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.



This Week's State Of The Economy - What Is Ahead? - 25 June 2021

Supply chain bottlenecks continue to cause pain-in-the-necks. In spite of all the difficulties, the Economic whizzes in the WF Economics team have upgraded their forecast for full-year 2021 U.S.

This Week's State Of The Economy - What Is Ahead? - 22 January 2021

Housing starts jumped 5.8% during December. Single-family starts soared 12%, while multifamily starts dropped 13.6%.

This Week's State Of The Economy - What Is Ahead? - 23 October 2020

A recent strong report from the National Association of Homebuilders set the tone for another round of strong housing data. The NAHB index rose two points to a record high 85.

This Week's State Of The Economy - What Is Ahead? - 04 December 2020

Manufacturing held up relatively well in November, despite a larger-than-expected dip in the ISM manufacturing survey. The nonfarm manufacturing survey rose slightly.

This Week's State Of The Economy - What Is Ahead? - 23 December 2020

Vaccines are here, but they are not yet widely available in a way that can stem the spread of a disease that grows by 200K a day.

This Week's State Of The Economy - What Is Ahead? - 15 January 2021

Retail sales fell 0.7% in December, the third straight monthly decline. Sales are still up 2.9% over the year, however.

This Week's State Of The Economy - What Is Ahead? - 11 June 2021

Okay, so I’ve gotten about half a dozen calls since Wednesday asking if I saw the May CPI numbers that came out this week.

This Week's State Of The Economy - What Is Ahead? - 16 April 2021

Data released this week continue to show that the economic recovery has gained momentum in March. The much anticipated consumer boom has arrived.

This Week's State Of The Economy - What Is Ahead? - 10 September 2020

Although the recovery from the COVID recession is still far from over, the U.S. economy is bouncing back faster than many expected.

This Week's State Of The Economy - What Is Ahead? - 04 June 2021

The CDC\'s relaxation of its mask mandate occurred mid-May, and as data for that month begins rolling in this week, it is evident there is no lack of demand. Supplies, on the other hand, are a worsening problem.


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