This Week's State Of The Economy - What Is Ahead? - 09 October 2020

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Oct 12, 2020

This Week's State Of The Economy - What Is Ahead? - 09 October 2020

U.S. - Slow Data Week Puts More Focus on Policy

  • Weekly first time unemployment claims highlighted an extraordinarily slow week for economic news. Jobless claims fell slightly but continuing claims fell by one million.
  • The ISM non-manufacturing survey handily beat expectation, rising 0.9 points to 57.8.
  • Job openings, as tallied by the Bureau of Labor Statistics’ JOLTS survey, fell by 200,000 to 6.49 million in August.
  • The nation’s trade deficit widened sharply to $67.1 billion in August, as consumer spending on goods has rebounded well ahead of many other nations.

 

Global - RBA on Hold; Canadian Job Gains Accelerate

  • The Reserve Bank of Australia held its cash rate and three-year yield target unchanged at 0.25%, as expected, but reiterated that fiscal and monetary support will be required for some time. Following the RBA meeting, Australia released its fiscal plan, which is now expected to push the cash deficit to a record high.
  • Mexican inflation remained above the central bank’s upper bound inflation target of 4% in September, while Brazil’s September IPCA consumer prices rose to 3.14% year-over-year. Elsewhere, Canadian employment growth unexpectedly accelerated in September, while the unemployment rate slid to 9.0%.



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