| Today's Economy
Composition of Q1 U.S. GDP Shifts Trade was less of a drag, but the inventory build is coming in light. Imports Matter in U.S. Manufacturing Reducing imports would have unintended consequences. Economic Briefing: Korea's Q4 Hit by Tepid Domestic Demand German retail trade likely partially recovered in February; the unemployment rate held at 5.9%. Economic Roundup: Washington Could Begin to Test U.S. Business Confidence Attention shifts to corporate tax reform, but there are more pressing issues to tackle. » VIEW MORE TODAY'S ECONOMY
Commentary
A Slow Death for King Coal Natural gas will have the final say in the coal industry’s outlook, not Washington. U.S. Chartbook: Economy Is Solid as 'Trump Trade' Retools Manufacturing continues to show strength as housing data remain mixed. U.S. Weekly Highlights and Preview, March 24, 2017 Developments in Washington may overshadow U.S. economic data. Macro Roundup: India’s Reform Agenda Still Unclear The goods and services tax will boost GDP, but uncertainty persists around other reforms. » VIEW MORE COMMENTARY
Today's Economic Indicators
United States
Moody's CMBS Delinquency Tracker
Feb. 2017: 6.32%
The Moody’s Delinquency Tracker total delinquency rate jumped up 41 basis points, from 5.91% in January to 6.32% in February. The monthly increase is largely due to newly delinquent 2007 vintage loans. Italy
Industrial New Orders
Jan. 2017: -2.9%
Italy's new industrial orders decreased by 2.9% in January, in line with our forecasts, almost completely reversing the revised 3% rise in the previous month. Germany
Ifo Business Climate Index
Mar. 2017: 112.3
The German Ifo Business Climate Index rose further in March, following a slight drop at the start of the year. United States
Advance Wholesale and Retail Inventories
Feb. 2017: 0.4%
Wholesale trade took a step in the right direction in February. United States
International Trade in Goods - Advanced
Feb. 2017: -$64.8 bil
Trade will be a drag on first quarter GDP but likely not as much as previously thought. United States
State Personal Income
2016Q4: 0.9%
State personal income growth is decelerating slightly as the expansion enters its later stages. Russian Federation
Business Confidence
Mar. 2017: -2.0
The business confidence indexes for manufacturing in Russia held steady in March, maintaining a value of -2. United States
S&P CoreLogic Case-Shiller® Home Price Indexes
Jan. 2017: 5.7%
Existing-home price appreciation accelerated in the three months ended in January compared with the same period in December. Euro Zone
Conference Board Leading Indicators
Feb. 2017: 109.2
The Conference Board Leading Economic Index for the euro zone added 0.5% m/m to 109.2 in February. United States
Conference Board Consumer Confidence
Mar. 2017: 125.6
Consumers haven’t been this optimistic since 2000, but the immediate implication for spending is modest. Mexico
Employment Situation
Feb. 2017: 3.4% Unemployment
Unemployment adjusted down a little more in February as the negative seasonal effect of January vanished. United States
Richmond Fed Manufacturing Survey
Mar. 2017: 22
Manufacturing conditions in the Richmond Federal Reserve District improved again in March. United States
Richmond Fed Services Survey
Mar. 2017: 9.0
Conditions in the Richmond Fed District service sector weakened somewhat in March. United States
Texas Service Sector Outlook Survey
Mar. 2017: 15.2
Texas service sector activity continued to expand in March. United States
Moody’s Analytics Policy Uncertainty Index
March 24: 100.2
Policy uncertainty warrants close watch, as a number of pressing issues on the fiscal front are approaching. Argentina
Economic Activity Indicator
Jan. 2017: 1.03%
The statistics office’s monthly economic activity index, or IMAE, increased 1.1% y/y in January, after reporting nil growth in the previous month. Japan
Retail Sales
Feb. 2017:
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