Today's Economy

The European Union approved a €750 billion stimulus package to fight the COVID-19 shock.

Another contraction was reported, but at a slower pace compared with April.

The European Council agrees on a new Multi-Annual Financial Framework.

A second wave in Australia has prompted the government to extend its income support schemes.

Commentary

Higher unemployment looms as the government tries to balance the economy with COVID-19 measures.

The key data will be existing- and new-home sales, and initial claims for unemployment insurance.

Recent data show an improving economy, but rising COVID-19 numbers signal trouble ahead.

The epidemiological spread of COVID-19 continues to evolve.

Today's Economic Indicators

Canada
New Housing Price Index
Jun. 2020: 1.3%
The Canadian housing market continues to march ahead, weathering the economic downturn better than expected.

Canada
Retail Trade
May. 2020: 18.7%
Canadian retail began its long road to recovery in May.

United States
Chicago Fed National Activity Index
Jun. 2020: 4.11
The June reading for the Chicago Fed’s National Activity Index showed another sharp uptick in economic activity from April’s historic lows.

United States
Philadelphia Fed Nonmanufacturing Survey
Jul. 2020: 24
Nonmanufacturing activity in the Third District improved at a solid pace in July, buoyed by gains in new orders and revenue.

United States
CreditForecast.com Household Credit Report
Jun. 2020: 3.96%
The consumer credit market expanded in June, increasing by $23 billion, the second straight month of increases.