| Today's Economy
Final Thoughts Ahead of German Industrial Production Rising truck traffic points to a modest gain. Final Thoughts Ahead of December U.S. Employment We look for nonfarm employment to have jumped by 580,000. LatAm Daily Briefing: Chile Navigates Overheating Waters Excessive domestic demand kicks the economy into high gear. Capital Market View: Checking In on Spreads, Defaults and Issuance Spreads widen while the holidays impacted corporate bond issuance. » VIEW MORE TODAY'S ECONOMY
Commentary
Hitting Ground Floor: The Global Ramifications of a China Debt Crisis Under our baseline forecast, we expect Chinese officials to work through property market troubles and avoid a hard landing. Omicron Slows Progress Toward Normalcy Strides in harder-hit U.S. regions are less pronounced, but reasons for hope remain.
Global Vaccine Tracker: Omicron to Bite Into Growth The economic costs are mounting, and our assumption that each passing wave of COVID-19 will be less costly could be optimistic. 2022 Economic Outlook: Time to Heal Despite it all, the U.S. economy’s ability to overcome the pandemic has been admirable. » VIEW MORE COMMENTARY
Today's Economic Indicators
Taiwan (China)
Consumer Price Index
Dec. 2021: 2.6% y/y
Taiwan’s headline Consumer Price Index rose 2.6% over the year in December, about in line with our expectations as food prices stabilise. Belgium
Retail Sales
Nov. 2021: -1.3% m/m
Belgian retail sales decreased by 1.3% month to month in November, the first decline in three months. United States
Challenger Report
Dec. 2021: 19,052
Job cut announcements rose to 19,052 in December, a 28% increase from November, though still very low by historical standards. Brazil
Industrial Production
Nov. 2021: -6.9% y/y
The national industry in Brazil reported an annual contraction in November as activities remained affected by global supply disruptions and COVID-19 infections. Hence, the industrial production index reported an annual decrease of 6.9% in November, after a fall of 6.2% in the previous month, according to seasonally adjusted figures; from the previous month production decreased 0.2%. Canada
International Merchandise Trade
Nov. 2021: C$ 3.1 bil
Canada’s trade surplus widened yet again in November. United States
Jobless Claims
January 01: 207,000
U.S. initial claims for unemployment insurance benefits unexpectedly edged higher in the week ended January 1. United States
International Trade (FT900)
Nov. 2021: -$80.2 bil
The U.S. nominal trade deficit widened noticeably in November, and this won’t have enormous implications for fourth-quarter GDP. United States
State and Local Government Tax Revenue
2021Q3: -1.6% y/y
State tax collections were down 1.6% in the third quarter of 2021 compared with a year earlier, when collections were juiced by pandemic-related factors. United States
Factory Orders (M3)
Nov. 2021: 1.6% m/m
U.S. factory orders increased 1.6% in November, and there was a modest upward revision to October as orders are now shown to have risen 1.2% (previously 1%). United States
St. Louis Fed Financial Stress Index
December 31: -0.92
U.S. financial market conditions improved dramatically last week with the St. United States
ISM Nonmanufacturing Index
Dec. 2021: 62.0
The U.S. nonmanufacturing sector expanded in December for the 19th month in a row, but the breadth of growth was narrower. United States
Natural Gas Storage Report
December 31: -31 bil cubic feet
Last week’s draw in natural gas stocks was small for this time of year and below analyst predictions, suggesting that this report will be a negative for gas prices. Argentina
Industrial Production - Advance
Nov. 2021: 10.1% y/y
Industrial output increased 10.1% year on year in November NSA, after 4.4% in the previous month. United States
Semiconductor Billings
Nov. 2021: 1.8%
Global semiconductor sales continue to rise at a rapid pace. Japan
Consumer Price Index
Dec. 2021:
China
Consumer Price Index
Dec. 2021:
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