Nov. 2021: 0.9% m/m
Sweden’s retail sales excluding petrol rose 0.9% m/m in November, adding to the 0.5% increase in October.

United States
MBA Mortgage Applications Survey
December 17: -0.6%
Mortgage applications declined again in the week of December 17, ticking down 0.6% after a 4% contraction the week before.

Mexico
Retail & Wholesale Sales
Oct. 2021: 5.3% y/y
Retail consumption advanced further in October as mobility restrictions lessened. The index of retail sales reported an annual increase of 5.3% in October after growth of 5.9% in the previous month and contraction of 7.1% a year earlier.

United States
Chicago Fed National Activity Index
Nov. 2021: 0.37
The Chicago Fed National Activity Index fell to 0.37 in November from 0.75 in October, suggesting U.S. economic growth moderated last month.

United States
GDP
2021Q3: 2.3%, q/q, SAAR
U.S.

United States
Industry GDP
2021Q3: 1.7 ppt, SAAR
The third estimate for U.S.

United States
Existing-Home Sales
Nov. 2021: 6.46 mil, SAAR
Existing-home sales increased 1.9% in November to 6.46 million units annualized.

United States
Conference Board Consumer Confidence
Dec. 2021: 115.8
U.S. consumer confidence came in better than anticipated in December.

United States
Oil Inventories
December 17: 423.6 mil barrels
Crude oil inventories fell by 4.7 million barrels in the week ending December 17, exceeding the 3.7 million-barrel decline reported by the American Petroleum Institute on Tuesday.

Russian Federation
Industrial Production
Nov. 2021: 7% y/y
Russia's industrial production growth decelerated in November, slowing to a 7% yearly gain from an upwardly revised 7.4% gain in October.

Uruguay
GDP
2021Q3: 5.9% y/y