Economy.com Daily Update: May 9, 2022

Today's Economy

Tighter financial market conditions are needed to slow the economy, but things could get dicey.

It will be another mixed report as headline inflation moderates and core accelerates.

On his new album, the musical superstar spotlights LatAm’s outdated social and economic policies.

There is a pool of available workers that eliminates the imbalance between supply and demand.

Commentary

Inflation is this week's economic focus.

The Fed accelerated its interest-rate increases amid a tight labor market.

Record U.S. job openings could prove a critical buffer as the central bank attempts to pull off a soft landing for the economy.

The regional inflation tide shows no signs of ebbing.

Today's Economic Indicators

Indonesia
GDP
2022Q1: 5.0% y/y
Indonesia’s GDP growth was virtually steady at 5.01% year on year in the March quarter of 2022; growth was 5.02% y/y in the December quarter.

Indonesia
Consumer Price Index
Apr. 2022: 3.47% y/y
Indonesia’s headline inflation rose to 3.5% y/y (0.95% m/m) in April, slightly ahead of market expectations.

Norway
Industrial Production
Mar. 2022: 2.2% m/m
Norway's industrial production increased by 2.2% m/m from February to March.

Taiwan (China)
Foreign Trade
Apr. 2022: US$4.9 bil
Taiwan's trade surplus decreased 19% over the year to hit US$4.9 billion in April; this was close to what we expected.

Ireland
Industrial Production
Mar. 2022: 1.7% m/m
Irish industrial production increased by 1.7% m/m in March after growing by 2.6% m/m in February.

Mexico
Consumer Price Index
Apr. 2022: 7.68% y/y
Mexico’s inflation continued to go up in April, despite the discount in tariffs for electricity.

Canada
Building Permits
Mar. 2022: -9.3% m/m
The value of building permits dropped substantially after an outlying March but still settled comfortably above the longer-term trend.

World
Moody's Analytics Survey of Business Confidence
May 06: -3.4
Global business sentiment remains firmly negative—there are more negative responses to the nine survey questions than positive ones.

United States
Wholesale Trade (MWTR)
Mar. 2022: 2.3% m/m
Wholesale inventories expanded 2.3% in March, aligning with consensus expectations.

Chile
Foreign Trade
Apr. 2022: US$1,071.4 mil
Despite a large decline in exports on account of reduced copper production, Chile's trade accounts registered a second consecutive billion-dollar surplus in April.

United States
Senior Loan Officer Opinion Survey
2022Q2: -10.4%
According to the Senior Loan Officer Opinion Survey, standards for commercial and industrial loans were largely unchanged during the first quarter of this year.