Economic Events: January 13, 2022

In Asia/Pacific, the Chinese merchandise trade report is scheduled. In Europe, the Italian industrial production report is on tap. In North America, US jobless claims and US PPI-FD reports are due.

China’s trade surplus had exceeded expectations the prior five reports before coming up short compared to the consensus in November but at still very substantial monthly surplus of US$71.72 billion. December’s consensus is a slight rise to US$73.0 billion.

Italy’s industrial production, which has been struggling, is forecast to have risen 0.5 percent on the month in November after unexpectedly falling 0.6 percent in October.

In the US, new jobless claims for the January 8 week are expected to come in at 205,000, down slightly from 207,000 in the prior week.

Upstream inflation is showing no signs of abating in the US. Producer prices are forecast to have risen 9.8 percent from a year earlier in December, accelerating from 9.6 percent in November, while the month-over-month increase is seen slowing to 0.4 percent from 0.8 percent in light of lower crude oil prices in December. Excluding food and energy, producer prices are expected to show an 8.0 percent gain on the year in December after a 7.7 percent rise in November, with the monthly rate of increase also slowing to 0.5 percent from 0.7 percent.

At 1000 EST, Federal Reserve Board Governor Lael Brainard is scheduled to testify before a Senate Banking Committee hearing to consider the nomination to be vice chair of the Federal Reserve.

Philadelphia Federal Reserve Bank President Patrick Harker will give a keynote speech before an in-person Philadelphia Business Journal Economic Forecast Series at 0800 EST.

Chicago Federal Reserve Bank President Charles Evans will speak on the economy and monetary policy before the Milwaukee Business Journal Economic Forecast 2022 at 1300 EST.

In Asia, the Bank of Korea is expected to leave its key policy interest rate at 1.0 percent. Citing a sound recovery and the success of the country’s vaccine rollout, the bank raised its base rate twice last year and said another hike may be required to stem inflation and following December’s 0.4 percent monthly jump in core consumer prices, for a 2.2 percent annual.

Japanese producer prices are expected to show some easing in December amid lower crude oil prices but remain at a 40-year high due to global supply chain disruptions and reopening demand. The median forecast for the corporate goods price index (CGPI) is an 8.8 percent rise on the year after November’s 9.0 percent surge, the largest increase since December 1980 when the index jumped 10.4%. The CGPI is seen up 0.3 percent on the month in December following a 0.6 percent gain in November.

MARKET-MOVING EVENTS FOR AN ENTIRE YEAR

Strategic investing and analysis are a lot easier when you can identify patterns and see how economic events and announcements correlate with specific market movements. The Econoday Journal provides a convenient and easy way to follow important economic events every day, every month, throughout the year.

  • Enhanced new large format
  • Spiral-Bound
  • Monthly Monitor Calendar
  • Space to write personal Market Impact Notes
  • PLUS Our comprehensive Resource Center, featuring all the great information & insights you’ve come to expect from Econoday