Economic Analysis

TD Economics provides analysis of economic performance and the implications for investors. The analysis covers the globe, with emphasis on North America.

Data Commentaries

April 9, 2014

  • U.S. FOMC Minutes – Download (106k PDF)
April 8, 2014
  • NFIB Small Business Optimism Index – Download (101k PDF)
April 4, 2014
  • U.S. Employment – Download (102k PDF)
April 3, 2014
  • U.S. International Trade Balance – Download (41k PDF)
  • U.S. ISM Non-Manufacturing Index – Download (100k PDF)
April 1, 2014
  • U.S. Vehicle Sales – Download (102k PDF)
  • U.S. ISM Manufacturing Index – Download (99k PDF)
March 28 2014
  • U.S. State Employment Monitor – Download (104k PDF)
  • U.S. Personal Income and Spending – Download (102k PDF)
March 25, 2014
  • U.S. Consumer Confidence – Download (100k PDF)
March 20, 2014
  • U.S. Existing Home Sales – Download (102k PDF)
March 19, 2014
  • U.S. FOMC Interest Rate Announcement – Download (144k PDF)
March 18, 2014
  • U.S. Housing Starts – Download (177k PDF)
  • U.S. Consumer Price Index – Download (100k PDF)
March 13, 2014
  • U.S. Retail Sales – Download (100k PDF)
March 5, 2014
  • U.S. Federal Reserve Beige Book – Download (101k PDF)
February 28, 2014

Regular Publications

April 11, 2014

  • The Weekly Bottom Line – Download (428k PDF)
March 31, 2014
  • U.S. Quarterly State Forecast – Download (415k PDF)
March 21, 2014
  • Economic Snapshot – Download (203k PDF)
March 20, 2014
  • Quarterly Economic Forecast – U.S. Economic Outlook – Download (330k PDF)
October 21, 2013
  • U.S. Regional Check-Up – Download (925k PDF)

Special Reports/Observations

April 4, 2014

  • Lower Educated Workers Flock Into US Job Market – Download (103k PDF)
April 2, 2014
  • Economic Growth After Recovery: Quantifying The New Normal – Download (434k PDF)
March 4, 2014
  • U.S. Auto Sales Basking In Their Comeback Glow – Download (434k PDF)
February 11, 2014
  • State Finances Improve, But Long-Term Challenges Persist – Download (440k PDF)
February 7, 2014
  • Why The January Payroll Report Was Actually Pretty Good – Download (263k PDF)
February 4, 2014
  • Americans Face Tin-Plated Golden Years – Download (285k PDF)

January 31, 2014

  • Emerging Markets: Cut By The Same Scissors, But Not From The Same Cloth – Download (285k PDF)
January 22, 2014
  • Euro Zone: Financial Calm Should Not Disguise Outstanding Macroeconomic Challenges – Download (355k PDF)
January 21, 2014
  • The Bull Market For Gold Is Firmly In The Rear View Mirror – Download (277k PDF)
January 9, 2013
  • U.S. Housing Recovery: Jobless No More – Download (790k PDF)
December 18, 2013
  • Comparing And Contrasting Canadian And American Consumers – Download (362k PDF)
December 17, 2013
  • Congress To Pass Bipartisan Budget Act of 2013 – Download (222k PDF)
  • The Greening Of New York City: Lessons From The Big Apple – Download (302k PDF)
December 11, 2013
  • The Silent Majority: State And Local Governments Talk Back – Download (204k PDF)
December 4, 2013
  • Don't Judge A Labor Market By Its Unemployment Rate – Download (638k PDF)
November 1, 2013
  • Green Bonds: Victory Bonds For The Environment – Download (377k PDF)
October 24, 2013
  • U.S. Regional Multifamily Housing Outlook – Download (929k PDF)
October 10, 2013
  • U.S. Deficits & Debt: Past, Present & Future – Download (711k PDF)
October 1, 2013
  • The Government Is Shut, But Will Pay Its Bills – Download (617k PDF)
September 4, 2013
  • State Fiscal Planning: Taming Tax Revenue Volatility – Download (862k PDF)
August 29, 2013
  • The Taper Cometh – Download (442k PDF)
August 12, 2013
  • Japan: Abenomics Notwithstanding, Demographic Trends Trump Fiscal Sustainability – Download (791k PDF)
August 6, 2013
  • Will The Fall In Refinancing Pose A Threat To The U.S. Recovery – Download (684k PDF)
July 18, 2013
  • Higher Mortgage Rates Unlikely To Derail Housing Recovery – Download (899k PDF)
June 26, 2013
  • Up, Up, & Away: U.S. Home Price Growth Will Give Way To Rising Supply – Download (625k PDF)
June 13, 2013
  • The Federal Reserve's Exit Strategy: How Will It Unfold – Download (1,068k PDF)
June 11, 2013
  • U.S. Small Business Recovery Ready To Enter A New Phase – Download (736k PDF)
June 6, 2013
  • American Exports In A Multi-Speed World: Full-Steam Ahead Through Choppy Waters – Download (904k PDF)
April 23, 2013
  • Giving It The Old College Try, Assessing The Returns On U.S. Higher Education – Download (924k PDF)
April 9, 2013
  • U.S. Commercial Real Estate To Take Cue From Housing Recovery – Download (739k PDF)
April 8, 2013
  • Goosing U.S. Economic Growth Through Wealth Effects – Download (838k PDF)
March 21, 2013 February 28, 2013
  • America's Debt Woes – Download (650k PDF)
February 5, 2013
  • Is The American Housing Rebound Sustainable? – Download (691k PDF)
January 31, 2013
  • Auto Finance A Bright Spot For U.S. Lenders – Download (80k PDF)
January 29, 2013
  • Assessing The Long Term Cost Of Youth Unemployment – Download (80k PDF)
January 2, 2013
  • U.S. Congress Passes Bill Avoiding Fiscal Cliff – Download (80k PDF)
November 27, 2012
  • Euro Zone Finance Minister Reach Tentative Agreement With The IMF On Greek Bail-Out Modifications – Download (24k PDF)
November 14, 2012
  • The Shale Shift – Exploring The Impact Of Shale Gas On The U.S. Economy – Download (376k PDF)
November 13, 2012
  • An Economic Perspective On U.S. Long-Term Financial Asset Returns – Download (132k PDF)
November 7, 2012
  • Fiscal Impacts Under New Congress Are Not An Open And Shut Case – Download (737k PDF)
October 15, 2012
  • Offshoring, Onshoring, And The Rebirth Of American Manufacturing – Download (609k PDF)
September 10, 2012
  • Consumer Credit – Building The Bridge Over Troubled Water – Download (47k PDF)
September 5, 2012
  • Treasuries To Avoid Japan-Like Experience – Download (787k PDF)
September 4, 2012
  • Days Of Decision – Download (612k PDF)
August 21, 2012
  • Europe's Lost Generation – Download (130k PDF)
July 31, 2012
  • Searching For A Detour Around The Fiscal Cliff – Download (731k PDF)
July 6, 2012
  • Crude Oil's Repeat Performance To Come To An End – Download (726k PDF)
July 5, 2012
  • To QE Or Not QE? – Download (631k PDF)
June 20, 2012
  • Greek Elections Are Out of the Way, But Significant Hurdles Lie Ahead – Download (23k PDF)
June 19, 2012
  • America's Housing Market: Recoveries Aren't Always As They Appear – Download (184k PDF)
June 11, 2012
  • Spain Requests European Bailout For Its Banks – Download (707k PDF)
May 29, 2012
  • Regional Multifamily Housing: South Atlantic To Outshine Northeast – Download (727k PDF)
May 25, 2012
  • Milking America's Cash Cow: The Case For Stronger Investment Growth – Download (802k PDF)
May 23, 2012
  • Greek Debt Crisis: Answers To Frequently Asked Questions – Download (792k PDF)
  • What Would Greek Exit Mean For America? – Download (647k PDF)
May 16, 2012
  • Gas Prices Up, But Trucks Still On Top – Download (109k PDF)
May 15, 2012
  • Meeting America's Job Challenge Means Growing Small Business – Download (711k PDF)
May 7, 2012
  • Assessing China's Quest For Economic Rebalancing – Download (732k PDF)
May 3, 2012
  • Rising U.S. Energy Independence: What Does It Mean For Canada? – Download (704k PDF)
April 16, 2012
  • China's FX Policy: One More Step Towards A Global Currency – Download (659k PDF)
April 10, 2012
  • A New Norm For U.S. Auto Sales – Download (720k PDF)
March 9, 2012
  • Greek Debt Swap: A Significant Step Forward, But Far From The End Of The Crisis – Download (617k PDF)
February 29, 2012
  • Deleveraging Begets Weak Economies Across Euro Zone Periphery – Download (751k PDF)
February 23, 2012
  • U.S. Housing Recovery Will Not Drown In A Sea Of Distressed Sales – Download (681k PDF)
February 21, 2012
  • Scratching the Surface On U.S. Consumer Credit Offers Reason To Be Cautious – Download (690k PDF)
February 17, 2012
  • Greek Sovereign Debt Crisis: Sorting the Pieces of the Bail-Out Puzzle – Download (650k PDF)
February 13, 2012
  • State Finances And The Budget Control Act: Going The Distance – Download (816k PDF)
January 26, 2012
  • The Worrisome Decline In The U.S. Participation Rate – Download (692k PDF)
January 19, 2012
  • China's Prospects In The Year Of The Dragon – Download (612k PDF)
January 17, 2012
  • U.S. Auto Sales Coming Back To Life...Slowly But Surely – Download (732k PDF)
January 4, 2012
  • What to Make of the Revisions to U.S. Existing Home Sales – Download (102k PDF)
December 9, 2011
  • European Sovereign Debt Crisis: Building a Fiscal Compact – Download (698k PDF)
November 21, 2011
  • Slow Moving Train Wreck Still Moving Down The Track – Download (1.1mb PDF)
November 9, 2011
  • Perspective: Gridlock in America – Download (486k PDF)
October 27, 2011
  • European Sovereign Debt Plan: Navigating A Sea Of Missing Details – Download (685k PDF)
  • The Bay State's Job Revival – Download (656k PDF)
October 18, 2011
  • U.S. Women Entrepreneurs and the Factors That Drive Their Businesses – Download (709k PDF)
September 28, 2011
  • Perspective: Paying the Piper – Download (592k PDF)
September 9, 2011
  • President Obama's American Jobs Act – Download (543k PDF)
September 7, 2011
  • Can More Fiscal Stimulus Fix America's Labor Market Woes? – Download (861k PDF)
September 6, 2011 August 9, 2011
  • Financial Reaction to U.S. Credit Downgrade – Download (485k PDF)
August 8, 2011
  • S&P Downgrade of U.S. Credit Rating Changes Nothing – Download (544k PDF)
  • European Response to Fiscal Crisis Remains Inadequate – Download (547k PDF)
July 28, 2011
  • Perspectives On The U.S. Debt Ceiling Debate – Download (572k PDF)
July 22, 2011
  • European Sovereign Debt: Bailing-In Greece – Download (609k PDF)
July 19, 2011
  • A Global Perspective On A Potential Chinese Banking Crisis – Download (578k PDF)
July 18, 2011
  • Will Inflation Stick? – Download (525k PDF)
July 15, 2011
  • Hoping Rationality And Leadership Win Out Over Politics – Download (520k PDF)
July 12, 2011
  • U.S. Job Machine Needs Faster Economic Growth – Download (600k PDF)
July 11, 2011
  • Jobs Dependent On Small And Medium Sized Firms – Download (640k PDF)
June 29, 2011
  • Slower Growth And Tighter Monetary Conditions Temper Global Inflation – Download (635k PDF)
June 22, 2011
  • Industrial Transformation: The Case Of North Carolina – Download (865k PDF)
June 9, 2011
  • East Coast Housing - If They Build It, Will They Come? – Download (686k PDF)
May 18, 2011
  • Small Businesses Will Reclaim the Driver's Seat Behind the Economic Engine – Download (1211k PDF)
April 21, 2011
  • European Sovereign Debt: Entering the End-Game – Download (443k PDF)
April 20, 2011
  • Setting the Stage for a U.S. Housing Recovery – Download (443k PDF)
April 19, 2011
  • Caught In The Middle: The Polarization of Skills in The U.S. Labor Market – Download (8136k PDF)
March 28, 2011
  • European Sovereign Debt: Still Without Signs of Resolution – Download (1016k PDF)
March 25, 2011
  • America's Manufacturing-Led Recovery – Download (841k PDF)
March 1, 2011
  • How The South Will Get Its Groove Back – Download (626k PDF)
February 25, 2011
  • Will Rising Oil Prices Derail The Global Economy? – Download (637k PDF)
February 23, 2011
  • European Sovereign Debt: Stress Testing Banks – Download (572k PDF)
February 1, 2011
  • Municipal Bonds: Not For The Faint Of Heart, But No Cause For Panic – Download (725k PDF)
January 18, 2011
  • Outside Of Mortgages, U.S. Credit Showing Broad Improvement – Download (682k PDF)
January 4, 2011
  • An Update on State Tax Revenues – Download (383k PDF)

Get additional research on the global economy, including Canada, Europe, Asia and Latin America.