US Macro Updates

Retail sales are one of the most closely watched indicators of consumer spending, which accounts for roughly two-thirds of US GDP, making each monthly

Existing home sales represent the dominant share of total housing market transactions, typically accounting for roughly 85 to 90 percent of all home sales

The Consumer Price Index for All Urban Consumers, known as CPI-U, is the most closely watched inflation gauge in the United States, covering the spending habits of

The Manheim Used Vehicle Value Index for July 2026, released August 7, fell 1.4% month-over-month to 210 on a mix-, mileage-, and seasonally adjusted basis

The New York Fed’s Survey of Consumer Expectations for July 2026, released August 7, showed short-term inflation expectations easing while the longer-run

Non-farm payrolls are the most closely watched labour market indicator in the United States, providing a monthly snapshot of employment across all sectors except agriculture

The ADP Non-Farm Employment Change report, published by ADP in collaboration with the Stanford Digital Economy Lab, serves as a closely watched leading indicator for the official

Unit labour costs and labour productivity together form one of the most reliable gauges of underlying inflationary pressure in the economy, because when wages rise faster than output per worker,...

The ISM Services PMI for July 2026, released August 5, edged up 0.1 points to 54.1 — slightly below the roughly 54.5 consensus estimate but extending the sector’s expansion

JOLTS job openings serve as a forward-looking measure of labour demand, reflecting how actively employers are seeking to expand or maintain their workforce before hiring actually occurs. The ratio of...

Construction spending is a broad measure of investment in structures, capturing outlays across residential, nonresidential, and public projects, making it one of the more comprehensive gauges of both private

The Realtor.com® July 2026 Monthly Housing Trends Report, released August 3, painted a picture of a market settling into its expected summer slowdown — with sellers doing more

The ISM Manufacturing PMI for July 2026, released August 3, jumped 2.3 points to 55.6 — well above the roughly 54.0 consensus estimate and June’s 53.3 — marking the highest...

The Employment Cost Index is widely regarded as the Federal Reserve’s preferred measure of labour cost pressures because, unlike average hourly earnings, it controls for compositional shifts in the workforce,...

The Michigan Consumer Sentiment Index is a closely watched leading indicator because household confidence directly shapes spending decisions, which account for roughly two-thirds of US GDP

The Personal Consumption Expenditures Price Index is the Federal Reserve’s preferred measure of inflation because it captures a broader range of consumer spending than the Consumer Price Index

The S&P/Case-Shiller Home Price Index is widely regarded as the gold standard for tracking US residential property values, drawing on a repeat-sales methodology that compares prices of the same homes

The Conference Board’s Consumer Confidence Index for July 2026, released on July 28, showed sentiment slipping for a third straight month as current conditions kept eroding

Durable goods orders are a closely watched leading indicator of business investment because firms typically commit to large, long-lived purchases only when they are confident in the economic outlook Durable...

The S&P Global Flash US PMI for July 2026, released on July 24, showed business activity accelerating to an eight-month high even as price pressures intensified sharply

New home sales are a leading indicator of broader housing market activity because they are recorded at the point of contract signing, giving them a forward-looking edge over existing home...

Housing starts and building permits are closely watched leading indicators because residential construction activity signals future economic momentum, influencing GDP, employment, materials demand, and consumer spending

Industrial production measures the real output of manufacturing, mining, and electric and gas utilities, making it one of the broadest gauges of physical economic activity in the United States. As...

The NAHB/Wells Fargo Housing Market Index for July 2026, released July 16, showed builder confidence deteriorating further as affordability pressures continue to weigh

The NAR Pending Home Sales report for June 2026, released July 16, showed contract signings falling sharply after a strong spring, undercutting hopes that the earlier rebound

The Producer Price Index for Final Demand measures the average change in selling prices received by domestic producers, making it a critical leading indicator of consumer inflation as cost pressures...

The Zillow® June 2026 Market Report, released July 7, offered a welcome bounce-back after May’s disappointment. Home sales climbed 9.2% from May and came in 5.9% above year

Tracking deposit and loan data in the US Banking system remains a critical aspect of understanding the overall monetary and economic picture. Bank lending is central to new money creation...

With QT firmly in the past, the focus of the H.4.1 release has shifted entirely to the interplay between reserves, the TGA, and the RRP — the three key plumbing...

The Census Bureau’s latest Advance report on retail inventories showed Retail inventories was mostly unchanged in August compared to the previous month. Core inventories, which exclude motor vehicle and parts,...

Wholesale inventories for the month of August were estimated to be at a month end level of $905.2Bn, down 0.2% from the previous month of July. This compares to consensus...