This Week's State Of The Economy - What Is Ahead? - 02 October 2020

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Sep 29, 2020

This Week's State Of The Economy - What Is Ahead? - 02 October 2020

U.S. - Recovery Keeps Trudging Along

  • In what was a jam-packed week of economic data, the jobs report, prospects of additional fiscal stimulus and the president’s positive COVID-19 test result commanded markets’ attention.
  • Nonfarm employers added 661K jobs in September. But with layoff announcements coming from household-name companies this week, attention has already shifted to the tenuous labor market recovery ahead.
  • Personal incomes faltered in August, due almost entirely to the expiration of supplemental unemployment benefits at the end of July. Personal spending, however, eked out another gain.

 

Global - China Continues to Lead the Global Recovery

China’s economy continues to rebound from the COVID-19 shock and lead the global economic recovery. This week, the manufacturing and non-manufacturing PMIs outperformed relative to expectations, providing additional evidence of a more robust economic recovery in China.

 

Economic and Sentiment Data in India Show Life

This week, India’s manufacturing PMI recorded one of the steepest rises on record, jumping to 56.8 in September, a noteworthy rise from August. In addition, India’s current account as a percentage of GDP flipped to a surplus in Q2, the first quarterly surplus since 2005.




This Week's State Of The Economy - What Is Ahead? - 06 August 2021

Back to the economy, issues with supply constraints remains a broken-record reference, but data this week highlighted the economy\'s resilience in spite of those continuing problems.

This Week's State Of The Economy - What Is Ahead? - 16 February 2024

The out-of-consensus start to the year for economic data continued with a slip in retail sales and industrial production followed by a startling 14.8% drop in housing starts during January.

July 2020 Economy At A Glance

The recent surge in COVID-19 cases indicates that elected officials re-opened the economy too soon, that too many Americans are flaunting social distancing guidelines, and that the virus is likely to be around longer than we’d hoped.

May 2020 Economy at a Glance

The U.S. is in a severe recession caused by the sudden shutdown due to the COVID-19 pandemic. Since the lock down began, the nation has lost 21.4 million jobs.

This Week's State Of The Economy - What Is Ahead? - 06 May 2022

Unlike Yordan Alvarez, no one is expecting the Fed to stand back and admire their handiwork after this weeks 50 basis point increase in the Fed Discount Rate. Similar to Yordan, their effort is more of a single and not a home run.

This Week's State Of The Economy - What Is Ahead? - 13 October 2023

The Consumer Price Index (CPI) rose 0.4% in September, a monthly change that was a bit softer than the 0.6% increase registered in August. The core CPI rose 0.3% during the month, a pace unchanged from the month prior.

This Week's State Of The Economy - What Is Ahead? - 03 April 2020

Efforts to contain the virus are leading to millions of job losses and it’s likely only a matter of time before a majority of economic data reveal unprecedented declines.

This Week's State Of The Economy - What Is Ahead? - 14 October 2020

The global mobility playing field is equalizing. Major European countries such as Germany and France have seen a slowdown in recent weeks, leaving them right in line with the United States relative to the January baseline.

This Week's State Of The Economy - What Is Ahead? - 24 February 2023

Existing home sales declined 0.7% in January, while new home sales leaped 7.2%. Real personal spending shot higher in January, and solid growth in discretionary spending suggests continued consumer resilience.

This Week's State Of The Economy - What Is Ahead? - 17 September 2021

While we were picking up tree limbs from the yard, data released this week generally showed a stronger economy in August than many expected in the wake of surging COVID cases.


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