U.S. - Waves of Data Headed into Independence Day Weekend
- Total payrolls rose by 4.8 million and the unemployment rate fell to 11.1%. Another step in the right direction, but employment remains nearly 10% below the February peak.
- Initial jobless claims slightly fell to 1.4 million for the week ending June 27. Continuing claims came in at 19.3 million for the week ending June 20. Processing issues may be overstating the numbers, but claims remain highly elevated nevertheless.
- The ISM manufacturing index blew past expectations during June, rising to a 14-month high of 52.6. The surge likely reflects relief about reopening rather than a full rebound in activity.
Global - Q2 Set to Be a Tough Quarter for Most Global Economies
- It was a mildly busy week for foreign economic data and events, while global COVID-19 cases continued to rise.
- China’s PMIs beat market expectations in June as the manufacturing and services PMIs as well as the Caixin manufacturing PMI strengthened and remained above the breakeven 50 level.
- Data out of Canada were less encouraging, however. Economic activity fell sharply in April as strict COVID-19 lockdown measures weighed on growth.
- Finally, the Riksbank caught market participants off guard by delivering a SEK200B increase in its QE program.
This Week's State Of The Economy - What Is Ahead? - 25 September 2020
Wells Fargo Economics & Financial Report / Sep 28, 2020
Existing home sales rose 2.4% to a 6.0-million unit annual pace. The surge in sales further depleted inventories and pushed prices sharply higher.
This Week's State Of The Economy - What Is Ahead? - 22 April 2022
Wells Fargo Economics & Financial Report / Apr 27, 2022
I’ll wish you a Happy Earth Day anyway. Don’t expect a card this year. While the Earth continues to thankfully revolve at a steady rate, rising mortgage rates appear to be slowing residential activity
This Week's State Of The Economy - What Is Ahead? - 13 March 2020
Wells Fargo Economics & Financial Report / Mar 14, 2020
Financial conditions tightened sharply this week as concerns over the coronavirus and the economic fallout of containment efforts mounted.
25 January 2021 Economic Outlook Report
Wells Fargo Economics & Financial Report / Jan 30, 2021
In the second installment of our series on economic risks in the foreseeable future, we analyze the potential for higher inflation in coming years stemming from excess demand.
This Week's State Of The Economy - What Is Ahead? - 27 May 2022
Wells Fargo Economics & Financial Report / May 29, 2022
it looks like higher mortgage rates are starting to have some effect on the housing market as April...
This Week's State Of The Economy - What Is Ahead? - 10 January 2020
Wells Fargo Economics & Financial Report / Jan 11, 2020
The week began amid rising tensions carrying over from the U.S. killing of Iranian General Qasem Soleimani last Friday.
This Week's State Of The Economy - What Is Ahead? - 10 November 2020
Wells Fargo Economics & Financial Report / Nov 17, 2020
The U.S. election has come and gone, but we have not made any meaningful changes to our economic outlook, which continues to look for further expansion in the U.S. economy in coming quarters.
This Week's State Of The Economy - What Is Ahead? - 12 May 2023
Wells Fargo Economics & Financial Report / May 17, 2023
In April, the CPI rose 0.4% on both a headline and core basis, keeping the core running at a 5.1% three-month annualized rate. However, details pointed to price growth easing ahead.
This Week's State Of The Economy - What Is Ahead? - 25 October 2019
Wells Fargo Economics & Financial Report / Oct 26, 2019
Sales of existing homes fell 2.2% to a 5.38 million-unit pace in September, but sales and prices were still up enough in the quarter that they will add solidly to Q3 GDP growth.
This Week's State Of The Economy - What Is Ahead? - 28 February 2020
Wells Fargo Economics & Financial Report / Feb 29, 2020
The COVID-19 coronavirus hammered financial markets this week and rapidly raised the perceived likelihood and magnitude of additional Fed accommodation.
