| Today's Economy
Economic Roundup: U.S Economy Is Fine, Singapore's Is Not U.S. housing starts dip in June while Singapore's exports fell sharply. U.S. Equipment Investment Should Be Slowing Fundamentals have turned, but the expansion can move forward. Multifamily Drags Housing Starts and Permits Lower Lower mortgage rates haven't provided much of a boost to U.S. homebuilding. Europe Daily Briefing: ECB Has What It Needs to Act Soon Headline and core inflation each picked up steam, but we shouldn't get overexcited. » VIEW MORE TODAY'S ECONOMY
Commentary
A Year of U.S. Steel and Aluminum Tariffs Protectionism has brought little if any economic benefit. U.S. Employment Outlook: Reading Signals Through the Noise The labor market roller coaster has been in full effect so far this year. U.S. Chartbook: Mr. Powell Goes to Washington The Fed will most likely cut interest rates in July. U.S. Macro Outlook: A Fragile Place The expansion is vulnerable if anything goes wrong, and there is plenty that could go wrong. » VIEW MORE COMMENTARY
Today's Economic Indicators
United States
Moody's CMBS Delinquency Tracker
Jun. 2019: 3.50%
The Moody’s Delinquency Tracker total delinquency rate reversed trend and increased for the first time in 15 months, rising 8 basis points to 3.5% in June. United Kingdom
Consumer Price Index
Jun. 2019: 2.0%
As expected, the U.K.’s CPI inflation held steady in June at the Bank of England’s target of 2%. Euro Zone
Consumer Price Index
Jun. 2019: 1.3%
Final numbers showed that euro zone inflation rose to 1.3% y/y in June, from 1.2% in May, in line with our expectations but slightly above the first estimate of 1.2%. United States
MBA Mortgage Applications Survey
July 12: -1.1%
The top-line index moved down 1.1% in the week ended July 12, with the fall in purchases outweighing the rise in refinancings. United States
New Residential Construction (C20)
Jun. 2019: 1.253 mil
Housing starts slipped slightly in June, thanks mainly to a fall in multifamily starts. Canada
Consumer Price Index
Jun. 2019: 2%
Inflation softened in June as energy prices retreated. Canada
Survey of Manufacturing
May. 2019: 1.6%
Canadian manufacturing sales recovered in May from their April decline. Russian Federation
Retail Sales
Jun. 2019: 1.4%
Retail sales growth came in at 1.4% y/y in June, unchanged from May's figure. Russian Federation
Unemployment
Jun. 2019: 4.4%
Russia’s unemployment rate printed at 4.4% in June, down 0.1 percentage point from May and below the market consensus of 4.5%. United States
Median usual weekly earnings
2019Q2: 3.7%
The tightening in the U.S. labor market is putting some upward pressure on wage growth but not enough to alter either our or the Fed’s view of the inflationary dynamics. United States
Oil Inventories
July 12: 455.9 mil barrels
A smaller than expected decline in oil inventories will put downward pressure on oil prices. United States
Beige Book
Jul. 2019:
The Beige Book covering economic activity from mid-May through June indicates that the U.S. economy grew at a modest tempo during the reporting period. Japan
Foreign Trade
Jun. 2019:
South Korea
Monetary Policy
Jul. 2019:
Australia
Employment Situation
Jun. 2019:
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