Economy.com Daily Update: August 26, 2022

Today's Economy

The Fed’s preferred inflation measure declined from June to July.

High-yield issuance has perked up.

The consensus is getting too optimistic on next week's second-quarter GDP.

Germany’s consumer confidence at a record low in August.

Commentary

Economic indexes in Mexico and Argentina edge upward.

Across the Continent, spikes in costs of living have prompted government action.

Lead times and prices for memory applications should stabilize, but prices and lead times could rise for discrete and analog applications if production pressures continue.

Higher energy inflation driving price growth in euro zone.

Today's Economic Indicators

Singapore
Industrial Production
Jul. 2022: 0.6% y/y
Singapore’s industrial production for July clocked a disappointing 0.6% year-on-year increase, far below our expectations for a modest 2.3% rise.

Denmark
Retail Sales
Jul. 2022: 0% m/m
Retail sales growth was null this month, remaining unchanged from the June.

Norway
Retail Sales
Jul. 2022: -2.2% m/m
In July, Norwegian retail sales fell by 2.2% month over month.

Sweden
Unemployment rate
Jul. 2022: 7%
Sweden’s seasonally adjusted unemployment rate tumbled to 7% in July from 7.6% in June.

Mexico
Trade Balance
Jul. 2022: -US$5,959.5 mil
Mexico’s trade deficit widened in July as imports accelerated.

United States
Personal Income
Jul. 2022: 0.2% m/m
Nominal personal income growth in the U.S. came in softer than expected in July.

United States
PCE Deflator
Jul. 2022: -0.1% m/m
The Federal Reserve received some welcome news Friday morning.

United States
Real Personal Spending
Jul. 2022: 0.2% m/m
Real consumer spending growth improved modestly in July as inflation moderated and income growth slowed.

United States
Advance Wholesale and Retail Inventories
Jul. 2022: 0.8% m/m
Wholesale and retail inventories continue to build steadily.

United States
International Trade in Goods - Advanced
Jul. 2022: -$89.1 bil
The advance goods deficit narrowed from $98.6 billion in June to $89.1 billion in July.

United States
Moody’s Analytics & CNN Business Back-to-Normal Index
August 24: 90.2
The Moody’s Analytics Back-to-Normal Index dipped from a revised 91.3 last week to 90.2 in the week ended August 24.

United States
University of Michigan Consumer Sentiment Survey
Aug. 2022: 58.2
U.S. consumer sentiment remains near historic lows, according to the University of Michigan, despite rising modestly in August as gasoline prices fell from record highs.

United States
Monthly GDP
Jul. 2022: -0.1% m/m
July’s estimate of U.S. real GDP shows a 0.1% contraction from June.