| Today's Economy
Economic Roundup: Retail Sales Get Thumbs-Up for August, Big Thumbs-Down for July August retail sales were stronger than expected but revisions sting. Revisions Temper Enthusiasm Around U.S. Retail Sales August retail sales were strong but July is now shown to have been even worse. LatAm Daily Briefing: The Risk of an Optimistic Budget Economic fluctuations will determine if Mexico can meet its 2022 budget goals. Capital Market View: Earnings Strength Boosts Stocks Corporate earnings are projected to be noticeably higher in 2021 than pre-pandemic. » VIEW MORE TODAY'S ECONOMY
Commentary
From Regional Risk to Reality U.S. consumer confidence and worker availability are starting to suffer where the Delta variant rages. The Post-Pandemic Productivity Boom: Miracle or Mirage? Our outlook assumes that a portion of the recent jump in U.S. productivity is structural rather than cyclical. Debt Ceiling Tracker Update: Uh-Oh The U.S. Treasury Department has used up the accounting gimmicks at its disposal to a greater extent than previously anticipated. More Evidence of Importance of Government to U.S. Household Income in 2020 Poverty rose when government support is not included in the tally. » VIEW MORE COMMENTARY
Today's Economic Indicators
Hong Kong SAR (China)
Employment Situation
Aug. 2021: 4.7%
The seasonally adjusted unemployment rate in Hong Kong fell by 0.3 percentage point to 4.7% for the June to August period, beating expectations. Euro Zone
External Trade
Jul. 2021: €20.7 bil
The euro zone’s not seasonally adjusted trade surplus decreased to €20.7 billion in July from €26.7 billion a year earlier. Canada
Housing Starts
Aug. 2021: 260 ths
Housing starts slowed for a second straight month in August, falling nearly 4% from their level in July to an annualized rate of 260,239 units. Canada
Wholesale Trade
Jul. 2021: -2.1% m/m
Wholesale trade had an extremely rough month in July. Canada
ADP Canada National Employment Report
Aug. 2021: 39,400
Employment growth in August edged higher by 39,400 jobs. Canada
International Transactions in Securities
Jul. 2021: C$14.2 bil
Following record-making moves in June, investment turned quieter in July. United States
Jobless Claims
September 11: 332,000
U.S. initial claims for unemployment insurance in the week ended September 11 were affected by Hurricane Ida. United States
Philadelphia Fed Survey
Sep. 2021: 30.7
Manufacturing conditions in the Federal Reserve’s Third District remain rock solid. United States
Retail Sales
Aug. 2021: 0.7%, m/m
Retail sales unexpectedly rose sharply in August and even more strongly when the decline in auto sales because of supply constraints is removed. Netherlands
Unemployment
Aug. 2021: 3.2%
The unemployment rate in the Netherlands slightly increased to 3.2% in August from 3.1% in July. United States
St. Louis Fed Financial Stress Index
September 10: -0.97
Financial market stress increased last week with the St. United States
Business Inventories (MTIS)
Jul. 2021: 0.5% m/m
Business inventories increased in July. United States
Natural Gas Storage Report
September 10: 83 bil cubic feet
The increase in gas stocks last week beat analyst expectations, so this report alleviates some of the astronomical increase in prices. Singapore
Foreign Trade
Aug. 2021:
United States
Treasury International Capital Flows
Jul. 2021: $2.0 bil
Net long-term capital flows were down significantly in July. » VIEW MORE ECONOMIC INDICATORS | 
