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.



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