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January 09, 2026
Preview: Due January 23 - U.S. Q3 Current Account - Correction from record pre-tariff deficit extending further
January 9, 2026 5:36 PM UTC
We expect a Q3 US current account deficit of $223bn, down from $251.3bn in Q2 and the narrowest since Q3 2023. As a proportion of GDP the deficit would be 2.9%, down from 3.3% in Q2 and the narrowest since Q1 2020. The correction from the record $439.8bn pre-tariff deficit in Q1 continues.
Preview: Due January 16 - U.S. December Industrial Production - Utilities to rise, manufacturing to slip
January 9, 2026 3:56 PM UTC
We expect a 0.1% increase in December industrial production, with the rise coming fully in the weather-sensitive utilities sector. We expect a 0.2% decline in manufacturing.
Canada December Employment - A fairly stable underlying picture
January 9, 2026 2:55 PM UTC
After three surprisingly strong months, which followed two surprisingly weak months, Canada’s December employment report has delivered a normal outcome, with employment modestly positive at 8.2k, and unemployment bouncing to 6.8% from 6.5%, through in remaining below October’s 6.9% and the highs
U.S. December Employment - Non-Farm Payrolls disappoint but Unemployment down
January 9, 2026 2:26 PM UTC
December’s non-non-farm payroll at 50k is marginally softer than expected, and a net negative given a substantial net downward revision of 76k to October and November, with the bulk of the revision coming in October when the government shutdown made measurement more challenging. Unemployment howev
India CPI Preview: Inflation Set to Rise in December
January 9, 2026 6:45 AM UTC
December’s CPI print is set to mark the end of India’s disinflation cycle. The RBI now has policy space, but the window may narrow fast as base effects fade and core inflation steadies. CPI is expected to trend up to 1.1% y/y in December.