| Today's Economy
Economic Roundup: Hoarding of U.S. Labor Businesses are hesitant to lay off workers as initial claims remain low. U.S. Consumers’ Inflation Expectations May Have Peaked Survey data provide some hints of relief. Capital Market View: Spreads Tighten, Issuance Remains Lackluster High-yield issuance remains cold. LatAm Daily Briefing: Brazil’s Inflation Peaks Then Trends Down The central bank’s persistent actions appear to be paying off. » VIEW MORE TODAY'S ECONOMY
Commentary
U.S. Inflation Tracker: A Partial Respite Energy prices dipped slightly in April, shaving more than 20 basis points off the headline. Russia-Ukraine Tracker: EU Agrees on Oil Embargo The embargo would immediately affect 75% of oil imports and 90% by year's end. U.S. Chartbook: Hike Now, Pause Later The Fed signaled that it may take a breather later in the year to assess the effects of its hawkish pivot. Another Commodity Merry-Go-Round? China’s 2020 ban on Australian coal gives us an insight into how commodity markets might respond to sanctions against Russia. » VIEW MORE COMMENTARY
Today's Economic Indicators
Indonesia
Consumer Price Index
May. 2022: 3.55% y/y
Indonesia’s consumer prices rose 3.6% y/y (0.4% m/m) in May, broadly in line with our expectations. Switzerland
Consumer Price Index
May. 2022: 2.9%
Switzerland’s headline inflation rate accelerated to 2.9% y/y in May from 2.5% in April. Austria
GDP
2022Q1: 1.5% q/q
Bouncing back from the pandemic-induced contraction in the fourth quarter of 2021, Austrian real GDP growth in the first three months of 2022 was confirmed at 1.5% quarter over quarter, lower than the 2.5% quarter-over-quarter flash estimate. United States
Challenger Report
May. 2022: 20,712
As tightness persists across U.S. labor markets, employers continue to keep layoffs at historic lows. Brazil
GDP
2022Q1: 1.7% y/y
Brazil’s economy advanced a little further in the first quarter, though still at a moderate rate. United States
ADP National Employment Report
May. 2022: 128,000 m/m, ths
Employment growth is moderating as challenges mount for the U.S. labor market. United States
Moody's Analytics Beige Book Index
Jun. 2022: 150.0
The Moody’s Analytics Beige Book Index fell from 163.9 in April to 150 in June. Canada
Building Permits
Apr. 2022: -0.6% m/m
The value of building permits declined for a second straight month in April. United States
Jobless Claims
May 28: 200,000
U.S. initial claims for unemployment insurance decreased by 11,000 to 200,000 in the week ended May 28. United States
Productivity and Costs
2022Q1: -7.3%, q/q, SAAR
U.S. productivity was revised slightly higher in the first quarter, but it still posted a sizable decline. United States
Factory Orders (M3)
Apr. 2022: 0.3% m/m
U.S. factory orders were up 0.3% in April, a touch less than we anticipated. United States
St. Louis Fed Financial Stress Index
May 27: -1.23
Financial stress retreated in the week ended May 27 with the St. World
Moody's Analytics Global HPI
2022Q1: 14.0% y/y
The Moody’s Analytics estimate of the global housing price index increased by 4.5% q/q in nominal terms during the first quarter of 2022. United States
Natural Gas Storage Report
May 27: 90 bil cubic feet
Last week’s build in gas stocks beat consensus expectations, suggesting that this report will put some upward pressure on already-high gas prices. United States
Oil Inventories
May 27: 414.7 mil barrels
This week’s much larger-than-expected draw in oil inventories would typically push down on oil prices, but market players are more concerned with events in Europe that are driving prices higher. South Korea
Consumer Price Index
May. 2022:
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