| Today's Economy
Economic Roundup: Low and Stable Layoffs do not appear to be rising, according to the latest unemployment insurance claims. Europe Daily Briefing: Euro Zone Inflation Back at Target The U.K. labour market continues to cool, raising the likelihood of an August rate cut from the BoE. Asia-Pacific Daily Briefing: Australian Unemployment Rate Jumps to 4.3% This is the highest unemployment rate since November 2021. Economic Roundup: Producer Prices Hold Flat in June A 0.3% rise in PPI for final demand goods was offset by a decline in PPI for final demand services. » VIEW MORE TODAY'S ECONOMY
Commentary
Egypt Outlook: Recovery Faces Global Headwinds Egypt is emerging from a period of underperformance, but the weakening global economy poses risks. Taiwan Risk Matrix: Up in the Air There's a lot riding on U.S. tariff policy. U.S. Consumers Worry About Many Things Consumers have many worries that are frequently, but not always, justified. U.S. Outlook: Going Off Script Our baseline forecast holds that the U.S. economy will avoid recession, but it will be close. » VIEW MORE COMMENTARY
Today's Economic Indicators
United Kingdom
Unemployment
May. 2025: 4.7%
The U.K.'s unemployment rate for the three months to May was 4.7%, up 0.3 percentage point compared with the preceding three-month period and the same period last year. Austria
Consumer Price Index
Jun. 2025: 3.3% y/y
Austria’s CPI inflation rate was 3.3% year over year in June, up from May’s downwardly revised 2.9% and its highest since May 2024. Hong Kong SAR (China)
Employment Situation
Jun. 2025: 3.5%
Hong Kong's provisional seasonally adjusted unemployment rate averaged 3.5% from April to June, which aligned with our expectations and those of the market. Euro Zone
Consumer Price Index
Jun. 2025: 2.0% y/y
The euro zone’s HICP inflation rate rebounded to 2% y/y in June after ticking lower to 1.9% in May. United States
Philadelphia Fed Survey
Jul. 2025: 15.9
According to July’s Manufacturing Business Outlook Survey from the Philly Fed, activity expanded briskly from the month before. United States
Retail Sales
Jun. 2025: 0.6%, m/m
Retail sales moved higher in June and remain only slightly above December’s level in aggregate. Canada
International Transactions in Securities
May. 2025: -C$2.8 bil
In May, foreign investors reduced their exposure to Canadian securities for the fourth month in a row. United States
Moody's Analytics Beige Book Index
Jul. 2025: -16.7
The Moody’s Analytics Beige Book Index fell from -5.6 in June to -16.7 in July. United States
Jobless Claims
July 12: 221,000
U.S. initial claims for unemployment insurance remain low and stable. United States
Import and Export Prices
Jun. 2025: 0.1% m/m
U.S. import prices rose 0.1% in June as lower fuel costs partially offset higher non-fuel import costs. United States
Business Inventories (MTIS)
May. 2025: 0.0% m/m
Business inventories were essentially unchanged in May, on par with the consensus forecast. United States
NAHB Housing Market Index
Jul. 2025: 33
Homebuilder confidence inched up 1 point in July to 33, according to the National Association of Home Builders’ Housing Market Index. United States
St. Louis Fed Financial Stress Index
July 11: -0.75
Financial market stress increased in the week ended July 11, with the St. United States
Natural Gas Storage Report
July 11: 46 bil cubic feet
Last week’s increase in natural gas nearly matched analyst predictions, so this report will not have much of an impact on pricing. United States
Treasury International Capital Flows
May. 2025: $259.4 bil
The U.S. experienced a surge in net inflows of long-term international capital in May, totaling $259.4 billion. Japan
Consumer Price Index
Jun. 2025:
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