| Today's Economy
U.S. Holiday Observance Our U.S. offices will be closed Monday, January 17, for Martin Luther King Jr. Day. Economic Roundup: Misleading Drop in U.S. Retail Sales Seasonal adjustment factors were challenging and contributed to the decline. Canada Weekly: The Pandemic Pilgrimage The pandemic-induced migration boom is more than just a big-city exodus. COVID-19 Policy Tracker: U.S. Fed Moving Away From Crisis Mode Due to a strong recovery, the Fed is gearing up to tighten its policy this year. » VIEW MORE TODAY'S ECONOMY
Commentary
U.S. Road to Recovery: Fed Risks Misstep It is unclear how rate hikes and quantitative tightening will interact with each other. U.S. Risk Matrix Update: Moving on Lifting monetary policy accommodation isn’t going to go smoothly. Euro Zone Risk Matrix Update: Border Tensions Brew The likelihood of open conflict between Russia and Ukraine is growing. Latin America Weekly Highlights and Preview, January 14, 2022 The new year kicks off with a few signs of improvement across the region. » VIEW MORE COMMENTARY
Today's Economic Indicators
Finland
Consumer Price Index
Dec. 2021: 3.5% y/y
Finland’s annual inflation showed signs of moderation at the end of the year, decelerating to 3.5% y/y in December from 3.7% in November. Finland
Retail Sales
Nov. 2021: 1.5% m/m
Finland's seasonally adjusted retail sales, excluding motor vehicles and motorcycles, rose by 1.5% m/m in November after the downwardly revised 0.3% drop in October. France
Consumer Price Index
Dec. 2021: 2.8% y/y
After four consecutive months of increases, France’s headline inflation rate remained unchanged in December, posting 2.8% year-on-year growth identical to the previous month. Spain
Consumer Price Index
Dec. 2021: 6.5% y/y
Spain's consumer price index rose by 6.5% in yearly terms in December after a 5.5% gain in November. Sweden
Consumer Price Index
Dec. 2021: 3.9% y/y
Sweden’s CPI inflation sped up to 3.9% y/y in December from 3.3% in November. United Kingdom
Monthly GDP
Nov. 2021: 0.9% m/m
U.K. Euro Zone
External Trade
Nov. 2021: -€1.5 bil
The euro zone’s not seasonally adjusted trade balance plunged to a deficit of €1.5 billion in November from a surplus of €25 billion a year earlier. Brazil
Retail Sales Index
Nov. 2021: -4.2% y/y
Brazil’s retail sales reported an annual contraction in November, although the fall was lower than in the previous month. Belgium
Industrial Production
Nov. 2021: 9.2% y/y
Belgium's industrial production index grew by 9.2% in November on a year-ago basis, but the index fell 7.1% on a monthly basis from October to November. United States
Retail Sales
Dec. 2021: -1.9%, m/m
Retail sales fell far more than expected in December as early holiday shopping took a toll on the latter part of the season. United States
Import and Export Prices
Dec. 2021: -0.2% m/m
A decline in energy prices pulled U.S. import prices lower in December but reversed little of the gains seen over the past few months. United States
Moody’s Analytics & CNN Business Back-to-Normal Index
January 12: 88.6
Omicron is weighing heavily on economic activity in the U.S. United States
Industrial Production
Dec. 2021: -0.1% m/m
U.S. industrial production fell 0.1% in December, worse than either we or the consensus anticipated. United States
Business Inventories (MTIS)
Nov. 2021: 1.3% m/m
Business inventories increased by 1.3% from October to November. United States
University of Michigan Consumer Sentiment Survey
Jan. 2022: 68.8
U.S. consumer confidence dipped in January under the weight of increased COVID-19 infections, according to the preliminary report from the University of Michigan. World
Moody's Analytics Global GDP
2021Q3: 3.8% q/q SAAR
Canada
RPS House Price Index
Dec. 2021: 13.2% y/y
United States
Semiconductor Billings
Nov. 2021: 1.8%
Global semiconductor sales continue to rise at a rapid pace. » VIEW MORE ECONOMIC INDICATORS | 
