This Week's State Of The Economy - What Is Ahead? - 18 December 2020

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Dec 21, 2020

This Week's State Of The Economy - What Is Ahead? - 18 December 2020

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%.



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