Global - Global Economy Continues to Recoup Lost Ground
- There were more signs of global recovery this week and PMI surveys improved further across the world. Indeed, the global manufacturing and services PMIs rose above the break even 50 level, suggesting the global economy has returned to positive growth in Q3.
- The Euro zone economy showed increased momentum in June as retail sales returned to pre-pandemic level and industrial output rose for the region’s four largest economies. We expect that improved Euro zone momentum carried into Q3. Meanwhile, the recovery is slower in Latin America, where Brazil and Mexico both still appear to be contracting.
U.S. - Service Elevator
- Despite rising virus case counts in July, unexpected strength in the service sector was evident in the economic data this week.
- The better-than-expected July jobs report was driven primarily by hiring in the service sector, which accounted for 1.42 million of the overall 1.76 million jobs added in the month.
- The ISM index for the service sector was arguably the biggest economic surprise of the week climbing to 58.1 with some sub components reaching multi-year highs.
- It remains a long road to recovery and the virus still sets the timetable, but numbers moved in the right direction this week.
This Week's State Of The Economy - What Is Ahead? - 11 February 2022
Wells Fargo Economics & Financial Report / Feb 14, 2022
Deep thought for the week, if a tree falls in the forest, or an Olympics occurs, and no one is there to hear it or see it, did it really occur?
This Week's State Of The Economy - What Is Ahead? - 21 August 2020
Wells Fargo Economics & Financial Report / Aug 18, 2020
Despite indications of lost momentum elsewhere, residential construction activity is picking up steam.
This Week's State Of The Economy - What Is Ahead? - 20 March 2020
Wells Fargo Economics & Financial Report / Mar 21, 2020
Daily life came to a screeching halt this week as governments, businesses and consumers took drastic steps to halt the COVID-19 pandemic.
This Week's State Of The Economy - What Is Ahead? - 17 January 2020
Wells Fargo Economics & Financial Report / Jan 18, 2020
Mild weather helped housing starts surge 16.9% in December to a 1.61 million-unit pace, the highest in 13 years. Manufacturing surveys from the New York Fed and Philadelphia Fed both rose more than expected in December.
This Week's State Of The Economy - What Is Ahead? - 24 May 2024
Wells Fargo Economics & Financial Report / May 29, 2024
Homebuying retreated in April following a leg up in mortgage rates. Meanwhile, durable goods orders surprised to the upside, suggesting the manufacturing industry is on better footing.
This Week's State Of The Economy - What Is Ahead? - 17 March 2023
Wells Fargo Economics & Financial Report / Mar 21, 2023
Retail sales declined 0.4% during February, while industrial production was flat (0.0%). Housing starts and permits jumped 9.8% and 13.8%, respectively.
This Week's State Of The Economy - What Is Ahead? - 21 June 2024
Wells Fargo Economics & Financial Report / Jun 25, 2024
Retail sales rose just 0.1% over the month, falling short of consensus and suggesting that consumers may finally be feeling some spending fatigue.
This Week's State Of The Economy - What Is Ahead? - 15 December 2023
Wells Fargo Economics & Financial Report / Dec 21, 2023
core CPI remained elevated in November at a 4.0% annual rate, a string of slower monthly prints suggests that disinflation has more room to run.
This Week's State Of The Economy - What Is Ahead? - 06 December 2019
Wells Fargo Economics & Financial Report / Dec 07, 2019
The latest hiring data are an encouraging sign that the U.S. economy is withstanding the global slowdown and continued trade-related uncertainty.
This Week's State Of The Economy - What Is Ahead? - 11 March 2022
Wells Fargo Economics & Financial Report / Mar 16, 2022
Russia\'s invasion of Ukraine continues to consume nearly all media attention and has created a level of volatility that is not yet reflected in the data released this week.
