| Today's Economy
More Good News on U.S. Wage Growth There's plenty of room for improvement while metro ECIs show no sign of overheating economies. Trump Puts Immigration Front and Center; Little New on Infrastructure In SOTU, the U.S. president had the next funding deadline in mind in his call for compromise on border issues. Economic Briefing: BoJ Douses Tapering Speculation With Action Bank of Japan Stands Firm The BoJ has deliberately pushed bond yields lower; stimulus won't be imminently wound back. » VIEW MORE TODAY'S ECONOMY
Commentary
U.S. State and Local Outlook: Under Pressure The prospects for spending are dour despite good underlying economic conditions. U.S. Chartbook: Exceeding Potential With the output gap in positive territory, we expect further declines in the unemployment rate. U.S. Weekly Highlights and Preview, January 26, 2018 Our preliminary forecast is for nonfarm payrolls to have risen by 205,000 jobs in January. Europe Weekly Highlights and Preview, 26 January, 2018 Euro zone momentum sparks optimism. » VIEW MORE COMMENTARY
Today's Economic Indicators
Japan
Consumer Confidence
Jan. 2018: 44.7
Japan's consumer confidence was unchanged in January after a slowdown in December. Japan
Housing Starts
Dec. 2017: -2.1%
Japan's housing starts remain in a trend decline after a strong 2016. United States
Moody's CMBS Delinquency Tracker
Dec. 2017: 5.86%
The Moody’s Delinquency Tracker total delinquency rate plunged 44 basis points in December, to 5.86%, indicating a strengthening economy. Thailand
Foreign Trade
Dec. 2017: US$1.5 bil
Thailand’s foreign trade sector ended 2017 on a solid note. Thailand
Private Consumption
Dec. 2017: 1.0%
Private consumption in Thailand grew 1% y/y in December after an upwardly revised 4% lift in November. Germany
Lending by Banks
Dec. 2017: 4.8%
German bank lending to the private sector rose further in December. Germany
Retail Sales
Dec. 2017: -1.9%
German retail sales retreated at the end of the last quarter of 2017. Taiwan (Province of China)
GDP
2017Q4: 3.3%
Taiwan’s GDP surprised on the upside in the final quarter of 2017. Italy
Unemployment
Dec. 2017: 10.8%
Italy’s unemployment rate fell to 10.8% in December from a downwardly revised 10.9% in November, and from 11.8% a year earlier. Germany
Unemployment
Jan. 2018: 5.4%
Germany’s seasonally adjusted unemployment rate fell to a new record low of 5.4% at the start of the year. Euro Zone
Preliminary Consumer Price Index
Jan. 2018: 1.3%
Euro zone annual harmonized inflation decelerated to 1.3% in January, down from 1.4% in the previous month. Euro Zone
Unemployment
Dec. 2017: 8.7%
The euro zone’s jobless rate remained steady at 8.7% in December, its joint-lowest reading since December 2008. Brazil
Employment Situation
Dec. 2017: 11.8%
Brazil's unemployment ticked down at the end of 2017. Chile
Manufacturing Production
Dec. 2017: -3.4%
National manufactures ended the year with a negative result, after an advance previously. United States
MBA Mortgage Applications Survey
January 26: -2.6%
Mortgage applications fell last week, ending several weeks of consecutive gains. United States
ADP National Employment Report
Jan. 2018: 234,000
The labor market cruised into the new year, picking up right where it left off to end 2017. United States
Employment Cost Index
2017Q4: 0.6%
The Employment Cost Index continues to gradually accelerate, signaling a labor market that is healing but has room to improve. Canada
Industrial Product and Raw Materials Price Indexes
Dec. 2017: -0.1%
Industrial product and raw materials prices sank in December. Canada
Industry Output
Nov. 2017: 0.4%
The Canadian economy accelerated in November. Chile
Employment
Dec. 2017: 6.4%
Chile's national unemployment rate averaged 6.4% in the October-December rolling quarter, up from 6.1% a year earlier. United States
Pending Home Sales
Dec. 2017: 110.1
The pending home sales index rose 0.5% to 110.1 in December on a seasonally adjusted basis, marking the third consecutive month of gains, and increased to its highest level since March. United States
Oil Inventories
January 26: 418.4 mil barrels
A much larger than expected increase in crude oil inventories will put downward pressure on oil prices. Thailand
Industrial Production
Dec. 2017: 2.3%
Argentina
Industrial Production - Advance
Dec. 2017: 0.3%
According to Argentina’s statistics office, Indec, industrial output expanded just 0.3% y/y in December not seasonally adjusted, after 3.5% in the previous month. United States
FOMC Monetary Policy
Feb. 2018: 1.25 - 1.50%
The outcome of the Federal Open Market Committee meeting was boring as Janet Yellen rides off into the sunset. South Korea
Consumer Price Index
Jan. 2018:
South Korea
Foreign Trade
Jan. 2018:
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