This Week's State Of The Economy - What Is Ahead? - 04 December 2020

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Dec 09, 2020

This Week's State Of The Economy - What Is Ahead? - 04 December 2020

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.



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