Economy.com Daily Update: September 23, 2021

Today's Economy

Looking back at 2011 and 2013, and the impact on financial market conditions.

An unexpected inflation bounce forces Chile’s central bank to rethink its plans.

It is time to start contemplating the economic costs.

Despite a lower reading, the flash PMI still reflects growth.

Commentary

Getting workers and merchandise will not be easy.

COVID-19's rise, supply-chain bottlenecks, and elevated inflation confront a fragile recovery.

Demand remains strong while supply struggles.

Industry growth rates were unusually predictive, and the unemployment insurance cutoff looks like a mistake.

Today's Economic Indicators

Netherlands
GDP
2021Q2: 3.9% q/q
The Netherlands' economy experienced robust growth in the second quarter, posting a 3.9% increase.

Norway
Monetary Policy
Sep. 2021: 0.25%
Norges Bank hiked its policy rate to 0.25% from 0% at its September meeting.

Switzerland
Monetary Policy
Sep. 2021: -0.75
The Swiss National Bank has held its policy rate, the sight deposit rate, steady at -0.75%.

Spain
GDP
2021Q2: 1.1% q/q
Spain's GDP expanded by 1.1% in the second quarter of 2021.

United Kingdom
Monetary Policy and Minutes
Sep. 2021: 0.1%
The Bank of England voted unanimously to maintain its current bank rate of 0.1% and to keep the stock of corporate bond purchases at £20 billion.

Canada
Retail Trade
Jul. 2021: -0.6% m/m
Canadian retail moved in the wrong direction in July after beginning its recovery from the spring wave of COVID-19 cases in the previous month.

United States
Chicago Fed National Activity Index
Aug. 2021: 0.29
The Chicago Fed National Activity Index registered at 0.29 in August, down from an upwardly revised 0.75 in July.

United States
Jobless Claims
September 18: 351,000
U.S. initial claims for unemployment insurance in the week ended September 18 unexpectedly increased, and it doesn’t appear it can be blamed on the lagged impact from Hurricane Ida.

United States
State Personal Income
2021Q2: -21.8%, SAAR
State personal income fell in the second quarter as federal support to the economy waned.

United States
St. Louis Fed Financial Stress Index
September 17: -0.94
Financial market stress ticked higher last week with the St.

United States
Conference Board Leading Indicators
Aug. 2021: 0.9%
The Conference Board Leading Economic Index rose 0.9% in August, stronger than consensus expectations of a 0.7% increase.

United States
Natural Gas Storage Report
September 17: 76 bil cubic feet
The increase in gas stocks last week closely matched analyst predictions, so this report will have little effect on gas prices.

United States
Kansas City Fed Manufacturing Survey
Sep. 2021: 22
Manufacturing activity in the Tenth District continues to expand, but growth moderated slightly this month.

United States
Financial Accounts - Households
2021Q2: $141.67 tril
Household wealth rose strongly again, to another record high, in the second quarter.

United States
Financial Accounts - Nonfinancial Corporate
2021Q2: $27.28 tril
Nonfinancial corporate business wealth increased by $996 billion to $27.28 trillion during the second quarter.

Russian Federation
Industrial Production
Aug. 2021: 4.7% y/y
The rebound in Russia's industrial production decelerated further in August, posting a 4.7% yearly gain after increasing by 6.8% in July.

Argentina
Employment Situation
2021Q2: 9.6% Unemployment
According to Indec’s labor market survey, the national urban unemployment rate averaged 9.6% in the second quarter, compared with 13.1% a year earlier (figures are not seasonally adjusted).

Japan
Consumer Price Index
Aug. 2021: