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? - 22 January 2021

Housing starts jumped 5.8% during December. Single-family starts soared 12%, while multifamily starts dropped 13.6%.

This Week's State Of The Economy - What Is Ahead? - 25 June 2021

Supply chain bottlenecks continue to cause pain-in-the-necks. In spite of all the difficulties, the Economic whizzes in the WF Economics team have upgraded their forecast for full-year 2021 U.S.

This Week's State Of The Economy - What Is Ahead? - 28 August 2020

After a revised look at GDP this week suggested the second quarter may not have been quite as bad as first estimated, attention shifts to the current quarter.

Where Will That $2 Trillion Come From Anyway?

Net Treasury issuance is set to surge in the coming weeks and months. At present, we look for the federal budget deficit to be $2.4 trillion in FY 2020 and $1.7 trillion in FY 2021.

This Week's State Of The Economy - What Is Ahead? - 25 November 2020

It may be a holiday-shortened week, but there have been as many developments and economic indicators packed into three days as we can recall seeing in any other week this year.

13 January 2021 Monthly Outlook Report

The U.S. economy appears to be losing some momentum as the calendar turns to 2021 and the public health situation continues to deteriorate.

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.

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

This week marked the first U.S. COVID vaccinations and the imminent rollout of a second vaccine.

This Week's State Of The Economy - What Is Ahead? - 27 March 2020

The U.S. surpassed Italy and China with the most confirmed cases of COVID-19. Europe is still the center of the storm, with the total cases in Europe’s five largest economies topping 230,000.

This Week's State Of The Economy - What Is Ahead? - 18 October 2019

Personal consumption is still on track for a solid Q3, but retail sales declined in September for the first time in seven months.


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