Economy.com: Daily Update
| Today's Economy
Economic Roundup: A More Encouraging Month for NY Factories Though negative, demand pushed the Empire State Manufacturing index to its highest point in months. LatAm Daily Briefing: Peru’s Central Bank Presses Pause Surprisingly, the bank leaves the policy rate alone. Europe Daily Briefing: Euro Zone Labour Costs Heat Up We expect stickier inflation in services during the summer months. Asia-Pacific Daily Briefing: China's Tough Balancing Act Investment data highlight winners and losers. » VIEW MORE TODAY'S ECONOMY
Commentary
U.S. Risk Matrix: Isolationism and Its Costs Increased tensions between the U.S. and China, through tariffs and financial sanctions, will boost prices. U.S. Chartbook: The Fight Goes On The Federal Reserve needs more evidence that inflation is moving in the right direction before cutting interest rates. Global Outlook: Tick Tock We are projecting a slight deceleration in global growth in 2024 to 2.5% from 2.7% in 2023. Lots of Red Flags, but No Action What has caused several tried-and-true U.S. recession indicators to throw false positives? » VIEW MORE COMMENTARY
Today's Economic Indicators
Italy
Consumer Price Index
May. 2024: 0.8% y/y
In May, Italy's consumer price inflation held steady at 0.8% year over year, slightly above our forecast of a 0.6% reading. Canada
Housing Starts
May. 2024: 265 ths
Housing starts in Canada increased in May. Canada
International Transactions in Securities
Apr. 2024: C$41.2 bil
Foreign portfolio investment in Canada grew by C$41.2 billion in April, the largest net increase in two years, while Canadians hardly added any foreign securities to their portfolios following a record investment of C$35.6 billion in March. United States
NY Empire State Manufacturing Survey
Jun. 2024: -6.0
The June Empire State Manufacturing Survey was hardly a blockbuster, but it proved more encouraging than those of the past few months. World
Moody's Analytics Survey of Business Confidence
June 14: 16.9
Global business sentiment continues to improve. United States
Cox Automotive/Moody’s Analytics Vehicle Affordability Index
May. 2024: 37.1 weeks, NSA
In May, new-vehicle affordability saw an upturn following a slight setback in the previous month, with the median household income needed to purchase a new vehicle dropping to 37.1 weeks—the most favorable level since August 2021. Peru
Unemployment
May. 2024: 7.2%
The job market in the Lima metropolitan area, a barometer of job market conditions at the national level in Peru, took a step backward in May, with employment roughly unchanged from the prior month. Singapore
Foreign Trade
May. 2024:
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