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

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Jan 12, 2021

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

U.S. - Slow Start to 2021

  • The manufacturing sector is showing a great deal of resilience, with the ISM Manufacturing survey exceeding expectations, at 60.7, and factory orders remaining strong.
  • The service sector is also showing a great deal of strength, although activity has clearly slowed in high-contact parts of the economy due to renewed operating restrictions.
  • Nonfarm employment declined by 140,000 jobs in December. Private payrolls fell less, dropping by 95,000. Most of the drop was in the leisure & hospitality sector. The unemployment rate was unchanged at 6.7%.

 

Global - U.K. Enters New Lockdown

  • On Monday morning, U.K. Prime Minister Boris Johnson announced a new nationwide lockdown in an effort to contain the spread of COVID. With the U.K. economy already struggling to gather momentum amid already imposed restrictions and Brexit uncertainties, a nationwide lockdown introduces more downside risk to the local economic recovery.

 

Inflation Eases in Mexico

  • CPI inflation has been stubbornly high in Mexico; however, data released this week indicate price pressure may be starting to ease. With inflation now in the central bank’s target range, additional policy rate cuts could be imminent.



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