Economic indicators compared
Compared with a year earlier, policy rates are lower in three of the four countries and higher in one, while headline inflation is higher in three and lower in one. Each figure below is the latest reading from its national publisher, shown with its own period. Sources: the four central banks and national statistics agencies.
Key takeaways
- The highest policy rate of the four is in Australia, at 4.36% (September 2026); the lowest is in Canada, at 2.25% (September 2026) (central bank data).
- Headline inflation is highest in Australia, at 3.94% (Q2 2026), and lowest in Canada, at 3.09% (September 2026) (national statistics agencies).
- No yield curve of the four is inverted; the steepest is in Canada, where long yields exceed short ones by 0.62 pp (September 2026) (central bank data).
How do the four countries compare right now?
This page compares the four economies EconoMonitor covers on measures that mean roughly the same thing in each: the rate each central bank sets or steers, ten-year government bond yields and the slope of the yield curve, headline consumer price inflation, and the growth of credit to households and businesses. Every figure is the latest reading from its national publisher, shown with its own period, because releases do not line up. Australia publishes consumer prices quarterly while the others publish monthly, and some credit series arrive a month or two later than rates and prices.
Changes are measured against the same month or quarter a year earlier. Definitions still differ between countries, so a gap of a few tenths of a point can come from method rather than from the economy; each indicator page states its definition and source. Below the tables, every series is grouped by theme, with the moves that stood out most in the latest releases.
Policy rate
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| United States | Effective federal funds rate | 3.75% | September 2026 | -0.47 pp |
| Canada | Bank of Canada policy rate (target for the overnight rate) | 2.25% | September 2026 | -0.25 pp |
| Australia | RBA cash rate target | 4.36% | September 2026 | +0.76 pp |
| United Kingdom | Bank Rate | 3.75% | September 2026 | -0.25 pp |
Ten-year government bond yield
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| United States | 10-year Treasury yield (constant maturity) | 4.99% | September 2026 | +0.87 pp |
| Canada | Government of Canada 10-year benchmark bond yield | 3.88% | September 2026 | +0.66 pp |
| Australia | Australian Government 10-year bond yield | 5.28% | September 2026 | +0.99 pp |
| United Kingdom | 10-year gilt yield (nominal par) | 5.37% | September 2026 | +0.68 pp |
Slope of the yield curve
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| United States | 10-year minus 2-year Treasury yield spread | 0.34 pp | September 2026 | -0.21 pp |
| Canada | Government of Canada 10-year minus 2-year yield spread | 0.62 pp | September 2026 | -0.10 pp |
| Australia | Australian Government 10-year minus 2-year yield spread | 0.36 pp | September 2026 | -0.54 pp |
| United Kingdom | 10-year minus 5-year gilt yield spread | 0.45 pp | September 2026 | -0.21 pp |
Headline CPI inflation
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| United States | CPI inflation, 12-month change | 3.74% | September 2026 | +0.73 pp |
| Canada | CPI inflation, 12-month change | 3.09% | September 2026 | +0.73 pp |
| Australia | CPI inflation, change from a year earlier | 3.94% | Q2 2026 | +1.85 pp |
| United Kingdom | CPI inflation, 12-month rate | 3.10% | August 2026 | -0.70 pp |
Household credit growth
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| United States | Consumer credit outstanding | 2.73% calculated | August 2026 | +2.68 pp |
| Canada | Household credit market debt | 4.18% calculated | Q2 2026 | -0.48 pp |
| Australia | Housing credit growth, 12 months | 7.30% | August 2026 | +1.20 pp |
| United Kingdom | MFI sterling net lending to individuals (amount outstanding) | 3.66% calculated | August 2026 | +0.46 pp |
Business credit growth
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| United States | Commercial and industrial loans, all commercial banks | 9.98% calculated | September 2026 | +13.09 pp |
| Canada | No comparable series published | |||
| Australia | Non-financial business credit growth, 12 months | 10.90% | August 2026 | +1.10 pp |
| United Kingdom | No comparable series published | |||
Growth for the United States, Canada and the United Kingdom is the change on a year earlier, calculated by EconoMonitor from the published amounts outstanding; Australia publishes its own twelve-month growth rate. The UK slope uses ten-year minus five-year gilt yields.
Biggest moves in the latest readings
The five largest changes on the previous reading, each measured against that series' own range over the last five years, so a move in a quiet series counts as much as one in a volatile series.
- CPI change from the previous quarter (Australia): down 0.80 pp to 0.60% in Q2 2026, a move of 40% of its five-year range.
- Real GDP growth (quarter on quarter, not annualized) (Canada): up 0.70 pp to 0.80% in Q2 2026, a move of 32% of its five-year range.
- Federal budget deficit (+) or surplus (-), monthly (United States): down $139.9 bn to $26.9 bn in September 2026, a move of 19% of its five-year range.
- Household credit market debt to disposable income (Canada): down 2.18 pp to 176.37% in Q2 2026, a move of 15% of its five-year range.
- Industrial production index (United States): up 0.7% to 104.0 in September 2026, a move of 13% of its five-year range.
Policy rates
Policy rates are the short-term rates central banks set or steer to keep inflation near their goals. The United States figure is the effective federal funds rate, a market rate that trades inside the Federal Reserve's target range; Canada, Australia and the United Kingdom publish the rate their central bank sets, so a small gap can come from that difference alone.
| Indicator | Country | Latest | Period | Change on a year earlier | Source |
|---|---|---|---|---|---|
| Effective federal funds rate | United States | 3.75% | September 2026 | -0.47 pp | New York Fed |
| CORRA (Canadian Overnight Repo Rate Average) | Canada | 2.29% | September 2026 | -0.41 pp | Bank of Canada |
| Bank of Canada policy rate (target for the overnight rate) | Canada | 2.25% | September 2026 | -0.25 pp | Bank of Canada |
| RBA cash rate target | Australia | 4.36% | September 2026 | +0.76 pp | RBA |
| Bank Rate | United Kingdom | 3.75% | September 2026 | -0.25 pp | Bank of England |
Bond yields and markets
Government bond yields price what investors expect policy rates and inflation to do over several years, plus a premium for lending for longer. The gap between long and short yields describes the slope of the yield curve; when it turns negative, markets are pricing lower rates ahead.
| Indicator | Country | Latest | Period | Change on a year earlier | Source |
|---|---|---|---|---|---|
| Nominal broad dollar index | United States | 119.2 | September 2026 | -0.7% | Federal Reserve Board |
| 10-year Treasury yield (constant maturity) | United States | 4.99% | September 2026 | +0.87 pp | Federal Reserve Board |
| 10-year minus 2-year Treasury yield spread | United States | 0.34 pp | September 2026 | -0.21 pp | Federal Reserve Board |
| 2-year Treasury yield (constant maturity) | United States | 4.65% | September 2026 | +1.08 pp | Federal Reserve Board |
| 3-month Treasury yield (constant maturity) | United States | 4.09% | September 2026 | +0.02 pp | Federal Reserve Board |
| Government of Canada 10-year benchmark bond yield | Canada | 3.88% | September 2026 | +0.66 pp | Bank of Canada |
| Government of Canada 10-year minus 2-year yield spread | Canada | 0.62 pp | September 2026 | -0.10 pp | Bank of Canada |
| Government of Canada 2-year benchmark bond yield | Canada | 3.27% | September 2026 | +0.76 pp | Bank of Canada |
| Australian Government 10-year bond yield | Australia | 5.28% | September 2026 | +0.99 pp | RBA |
| Australian Government 10-year minus 2-year yield spread | Australia | 0.36 pp | September 2026 | -0.54 pp | RBA |
| Australian Government 2-year bond yield | Australia | 4.92% | September 2026 | +1.52 pp | RBA |
| 10-year gilt yield (nominal par) | United Kingdom | 5.37% | September 2026 | +0.68 pp | Bank of England |
| 10-year minus 5-year gilt yield spread | United Kingdom | 0.45 pp | September 2026 | -0.21 pp | Bank of England |
| 5-year gilt yield (nominal par) | United Kingdom | 4.92% | September 2026 | +0.89 pp | Bank of England |
Inflation
Headline inflation compares a consumer price index with the same month or quarter a year earlier. The four central banks aim for inflation of about 2%; Australia states its goal as a band of 2% to 3%.
| Indicator | Country | Latest | Period | Change on a year earlier | Source |
|---|---|---|---|---|---|
| Core CPI (all items less food and energy) | United States | 338.9 | September 2026 | +2.6% | BLS |
| Core CPI inflation, 12-month change | United States | 2.56% | September 2026 | -0.45 pp | BLS |
| Core CPI, not seasonally adjusted | United States | 339.3 | September 2026 | +2.6% | BLS |
| Consumer price index (CPI-U), all items | United States | 336.3 | September 2026 | +3.7% | BLS |
| CPI inflation, 12-month change | United States | 3.74% | September 2026 | +0.73 pp | BLS |
| CPI-U, all items, not seasonally adjusted | United States | 336.9 | September 2026 | +3.7% | BLS |
| Consumer price index, all-items | Canada | 170.0 | September 2026 | +3.1% | Statistics Canada |
| CPI inflation, 12-month change | Canada | 3.09% | September 2026 | +0.73 pp | Statistics Canada |
| Consumer price index, all groups | Australia | 102.3 | Q2 2026 | +3.9% | ABS |
| CPI change from the previous quarter | Australia | 0.60% | Q2 2026 | -0.10 pp | ABS |
| CPI inflation, change from a year earlier | Australia | 3.94% | Q2 2026 | +1.85 pp | ABS |
| Consumer prices index, all items | United Kingdom | 143.6 | August 2026 | +3.1% | ONS |
| CPI inflation, 12-month rate | United Kingdom | 3.10% | August 2026 | -0.70 pp | ONS |
| CPIH inflation, 12-month rate | United Kingdom | 3.30% | August 2026 | -0.80 pp | ONS |
Credit and lending
Credit series show how much lenders have advanced to households and businesses, and how fast that is changing. Faster growth than a year earlier means borrowing is speeding up; delinquency and charge-off rates show how much of it is going unpaid.
| Indicator | Country | Latest | Period | Change on a year earlier | Source |
|---|---|---|---|---|---|
| Bank credit, all commercial banks | United States | $19,881.4 bn | September 2026 | +6.1% | Federal Reserve Board |
| Commercial and industrial loans, all commercial banks | United States | $2,959.4 bn | September 2026 | +10.0% | Federal Reserve Board |
| Consumer credit outstanding | United States | $5,196.8 bn | August 2026 | +2.7% | Federal Reserve Board |
| Charge-off rate on all loans, all banks | United States | 0.55% | Q2 2026 | -0.06 pp | Federal Reserve Board |
| Delinquency rate on all loans, all banks | United States | 1.42% | Q2 2026 | -0.07 pp | Federal Reserve Board |
| Household credit market debt | Canada | C$3,280.9 bn | Q2 2026 | +4.2% | Statistics Canada |
| Household credit market debt to disposable income | Canada | 176.37% | Q2 2026 | -0.97 pp | Statistics Canada |
| Business credit (series ended June 2019) (ended) | Australia | A$960.0 bn | June 2019 | +4.3% | RBA |
| Business credit growth, 12 months (series ended June 2019) (ended) | Australia | 4.00% | June 2019 | +0.90 pp | RBA |
| Housing credit | Australia | A$2,628.5 bn | August 2026 | +6.8% | RBA |
| Housing credit growth, 12 months | Australia | 7.30% | August 2026 | +1.20 pp | RBA |
| Investor housing credit | Australia | A$866.3 bn | August 2026 | +8.9% | RBA |
| Non-financial business credit | Australia | A$1,452.1 bn | August 2026 | +10.6% | RBA |
| Non-financial business credit growth, 12 months | Australia | 10.90% | August 2026 | +1.10 pp | RBA |
| Owner-occupier housing credit | Australia | A$1,762.2 bn | August 2026 | +5.7% | RBA |
| Total credit (series ended June 2019) (ended) | Australia | A$2,938.6 bn | June 2019 | +3.5% | RBA |
| Total credit excluding financial businesses | Australia | A$4,250.7 bn | August 2026 | +8.1% | RBA |
| Consumer credit lending to individuals (amount outstanding) | United Kingdom | £576.6 bn | March 2026 | +8.8% | Bank of England |
| MFI sterling net lending to individuals (amount outstanding) | United Kingdom | £1,700.8 bn | August 2026 | +3.7% | Bank of England |
| MFI net lending to private non-financial corporations (monthly change) | United Kingdom | £2.7 bn | August 2026 | -£1.1 bn | Bank of England |
| Net secured lending to individuals (monthly change) | United Kingdom | £4.4 bn | August 2026 | -£267.0 mn | Bank of England |
Money and deposits
Deposit and money measures show how much households and firms keep with banks. Changes in deposits feed straight into bank funding, which links these series to the bank data on this site.
| Indicator | Country | Latest | Period | Change on a year earlier | Source |
|---|---|---|---|---|---|
| Deposits, all commercial banks | United States | $19,636.9 bn | September 2026 | +6.7% | Federal Reserve Board |
| M2 money stock | United States | $23,342.8 bn | August 2026 | +5.7% | Federal Reserve Board |
| Household M4 deposits and similar (monthly change) | United Kingdom | £4.7 bn | August 2026 | -£768.0 mn | Bank of England |
Activity and labor
Output and jobs data show how fast each economy is growing and how much slack is left. Real GDP removes the effect of price changes; the unemployment rate is the share of the labor force without work and looking for it.
| Indicator | Country | Latest | Period | Change on a year earlier | Source |
|---|---|---|---|---|---|
| Industrial production index | United States | 104.0 | September 2026 | +2.2% | Federal Reserve Board |
| Total nonfarm payroll employment | United States | 159.0 million | September 2026 | +0.3% | BLS |
| Unemployment rate | United States | 4.20% | September 2026 | -0.20 pp | BLS |
| Real GDP at basic prices, all industries (monthly) | Canada | C$2,371.8 bn | July 2026 | +1.4% | Statistics Canada |
| Real GDP (expenditure-based) | Canada | C$2,524.1 bn | Q2 2026 | +1.1% | Statistics Canada |
| Real GDP growth (quarter on quarter, not annualized) | Canada | 0.80% | Q2 2026 | +1.00 pp | Statistics Canada |
| Unemployment rate | Canada | 6.50% | September 2026 | -0.60 pp | Statistics Canada |
| Real GDP | Australia | A$699.5 bn | Q2 2026 | +2.1% | ABS |
| Real GDP growth (quarter on quarter) | Australia | 0.40% | Q2 2026 | -0.40 pp | ABS |
| Unemployment rate | Australia | 4.72% | September 2026 | +0.29 pp | ABS |
| Monthly gross value added index | United Kingdom | 103.1 | August 2026 | +2.0% | ONS |
| Real GDP | United Kingdom | £744.5 bn | Q2 2026 | +1.4% | ONS |
| Real GDP growth (quarter on quarter) | United Kingdom | 0.50% | Q2 2026 | +0.50 pp | ONS |
| Unemployment rate | United Kingdom | 4.90% | June 2026 | +0.20 pp | ONS |
Public finance
Public finance series track how much the government borrows. On this site they cover the United States federal government.
| Indicator | Country | Latest | Period | Change on a year earlier | Source |
|---|---|---|---|---|---|
| Debt held by the public | United States | $32,425.0 bn | September 2026 | +7.1% | US Treasury |
| Total public debt outstanding | United States | $40,171.8 bn | September 2026 | +6.7% | US Treasury |
| Federal budget deficit (+) or surplus (-), monthly | United States | $26.9 bn | September 2026 | +$224.8 bn | US Treasury |
Indicators by country
- United States: 25 indicators. Country overview
- Canada: 13 indicators. Country overview
- Australia: 20 indicators. Country overview
- United Kingdom: 16 indicators. Country overview
Questions
Which of the four countries has the highest policy rate?
Australia, at 4.36% (September 2026). The United States figure is the effective federal funds rate; the others are the rate the central bank sets.
Where is inflation highest?
In Australia, at 3.94% (Q2 2026) on a year earlier. Australia's figure is quarterly, so it can be a quarter older than the others.
Is the yield curve inverted anywhere?
No. Ten-year yields are above shorter-dated yields in all four countries at their latest readings.
How current is the data?
The newest reading on this page is for September 2026 and the oldest current one for March 2026. Each series is reloaded after its publisher releases new data, and the page shows each reading with its own period.
Where does the data come from?
From 10 official publishers: Australian Bureau of Statistics, Bank of Canada, Bank of England, Board of Governors of the Federal Reserve System, Federal Reserve Bank of New York, Office for National Statistics, Reserve Bank of Australia, Statistics Canada, U.S. Bureau of Labor Statistics, U.S. Department of the Treasury. Each figure is checked against the downloaded source file before it is published.