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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