| Today's Economy
The Implication of Tech Layoffs for U.S. Jobless Claims The headlines about job cuts in tech are eye-grabbing, but the impact on jobless claims will underwhelm. Multifamily Housing Punches Above Weight U.S. residential construction showcase a bifurcation between sluggish single-family and growing multifamily activity. Asia-Pacific Daily Briefing: Hit Me With Your Best Shot The Aussie labour market tightens despite RBA hikes. RBNZ Preview: Panic! At the Central Bank A record 75-basis point hike is on the cards for the RBNZ after 325 basis points of hikes so far. » VIEW MORE TODAY'S ECONOMY
Commentary
U.K. Unveils New Budget Package The strong austerity plan in the Autumn Statement was put forward to ensure the government's fiscal credibility. Russia-Ukraine Tracker: Changing Terrain As Russia loses territory, it is increasingly targeting energy infrastructure. Japan Risk Matrix: Uncomfortable Inflation Slowing global growth adds to lingering domestic weakness. Inflation Hits Consumers Hard U.S. households are raiding the piggy bank to keep spending; it is uncertain how long they can keep that going. » VIEW MORE COMMENTARY
Today's Economic Indicators
Netherlands
Unemployment
Oct. 2022: 3.7%
The Dutch unemployment rate slipped to 3.7% in October. Philippines
Monetary Policy
Nov. 2022: 5.0%
Bangko Sentral ng Pilipinas stepped it up a notch in November and raised its overnight reverse repo rate by 75 basis points to 5%, as expected. Indonesia
Monetary Policy
Nov. 2022: 5.25%
Bank Indonesia raised the seven-day reverse repo rate by 50 basis points to 5.25% at its November meeting, in line with the market consensus and a notch above our prediction for a 25-basis point rise. Austria
Consumer Price Index
Oct. 2022: 11.0% y/y
Hong Kong SAR (China)
Employment Situation
Oct. 2022: 3.8%
The seasonally adjusted unemployment rate in Hong Kong dropped to 3.8% for the August-to-October period from 3.9% for July through to September. Euro Zone
Consumer Price Index
Oct. 2022: 10.6% y/y
Final estimates for the euro zone’s HICP inflation rate came in at 10.6% y/y in October, up from 9.9% in September. United States
Jobless Claims
November 12: 222,000
U.S. initial claims for unemployment insurance still refuse to budge meaningfully higher despite all the dark pessimism in the economy. United States
Philadelphia Fed Survey
Nov. 2022: -19.4
Manufacturing activity continued trending downward in November, according to the Philadelphia Fed’s Manufacturing Business Outlook Survey. United States
New Residential Construction (C20)
Oct. 2022: 1.425 mil, SAAR
Soaring mortgage rates, dwindling affordability, and reduced demand are weighing on the U.S. housing market. United States
St. Louis Fed Financial Stress Index
November 11: -0.37
According to the St. United States
Natural Gas Storage Report
November 11: 64 bil cubic feet
Last week’s build in natural gas inventories closely matched analyst predictions, so this report will have minimal impact on gas prices. United States
Kansas City Fed Manufacturing Survey
Nov. 2022: -6
According to the Kansas City Fed’s Manufacturing Survey, factories are experiencing a steady decline in activity. Japan
Consumer Price Index
Oct. 2022:
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