| Today's Economy
Economic Roundup: Powell Pivots as Facts Change The Fed will preemptively fight any further deterioration in its price-stability mandate. LatAm Daily Briefing: Inflation Will Fall Gradually in 2022 Reduced demand and lower commodity prices will help ease LatAm’s inflation woes. Capital Market View: Dove Hunting Fed doves are in trouble as Powell turns hawkish. Faster taper and sooner rate hikes are coming. Australia Economic Outlook: Q&A We answer additional questions submitted in response to our recent webinar. » VIEW MORE TODAY'S ECONOMY
Commentary
U.S. B2B Tracker: Rising Prices Pass to Smaller Firms Businesses were spending nearly 20% more in October than a year earlier as they work to replenish inventories and meet surging demand. Global Vaccine Tracker: Valuating a New Variant, Again Omicron reminds us that the global economic recovery remains tethered to the pandemic. LatAm Risk Matrix Update: Political Turmoil and Inflation The political situation in the region is bleak, and nowhere is this more a concern than in Brazil. Much to Learn About Omicron—Fast Omicron appears to spread remarkably quickly. There is much more to learn about it. » VIEW MORE COMMENTARY
Today's Economic Indicators
Netherlands
Retail Sales
Oct. 2021: 2.5% y/y
Retail sales turnover in the Netherlands increased by 2.5% y/y in October, with the consumer-driven recovery slowing its pace slightly from the previous month. Denmark
GDP
2021Q3: 0.9% q/q
Danish GDP increased by 0.9% in the third quarter, after a 2.2% gain in the second. Denmark
Unemployment rate
Oct. 2021: 3.1%
Denmark’s unemployment rate dropped once again, ending October at 3.1%. Finland
GDP
2021Q3: 0.8% q/q
Finland’s GDP rebounded by 0.8% q/q, slightly worse than the 0.9% gain initially estimated. Thailand
Foreign Trade
Oct. 2021: US$3.8 bil
Thailand’s trade position moderated in October. France
Household Consumption Survey
Oct. 2021: -0.4% m/m
France’s household consumption of goods pulled back by 0.4% m/m in October after a 0.2% rise in September. Spain
Retail Sales
Oct. 2021: -0.1% m/m
Spain’s retail sales decreased by 0.1% m/m in seasonally adjusted terms in October. Hong Kong SAR (China)
Retail Sales
Oct. 2021: 12% y/y
Retail sales values in Hong Kong rose strongly by 12% y/y in October to HK$30.7 billion, after rising by 7.4% in September. Italy
GDP
2021Q3: 2.6% q/q
Final numbers confirmed that Italy's GDP grew by 2.6% q/q in the third quarter and by 3.9% in year-ago terms thanks to household consumption, fixed investment and net trade. Germany
Unemployment
Nov. 2021: 5.3%
Germany’s unemployment rate dropped 10 basis points to 5.3% in November, marking the second decline in a row. Euro Zone
Preliminary Consumer Price Index
Nov. 2021: 4.9% y/y
Preliminary estimates of the euro zone’s HICP reported an inflation rate of 4.9% y/y in November, up from 4.1% in October. France
GDP
2021Q3: 3% q/q
Final estimates confirm that France’s GDP grew by 3% q/q in the third quarter following a 1.3% increase in the second. Chile
Employment
Oct. 2021: 8.1%
The national unemployment rate averaged 8.1% in the August-October rolling quarter, down from 11.6% a year earlier. Chile
Manufacturing Production
Oct. 2021: 1.5% y/y
Chile’s manufacturing moderated in October, with production advancing a little further in annual terms. Brazil
Employment Situation
Sep. 2021: 12.6%
Brazil’s unemployment rate declined in September as job creation advanced gradually. Portugal
GDP
2021Q3: 4.2%
Portuguese third-quarter growth came in at 4.2% y/y after surging by 16.1% y/y in the second quarter. Portugal
Industrial Production
Oct. 2021: -6.7%
Portuguese industrial production grew by 0.5% m/m in October, slightly slower than the previous month's gain of 1.4% m/m. India
GDP
2021Q3: 8.4% y/y
India’s real GDP for the September quarter, the second of Indian fiscal 2021-22, was up 8.4% y/y, compared with 20.1% in the first quarter, coming in at consensus levels. Canada
GDP
2021Q3: 5.4% SAAR
As the emergence of the Omicron coronavirus variant casts a shadow over the outlook heading into the winter, the resurgence of GDP growth in the third quarter provides a welcome dose of good news. Canada
Gross Domestic Product by Industry
Sep. 2021: 0.1% m/m
The Canadian economy kept its head above water in September. Belgium
GDP
2021Q3: 2.0% q/q
Portugal
Retail Sales
Oct. 2021: 2.3% m/m
Growth in Portuguese retail sales accelerated in October, reaching 2.3% m/m compared with 1.4% m/m in September. United States
S&P CoreLogic Case-Shiller® Home Price Indexes
Sep. 2021: 19.1% y/y
House price appreciation decelerated in September, as measured by the S&P CoreLogic Case-Shiller 20-City Composite Index, reinforcing the trend started in August of more modest year-over-year price growth. United States
FHFA Purchase-Only House Price Index
Sep. 2021: 17.7% y/y
The Federal Housing Finance Agency Purchase-Only House Price Index increased 0.9% m/m in September, putting itself 17.7% higher than a year earlier. United States
Conference Board Consumer Confidence
Nov. 2021: 109.5
U.S. consumer confidence declined in November but not due to the Omicron variant of the COVID-19 virus. World
Moody's Analytics Global Risk of Recession
Nov. 2021: 20.7%
After rising for four consecutive months, recession risks have stabilized. United States
Moody’s Analytics Policy Uncertainty Index
November 26: 352.5 4-wk MA
The four-week moving average in our U.S. United States
Texas Service Sector Outlook Survey
Nov. 2021: 25.4
Texas service industries accelerated in November. United States
Agricultural Prices
Oct. 2021: -1.7% m/m
The Agricultural Prices Received Index decreased 1.7% in October to 106.8, which was 20% higher than a year earlier. Australia
GDP
2021Q3:
South Korea
Foreign Trade
Nov. 2021:
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