U.S. - Data Continue to Reflect the Economy’s Resilience
- Manufacturing held up relatively well in November, despite a larger-than-expected dip in the ISM manufacturing survey. The nonfarm manufacturing survey rose slightly.
- Residential construction continues to ramp up, while the commercial construction pipeline appears to be winding down.
- Nonfarm employment rose by smaller-than-expected 245,000 in November, but there were many crosscurrents in the data.
- COVID infections appear to have topped out slightly before Thanksgiving but hospitalizations are still rising. Another spike in infections is widely expected in the coming weeks.
Global - Canada Q3 GDP Strong; Brazil Q3 GDP Mixed
- Canadian GDP data this week were relatively strong, with the economy posting the largest quarterly rise on record. With the government committed to fiscal stimulus and household disposable incomes still elevated, the outlook for Canada is still positive. Brazil on the other hand is mixed. Fiscal support has helped the economy improve through Q3, but with it likely to fade in 2021 the economy could see a fall in activity.
- The Reserve Bank of India held rates steady again this week as CPI inflation remains well above the central bank’s target range. Until a more sustained drop in inflation is achieved, rates are likely to stay on hold until late 2021.
Wells Fargo Economics & Financial Report / Jul 25, 2020
Initial jobless claims rose to just over 1.4 million for the week ending July 18. Continuing claims fell to about 16.2 million. Initial claims edging higher suggests that the resurgence of COVID-19 may be taking a toll on the labor market recovery.
Wells Fargo Economics & Financial Report / Dec 07, 2019
The latest hiring data are an encouraging sign that the U.S. economy is withstanding the global slowdown and continued trade-related uncertainty.
Wells Fargo Economics & Financial Report / May 04, 2020
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.
Wells Fargo Economics & Financial Report / May 15, 2020
April nonfarm payrolls confirmed what we already knew—the labor market is collapsing. By the survey week of April 12, net employment had fallen by 20,500,000 jobs.
Wells Fargo Economics & Financial Report / Apr 10, 2020
The Federal Reserve announced a series of measures this morning that are intended to assist households, businesses and state & local governments as they cope with the economic fallout of the COVID-19 outbreak.
Wells Fargo Economics & Financial Report / Apr 11, 2020
The Federal Reserve greatly expanded the collateral that it is willing to buy, further easing pressures in financial markets.
Wells Fargo Economics & Financial Report / Dec 14, 2020
Emergency authorization of the Pfizer-BioNTech COVID vaccine appears imminent, but the virus is running rampant across the United States today, pointing to a grim winter.
Wells Fargo Economics & Financial Report / Oct 27, 2020
Real GDP jumped a record 33.1% during Q3, beating expectations. A 40.7% surge in consumer spending drove the gain.
Wells Fargo Economics & Financial Report / Aug 24, 2021
The Wells Fargo Economics team notes in the Commentary that new COVID cases in New Zealand disrupted the Reserve Bank of New Zealand\'s plan to tighten monetary policy this week.
Wells Fargo Economics & Financial Report / Aug 18, 2020
Despite indications of lost momentum elsewhere, residential construction activity is picking up steam.