Economy.com Daily Update: December 6, 2019

Today's Economy

November was a blowout month for job growth and the trend is starting to improve.

Past rate cuts are helping, but the Fed can now sit tight for a while.

Industrial production tumbled in October, defying expectations that the economy had bottomed out.

On Brexit, there is market optimism as Conservatives lead in U.K. election polls.

Commentary

Industrial production in Mexico, trade in Chile, and consumer prices in the region will highlight current struggles.

U.K. GDP and an ECB monetary policy meeting are on the calendar.

China's exports will contract again in November, after falling 0.9% y/y in October.

Despite investment’s strong third quarter, consumption will still need to carry GDP growth.

Today's Economic Indicators

Germany
Industrial Production
Oct. 2019: -1.7%
German industrial production came in below expectations in October, decreasing by 1.7% m/m and deepening September’s 0.6% drop.

Italy
Retail Sales
Oct. 2019: -0.2%
Italy’s retail sales fell 0.2% m/m in October, partially offsetting a downwardly revised 0.6% increase in the previous month.

Brazil
Consumer Price Index
Nov. 2019: 3.27%
Brazil's annual inflation rebounded in November, affected by the comparison base.

Chile
Consumer Price Index
Nov. 2019: 2.71%
Chile’s inflation continued to increase in November as prices remained under pressure.

Colombia
Consumer Price Index
Nov. 2019: 3.84%
Colombia’s annual inflation rate decelerated slightly in November amid a seasonal decline in the price of some fresh food items.

Canada
Labor Force Survey
Nov. 2019: 5.9%
After a pause in October, the labor market took a dive.

United States
Employment Situation
Nov. 2019: 266,000
Employment gains blew the consensus and our expectations out of the water.

Russian Federation
Consumer Price Index
Nov. 2019: 0.3%
Russian inflation is continually slowing and was comfortably below the Central Bank of Russia’s target pace in November.

United States
Wholesale Trade (MWTR)
Oct. 2019: 0.1%
The inventory build has throttled back, but further correction may be in store.

United States
University of Michigan Consumer Sentiment Survey
Dec. 2019: 99.2
Consumer sentiment remains strong, rising modestly in December to its highest level since May.

United States
Consumer Credit (G19)
Oct. 2019: $18.9 bil
Consumer credit growth picked up in October, rising $18.9 billion.