Economy.com Daily Update: September 20, 2018

Today's Economy

As U.S. flooding worsens, storm's cost approaches $50 billion.

Oil and coal prices account for boost in exports.

Retail sales look solid for Q3, but the strength isn't sustainable.

New Zealand's GDP growth beat expectations, while India's rupee enjoyed some relief.

Commentary

Unemployment increases in Chile and Mexico, and declines in Brazil.

The country's economy will contract beginning in the third quarter of 2018.

Risk-taking, leveraged lending and fiscal and monetary policy bear watching for missteps.

It has been an eventful 2018 for Malaysia, and downside risks plague the outlook.

Today's Economic Indicators

United Kingdom
Retail Sales
Aug. 2018: 3.31%
U.K. retail sales grew by 3.3% y/y in August, down from a 3.8% increase previously but still better than the consensus and our expectations.

Canada
ADP Canada National Employment Report
Aug. 2018: 13,615
A dwindling supply of available workers is mitigating the pace of hiring.

United States
Jobless Claims
September 15: 201,000
The labor market is on a winning streak as initial claims trek lower.

United States
Philadelphia Fed Survey
Sep. 2018: 22.9
The Philadelphia Fed's manufacturing business outlook survey bounced back in September after a disappointing August.

United States
St. Louis Fed Financial Stress Index
September 14: -1.30
Financial stress decreased last week as trade tensions abated.

United States
Conference Board Leading Indicators
Aug. 2018: 0.4%
Prospects for the U.S. economy in the months ahead are strengthening.

United States
Existing-Home Sales
Aug. 2018: 5.34 mil
Existing-home sales were flat in August, with little change from the previous month.

United States
Natural Gas Storage Report
September 14: 86 bil cubic feet
The rise in natural gas inventories was just ahead of analyst predictions, which will apply slight downward pressure on prices.

United States
Financial Accounts - Households
2018Q2: $106.93 tril
Household wealth grew strongly in the second quarter as the stock market more than reversed its first quarter decline, lifting financial wealth.

United States
Financial Accounts - Nonfinancial Corporate
2018Q3: $25.3 tril
Nonfinancial corporate business wealth grew strongly in the second quarter.

Argentina
Employment Situation
2018Q2: 9.6% Unemployment
According to Indec’s labor market survey, the national unemployment rate averaged 9.6% in the second quarter, compared with 8.7% a year earlier (figures are not seasonally adjusted).

Japan
Consumer Price Index
Aug. 2018: