Economy.com Daily Update: December 9, 2021

Today's Economy

Spreads have been volatile recently.

Despite two consecutive quarters of contraction, expect a year-end rebound.

Spread of new COVID-19 variant means new restrictions for England.

We examine the impact of supply-chain disruptions and inflation in the U.S. economy.

Commentary

Idaho continued to lead the pack in population gains.

Omicron has increased the likelihood that disruptions will persist.

The surge in COVID-19 infections across Europe is triggering a new rush to administer booster vaccines to more-vulnerable populations.

November's jobs number disappointed, though a more nuanced look is required.

Today's Economic Indicators

Ireland
Consumer Price Index
Nov. 2021: 5.3% y/y
Ireland’s inflation stayed high in November at 5.3% y/y, up from 5.1% in October.

Mexico
Consumer Price Index
Nov. 2021: 7.37% y/y
Annual inflation in Mexico climbed higher in November as prices continued to realign, including core prices.

United States
Jobless Claims
December 04: 184,000
U.S. initial claims for unemployment insurance benefits are volatile this time of year, so one needs to take them with a grain of salt.

United States
St. Louis Fed Financial Stress Index
December 03: -0.31
U.S. financial market conditions weakened meaningfully last week with the St.

United States
Wholesale Trade (MWTR)
Oct. 2021: 2.3% m/m
October wholesale inventories jumped 2.3% from September.

United States
Natural Gas Storage Report
December 03: -59 bil cubic feet
Last week’s draw in natural gas stocks closely matched analyst predictions, so this report will not have a large effect on gas prices.

United States
Financial Accounts - Households
2021Q3: $144.71 tril
Household wealth rose again, if only modestly, in the third quarter.

United States
Financial Accounts - Nonfinancial Corporate
2021Q3: $28.27 tril
Nonfinancial corporate business wealth increased by $1.1 trillion to $28.27 trillion during the third quarter.

Argentina
Industrial Production - Advance
Oct. 2021: 4.3% y/y
Industrial output increased 4.3% year on year in October (NSA) after 10% in the previous month.

United States
CreditForecast.com Household Credit Report
Nov. 2021: 7.53% y/y
The consumer credit market continued its strong growth through November, increasing its total outstanding balance by $127 billion to $15.1 trillion, a 0.85% monthly increase and good for 7.53% year-over-year growth.

Malaysia
Industrial Production
Oct. 2021: