U.S. - A Glimpse of the Rebound that Might Have Been
- Two countervailing themes competed for attention this week in financial markets. The first is that for the most part, economic data continue to surprise to the upside and do not yet rule out prospects for that elusive V-shaped recovery. The chart to the right plotting the level of retail sales offers a great example: that is about as close to a V as you get.
- But the recovery is in jeopardy of being held back by the very thing that got us into this mess to begin with. Corona virus infections continue to mount and even hit a single-day record north of 78K on Thursday, as officials and businesses are increasingly requiring residents and customers to wear masks to help stop the spread.
Global - Central Banks on Hold; China Data Somewhat Mixed
- The European Central Bank and Bank of Canada both met this week. As expected, no major policy changes were made and both central banks remain committed to keep interest rates low and asset purchases in place for the time being.
- China GDP data beat expectations, signaling the recovery in the world’s second-largest economy is gathering momentum. While the Q2 headline GDP print was stellar, June retail sales missed consensus expectations and may be calling into question the strength of the recovery as we head into the second half of the year.
Wells Fargo Economics & Financial Report / Jun 09, 2020
Data this week continued to suggest the U.S. economy hit rock bottom in April. Still, it is a long road to recovery and the pickup in economic activity will be gradual.
Wells Fargo Economics & Financial Report / Jul 27, 2022
July\'s NAHB Housing Market Index dropped 12 points to 55, the second largest monthly decline on record behind April 2020\'s pandemic-induced collapse.
Wells Fargo Economics & Financial Report / Apr 10, 2023
Employers added jobs at the slowest pace since 2020 in March, job openings fell and an upward trend in initial jobless claims has emerged.
Wells Fargo Economics & Financial Report / Aug 11, 2020
There were more signs of global recovery this week and PMI surveys improved further across the world.
Wells Fargo Economics & Financial Report / Dec 08, 2022
Total payrolls rose by 263K in November, with the unemployment rate holding steady at 3.7% and average hourly earning rising by 0.6%.
Wells Fargo Economics & Financial Report / Oct 05, 2019
Survey evidence flashed signs of contraction in the manufacturing sector and indicated weakness spreading to the services side of the economy, while employers added a less-than-expected 136K jobs in September.
Wells Fargo Economics & Financial Report / Aug 08, 2022
The Bureau of Labor Statistics reported this morning that nonfarm payrolls increased 528,000 for the month of July, easily topping estimates, lowering the unemployment rate to 3.5%.
Wells Fargo Economics & Financial Report / Mar 16, 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.
Wells Fargo Economics & Financial Report / Jun 13, 2022
CPI increases continue to sizzle like this weekend’s temperature, putting consumers in a worse mood than Texas Rangers fans (with their 9.5 games back $500 million middle infield).
Wells Fargo Economics & Financial Report / Oct 10, 2020
In the immediate fallout after the lockdowns in the early stages of this pandemic, there was a lot of discussion about the shape of the recovery.