U.S. - The Shot Heard Round the World
- This week marked the first U.S. COVID vaccinations and the imminent rollout of a second vaccine. But, the resurgence of the virus and increased mobility restrictions further show why fiscal support would help ensure the economic recovery.
- The highest number of individuals since September filed an initial claim for unemployment last week.
- Retail sales missed expectations in November and foreshadow the impending air pocket for durables consumption, which will also have implications for the rebound in manufacturing.
- Housing remains a bright spot with starts up 1.2% last month.
Global - Lockdowns in Eurozone Likely to Weigh on Q4 Growth
- The Eurozone’s manufacturing PMI unexpectedly rose in December, while the services PMI jumped more than expected. Despite the pickup in survey data, the near-term outlook for the Eurozone economy remains negative, given the renewed COVID spread and associated lockdown measures.
- The Norges Bank held its benchmark rate at zero at its monetary policy meeting this week, but the tone of the accompanying statement was somewhat hawkish. The central bank lifted its projected rate path, now projecting a rate hike in early 2022. Meanwhile, the Bank of England also met this week, leaving its policy rate unchanged at 0.10%.
Wells Fargo Economics & Financial Report / Feb 28, 2023
Existing home sales declined 0.7% in January, while new home sales leaped 7.2%. Real personal spending shot higher in January, and solid growth in discretionary spending suggests continued consumer resilience.
Wells Fargo Economics & Financial Report / May 26, 2020
Employment fell in all 50 states and 43 states saw their unemployment rate rise to a record in April. The damage is already hard to fathom-a 28% unemployment rate in Nevada and still another month of job losses ahead.
Wells Fargo Economics & Financial Report / Mar 08, 2022
February\'s employment data showed the economy had strong momentum, but that seems pretty dated now with Russia\'s invasion of Ukraine and the Fed\'s shift to a more hawkish tone on monetary policy.
Wells Fargo Economics & Financial Report / May 23, 2023
Economic data continue to suggest the U.S. economy is only gradually losing momentum. Consumers continue to spend, and industrial and housing activity are seeing some stabilization.
Wells Fargo Economics & Financial Report / Apr 26, 2021
This week\'s lighter economic calendar allowed forecasters more time to assess the implications from the prior week\'s blowout retail sales report.
Wells Fargo Economics & Financial Report / May 25, 2020
The re-opening of the country is getting underway, with all 50 states starting to roll back restrictions.
Wells Fargo Economics & Financial Report / Nov 02, 2023
The U.S. economy expanded at a stronger-than-expected pace in Q3, with real GDP increasing at a robust 4.9% annualized rate.
Wells Fargo Economics & Financial Report / Dec 07, 2019
The latest hiring data are an encouraging sign that the U.S. economy is withstanding the global slowdown and continued trade-related uncertainty.
Wells Fargo Economics & Financial Report / Jun 27, 2020
The rising number of COVID-19 infections gained momentum this week, with most of the rise occurring in the South and West. The rise in infections is larger than can be explained by increased testing alone and is slowing re-openings.
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.