| Today's Economy
Inside Economics Podcast: Episode 69—Blinder, Baseball and Business Cycles "Team Transitory" burn their uniforms. Europe Daily Briefing: German Retail Falls Again Nonfood sales lead the decline in Germany. Asia-Pacific Daily Briefing: China's Manufacturers Can't Catch a Break China's manufacturing PMI sinks below neutral, and Indonesia sees another month of high inflation. Economic Roundup: Prices and Wages Up, Sentiment Still Down Despite historically strong wage growth, U.S. consumers are still feeling the pinch from higher prices. » VIEW MORE TODAY'S ECONOMY
Commentary
Macroeconomic Consequences of the Inflation Reduction Act While modest, there is plenty to like in the U.S. legislation. U.S. Chartbook: Quite a Week July ended with a string of significant economic data and a fiscal policy surprise. U.S. Weekly Highlights and Preview, August 1, 2022 We expect that job growth cooled noticeably in July, while the unemployment rate likely slipped from 3.6% to 3.5%. Latin America Weekly Highlights and Preview, July 29, 2022 Regional unemployment rates are stabilizing. » VIEW MORE COMMENTARY
Today's Economic Indicators
Indonesia
Consumer Price Index
Jul. 2022: 4.94% y/y
Indonesia’s consumer prices rose 4.9% y/y (0.6% m/m) in July, coming on the hotter end of our estimate of 4.8% y/y. Germany
Retail Sales
Jun. 2022: -1.6% m/m
German retail sales fell 1.6% on a seasonally adjusted basis in June, following growth of 1.2% in May (revised upward from the prior estimate of 0.6%). Italy
Unemployment
Jun. 2022: 8.1%
Italy’s jobless rate held steady at 8.1% in June, while month-on-month employment rose by 86,000, thanks to permanent workers. Hong Kong SAR (China)
GDP
2022Q2: -1.4% y/y
The Hong Kong economy contracted 1.4% y/y in the second quarter, compared to the revised 3.9% contraction in the prior quarter. Euro Zone
Unemployment
Jun. 2022: 6.6%
The euro zone’s unemployment rate was 6.6% in June, unchanged from 6.6% in May. Portugal
Industrial Production
Jun. 2022: 3.7%
Portuguese industrial production decreased again in June. Chile
Monthly Economic Activity Indicator
Jun. 2022: 3.7% y/y
Economic activity continued to moderate in June in annual terms as domestic demand weakened. United States
Monthly GDP
Jun. 2022: 0.0% m/m
Our monthly estimate of real GDP for June suggests things moved sideways from May. United States
Bankruptcy Filings
2022Q2: -13.1% y/y
Consumer finances remain strong, supported by plentiful job openings and leftover cash from excess saving that took place in 2020 and 2021, and continued low bankruptcy filings are one result. United States
Moody’s Analytics & CNN Business Back-to-Normal Index
July 27: 92.1
The U.S. United States
Construction Spending (C30)
Jun. 2022: -1.1% m/m
The value of U.S. construction put in place fell well short of the consensus expectation of a 0.1% increase. World
Moody's Analytics Survey of Business Confidence
July 29: -2.9
Global businesses remain anxious. United States
ISM Manufacturing Index
Jul. 2022: 52.8
The U.S. Peru
Consumer Price Index
Jul. 2022: 8.74% y/y
Inflation in the Lima metropolitan area—a barometer of price pressures at the national level in Peru—rose 8.74% year on year in July, driven by still-high food and energy costs. United States
Vehicle Sales - BEA
Jul. 2022:
United States
Senior Loan Officer Opinion Survey
2022Q3: 0%
Changes to lending standards and demand were mixed across loan categories in the second quarter. South Korea
Consumer Price Index
Jul. 2022:
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