| Today's Economy
Economic Roundup: Under Pressure Consumer confidence improved more than expected in August but remains weak. Geopolitical Risk Calendar: Japan's PM to Step Down Thailand's prime minister was dismissed, and Venezuela's political stalemate continues. Canada Weekly: Mind the Gap What explains the divergence in unemployment rate for more recent immigrants? Reason to Doubt a Recession Indicator Given the solid U.S. economic expansion and strong indicators from elsewhere in the economy, the Sahm rule’s activation is not a cause for concern. » VIEW MORE TODAY'S ECONOMY
Commentary
U.S. Weekly Highlights and Preview, August 16, 2024 Markets have been uniquely focused on unemployment insurance claims following the disappointing July jobs report. U.S. Household Debt Tracker: Not Bad, Not Good Trend growth in delinquent balances, measured by the three-month average, continued its deceleration in July. Latin America Weekly Highlights and Preview, August 16, 2024 The Argentine economy likely contracted 1.8% in June from a year earlier after expanding 2.3% in the previous month. Europe Weekly Highlights and Preview, 16 August, 2024 Inflation data should support cutting interest rates in September. » VIEW MORE COMMENTARY
Today's Economic Indicators
United Kingdom
Retail Sales
Jul. 2024: 0.5% m/m
The 0.5% month-on-month rebound in U.K. retail sales volumes in July, which followed a 0.9% fall in June, suggests activity growth in the third quarter got off to a reasonably solid start. Hong Kong SAR (China)
Employment Situation
Jul. 2024: 3%
Hong Kong’s seasonally adjusted unemployment rate remained at 3% for the May-to-July period, marking the fifth straight three-month period that the indicator has remained unchanged. Taiwan (China)
GDP
2024Q2: 5.06% y/y
Taiwan’s second-quarter GDP was revised downwards to 5.06% y/y from the advance estimate of 5.09%. Euro Zone
External Trade
Jun. 2024: €22.3 bil
The euro zone’s not seasonally adjusted trade balance was €22.3 billion in June, up from €18 billion in June 2023. Canada
Housing Starts
Jul. 2024: 280 ths
Housing starts jumped 16% compared with the previous month, driven primarily by growth in multifamily construction. Canada
International Transactions in Securities
Jun. 2024: C$5.2 bil
Nonresident investment in Canada slowed dramatically from the previous two months, falling to C$5.2 billion, while Canadian investors added C$16.4 billion in foreign securities to their portfolios, mainly in the form of U.S. equities. Canada
Survey of Manufacturing
Jun. 2024: -2.1% m/m
Manufacturing sales saw a broad-based decline in June, falling 2.1% to $69.6 billion. United States
New Residential Construction (C20)
Jul. 2024: 1.238 mil, SAAR
Homebuilding slowed sharply in July. United States
Regional and State Employment
Jul. 2024:
The regional and state employment report for July confirms that the lackluster U.S. figures were no fluke. United States
University of Michigan Consumer Sentiment Survey
Aug. 2024: 67.8
Confidence remains under pressure, and the large market drop near the start of the month undoubtedly dragged on confidence. » VIEW MORE ECONOMIC INDICATORS | 
