| Today's Economy
Let’s Talk About January Surging COVID-19 cases are going to weigh heavily on U.S. job growth this month. Capital Market View: Fed's Behind the Curve The labor market is healing faster than it appears and the Fed may need to act soon. Canada Weekly: Workday Trends in the Pandemic Longer workweeks are driving turnover and job switching. Geopolitical Risk Calendar: Odds are Falling for Biden's Build Back Better If some form of the legislation isn't passed by February, it likely won't pass at all. » VIEW MORE TODAY'S ECONOMY
Commentary
U.S. COVID-19 Tracker: Can't Dodge Omicron The virus variant will temporarily disrupt the job market, and the January employment report could be ugly. Latin America Weekly Highlights and Preview, January 7, 2022 Industrial output and inflation are both on the rise. U.S. Employment Report, Cont'd December's results show nearly 6.5 million jobs were added in 2021. Semiconductor Chip Shortage to Continue Amid Omicron Surge COVID-19 vaccination means production is unlikely to be stymied the same way that it was during the mid-2021 Delta wave. » VIEW MORE COMMENTARY
Today's Economic Indicators
Switzerland
Unemployment rate
Dec. 2021: 2.6%
Switzerland’s unemployment rate edged higher in December, rising 10 basis points to 2.6% and marking the unemployment rate’s first increase in 2021. Denmark
Unemployment rate
Nov. 2021: 2.8%
Denmark’s unemployment rate continued its rapid decline in November, sinking to 2.8%. Norway
Industrial Production
Nov. 2021: -3% m/m
Industrial production pulled back by 3% m/m in November, deepening a 5.3% contraction in October. France
Household Consumption Survey
Nov. 2021: 0.8% m/m
France’s household consumption of goods rebounded 0.8% m/m in November after October’s 0.6% decline. France
Industrial Production
Nov. 2021: -0.4% m/m
French industrial production took an unexpected hit in November. Taiwan (China)
Foreign Trade
Dec. 2021: US$5.8 bil
Taiwan's trade surplus grew 1.1% over the year to hit US$5.8 billion in December. Switzerland
Retail Sales
Nov. 2021: 5.8% y/y
Swiss retail sales grew by an eye-catching 7% m/m in November, bringing sales up 5.8% from year-earlier levels. Austria
Employment and the Labour Market
Nov. 2021: 7.0%
The Austrian labor market continued to improve in November, although seasonal effects bloated the headline unemployment rate to 7%. Euro Zone
Business and Consumer Sentiment
Dec. 2021: 115.3
The euro zone’s economic sentiment indicator decreased by 2.3 points in December and now stands at 115.3, after easing by 1.1 points in November. Euro Zone
Consumer Price Index
Dec. 2021: 5.0% y/y
Euro Zone
Preliminary Consumer Price Index
Dec. 2021: 5% y/y
Preliminary estimates reported that the euro zone’s harmonized index of consumer prices rose by 5% y/y in December, speeding up slightly from the 4.9% rise in November. Euro Zone
Retail Sales
Nov. 2021: 1.0% m/m
Retail sales excluding motor vehicles increased by 1% m/m in November after an upwardly revised gain of 0.3% in October. Germany
Industrial Production
Nov. 2021: -0.2% m/m
The industrial production release covering November sent mixed messages regarding Germany’s goods-producing sector. Ireland
Retail Sales
Nov. 2021: 1.7% m/m
Irish retail sales excluding motor trades increased by 1.7% m/m in November after two months of mild contractions. Chile
Consumer Price Index
Dec. 2021: 7.17% y/y
Annual inflation in Chile ended the year at the highest rate in at least the past decade. Mexico
Consumer Price Index
Dec. 2021: 7.36% y/y
Mexico’s inflation ended 2021 with the highest inflation in the past two decades as prices rebounded strongly during the year. Canada
Labor Force Survey
Dec. 2021: 5.9%
Strong job growth continued through the end of the year, though the labor market faces challenges in the months ahead as COVID-19 cases surge. United States
Employment Situation
Dec. 2021: 199,000 m/m
December delivered another disappointing employment report with payrolls increasing by only 199,000, far below expectations. United States
Moody’s Analytics & CNN Business Back-to-Normal Index
January 05: 84.6
Omicron is having an observable impact on economic activity in the U.S. Canada
Purchasing Managers' Index
Dec. 2021: 45.0
The Ivey Purchasing Managers' Index fell in December, coming in at 45, down from November's 61.2 reading. Chile
Foreign Trade
Dec. 2021: US$520.0 mil
Rising copper exports and sky-high food prices pushed Chile's trade accounts into surplus in December. Peru
Monetary Policy
Jan. 2022: 3%
Peru's central bank delivered another 50 basis-point rate hike in its first meeting of the year, bringing the policy rate to 3%. United States
Financial Obligations Ratio
2021Q3: 13.84%
Household financial burdens rose again in the third quarter as growth in debt and debt payments outpaced growth in incomes. United States
Consumer Credit (G19)
Nov. 2021: $40.0 bil
Consumer credit grew by $40 billion in November, more than doubling consensus expectations for a $19.5 billion increase. » VIEW MORE ECONOMIC INDICATORS | 
