| Today's Economy
Economic Roundup: Another Strong Quarter U.S. GDP advanced 2.3% on an annualized basis in the fourth quarter. Europe Daily Briefing: GDP Day A mixed bag among major economies left euro zone growth stalled at the end of 2024. LatAm Daily Briefing: Mexico's Potential Policy Mistake Policymakers seem to be reaching a consensus to rush monetary easing. Asia-Pacific Daily Briefing: Government Consumption Helped Philippine Economy Grow 5.2% y/y in Q4 The Philippine economy grew 5.6% in 2024. » VIEW MORE TODAY'S ECONOMY
Commentary
Euro Zone Inflation Tracker: Near the Peak, Perhaps We have started to see costs firming again, but consumer demand still looks soft and uncertain. U.S. Employment Outlook: Challenges A reduction in net international migration will hamper labor supply growth and job gains. Europe Housing Update: Just Around the Corner The market is getting back on its feet, but dampening effects of monetary tightening will be felt for a while yet. U.S. Credit Outlook: Managing Stress Consumer credit delinquencies will drift higher in 2025 as the economy slows, but the total dollar delinquency rate will remain below 2019 levels. » VIEW MORE COMMENTARY
Today's Economic Indicators
Germany
GDP
2024Q4: -0.2% q/q
Germany's GDP contracted 0.2% q/q in the fourth quarter of 2024, 10 basis points weaker than initially suggested by the 2024 full-year release published a couple of weeks ago. Euro Zone
Business and Consumer Sentiment
Jan. 2025: 95.3
The euro zone’s economic sentiment indicator rebounded to 95.3 in January from 93.8 in December, beating our expectations of a more modest improvement. Euro Zone
Preliminary GDP
2024Q4: 0% q/q
According to preliminary estimates, the euro zone’s GDP stalled in the fourth quarter. Euro Zone
Unemployment
Dec. 2024: 6.3%
The euro zone unemployment rate increased to 6.3% in December after a downwardly revised 6.2% for November. Italy
GDP
2024Q4: 0.0% q/q
Preliminary estimates show that Italy’s GDP was flat quarter over quarter in the fourth quarter of 2024, for the second quarter in a row. Italy
Unemployment
Dec. 2024: 6.2%
In December, Italy’s unemployment rate rose to 6.2% from an upwardly revised 5.9% in November, as more people reentered the labour market. France
GDP
2024Q4: -0.1% q/q
France’s economy fell back 0.1% quarter over quarter in the fourth quarter after growing 0.4% in the third quarter. Belgium
Consumer Price Index
Jan. 2025: 4.1% y/y
In January, Belgium’s CPI inflation rate shot up to 4.1% y/y from 3.2% in December. Canada
Earnings, Hours and Employment
Nov. 2024: 5.0% y/y
In November, the number of employees receiving pay and benefits from their employer fell by 56,100 positions (-0.3%) after three consecutive months of little change. Euro Zone
Monetary Policy
Jan. 2025: 2.9%
Surprising nobody, the European Central Bank has cut rates by 25 basis points, and there was also little of note in the statement. United States
Jobless Claims
January 25: 207,000
U.S. initial claims for unemployment insurance are trending lower again. United States
GDP
2024Q4: 2.3%, q/q, SAAR
U.S. economic growth remained strong in the fourth quarter, coming in at 2.3% at an annual rate, according to the Bureau of Economic Analysis’ preliminary estimate. United States
Pending Home Sales
Dec. 2024: -5.5% m/m
The National Association of Realtors' pending home sales index tumbled in December, falling 5.5% from the previous month and 5% on a year-ago basis. United States
St. Louis Fed Financial Stress Index
January 24: -0.98
The St. United States
Natural Gas Storage Report
January 24: -321 bil cubic feet
Last week’s monster decline in natural gas inventories surpassed optimistic analyst predictions. Japan
Employment Situation
Dec. 2024:
Japan
Industrial Production
Dec. 2024:
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