| Today's Economy
Economic Roundup: U.S. Consumers End Year on More Optimistic Note The Conference Board survey shows that consumers still see the labor market as a positive. Europe Daily Briefing: U.K. Public Deficits Run Deeper Deficits in the U.K.'s public sector surge. Asia-Pacific Daily Briefing: Kiwi Trade Deficit Narrows to NZ$1.9 Billion The country is positioned to benefit from high global food prices. Economic Roundup: Bad End to Bad Housing Year Housing starts are on track to post their first annual decline since 2009. » VIEW MORE TODAY'S ECONOMY
Commentary
Spain Outlook: The Tough Get Going Strength in some sectors of the economy should allow Spain to escape a technical recession during the winter months, while the picture will be darker for neighbouring countries. Housing Affordability Crisis Poised to Improve Despite a coming price correction, U.S. housing will remain less affordable compared with historical standards. U.S. Chartbook: Don't Expect a Year of the Dove A hawkish surprise from the Fed in early 2023 seems unlikely. Global Commodities Outlook: Over the Peak WTI crude oil prices are expected to average $86 per barrel in 2023. » VIEW MORE COMMENTARY
Today's Economic Indicators
United States
MBA Mortgage Applications Survey
December 16: 0.9%
Mortgage activity ticked up 0.9% in the week ended December 16, marking consecutive weeks of increases. Canada
Consumer Price Index
Nov. 2022: 6.8% y/y
The colder months have slowed inflation's deceleration. United States
Current Account
2022Q3: -$217.1 bil
The U.S. current account deficit narrowed by $22 billion to $217.1 billion in the third quarter, from a second-quarter deficit that was also revised down by $12.4 million. United States
Existing-Home Sales
Nov. 2022: 4.09 mil, SAAR
Existing-home sales declined further to 4.09 million seasonally adjusted and annualized units in November, which is down 7.7% from October and 35.4% from November 2021. United States
Moody's Analytics Inflation Expectations Pulse
December 18: 2.89%
Inflation expectations are up from their late-summer lows but have held steady in recent weeks. United States
Conference Board Consumer Confidence
Dec. 2022: 108.3
U.S. consumer confidence improved more than we expected in December following two consecutive months of declines, according to the Conference Board. United States
Oil Inventories
December 16: 418.2 mil barrels
A larger-than-expected decline in crude oil inventories will put some upward pressure on oil prices. Argentina
Economic Activity Indicator
Oct. 2022: 4.5% y/y
Argentina’s economy weakened again in October amid soaring inflation and a smaller boost from trade. Argentina
Employment Situation
2022Q3: 7.1% Unemployment
According to Indec’s labor market survey, the national urban unemployment rate averaged 7.1% in the third quarter, lower than the 8.2% recorded a year earlier (figures are not seasonally adjusted) but slightly higher than the 6.9% posted in the previous quarter. » VIEW MORE ECONOMIC INDICATORS | 
