| Today's Economy
Holiday Break Our U.S. offices are closed Monday for Memorial Day. U.S. Macroeconomic Benefit of Student Loan Forgiveness Likely to Underwhelm Student debt forgiveness has a low economic bang for the buck. Geopolitical Risk Calendar: Russia Cuts Supply to Finland Other EU countries that are more reliant on imports have opened ruble accounts. Canada Weekly: Searching for Oil With global oil markets undersupplied, Canadian oil producers stand to benefit. » VIEW MORE TODAY'S ECONOMY
Commentary
Latin America Weekly Highlights and Preview, May 27, 2022 Some countries are making incremental advances before an impending slowdown. MENA Outlook: Oil and Food Uncertainty Supply-chain shocks heightened by the Russian invasion of Ukraine place critical burdens on the region. Russia-Ukraine Tracker: Fighting in East Continues Clashes in the Donbas region have intensified. Tracking Entrepreneurship in the U.S. The Moody’s Analytics Broad-Based Startup Rate investigates the drivers of business creation. » VIEW MORE COMMENTARY
Today's Economic Indicators
Spain
Retail Sales
Apr. 2022: 5.3% m/m
Spain’s retail sales gained 5.3% m/m in April in seasonally adjusted terms, rebounding from the previous month when the index dropped by 4.3%. Sweden
Retail Sales
Apr. 2022: 0.4% m/m
Sweden’s retail sales expanded by 0.4% m/m in April, adding to an upwardly revised 0.6% increase in March. United States
Advance Wholesale and Retail Inventories
Apr. 2022: 2.1% m/m
April’s advanced estimate of wholesale and retail inventories showed a strong start to the second quarter’s inventory build. United States
International Trade in Goods - Advanced
Apr. 2022: -$105.9 bil
First-quarter U.S. United States
Personal Income
Apr. 2022: 0.4% m/m
Personal income expanded 0.4% in April, in line with our forecast and a touch below consensus calls for a 0.5% increase. United States
PCE Deflator
Apr. 2022: 0.2% m/m
The Federal Reserve is hinting that a pause in the tightening cycle is possible but inflation will need to show concrete signs that it's moderating. United States
Real Personal Spending
Apr. 2021: 0.7% m/m
Real consumer spending growth accelerated modestly in April, to its fastest pace since January. United States
Moody’s Analytics & CNN Business Back-to-Normal Index
May 25: 93.5
The Moody’s Analytics & CNN Business Back-to-Normal Index remains stuck in a tight band, inching up this week from a revised 93.3 to 93.5. United States
University of Michigan Consumer Sentiment Survey
May. 2022: 58.4
U.S. consumer confidence gave back all of its unexpected early-April rebound in May as high gasoline prices, inflation staying in the headlines, and the erratically falling stock market continued to hammer attitudes. » VIEW MORE ECONOMIC INDICATORS | 
