This Week's State Of The Economy - What Is Ahead? - 01 May 2020

By: Taro Chellaram /Wells Fargo Economics & Financial Report/May 04, 2020

This Week's State Of The Economy - What Is Ahead? - 01 May 2020

U.S. - A Tough Week for the U.S. Economy

  • U.S. GDP declined at an annualized rate of 4.8% in the first quarter, only a hint of what is to come in the second quarter.
  • Consumer spending has dried up as people have been confined to their homes—most evident in the record plunge in services consumption in March. April will be even worse.
  • More American jobs were lost last week, bringing total initial jobless claims to roughly 30 million.
  • The U.S. experienced significant declines in activity in March and April, but with many states set to at least partially re-open today, could the U.S. economy be on the road to recovery?

 

Global - Busy Week for Global Central Banks

  • It was a busy week for international data and events, which provided us with some additional detail on the economic effect from the corona virus outbreak.
  • Outside of the Federal Reserve, several major central banks took action this week, including the European Central Bank (ECB), Bank of Japan (BoJ) and Riks bank. The BoJ pledged to purchase as many government bonds as needed to stimulate its economy, while the Riks bank hinted that further balance sheet measures would be the preferred method of providing additional monetary policy support.


This Week's State Of The Economy - What Is Ahead? - 03 May 2024

The Federal Reserve can afford patience thanks to a resilient labor market. During April, total nonfarm payrolls rose by 175,000 net jobs, continuing a string of solid monthly payroll additions.

This Week's State Of The Economy - What Is Ahead? - 23 July 2021

In the biggest financial news this week not connected to college football conference realignment, July\'s NAHB Housing Market Index slipped one point to 80.

This Week's State Of The Economy - What Is Ahead? - 11 June 2021

Okay, so I’ve gotten about half a dozen calls since Wednesday asking if I saw the May CPI numbers that came out this week.

September 2020 Economy At A Glance

A March survey by the Federal Reserve Bank of Dallas found most exploration firms need West Texas Inter-mediate (WTI) at $49 per barrel or higher to profitably drill a well.

This Week's State Of The Economy - What Is Ahead? - 18 September 2020

The details were generally more favorable. The retail sectors hurt most by the pandemic saw gains in August, factory output is growing and soaring homebuilder confidence suggests soft construction data this week may be transitory.

This Week's State Of The Economy - What Is Ahead? - 11 September 2020

In the holiday-shortened week, analysts’ attention remained on the progress of the labor market. Recent jobless claims data remain stubbornly high and point to a slowing jobs rebound.

This Week's State Of The Economy - What Is Ahead? - 23 September 2020

European activity is surging. Germany and Italy are leading the way, but France is close behind despite an ongoing rise in cases. The Google data are a bit outdated, but are hard to reconcile with today’s weak Eurozone services PMI figures.

This Week's State Of The Economy - What Is Ahead? - 24 May 2024

Homebuying retreated in April following a leg up in mortgage rates. Meanwhile, durable goods orders surprised to the upside, suggesting the manufacturing industry is on better footing.

This Week's State Of The Economy - What Is Ahead? - 13 August 2021

The general outlook remains positive as households have accumulated over $2T in excess savings on their balance sheets and net worth has risen across all income groups.

November 2020 Economy At A Glance

U.S. gross domestic product (GDP) grew 7.4 percent, or $1.3 trillion in Q3, adjusted for inflation.


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