| Today's Economy
Economic Roundup: No Need to Fret About U.S. Income Growth Payback for a special dividend in May hurt June and may sting July. June Personal Income Stronger Than It Appears A special dividend in May boosted income, but at the expense of June and possibly July. Libor Is Going Away, but What Will Replace It? Private-sector advisers seem to be converging on one or two major alternatives. Construction Spending Cuts Into Q2 U.S. GDP We are lowering our tracking estimate of Q2 GDP from 2.6% to 2.4%. » VIEW MORE TODAY'S ECONOMY
Commentary
U.S. Chartboook: Good but Not Great Second quarter GDP came in a touch less than expected, but the details set up better for Q3. Forecasters' Mailbag: Difficulty Breaking Japan's Deflation Mindset A less acknowledged problem is that households are anxious of inflation. U.S. Weekly Highlights and Preview, July 28, 2017 The focus will be on the core PCE deflator and employment as markets attempt to glean monetary policy implications. Europe Weekly Highlights and Preview, 28 July, 2017 We are confident that the euro zone economy gained momentum in the three months to June. » VIEW MORE COMMENTARY
Today's Economic Indicators
United States
CoreLogic Home Price Index
Jun. 2017: 6.7%
The CoreLogic Home Price Index rose 6.7% on a year-over-year basis in June for its 65th straight month of year-over-year growth. United States
Semiconductor Billings
Jun. 2017:
United States
Vehicle Sales - AutoData
Jul. 2017: 16.8 mil, SAAR
July U.S. vehicle sales fell below a 17 million-unit seasonally-adjusted annualized rate for the fifth consecutive month, logging 16.76 million units. Australia
Monetary Policy
Aug. 2017: 1.5%
Australia’s central bank appears happy to sit on the sidelines for the foreseeable future. United Kingdom
Nationwide Housing Price Index
Jul. 2017: 2.9%
The Nationwide Housing Price Index gained 2.9% y/y in July, decelerating slightly from a 3.1% increase in June but still above the consensus at 2.7%. Germany
Lending by Banks
Jun. 2017: 3.6%
German bank lending to the private sector rose in June. Germany
Unemployment
Jul. 2017: 5.7%
Germany’s seasonally adjusted unemployment rate held at 5.7% at the start of the third quarter, after it fell to this record low in May. Euro Zone
Preliminary GDP
2017Q2: 0.6%
The euro zone's real GDP expanded by 0.6% q/q in the second quarter, in line with our expectation, and up from revised 0.5% growth in the first quarter. Brazil
Industrial Production
Jun. 2017: 0.3%
The national industry advanced further in June, strengthening the signs of recovery. Peru
Consumer Price Index
Jul. 2017: 2.9%
Consumer prices in the Lima metropolitan area rose 2.85% on a year-ago basis in July, up slightly from June's 2.7% increase. United States
Personal Income
Jun. 2017: 0.0%
Nominal personal income was unchanged in June, falling short of May’s 0.3% gain and our forecast for a 0.4% increase. United States
PCE Deflator
Jun. 2017: 0.0%
Inflation has taken a step back in the first half of the year, and it will need to turn around if the Federal Reserve is to follow through with another rate hike this year. United States
Personal Spending
Jun. 2017: 0.0%
Consumer spending growth remained modest in June. United States
Moody’s Analytics Policy Uncertainty Index
July 28: 104.0
Policy uncertainty has edged lower but remains elevated. United States
ISM Manufacturing Index
Jul. 2017: 56.3
Manufacturing is doing reasonably well, even though the ISM manufacturing index fell 1.5 points to 56.3 in July. United States
Construction Spending (C30)
Jun. 2017: -1.3%
Total U.S. construction spending disappointed in June. Brazil
Foreign Trade
Jul. 2017: US$6.30 bil
Brazil’s trade surplus dropped substantially in July. New Zealand
Employment Situation
2017Q2:
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