Cheatsheet for Weekly Economic Calendar 7th August
Want to get some context on next week’s global economic data points and to understand what they mean? Raiz has you covered!
Trade balance
This is the difference between what we export and what we import. It is calculated by subtracting the value of the goods and services Australia buys from overseas from the value of the goods and services we sell to other countries. A positive number (as expected this week) would be a trade balance surplus, and a negative one would be a deficit.
NAB Business confidence July
The NAB monthly survey of business confidence is based on a telephone survey of around 600 small, medium and large size non-agricultural companies. The Survey measures the expectations of business conditions for the upcoming month and is a simple average of trading, profitability and employment indices, reported by respondents for their company. The indices are calculated by taking the difference between the percentage of respondents nominating good or very good, or a rise and those nominating poor or very poor, or a fall.
Monthly Household Spending Indicator
This is an indicator of household spending using bank transaction data, and has only been available since February 2022. Producing this new indicator has been made possible due to the banks making the data available at a broad overview level to maintain privacy.
Inflation
Inflation measures how much more expensive a set of goods and services has become over a certain period, usually a year. YoY (Year on Year) refers tothe comparison of datapoints one year apart, and MoM (Month on Month) refers to comparing two data points one month apart.
Consumer Inflation Expectations August
In Australia, Melbourne Institute Inflation Expectations survey measures consumers’ median expectations for price growth over the coming 12 months.
US Jobless Claims
This is the number of US filing new claims for unmployment benefits last week.
US PPI July
In the United States, the Producer Price Index for final demand measures price change for commodities sold for personal consumption, capital investment, government, and export. It is composed of six main price indexes: final demand goods (33 percent of the total weight), which includes food and energy; final demand trade services (20 percent); final demand transportation and warehousing services (4 percent); final demand services less trade, transportation, and warehousing (41 percent); final demand construction (2 percent); and overall final demand.
GDP
Gross domestic product (GDP) is the standard measure of the value added through the production of goods and services in a country during a certain period.
Eurozone Industrial Production YoY
In the Euro Area, industrial production measures the output of businesses integrated in industrial sectors of the economy such as manufacturing, mining, and utilities.
*sources: tradingeconomics.com and au.investing.com
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