This Week's State Of The Economy - What Is Ahead? - 06 March 2020

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Mar 07, 2020

This Week's State Of The Economy - What Is Ahead? - 06 March 2020

U.S - Data Look Great, If Only It Were Still February

  • 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.
  • The ISM manufacturing index narrowly remained in expansion territory, despite some early signs of virus-related supply disruptions, while survey data for the service sector provided conflicting signals.
  • Friday’s jobs report reiterated the health of the economy in February, with employers adding 273K jobs. The report, however, seems almost stale in the face of the ongoing outbreak.

 

Global - Tumultuous Week for the Global Economy

  • It was a tumultuous week for the global economy, as concerns continued to grow about the economic and human impact from the spread of COVID-19.
  • On Tuesday, finance ministers and central bankers from the G-7 group of nations held a conference call to discuss possible economic policy responses to disruptions caused by the virus.
  • Outside of the Federal Reserve, only two major developed market central banks took action this week. Both the Reserve Bank of Australia and the Bank of Canada cut their policy rates, by 25 and 50 bps, respectively.



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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.

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In the holiday-shortened week, analysts’ attention remained on the progress of the labor market. Recent jobless claims data remain stubbornly high and point to a slowing jobs rebound.

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