| Today's Economy
Canada Weekly: Monetary Policy Tightening Commences The Bank of Canada ends its massive quantitative easing program. Geopolitical Risk Calendar: Countries to Discuss Emissions at COP26 Nations will gather in Glasgow next week to work toward net-zero emission goals. Germany's GDP Narrowly Misses Expectations Supply disruptions kept the country a slight underperformer in the third quarter. Malaysia Unveils Largest-Ever Budget The focus is on supporting the economy in 2022 as the country emerges from the pandemic. » VIEW MORE TODAY'S ECONOMY
Commentary
European Inflation Is Up but Won't Stick Commodities are where we see the most concrete risk of more permanent inflationary pressures. Latin America Weekly Highlights and Preview, October 29, 2021 Unemployment is down in Brazil, Chile and Mexico while sales are up in Argentina. Europe Weekly Highlights and Preview, 29 October, 2021 We expect the Bank of England to give clearer signs about the likelihood of a rate hike this year. Macro Roundup: South Korea’s Challenges and Tailwinds Expect the central bank to hikes rates in November. » VIEW MORE COMMENTARY
Today's Economic Indicators
Netherlands
Retail Sales
Sep. 2021: 3.4% y/y
Retail sales turnover in the Netherlands grew 3.4% in September compared with a year earlier. Japan
Consumer Confidence
Oct. 2021: 39.2
Japan’s consumer confidence index rose to 39.2 in October, up 1.4 points from September. Denmark
Unemployment rate
Sep. 2021: 3.3%
Denmark's labor market is showing even more strength. France
Household Consumption Survey
Sep. 2021: -0.2% m/m
Household consumption of goods pulled back by 0.2% m/m in September after a 0.7% rebound in August. Spain
Retail Sales
Sep. 2021: 0.3% m/m
Spain’s retail sales increased by 0.3% m/m in seasonally adjusted terms in September. Thailand
Foreign Trade
Sep. 2021: US$4.0 bil
Thailand’s trade position improved in September on the back of improving global demand and a weak Thai baht. Taiwan (China)
GDP
2021Q3: 3.8% y/y
Taiwan's headline economic growth in the third quarter was 3.8% over the year, close to our expectation for 3.7% growth. Euro Zone
Preliminary GDP
2021Q3: 2.2% q/q
Preliminary estimates report that the euro zone’s GDP grew by 2.2% q/q in the third quarter, adding to the 2.1% increase in the second quarter. Euro Zone
Preliminary Consumer Price Index
Oct. 2021: 4.1% y/y
Preliminary estimates report that the euro zone’s harmonized index of consumer prices increased by 4.1% y/y in October, following September’s 3.4% rise. Portugal
Industrial Production
Sep. 2021: -5.4%
Industrial production in Portugal rebounded by 1.6% m/m in September after falling 1.9% in August. Portugal
Retail Sales
Sep. 2021: 2.7% y/y
Portugal’s retail sales increased by 1.5% m/m in September adding to the 0.5% rise in August. Chile
Employment
Sep. 2021: 8.4%
The national unemployment rate in Chile averaged 8.4% in the July-September rolling quarter, down from 12.3% a year earlier. Chile
Manufacturing Production
Sep. 2021: 4.3% y/y
Chile’s industrial production reported a hiccup in September after solid growth in previous months. Chile
Retail & Wholesale Sales
Sep. 2021: 18.4% y/y
Retail sales came in hot in September. Canada
Industrial Product and Raw Materials Price Indexes
Sep. 2021: 1.0% m/m
Rising oil prices are lending more persistence to inflationary pressures. Canada
Gross Domestic Product by Industry
Aug. 2021: 0.4% m/m
The Canadian economy resumed growth in August. United States
Employment Cost Index
2021Q3: 1.3% q/q
Even as hiring momentum slowed in the third quarter, the pressure on employment costs surged as labor-supply issues persist. United States
Personal Income
Sep. 2021: -1.0% m/m
Personal income decreased by a sharper-than-expected 1% m/m in September, but the decline owed almost exclusively to a drop in unemployment insurance benefits. United States
PCE Deflator
Sep. 2021: 0.3% m/m
The inflation criteria for the Federal Reserve to begin tapering its monthly asset purchases on the inflation and employment front have been met, and the bank will likely start this process next week. United States
Real Personal Spending
Sep. 2021: 0.3% m/m
Real consumer spending in the U.S. remains little changed since March as fading stimulus, supply constraints and increased infections have taken a toll. United States
Moody’s Analytics & CNN Business Back-to-Normal Index
October 27: 93.5
Improvement in the Moody’s Analytics & CNN Business Back-to-Normal Index remains on hold. United States
University of Michigan Consumer Sentiment Survey
Oct. 2021: 71.7
U.S. consumer confidence continues to flirt with pandemic-era lows because of the recent acceleration in inflation, the Delta variant of COVID-19, political brinkmanship, and worries about the debt ceiling. World
Moody's Analytics Global Risk of Recession
Aug. 2021: 25.1%
World recession risks increased slightly, rising from 23.1% in July to 25.1% in August. Russian Federation
Retail Sales
Sep. 2021: 5.6% y/y
Seasonally adjusted Russian retail sales declined by 1.5% m/m in September, reversing the 3.4% increase in August. Russian Federation
Unemployment
Sep. 2021: 4.3%
Russia's unemployment rate rang in at 4.3% in September, beating market expectations of a 4.5% reading. Colombia
Monetary Policy
Oct. 2021: 2.50%
Colombia’s central bank hiked the reference interest rate by 50 basis points to 2.5% after October’s regular meeting. United States
Agricultural Prices
Sep. 2021: -0.7% m/m
The Agricultural Prices Received Index decreased 0.7% in September to 108.6, which was 22% higher than a year earlier. » VIEW MORE ECONOMIC INDICATORS | 
