Equilon FXBefore the reaction,
read the release.
A field reference to economic indicators: what is measured, how it is reported, where it can mislead and what to read next.
Name the series.
Coverage and definitions come before interpretation.
Keep the units.
A rate, an index and a survey balance are different things.
Read the revision.
The newest observation is not always the only new information.
US consumer prices
Identify the series and comparison before deciding what an inflation headline says.
PCE / United StatesUS PCE price index
Separate the measure used in the policy objective from the spending data published alongside it.
NFP / United StatesUS employment report
The Employment Situation contains two surveys and several distinct questions about work.
GDP / United StatesUS gross domestic product
Separate output, prices, the rate convention and the stage of the estimate.
RETAIL / United StatesUS retail sales
A dollar value of sales is not the same thing as a volume of consumption.
HICP / Euro areaEuro-area consumer prices
Comparable definitions help build an area-wide inflation measure, but the geographical scope still matters.
AWE / United KingdomUK average weekly earnings
An average can move because pay changes, the workforce mix changes, or both.
TANKAN / JapanJapan’s business survey
A balance of business opinions is informative precisely because it asks a different question from output statistics.