Economy

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The production index, a key measure of state manufacturing conditions, edged down to 20.3, indicating output grew but at a slightly slower pace than in July.

Japan's economy is benefiting from higher exports. Their trade surplus for July came in higher ¥ 418.8 billion then the expected ¥ 327.1 billion. June saw ¥ 439.8 billion. Exports to the U.S. +11.5% y/y, to China +17.6% y/y 

This week's PPI and CPI both missed expectations coming in lower. This was in line with Federal Reserve Governor Dudley's view yesterday and Kaplan's today. The Philly Fed Economists also see 2% as illusory.

The Indonesia government announced Monday how the sanctions on Russia are an opportunity for the nation to boost their trade. They bartered coffee, palm oil and other commodities for 11 Russian-made Sukhoi Su-35 fighter jets.

July's U.S. jobs report added more non-farm jobs, 209,000 over the 180,000 expected the Bureau of Labor Statistics said on Friday. The unemployment rate is back at a 16-year low of 4.3%. Of note was hiring in the beleaguered manufacturing sector sector increased 16, 000.

June was dismal for Car sales, we are now seeing July is even worse. General Motors $GM July sales down 15.4% , Fiat Chrysler $FCAU US sales down 10.5%, Ford $F Sales down -7.4%.

US pending home sales from the National Association of Realtors in June show the first gain in four months. With the stock market at all time highs and in some regions home prices at new highs home sale volumes have concerned many. 

Canadian inflation continues weak as Bank of Canada Chief Poloz addressed as being the result of temporary measures this week. Headline inflation is the lowest since Oct 2015, on the core there is some strength. 

UK inflation rate has fallen to 2.6% in June, down from 2.9% in May.
Pound falls

Canadian home sales fell 6.7% further in June 2017 with the largest monthly decline since June 2010 according to the CREA.

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