This Week's State Of The Economy - What Is Ahead? - 13 November 2020

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

This Week's State Of The Economy - What Is Ahead? - 13 November 2020

U.S. - Vaccination Record

  • The combination of the election outcome and a workable vaccine boosted financial markets and set the background music for this week’s short list of indicators. See Topic of the Week for our take on the economic implications of the vaccine.
  • Small businesses reported near-record uncertainty in October amid the pandemic and a divisive election.
  • Initial jobless claims may be edging lower, but the fact that more than 20 million people are still seeking continuing jobless benefits in one form or another points to lost momentum in the labor market rebound.

 

Global - U.K. GDP Strong, Eurozone Industrial Production Weak

  • This week, the United Kingdom reported Q3 GDP which confirmed the economy rebounded sharply last quarter. However, with Brexit still unresolved and new restrictions in place, the recovery is likely to be disrupted in Q4. The same can be said for the Eurozone, which reported uninspiring industrial production data and is likely to see activity decline in Q4.
  • Turkish financial markets, especially the currency, have rallied as major policy changes could be imminent. Higher interest rates as well as more orthodox policymaking are now expected; however, we remain somewhat cautious and believe markets could be getting ahead of themselves.



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? - 19 July 2024

Retail sales, housing starts and industrial production all surprised to the upside this week.

2021 Annual Economic Outlook

The longest U.S. economic expansion since the end of the Second World War came to an abrupt end earlier this year as the COVID pandemic essentially shut down the economy.

This Week's State Of The Economy - What Is Ahead? - 07 August 2020

There were more signs of global recovery this week and PMI surveys improved further across the world.

This Week's State Of The Economy - What Is Ahead? - 11 March 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.

This Week's State Of The Economy - What Is Ahead? - 23 April 2021

This week\'s lighter economic calendar allowed forecasters more time to assess the implications from the prior week\'s blowout retail sales report.

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

European activity is surging. Germany and Italy are leading the way, but France is close behind despite an ongoing rise in cases. The Google data are a bit outdated, but are hard to reconcile with today’s weak Eurozone services PMI figures.

This Week's State Of The Economy - What Is Ahead? - 27 August 2021

In other economic news, output continues to ramp up across the U.S., even as the resurgence in COVID cases is leading to some pullback in consumer engagement.

This Week's State Of The Economy - What Is Ahead? - 12 May 2023

In April, the CPI rose 0.4% on both a headline and core basis, keeping the core running at a 5.1% three-month annualized rate. However, details pointed to price growth easing ahead.

This Week's State Of The Economy - What Is Ahead? - 03 January 2020

Markets were also pressured from the latest ISM manufacturing report, which signaled further deterioration in the sector with the index falling to its lowest level since 2009.


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