| Today's Economy
Economic Roundup: U.S. Logs Record Goods Deficit, Ramps Up Sanctions on Russia Net exports could cut more into Q1 GDP, which is barely positive. Capital Market View: U.S. Funding Markets Tested, Show No Sign of Breaking The Fed has plenty of tools while Russia's central bank tries to stabilize the ruble. LatAm Daily Briefing: The Shiny Side of a Double-Edged Sword Higher commodity prices from the Ukraine conflict could bring both rewards and risks to the region. Russia's Economic Woes Deepen Quickly Markets opened amid tougher sanctions for Russia and its central bank is feeling the squeeze. » VIEW MORE TODAY'S ECONOMY
Commentary
U.S. Weekly Highlights and Preview, February 28, 2022 We see February employment down from January's gain. Limited Trade Between Ukraine and APAC Import flows from Ukraine are small and concentrated in food and basic industrial commodities. Global Impact of Russian Invasion Europe will struggle more than the U.S., but Russia will take the biggest economic hit. The Russia-Ukraine Conflict: Two Possible Scenarios We look at the Russian invasion of Ukraine and what could happen next. » VIEW MORE COMMENTARY
Today's Economic Indicators
Netherlands
Retail Sales
Jan. 2022: 12.5% y/y
Retail sales increased 12.5% y/y in January, seemingly accelerating strongly above the 4.4% increase in December. Norway
Retail Sales
Jan. 2022: 0.4% m/m
Denmark
GDP
2021Q4: 1.1% q/q
Denmark’s GDP increased by 1.1% from the third to fourth quarters of 2021. Finland
GDP
2021Q4: 0.6% q/q
Finland’s GDP grew by 0.6% q/q following an upwardly revised gain of 0.9% in the third quarter. Thailand
Foreign Trade
Jan. 2022: US$0.6 bil
Thailand’s trade position moderated in January, largely due to a fall in agricultural and livestock exports. Switzerland
GDP
2021Q4: 0.3% q/q
Switzerland’s GDP grew by 0.3% q/q in the fourth quarter of 2021 following the third quarter’s upwardly revised 1.9% rise. Switzerland
Retail Sales
Jan. 2022: 5.1% y/y
Swiss retail sales dropped for the second month in a row, falling by 0.4% m/m in January 2022. Sweden
GDP
2021Q4: 1.1% q/q
Sweden’s fourth-quarter GDP growth registered at 1.1% q/q, slowing from the third-quarter’s 2% increase. Sweden
Retail Sales
Jan. 2022: 4.5% m/m
Sweden’s retail sales rebounded strongly in January, recovering 4.5% m/m after December’s upwardly revised 4.1% fall. Russian Federation
Monetary Policy
Feb. 2022: 20%
Following Russia's attack on Ukraine last Thursday, the Central Bank of Russia has increased its interest rate to 20%. France
GDP
2021Q4: 0.7% q/q
France's GDP grew 0.7% q/q in the fourth quarter, a deceleration following a 3.1% uptick in the previous stanza. Portugal
Retail Sales
Jan. 2022: 10.4% y/y
Portuguese retail sales fell again in January. Ireland
Retail Sales
Jan. 2022: -0.1% m/m
Irish retail sales excluding motor trades dropped marginally by 0.1% m/m in January following a 3.2% m/m decline in December. India
GDP
2021Q4: 5.4% y/y
India’s real GDP for the December quarter, the third quarter of India's fiscal 2021-2022, came in below expectations at 5.4% y/y, compared with 8.4% in the second quarter. Chile
Employment
Jan. 2022: 7.3%
Chile's national unemployment rate averaged 7.3% in the November-January rolling quarter, down from 10.2% a year earlier. Chile
Manufacturing Production
Jan. 2022: 2.60% y/y
Chile's manufacturing industry advanced further at the start of the year as the economy continued to overperform. Chile
Retail & Wholesale Sales
Jan. 2022: 12.0% y/y
Retail sales in Chile fell for the third straight month on a seasonally adjusted basis, but spending is still hot and heavy, coming in more than a fifth higher than its pre-pandemic peak. Canada
Balance of International Payments
2021Q4: -C$0.8 bil
A sharp decline in the investment income balance swung the current account from a surplus to a deficit, but the trade surplus in goods and services surged higher. Canada
Industrial Product and Raw Materials Price Indexes
Jan. 2022: 3.0% m/m
Producer prices came in well above expectations for January 2022. United States
Advance Wholesale and Retail Inventories
Jan. 2022: 0.8% m/m
Wholesale and retail inventories grew solidly in January. United States
International Trade in Goods - Advanced
Jan. 2022: -$107.6 bil
The U.S. advance nominal goods deficit widened from $100.5 billion in December to $107.6 billion in January, the widest margin on record. Mexico
Employment Situation
Jan. 2022: 3.7% Unemployment
As happens at the start of the year, Mexico's unemployment was affected by the usual seasonal factor in January. World
Moody's Analytics Global Risk of Recession
Feb. 2022: 27.8%
Global recession risks declined slightly in December to 27.8% from 29.2% in November. World
Moody's Analytics Survey of Business Confidence
February 25: -0.7
Russia’s invasion of Ukraine is likely behind last week’s decline in global business sentiment. United States
Texas Manufacturing Outlook Survey
Feb. 2022: 14.0
Business conditions improved in February for Texas manufacturers, according to the Dallas Fed's Texas Manufacturing Outlook Survey. United States
Agricultural Prices
Jan. 2022: -0.9% m/m
The Agricultural Prices Received Index decreased 0.9% in January because of a drop in the crop production index. China
Manufacturing PMI
Feb. 2022:
South Korea
Foreign Trade
Feb. 2022:
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