| Today's Economy
Economic Roundup: Pop in U.S. Q4 GDP Masks Weak Details Inventories played an enormous role in the gain in GDP, but sets up trouble for Q1. Capital Market View: High-Yield Spreads Widen but Issuance Remains Solid The corporate bond market is not immune to the recent tightening in the financial markets. LatAm Daily Briefing: Fiscal Challenges for New Chile President President-elect Boric will need to balance social programs with the country's debt. Europe Daily Briefing: Spanish Unemployment Falls in Q4 Spain's unemployment rate fell to its lowest since the Great Recession. » VIEW MORE TODAY'S ECONOMY
Commentary
Is Opportunity Knocking for the U.S. Midwest? The stars may be aligning for parts of a region that has long been overlooked. RBA Preview: A More Abrupt Adjustment Likely Australia's central bank should not have tied policy normalisation to current wage outcomes. U.S. State and Local Outlook: Spending Ahead New hiring is the one area governments will have a tough time spending money on. Global Vaccine Tracker: Pandemic Persistence Many businesses are struggling to deliver goods and services and are curtailing activity. » VIEW MORE COMMENTARY
Today's Economic Indicators
Taiwan (China)
GDP
2021Q4: 4.9% y/y
Taiwan's headline economic growth in the fourth quarter of 2021 was 4.9% over the year, in line with our expectations for 4.6% growth. Spain
Unemployment
2021Q4: 13.3%
Spain’s unemployment rate inched down to 13.3% in the three months to December from 14.6% in the previous quarter. Hong Kong SAR (China)
Foreign Trade
Dec. 2021: -HK$32.8 bil
Hong Kong's trade deficit widened to HKD32.8 billion in December, from HKD11.6 billion in November. Norway
Unemployment rate
Nov. 2021: 3.4%
Norway's quarterly unemployment rate dropped to 3.4% in the last quarter of 2021. Mexico
Trade Balance
Dec. 2021: US$590.3 mil
Mexico’s trade balance ended the year with a small surplus after consecutive deficits in the previous few months. Canada
Earnings, Hours and Employment
Nov. 2021: 1.9% y/y
Job growth in November edged higher by 0.2% in year-ago terms after a more robust gain of 2.7% in October. United States
Jobless Claims
January 22: 260,000
The Omicron COVID-19 variant's grip on the U.S. labor market is beginning to loosen. United States
Durable Goods (Advance)
Dec. 2021: -0.9% m/m
U.S. durable-goods orders fell 0.9% in December following a upwardly revised 3.2% gain (previously 2.5%). United States
GDP
2021Q4: 6.9%, q/q, SAAR
U.S. United States
Pending Home Sales
Dec. 2021: 117.7
The NAR pending home sales index fell 3.8% to 117.7 in December, adding to November’s losses, and falling back near its level reached in September. United States
St. Louis Fed Financial Stress Index
January 21: -0.60
Overall, financial conditions remain accommodative thanks to policy measures to support the economy. United States
Natural Gas Storage Report
January 21: -219 bil cubic feet
Last week’s draw in natural gas stocks slightly beat analyst expectations, so this report will put modest upward pressure on gas prices. United States
Kansas City Fed Manufacturing Survey
Jan. 2022: 24
Manufacturing activity in the Tenth District continues to expand. Argentina
Retail Sales Index
Nov. 2021: 157.5% y/y
The index that tracks nominal sales at Buenos Aires’ largest shopping centers increased 157.5% y/y in November after rising 443.5% in the previous month. South Korea
Industrial Production
Dec. 2021:
South Korea
Retail Sales
Dec. 2021:
Malaysia
Foreign Trade
Dec. 2021:
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