U.S. November Existing Home Sales - A modest rise, but the third straight

December 19, 2025 3:21 PM UTC

November existing home sales, up 0.5% to 4.13m, are a little short of expectations, but still delivered a third straight increase with October revised up to a 1.5% increase from 1.3%.

U.S. November CPI - Is the tariff impact fading?

December 18, 2025 2:10 PM UTC

November’s CPI is significantly lower than expected, at 2.7% yr/yr, 2.6% ex food and energy, compared with 3.0% for both series in September (October data will not be released). November’s core CPI index is up only 0.16% from September’s, implying an average rise of less than 0.1% per month ov

South Africa Inflation Moderately Softens to 3.5% y/y in November

December 17, 2025 5:08 PM UTC

Bottom Line: Statistics South Africa (Stats SA) announced on December 17 that annual inflation softened moderately to 3.5% y/y in November from 3.6% the previous month, but food and restaurant prices remained worrisome. Despite inflation staying within the South African Reserve Bank’s (SARB) 1 pe

UK CPI Review: Down More Than Expected from Likely Peak?

December 17, 2025 7:38 AM UTC

A clear downside surprise adds to the wealth of data suggesting a reining of price and cost pressures.  This November result makes it more likely that the September CPI outcome will prove to be the CPI inflation peak.  Indeed, although October figure fell a little less than the consensus by 0.2 pp

U.S. December S&P PMIs - Less positive, particularly services

December 16, 2025 3:01 PM UTC

December’s preliminary S and P PMIs are both weaker and below consensus, manufacturing only marginally at 51.8 from 52.2 but services more significantly at 52.9 from 54.1. The composite fell to 53.0 from 54.2.

U.S. October and November Employment - Unemployment rising but economy maintains some momentum

December 16, 2025 2:22 PM UTC

November’s non-non-farm payroll at 64k does not fully erase a 105k decline in October but private payrolls at 69k in November and 52k in October maintain moderate growth, though unemployment at 4.6% in November is the highest since September 2021, and average hourly earnings growth is slowing. Oct

UK Labor Market: Job Losses Weighing Even More Clearly on Wages

December 16, 2025 8:06 AM UTC

Adding to the array if weak activity updates of late, there are increasing signs that the labor market is haemorrhaging jobs more clearly and broadly with fresh and deeper falls in the more authoritative measure of jobs covering payrolls.  Indeed, private sector payrolls are still falling, down alm

UK GDP Review: Underlying and Headline Economy Negative, Fragile and Listless

December 12, 2025 7:47 AM UTC

As we have underlined, GDP has hardly moved since March and this became even clearer with the October GDP release, the question being whether weakness is getting more discernible and significant.  Indeed, it has fallen in three of the last four months (Figure 1), and where the unexpected further 0.

U.S. Initial Claims rebound from holiday drop, September trade deficit falls on surge in gold exports

December 11, 2025 2:14 PM UTC

After a sharply below trend outcome last week of 192k (revised from 191k) in a week that included the Thanksgiving holiday and may have seen seasonal adjustment problems, initial claims have rebounded above trend to 236k. The 2-week average is 214k, slightly below the 218k seen two weeks ago and the

Exceeding Expectations: Russia Inflation Eased Fast to 6.6% y/y in November

December 11, 2025 8:15 AM UTC

Bottom Line: Russian inflation continued its decreasing pattern in November and edged down to 6.6% owing to lagged impacts of previous aggressive monetary tightening, and relative resilience of RUB despite food and services prices continued to surge in November. We think the inflation will continue

RBA Review: Bullock More Hawkish In Press Conference

December 9, 2025 5:16 AM UTC

The RBA meeting on December 8th keep rates unchanged at 3.6% 
Statement and press conference suggest there will be no more rate cut

U.S. Initial Claims fell sharply in Thanksgiving week, other labor market signals mixed

December 4, 2025 1:52 PM UTC

Weekly initial claims at 191k from 218k are exceptionally low but there may be some seasonal adjustment issues with Thanksgiving. Unadjusted however initial claims also fell, by 49k to 197k. While this fall in initial claims may be overstated it is the fourth straight decline. 

Turkiye’s Inflation Eased to 31.1% y/y in November, Hitting Below Expectations

December 3, 2025 1:40 PM UTC

Bottom line: According to Turkish Statistical Institute’s (TUIK) announcement on December 3, Turkiye’s inflation softened to 31.1% y/y in November backed by moderate unprocessed food prices. We continue to think upside-tilted inflation risks will likely limit the downward trend during the disin

U.S. November ADP Employment leaves trend looking fairly flat

December 3, 2025 1:38 PM UTC

ADP’s November estimate of private sector employment of -32k does not quite reverse a 47k increase in October (revised from 42k) but leaves trend looking fairly flat. The data is consistent with negative signals from weekly ADP employment data released a week ago and also the finding of the latest

South African GDP Growth Hit 2.1% y/y in Q3, Marking the Fastest Expansion Since Q3 2022

December 2, 2025 8:03 PM UTC

Bottom Line: Department of Statistics of South Africa (Stats SA) announced Q3 GDP growth on December 2. South African economy grew by 2.1% YoY in Q3, the fastest expansion since Q3 2022. We think that the growth momentum will continue to be supported by low inflation, improved consumer sentiment, fe

December 2, 2025 10:51 AM UTC

With what were previously unfavourable energy-related base effects reversing, EZ inflation edged down 0.1 ppt to 2.1% in October, largely in line with consensus thinking, but with the main core rate stable at 2.4%.  This reversed in the flash November numbers in what was an outcome a notch above bo

U.S. November ISM Manufacturing - Weaker than expected but still in a tight range

December 1, 2025 3:15 PM UTC

November’s ISM manufacturing index of 48.2 from 48.7 is weaker than expected and the signals of most if not all regional surveys, if not dramatically so. The index is the weakest since July but remains in a fairly tight modestly negative range, since moving above neutral in January and February.

Turkish Economy Expanded by 3.7% in Q3 Backed by Robust HH Consumption and Investments

December 1, 2025 10:41 AM UTC

Bottom Line: Turkish Statistical Institute (TUIK) announced GDP growth for Q3 on December 1. Turkish economy grew by 3.7% YoY in Q3 backed by household consumption, investments, and government spending.

Canada Q3 GDP rebounds as imports plunge but domestic demand marginally negative

November 28, 2025 2:14 PM UTC

Canada’s 2.6% annualized increase in Q3 GDP is sharply higher than expected though the surprise comes largely from a sharp fall in imports. Domestic demand was almost unchanged with a 0.1% annualized decline. September GDP grew by 0.2% on the month, but the preliminary estimate for October is weak

U.S. Initial Claims, September Durable Goods Orders - trends healthy

November 26, 2025 1:59 PM UTC

The latest set of US data is on the strong side of expectations, with initial claims at 216k from 222k the lowest since April. September durable goods orders are on consensus with a 0.5% increase but the ex-transport rise of 0.6% is on the firm side and trend is improving.

U.S. November Consumer Confidence slides but October pending home sales stronger

November 25, 2025 3:25 PM UTC

The Conference Board’s Consumer Confidence Index at 88.7 in November from 95.5 in October is the weakest since April when tariff concerns were at their peak. October pending home sales however with a 1.9% increase sustain recent signs of a revival in the housing market as Fed easing resumes.

U.S. September Retail Sales lose momentum, PPI strong in goods but weak in services

November 25, 2025 2:08 PM UTC

September retail sales with a rise of 0.2% are weaker than expected and likely to be negative in real terms, given September gains in CPI goods prices, suggesting momentum in consumer spending is starting to fade with employment growth. September’s PPI with a rise of 0.3% overall met expectations

U.S. November S&P PMIs - Still healthy

November 21, 2025 3:01 PM UTC

November’s preliminary S and P PMIs both remain at healthy levels, manufacturing modestly slower at 51.9 from 52.5 but still comfortably positive, while services have unexpectedly seen a modest increase to 55.0 from 54.8. The composite increased to 54.8 from 54.6.

U.S. September Employment - charts and table

November 20, 2025 2:09 PM UTC

September's employment report is somewhat firmer but with mixed detail.

U.S. September Employment - Case for a December easing looks a little weaker

November 20, 2025 2:04 PM UTC

September’s non-farm payroll will be the last released before the December 10 FOMC meeting and is surprisingly firm at 119k, albeit with 33k in negative revisions. A rise in unemployment to 4.4% from 4.3% and a 0.2% rise in average hourly earnings provide only marginal offsets to the headline. Nov

South Africa Inflation Edged Up to 3.6% y/y in October, Marking the Highest Reading Since September 2024

November 19, 2025 3:53 PM UTC

Bottom Line: Statistics South Africa (Stats SA) announced on November 19 that annual inflation edged up to 3.6% YoY in October due to accelerated transport, alcoholic beverages and tobacco, and recreation costs. Despite inflation staying  within the South African Reserve Bank’s (SARB) 1 percenta

U.S. August trade deficit slips back after bounce in July, still in correction from inflated pre-tariff deficits

November 19, 2025 2:00 PM UTC

August’s delayed trade deficit of $59.55bn is narrower than expected, down significantly from July’s $78.5bn, but still marginally above June’s $59.09bn. Despite July’s bounce, the deficit remains in a correction from the inflated pre-tariff levels of Q1 which saw a record deficit of $136.42

UK CPI Review: Down from Likely Peak?

November 19, 2025 7:50 AM UTC

It does seem as if the September CPI outcome (a third successive and lower-than-expected outcome of 3.8%) will prove to be the inflation peak.  Indeed, the just released October figure fell a little less than the consensus but in line with BoE thinking, to 3.6%, helped by favourable energy base eff

U.S. November NAHB Homebuilders Index - Bounce extended but 6-month view corrects lower

November 18, 2025 3:09 PM UTC

November’s NAHB homebuilders’ index of 38 has marginally extended a 5-point October bounce and remains at its highest level since April. Details show increasing strength in current month data but a correction lower in the 6-month view.

U.S. November Empire State Manufacturing Survey - Activity sees 12 month high, prices slower but still firm

November 17, 2025 2:21 PM UTC

November’s Empire State manufacturing index at a positive 18.7 from 10.7 is the strongest in twelve months, and the third healthy number in four months, though with November 2024 strength at 20.7 not having persisted we would treat the latest strength with a degree of caution.

India CPI Review: Inflation Cools to Historic Lows

November 17, 2025 8:04 AM UTC

India’s October inflation print confirms a rare moment of macro alignment—low inflation, solid growth, and room for monetary easing. The RBI now faces a high-conviction window to cut rates in December, but must stay vigilant against creeping food price risks as FY26 progresses.

Slowest Rate of Growth for Russia Since Q1 2023: 0.6% y/y in Q3 2025

November 14, 2025 6:06 PM UTC

Bottom Line: According to Ministry of Economic Development’s preliminary figures, Russia's GDP expanded by a moderate 0.6% y/y in Q3, marking the slowest rate of growth since Q1 2023 showing the economic slowdown in Russia is more evident now. We think Central Bank of Russia’s (CBR) previous agg

Russia’s Inflation Softened to 7.7% y/y in October

November 14, 2025 5:00 PM UTC

Bottom Line: As expected, Russian inflation continued its decreasing pattern in October and edged down to 7.7% thanks to lagged impacts of previous aggressive monetary tightening, and relative resilience of RUB particularly after July. Despite fall in inflation; we think the inflation will continue

UK GDP Review: Underlying Economy Listless - At Best

November 13, 2025 8:10 AM UTC

As we have underlined, GDP has hardly moved since March and, again, the latest update undershot consensus thinking.  Indeed, GDP has fallen in two of the last three months (Figure 1), albeit where some recovery should be in store for the current quarter as these September numbers were hit (temporar

UK Labor Market: Continued Private Sector Job Losses Weighing Even More Clearly on Wages

November 11, 2025 8:01 AM UTC

Previous signs that the labor market is haemorrhaging jobs less clearly have evaporated, with fresh and deeper falls in the more authoritative payrolls.  Indeed, private sector payrolls are still falling, down almost a full ppt in y/y terms and more steeply so (Figure 1).  Regardless, the latest l

U.S. November Preliminary Michigan CSI - Weak, possibly on shutdown or labor market worries

November 7, 2025 3:25 PM UTC

November’s preliminary Michigan CSI of 50.3 has seen a significant dip from 53.6 in October to reach its lowest level since June 2022. Current conditions led the slowing, perhaps due to the government shutdown or weakening in the labor market. Inflation expectations are mixed but within the recent