| Today's Economy
Economic Roundup: Biden Discussing Restructuring Tariffs Tariffs usually make more political sense than economic sense and might not be a game changer. LatAm Daily Briefing: Guatemalan Prices Jump Higher Like other countries, Guatemala must try to contain inflation while achieving economic growth. Young Workers Diverge in Return to the Labor Market U.S. teens have been drawn back to work thanks to rising wages and increased flexibility. Capital Market View: Another Month, Another Hot U.S. CPI The May print could rekindle talk of a 75-basis point hike by the Fed, but it is still unlikely. » VIEW MORE TODAY'S ECONOMY
Commentary
Canada Outlook: Invasion, Infections and Idling Boosting the economy’s supply side is key to avoiding a recession. U.S. Chartbook: The Sweet Spot The labor market is slowing, but not enough to warrant chatter about an imminent recession. China Paying More at the Pump Discounts of Russian crude to China are relative, not absolute. Rising Food Protectionism in the Asia-Pacific Region Russia’s invasion of Ukraine is pressuring global food supplies. » VIEW MORE COMMENTARY
Today's Economic Indicators
India
Monetary Policy
Jun. 2022: 4.9%
The Reserve Bank of India raised the benchmark repo rate by 50 basis points to 4.9% in its June meeting, exceeding our expectations for a 40-basis point hike. Switzerland
Unemployment rate
May. 2022: 2.2%
The situation in Switzerland’s labour market was stable. Thailand
Monetary Policy
Jun. 2022: 0.5%
The Bank of Thailand kept its benchmark interest rate unchanged at 0.5% at the June meeting. The decision to hold rates constant was supported by four votes to three in the Monetary Policy Committee. Taiwan (China)
Foreign Trade
May. 2022: US$2.4 bil
Taiwan's trade surplus is at a smaller-than-expected US$2.4 billion in May. Norway
Industrial Production
Apr. 2022: -0.5% m/m
Norwegian industrial production fell by 0.5% month over month in April from March, compared to March’s 2.5% after a 0.3% upwards revision. Italy
Retail Sales
Apr. 2022: 0.0% m/m
Italy’s retail sales stalled in April, as higher food sales offset a drop in nonfood spending. Germany
Industrial Production
Apr. 2022: 0.7% m/m
German industrial production expanded 0.7% month on month in April, posting only a modest rebound following a dip of 3.7% m/m in March. Euro Zone
GDP
2022Q1: 0.6% q/q
Final estimates revised the euro zone’s first quarter GDP growth up to 0.6% quarter over quarter from 0.3% originally. Ireland
Industrial Production
Apr. 2022: -9.6% m/m
Irish industrial production slumped by 9.6% month over month in April after growing marginally by 1% m/m in March. United States
MBA Mortgage Applications Survey
June 03: -6.5%
Mortgage application volume contracted sharply in the first week of June, declining 6.5%. Chile
Consumer Price Index
May. 2022: 11.55% y/y
Chile’s inflation continued to escalate in May, remaining in the double digits. United States
Wholesale Trade (MWTR)
Apr. 2022: 2.2% m/m
Wholesale inventory data show a strong start to the second quarter. United States
Oil Inventories
June 03: 416.8 mil barrels
An unexpected rise in crude oil inventories would typically force prices lower, but events in Europe are playing a much larger role in oil pricing than single-week inventory movements. Russian Federation
Consumer Price Index
May. 2022: 17.1% y/y
A stronger ruble and the end of panic buying contributed to the slowdown in Russia's annual inflation rate to 17.1% y/y in May from 17.8% previously. United States
Semiconductor Billings
Apr. 2022: 0.7%
Global semiconductor sales increased 0.7% to a record level of $50.9 billion in April. Philippines
Industrial Production
Apr. 2022:
China
Foreign Trade
May. 2022:
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