This Week's State Of The Economy - What Is Ahead? - 11 December 2020

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Dec 14, 2020

This Week's State Of The Economy - What Is Ahead? - 11 December 2020

U.S. - Winter Is Here

  • Emergency authorization of the Pfizer-BioNTech COVID vaccine appears imminent, but the virus is running rampant across the United States today, pointing to a grim winter.
  • Despite continued negotiations, additional COVID-relief remains elusive (see topic of the week on page 7) while initial claims for unemployment insurance have increased in three out of the past five weeks.
  • Consumer prices rose 0.2% and the underlying trend in inflation looks set to firm over the course of next year.
  • We released our 2021 Annual Economic Outlook this week (also, see attached)

 

Global - Central Banks Reaffirm Extraordinary Stimulus

  • There were a couple key central bank meetings this week, starting with the Bank of Canada (BoC). The BoC left its policy rate and quantitative easing program unchanged, while maintaining its forward guidance.
  • The European Central Bank (ECB) also met this week to assess monetary policy. The ECB increased purchases under its Pandemic Emergency Purchase Program (PEPP) by €500 billion, extended the duration of those purchases through at least March 2022 and pushed the reinvestment period of maturing PEPP securities through at least the end of 2023.



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The Texans have earned a top draft position yet again, the Cowboys are home again for the remainder of the playoffs, and inflation concerns that continue to mount, along with ongoing supply chain disruptions, are weighing on homebuilder confidence.

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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.

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Data continue to reflect an economy digging itself out of the lockdown-induced slump.

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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.

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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.

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Personal consumption is still on track for a solid Q3, but retail sales declined in September for the first time in seven months.

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Employers added jobs at the slowest pace since 2020 in March, job openings fell and an upward trend in initial jobless claims has emerged.

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Oil prices went negative for the first time in history on Monday as the evaporation of demand collided with a supply glut. In the past five weeks, 26.5 million people have filed for unemployment insurance, or more than one out of every seven workers.

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Unlike the local temperatures, data released this week showed U.S. economic growth modestly declined in Q2.

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Fears of an escalating coronavirus outbreak reached the United States this week, as a Washington state man became the first confirmed domestic case and the international total reached more than 800.


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