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 / Feb 04, 2023
During January, payrolls jumped by 517K, the unemployment rate fell to 3.4% and average hourly earnings rose by 0.3%. The FOMC raised the fed funds target range by 25 bps to 4.5%-4.75% this week.
Wells Fargo Economics & Financial Report / Apr 04, 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.
Wells Fargo Economics & Financial Report / Nov 16, 2019
Retail sales beat expectations and rose 0.3% in October, reflecting the ongoing strength of the consumer. Control group sales, a major input to GDP, also increased 0.3%.
Wells Fargo Economics & Financial Report / Aug 17, 2019
Markets gyrated this week as the spread between the ten- and two-year Treasury\'s turned negative for the first time since 2007. Financial markets seem to expect that the sharp slowdown in growth overseas will soon spread to the United States.
Wells Fargo Economics & Financial Report / Oct 10, 2020
In the immediate fallout after the lockdowns in the early stages of this pandemic, there was a lot of discussion about the shape of the recovery.
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 / May 29, 2022
it looks like higher mortgage rates are starting to have some effect on the housing market as April...
Wells Fargo Economics & Financial Report / Mar 07, 2020
An inter-meeting rate cut by the FOMC did little to stem financial market volatility, as the number of confirmed COVID-19 cases continued to climb.
Wells Fargo Economics & Financial Report / Jun 13, 2020
Lock downs began to be lifted across most of the country by the end of May and the total amount of daily new coronavirus cases has been trending lower. But the flattening case count has not been consistent across the country.
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