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December 15, 2025
Preview: Due December 16 - U.S. December S and P PMIs - Only marginally lower, still healthy
December 15, 2025 3:51 PM UTC
We expect December’s S and P PMIs to both see very marginal slippage, manufacturing to 52.0 from 52.2 and services to 54.0 from 54.1. These will still leave the picture looking fairly healthy and there is little reason to expect a sharp fall in December, though we do see risks to the economy as le
Preview: Due December 16 - U.S. October/November Employment (Non-Farm Payrolls) - Slow but still positive in the private sector
December 15, 2025 3:25 PM UTC
The Labor Department will release October and November non-farm payroll data on December 16. We expect November to see gains of 40k both overall and in the private sector. However we expect October to see a decline of 10k overall but a 55k increase in the private sector.
U.S. December NAHB Homebuilders Index - Third straight rise
December 15, 2025 3:09 PM UTC
December’s NAHB homebuilders’ index of 39 from 38 has delivered a third straight rise though the latest two gains are marginal, by one point, after a strong five point bounce in October and the level is still quite soft.
U.S. December Empire State Manufacturing Survey - Correction from strong November
December 15, 2025 2:06 PM UTC
December’s Empire State manufacturing index at -3.9 versus 18.7 has corrected from a 12-month high, though remains within this year’s range and the series is volatile. November was well above trend both in 2024 and 2025.
Canada November CPI - Underlying trend has slowed
December 15, 2025 1:48 PM UTC
November Canadian CPI at 2.2% has held steady at October’s pace, and is slightly weaker than expected. The Bank of Canada’s core are are on balance weaker, with CPI-Median and CPI-Trim falling to 2.8% from 3.0%, though CPI-Common (less important to the BoC) edged up to 2.8% from 2.7%.
Preview: Due December 16 - U.S. October Retail Sales - Autos to lead a dip
December 15, 2025 1:16 PM UTC
We expect a 0.4% decline in October retail sales in September, with autos set to be the main negative after the expiry of a tax credit for electrical vehicle purchases. Elsewhere however we expect subdued data, with a 0.1% increase ex autos and a rise of 0.2% ex autos and gasoline.