Economy.com Daily Update: July 8, 2022

Today's Economy

Tougher macroeconomic conditions are making retirement more difficult for Canadians.

The Fed wants the labor market to cool but new data won't change the outcome of the July meeting.

The surging labor market will protect the country from looming challenges.

Industrial output tumbled in May.

Commentary

The job situation in June should alleviate some of the growing fear that the U.S. economy is in recession.

Inflation continues its relentless march across the region.

New Zealand’s central bank will deliver its third consecutive 50-basis point hike on Wednesday.

Another deficit in euro zone trade balance is expected.

Today's Economic Indicators

Malaysia
Industrial Production
May. 2022: 4.1% y/y
Malaysia’s industrial production was up 4.1% y/y in May, undershooting expectations after April’s 4.6% increase.

United States
California Manufacturing Survey
2022Q3: 58.9
The California Purchasing Managers' Composite Index retreated, indicating expectations for slightly slower expansion in the third quarter.

Finland
Industrial Production
May. 2022: 0.4% m/m
Finland’s industrial production expanded by a moderate 0.4% month over month after recovering by 3.4% in April.

Austria
Industrial Production
May. 2022: 2.1% m/m
Total Austrian industrial production expanded further above April's all-time highs, gaining 2.1% month on month.

Taiwan (China)
Foreign Trade
Jun. 2022: US$4.6 bil
Taiwan's trade surplus was a larger-than-expected US$4.6 billion in June, up from US$2.4 billion in May.

Italy
Industrial Production
May. 2022: -1.1% m/m
Italy’s industrial production fell by 1.1% month over month in May, after three consecutive months of rises.

Brazil
Consumer Price Index
Jun. 2022: 11.89% y/y
Brazil’s inflation remained high in June but stayed below the peak reached in the year.

Chile
Consumer Price Index
Jun. 2022: 12.49% y/y
Chile’s inflation rebounded more virulently in June even though price increases moderated.

Canada
Labor Force Survey
Jun. 2022: 4.9%
The labor market is straining against its supply-side limitations.

United States
Employment Situation
Jun. 2022: 372,000 m/m
The labor market maintained its momentum better than we expected in June.

Netherlands
Industrial Production
May. 2022: -3.1% m/m
After jumping 6.3% m/m in April, Dutch industrial production, excluding energy and construction, contracted 3.1% in May.

Peru
Monetary Policy
Jul. 2022: 6%
Peru's bank directors raised the key policy rate another 50 basis points at the July meeting.

United States
Moody's Analytics Used Vehicle Price Indexes
Jun. 2022: 14.1%
From May to June, used-vehicle prices decreased 3.7%, the fourth consecutive drop in 2022, and the largest decline since the beginning of the pandemic.

United States
Wholesale Trade (MWTR)
May. 2022: 1.8% m/m
Wholesale inventories expanded 1.8% in May following a 2.3% gain in April.

United States
Moody’s Analytics & CNN Business Back-to-Normal Index
July 06: 91.5
At 91.5, the U.S.

Russian Federation
Consumer Price Index
Jun. 2022: 15.9% y/y
A stronger ruble and the end of panic buying contributed to the significant slowdown in Russia's annual inflation rate to 15.9% y/y in June from 17.1% previously.

United States
Consumer Credit (G19)
May. 2022: $22.3 bil
The stock of consumer credit outstanding added $22.3 billion in May, falling well short of consensus expectations for a $31.9 billion gain.

China
Consumer Price Index
Jun. 2022:

China
Producer Price Index
Jun. 2022: