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 has been a bright spot in the recovery so far, but with jobless benefits in flux and no clear path for the long-awaited stimulus bill, the support here could fade.

This Week's State Of The Economy - What Is Ahead? - 27 January 2023

Real GDP expanded at a 2.9% annualized pace in Q4. While beating expectations, the underlying details were not as encouraging. Moreover, the weakening monthly indicator performances to end the year suggest the decelerating trend will continue in Q1.

This Week's State Of The Economy - What Is Ahead? - 17 December 2021

7 Interest Rate Watch for more detail. In other news, retail sales data disappointed as higher prices factor into spending and industrial activity continued to recover but remains beset by supply issues.

June 2020 Economy At A Glance

The Fed expects to hold interest rates near zero through the end of this year, perhaps well into next year, and maybe even into ’22.

This Week's State Of The Economy - What Is Ahead? - 21 August 2020

Despite indications of lost momentum elsewhere, residential construction activity is picking up steam.

This Week's State Of The Economy - What Is Ahead? - 03 September 2021

e move into the Labor Day weekend celebrating the 235K jobs added in August, while simultaneously lamenting that it was about half a million jobs short of expectations.

This Week's State Of The Economy - What Is Ahead? - 04 March 2022

February\'s employment data showed the economy had strong momentum, but that seems pretty dated now with Russia\'s invasion of Ukraine and the Fed\'s shift to a more hawkish tone on monetary policy.

This Week's State Of The Economy - What Is Ahead? - 08 October 2021

September\'s disappointing employment report clearly takes center stage over this week\'s other economic reports. Nonfarm employment rose by just 194,000 jobs, as employers continue to have trouble finding the workers they need.

This Week's State Of The Economy - What Is Ahead? - 01 December 2023

U.S. data released this week indicates the economic expansion remains alive even as inflation continues to slow. The year-ago rates of headline and core PCE inflation were the lowest since March 2021 and April 2021, respectively.

This Week's State Of The Economy - What Is Ahead? - 29 July 2022

Unlike the local temperatures, data released this week showed U.S. economic growth modestly declined in Q2.


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