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

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

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

U.S. - Jobs Rebound Continues, But Signs of Moderation Ahead

  • Employers added jobs for the fourth consecutive month in August, bringing the total number of jobs recovered from the virus-related low to 10.5 million. Although the labor market continued to improve, the pace of job growth is moderating.
  • The one million private jobs added is down from an average of about 2.4 million the prior three months. Further, there are still nearly 30 million workers collecting unemployment insurance.
  • The rebound in the labor market should continue, but we do not expect employment to reach its pre-virus position for quite some time.

 

Global - Q2 GDP Data Continues to Underwhelm

  • While expectations for Q2 GDP were dismal, data this week continued to demonstrate how severe the COVID-19 impact has been on economic activity. In India, the economy contracted significantly in Q2, while in Brazil, the economy missed consensus forecasts and experienced the largest decline on record.

 

Euro zone Inflation Decelerates More Than Expected

  • Inflation in the Euro zone surprised to the downside this week as headline CPI turned negative in August. The decline was surprising given the amount of support policymakers have provided the Euro zone economy.



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The gain in output leaves the level of real GDP just a stone\'s throw below its pre-COVID Q4-2019 level (see chart).

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