This Week's State Of The Economy - What Is Ahead? - 15 November 2019

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Nov 16, 2019

This Week's State Of The Economy - What Is Ahead? - 15 November 2019

U.S. - The Consumer-Producer Divide on Full Display 

  • Retail sales beat expectations and rose 0.3% in October, reflecting the ongoing strength of the consumer. Control group sales, a major input to GDP, also increased 0.3%.
  • Industrial production in October declined 0.8%. Overall production remains in the doldrums with the energy sector pulling back and continued weakness in manufacturing, even outside the auto sector.
  • The CPI advanced 0.4% during October, the strongest gain in eight months. The monthly jump was owed to a surge in gas prices, and core CPI grew a more modest 0.2%.

 

Global Review - Another Week, Another Central Bank Surprise

  • The Reserve Bank of New Zealand caught markets off guard at its meeting this week with its decision to hold its main policy rate steady at 1.00%, saying that monetary policy is stimulatory and that there is no urgency to act further.
  • The latest Swedish inflation data added support to the central bank’s plan to raise interest rates to 0%, even though they were slightly below the Riksbank forecast.
  • In a split vote at its meeting this week, the Bank of Mexico opted to ease monetary policy, cutting its main policy rate 25 bps to 7.50%, the third such move this year.



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