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Today’s release of the GDP for July confirms that growth has slowed rapidly in the third quarter of 2022, with growth at its weakest since 2021Q2 when restrictions to slow the spread of COVID were in effect. What does this mean for our economy? Read to find out.
Retail sales declined in July, the first monthly decline this year. The fall was mainly the result of a drop in sales at gasoline stations, as both selling prices and volumes decreased. Nevertheless, even excluding gasoline stations, retail sales were also lower in July, suggesting broad weakness in retail sales.
Inflation moderated in August, for a second consecutive month, but remains elevated at 7.0%. Most of the moderation can be linked to a decline in gasoline prices over the period. However, other components of CPI are moderating, as evidenced by a slight easing in most measures of core inflation.
Growth in the second quarter came in slightly weaker than expected, as net exports were a drag on economic activity due to strong imports. Domestic demand remained robust with strength in consumer spending, especially on services, and robust business investment in machinery and equipment, non-residential structures and inventories. Read more on our Insights Blog.
Insolvencies’ upward trend seems to have accelerated in June. While the level remains lower than before the pandemic, there are clear signs that insolvencies are rising fast.
Today’s Labour Force Survey data showed employment declined for a second consecutive month. However, the details show that, while the number of employed declined, there was also another sharp drop in the labour force. This exodus from the labour force explains the record unemployment rate.
Inflation continued to accelerate in June to a level not seen since 1983 but increased less than expected thanks to a stabilization in food price inflation. The elevated level of inflation continues to be mainly due to a handful of components: gasoline prices, food prices, homeowners’ costs, utilities costs and motor vehicle prices.
