US Rapid Response Fed Chair Powell at Jackson Hole Fed Chair Jerome Powell underscored the FOMC’s commitment to data dependence in his Jackson Hole speech today, but there was no suggestion that signs of economic resilience have already prompted Fed... 25th August 2023 · 2 mins read
US Rapid Response Industrial Production (Jul.) The 1.0% m/m surge in industrial production in July was partly due to a weather-related jump in utilities output and, although manufacturing output also rebounded by a solid 0.5%, the surveys suggest... 16th August 2023 · 2 mins read
US Rapid Response Retail Sales (Jul.) The 0.7% m/m jump in retail sales in July suggests that tighter monetary policy is still having remarkably little impact on real economic activity, but that isn’t necessarily a problem for the Fed... 15th August 2023 · 2 mins read
US Rapid Response Consumer Prices (July) The disinflationary pressures continued to build in July, with both headline and core CPI increasing by a moderate 0.2% m/m. Admittedly, the annual headline inflation rate actually ticked up to 3.2%... 10th August 2023 · 3 mins read
US Rapid Response Employment Report (July) Non-farm payroll employment increased by 187,000 in July and, while that represented a trivial improvement on the downwardly revised 185,000 gain the month before, those are otherwise the two weakest... 4th August 2023 · 2 mins read
US Rapid Response ISM Manufacturing Index (Jul.) The modest improvement in the ISM manufacturing index to 46.4 in July, from 46.0, suggests the manufacturing downturn may be bottoming out. But it still points to a fairly steep decline in... 1st August 2023 · 2 mins read
US Rapid Response Personal Inc. & Spend. (Jun.), Employment Cost Index (Q2) The slowdown in both the employment cost index of wage growth and core PCE inflation to their lowest levels in nearly two years suggests that resilient activity growth won’t be enough to convince Fed... 28th July 2023 · 2 mins read
US Rapid Response GDP (Q2) The 2.4% annualised gain in second-quarter real GDP growth, which means the economy expanded at close to its potential pace over the first half of the year, suggests that higher interest rates are... 27th July 2023 · 2 mins read
