| Today's Economy
After the Pain, Relief at the Pump The drop in U.S. gas prices could lift sentiment, reduce inflation expectations, and limit the rise in the CPI. LatAm Daily Briefing: New Chilean Constitution Is Polarizing Because of the approve/reject voting, only one political party can win on its wording. Watching U.S. Initial Claims Closely Auto retooling doesn't appear to be behind the rise in new filings in July. Capital Market View: A Summer of Spurts The summer lull in issuance is disrupted by spurts as companies try to get ahead of the Fed. » VIEW MORE TODAY'S ECONOMY
Commentary
Last In, First Out for Regional Expansions? Recent indicators suggest that slowing is more pronounced among already-struggling U.S. states. Taiwan Risk Matrix: Shifting Hazards The island has weathered well the disruptions to its manufacturing industry from both the Russian invasion of Ukraine and COVID-19. Europe’s Next Recession In an adverse scenario, European countries wouldn’t manage to skirt recession in 2022. U.S. Job Survey Divergence Not Troubling, Yet A healthy labor market is grounding economic optimists, but BLS employment measures send conflicting signals. » VIEW MORE COMMENTARY
Today's Economic Indicators
Switzerland
Consumer Price Index
Jul. 2022: 3.4%
Switzerland’s headline inflation rate came in at 3.4% y/y in July, unchanged from the previous month. Austria
Retail Sales
Jun. 2022: -5.0% y/y
Similar to May, Austrian retail sales continued to fall in June, posting a 5% decline from a year ago. Italy
Retail Sales
Jun. 2022: -1.1% m/m
Italy’s month-on-month retail sales were down 1.1% in June, as nonfood spending fell by 2.2% and food sales grew by 0.4%. Euro Zone
Retail Sales
Jun. 2022: -1.2% m/m
Euro zone retail sales dropped 1.2% m/m on a seasonally adjusted basis in June, after increasing 0.4% in May. Belgium
Retail Sales
Jun. 2022: -5.3% y/y
Belgium’s retail sales, excluding sales of fuels and motorcars, rose by 0.8% m/m in June. United States
MBA Mortgage Applications Survey
July 29: 1.2%
Mortgage application volume rose 1.2% in the week ended July 29, ending four consecutive weeks of declines. United States
ISM Nonmanufacturing Index
Jul. 2022: 56.7
The U.S. service sector continues to expand solidly, according to July's ISM nonmanufacturing index. United States
Factory Orders (M3)
Jun. 2022: 2.0% m/m
U.S. factory orders increased 2% in June, and there was a solid upward revision to May as orders are now shown to have risen 1.8% (previously 1.6%). United States
Oil Inventories
July 29: 426.6 mil barrels
An unexpected rise in crude oil stocks should put some downward pressure on oil prices. Uruguay
Consumer Price Index
Jul. 2022: 9.6% y/y
The Consumer Price Index in Uruguay recorded a new high this year after jumping by 9.6% y/y in July, propelled by increased food prices, rents and transportation. Brazil
Monetary Policy
Aug. 2022: 13.3%
Australia
Foreign Trade
Jun. 2022:
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