US DATA: Latest Dallas Fed WEI Index Consistent With Solid Q4 Growth

The Dallas Fed's Weekly Economic Index (WEI) indicated growth of 2.29% Y/Y (scaled to 4-quarter growth) in the week of Dec 13, same as the prior week but bringing the 13-week moving average down slightly to 2.24%. * We get the delayed release of Q3 advance GDP Tuesday and. The WEI is consistent with 4+% Q/Q SAAR GDP growth in the quarter, which looks like it may be an overestimate compared with the Atlanta Fed's expectation of 3.5% and the analyst consensus of 3.2%. * The Atlanta Fed will post its first Q4 nowcast after the Q3 release. The Dallas Fed WEI is currently tracking the equivalent of 2.3% Q/Q SAAR growth for the quarter.

CANADA DATA: Industrial Price Pressures Stay Elevated Though CPI Impact Mixed

Canadian industry price pressures moderated in November versus October's jump, but remained elevated. While core gauges have tended to presage movement in CPI aggregates, the composition suggests that the feedthrough to consumer prices is not so clear, and in any case there is a reasonably long lag. * The Industrial Product Price Index (IPPI), which measures the prices of products manufactured in Canada, rose 0.9% M/M after a 26-month high 1.7% in Oct (rev from 1.5%), with the core measure (ex-energy/petroleum products) up 0.4% after a 44-month high 2.0% (rev from 1.9%). This left the annual run rates at 6.1% (5.7% prior) and 6.2% (6.3% prior), respectively, both the highest since 2022. * Raw materials prices ex-energy/petroleum products likewise saw moderation in growth, to 0.6% M/M after 4.3% in October and 3.1% in September, but the Y/Y rate was still a very elevated 19.0%. * Most product groups saw price increases in November though rises were led by energy products. And additionally there was a continued upward pressure from "higher prices for unwrought gold, silver, and platinum group metals, and their alloys (+1.4%)". This was largely due to investor demand for precious metals. * That was even more stark on a Y/Y basis per StatCan: "16 of 21 commodity groups posted year-over-year increases. The year-over-year increase in the IPPI was driven by price movements in unwrought gold, silver, and platinum group metals, and their alloys (+58.7%), the largest year-over-year increase for this product group since September 2011. Other product groups that were key upward contributors in November 2025 included fresh and frozen poultry of all types (+37.9%) and fresh and frozen beef and veal (+28.1%)." * As such the most salient aspect in terms of CPI may be in food prices, which were up over 4% Y/Y in November for the first time since 2023, even as the overall CPI basket has remained closer to 2% Y/Y.

US DATA: Latest Census Bureau Release Dates Imply Pushing Back Of GDP/PCE

[A correction to the summary, with retail sales set for Jan 14 and not the Jan 21 initially mentioned] The Census Bureau has announced the next schedule for a raft of data releases, with the highlight being November retail sales set for Jan 14 in a combination of release dates that will push back potential timing for GDP/PCE updates. We had thought PPI (Jan 14)/import prices (Jan 15) might be the stumbling block for a November PCE report, but with retail sales now also a clear limiting factor in the middle of the month. Highlights of single month updates: * Retail sales for November to be released on Jan 14, still circa one month late for no improvement relative to the delay of the October report * Advance durable goods report for November to be released on Jan 26 before the full factory orders report on Jan 29 * International trade in goods & services for Oct (Jan 8) and Nov (Jan 29) Two-month updates for housing-related data in September and October: * Housing starts/building permits rescheduled for Jan 9 * New home sales rescheduled for Jan 13 * Construction spending rescheduled for Jan 21 Source: Census Bureau

US DATA: Latest Census Bureau Release Dates Imply Pushing Back Of GDP/PCE

The Census Bureau has announced the next schedule for a raft of data releases, with the highlight being November retail sales set for Jan 21 in a combination of release dates that will push back potential timing for GDP/PCE updates. We had thought PPI (Jan 14)/import prices (Jan 15) might be the stumbling block for a November PCE report but retail sales are now a clear limiting factor. Highlights of single month updates: * Retail sales for November to be released on Jan 14, still circa one month late for no improvement relative to the delay of the October report * Advance durable goods report for November to be released on Jan 26 before the full factory orders report on Jan 29 * International trade in goods & services for Oct (Jan 8) and Nov (Jan 29) Two-month updates for housing-related data in September and October: * Housing starts/building permits rescheduled for Jan 9 * New home sales rescheduled for Jan 13 * Construction spending rescheduled for Jan 21 Source: Census Bureau