Economy.com Daily Update: July 22, 2022

Today's Economy

The country will head to the polls in September.

The euro zone composite PMI tumbles.

Civil unrest will continue because protestors want him gone.

There's not much that monetary policy can do to contain those supply-side price pressures.

Commentary

Despite advances, most regional economies are slowing down.

Consumer and business confidence continue to decline.

High government debt comes at a difficult time.

Japan and Indonesia have not been persuaded to move.

Today's Economic Indicators

Malaysia
Consumer Price Index
Jun. 2022: 3.4%
Malaysia’s consumer price index breeched the 3% mark in June for both headline and core readings.

United Kingdom
Retail Sales
Jun. 2022: -0.1% m/m
U.K. retail sales declined by 0.1% m/m in June, building on a 0.8% drop in May (revised from a 0.5% fall).

Russian Federation
Monetary Policy
Jul. 2022: 8%
At its scheduled July meeting, the Central Bank of Russia cut its benchmark interest rate by 150 basis points to 8%, following a 150-basis point cut to 9.5% in June.

Canada
Retail Trade
May. 2022: 2.2% m/m
Retail sales continue to impress, rising 2.2% to $62.2 billion in May.

United States
Regional and State Employment
Jun. 2022:
The June employment report for state and regional economies was a mixed bag, but state economies are demonstrating more momentum than expected.

United States
Moody’s Analytics & CNN Business Back-to-Normal Index
July 20: 91.9
The Moody’s Analytics Back-to-Normal index pushed upward this week, rising from a revised 90.8 to 91.9.