Economy.com Daily Update: November 5, 2021

Today's Economy

Productivity is key in keeping a wage-price spiral from developing.

The U.S. and EU struck a deal this week that will see tariffs lifted on EU steel and aluminium exports.

Metro area-level house price performance may signal where the national market is headed.

Rising infection rates are concerning, but the economic impact will be limited.

Commentary

The future is nearshoring and just-in-case inventory management.

The region’s central banks continue wrestling with inflation.

Inflation measures out next week will reflect supercharged electricity prices.

Higher energy and vegetable prices will drive China's October price data.

Today's Economic Indicators

Indonesia
GDP
2021Q3: 3.51% y/y
A surge in Delta-variant COVID-19 cases and extended lockdowns dampened Indonesia's GDP growth in the third quarter.

Denmark
Industrial Production
Sep. 2021: -5.0% m/m
Industrial production contracted by 5% month over month in September after a 4.4% increase in August.

France
Industrial Production
Sep. 2021: -1.3% m/m
French industrial production took a hit in September.

Taiwan (China)
Consumer Price Index
Oct. 2021: 2.6% y/y
Taiwan’s headline Consumer Price Index rose by 2.6% over the year in October, the same as in September.

Spain
Industrial Production
Sep. 2021: 0.3% m/m
Spain’s industrial production expanded by 0.3% m/m in September and broke a three-month streak of negative readings since June.

Austria
Retail Sales
Sep. 2021: -0.6% y/y
Retail sales in Austria disappointed in September, contracting by 0.6% y/y after increasing by 1.7% in August.

Italy
Retail Sales
Sep. 2021: 0.8% m/m
Italy’s retail sales ticked up by 0.8% m/m in September, building on August’s upwardly revised 0.8% gain, thanks to solid growth in the food and nonfood sectors.

Euro Zone
Retail Sales
Sep. 2021: -0.3% m/m
Retail sales excluding motor vehicles dropped by 0.3% in September after an upwardly revised gain of 1% m/m in August.

Germany
Industrial Production
Sep. 2021: -1.1% m/m
Supply-chain disruptions pushed factory output lower in September, with Germany’s industrial production index dropping 1.1% m/m.

Canada
Labor Force Survey
Oct. 2021: 6.7%
Employment rose by 31,000 in October, with a significant rise in retail jobs offset by losses in accommodation and food services.

United States
Employment Situation
Oct. 2021: 531,000 m/m
As expected with the Delta variant receding, employment growth rebounded in October, with payrolls up 531,000.

United States
Moody’s Analytics & CNN Business Back-to-Normal Index
November 03: 94.6
The Moody’s Analytics & CNN Business Back-to-Normal Index is on solid ground.

Canada
Purchasing Managers' Index
Oct. 2021: 59.3
The Ivey Purchasing Managers' Index dipped in October, coming in at 59.3, down from September's 70.4 reading.

United States
Consumer Credit (G19)
Sep. 2021: $29.9 bil
Consumer credit picked up by $29.9 billion in September.

Colombia
Consumer Price Index
Oct. 2021: