U.S. - Parsing Economic Data while Awaiting Election Results
- As of this writing, the outcome of the U.S. presidential election is undecided. Joe Biden, however, appears likely to become president based off of his growing lead in several key states.
- Total payrolls rose by 638K in October. Growth continues to slow, however. The unemployment rate fell to 6.9%.
- The FOMC made no major changes to monetary policy, although did acknowledge the downside risk of rising COVID cases throughout the country.
- The ISM manufacturing index soared to 59.3 in October. By contrast, the ISM services index declined to 56.6.
Global - Global Focus Turns to Central Bank Announcements
- Global central banks were back in the spotlight this week, with several central banks easing monetary policy. The Reserve Bank of Australia lowered its Cash Rate and three-year yield target to 0.10%, and increased bond purchases by A$100B of five-to-ten year government bonds over the next six months.
- The Bank of England eased monetary policy further, expanding its asset purchase program by a larger-than-expected £150B. Separately, U.K. Chancellor Sunak announced an extension of the government’s salary support program until the end of March 2021. Elsewhere, the Norges Bank also announced policy this week, leaving its key rate unchanged at zero.
This Week's State Of The Economy - What Is Ahead? - 28 August 2020
Wells Fargo Economics & Financial Report / Aug 26, 2020
After a revised look at GDP this week suggested the second quarter may not have been quite as bad as first estimated, attention shifts to the current quarter.
August 2020 Economy At A Glance
Wells Fargo Economics & Financial Report / Aug 22, 2020
Downstream involves the refining and processing of oil and natural gas into fuels, chemicals, and plastics. All three sectors are well-represented in Houston.
This Week's State Of The Economy - What Is Ahead? - 17 July 2020
Wells Fargo Economics & Financial Report / Jul 18, 2020
Two countervailing themes competed for attention this week in financial markets. The first is that for the most part, economic data continue to surprise to the upside and do not yet rule out prospects for that elusive V-shaped recovery.
This Week's State Of The Economy - What Is Ahead? - 30 September 2022
Wells Fargo Economics & Financial Report / Oct 03, 2022
Just as I know the folks in Florida are resilient and will recover in time, incoming data indicate a slowing yet resilient economy.
This Week's State Of The Economy - What Is Ahead? - 04 September 2020
Wells Fargo Economics & Financial Report / Aug 29, 2020
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.
This Week's State Of The Economy - What Is Ahead? - 10 June 2022
Wells Fargo Economics & Financial Report / Jun 13, 2022
CPI increases continue to sizzle like this weekend’s temperature, putting consumers in a worse mood than Texas Rangers fans (with their 9.5 games back $500 million middle infield).
This Week's State Of The Economy - What Is Ahead? - 21 April 2023
Wells Fargo Economics & Financial Report / Apr 26, 2023
The Leading Economic Index (“LEI”) continued to flash contraction as early signs of labor market weakening are starting to emerge. Meanwhile, a batch of housing data confirmed that a full-fledged housing market recovery is still far off.
This Week's State Of The Economy - What Is Ahead? - 12 May 2023
Wells Fargo Economics & Financial Report / May 17, 2023
In April, the CPI rose 0.4% on both a headline and core basis, keeping the core running at a 5.1% three-month annualized rate. However, details pointed to price growth easing ahead.
This Week's State Of The Economy - What Is Ahead? - 18 October 2019
Wells Fargo Economics & Financial Report / Oct 19, 2019
Personal consumption is still on track for a solid Q3, but retail sales declined in September for the first time in seven months.
2021 Annual Economic Outlook
Wells Fargo Economics & Financial Report / Dec 16, 2020
The longest U.S. economic expansion since the end of the Second World War came to an abrupt end earlier this year as the COVID pandemic essentially shut down the economy.
