U.S - Cracks in the Foundation?
- Personal consumption is still on track for a solid Q3, but retail sales declined in September for the first time in seven months.
- Manufacturing data were certainly influenced by the GM strike, but output has now fallen in six months this year, and survey evidence has yet to point to a meaningful pickup.
- Single-family housing starts rose for the fourth consecutive month. Housing should positively contribute to GDP growth in Q3 for the first time in almost two years.
- The lack of a pushback on market expectations from the Fed speakers gives us increasing confidence that the FOMC will cut the fed funds rate by 25 bps at its October 29-30 meeting.
Global - A Breakthrough on Brexit, or Another False Start?
- UK PM Boris Johnson and EU leaders announced they had struck a Brexit deal, an encouraging development ahead of the October 31 deadline by which the UK must either leave the EU or once again request an extension.
- The path forward is precarious, however, as the UK Parliament is set to vote on the deal in an emergency session on Saturday. The prospects for the deal's passage remain far from assured.
- Chinese Q3 GDP growth slowed further to 6.0% year-over-year, although September retail and industrial activity suggest the quarter ended on a firmer note. However, given a measured policy response, the overall growth slowdown should continue.
Wells Fargo Economics & Financial Report / Feb 01, 2020
Mexico’s economy has slowed notably over the last year, with the economy contracting again in Q4, indicating a full-year contraction for 2019.
Wells Fargo Economics & Financial Report / Dec 16, 2020
The longest U.S. economic expansion since the end of the Second World War came to an abrupt end earlier this year as the COVID pandemic essentially shut down the economy.
Wells Fargo Economics & Financial Report / Oct 27, 2020
Real GDP jumped a record 33.1% during Q3, beating expectations. A 40.7% surge in consumer spending drove the gain.
Wells Fargo Economics & Financial Report / May 25, 2021
Over the past year, the housing market has become white-hot.
Wells Fargo Economics & Financial Report / Oct 26, 2019
Sales of existing homes fell 2.2% to a 5.38 million-unit pace in September, but sales and prices were still up enough in the quarter that they will add solidly to Q3 GDP growth.
Wells Fargo Economics & Financial Report / Mar 07, 2023
Looking at Q4 GDP, Australia\'s economy grew by less than expected, GDP was flat for the quarter in both Canada and Switzerland, and Sweden\'s economy contracted in the final quarter of last year.
Wells Fargo Economics & Financial Report / Aug 03, 2019
How will Fed rates-cut and Trump 10% tariff on $300 Billion Chinese Goods countered by Chinese currency devaluation against Dollar, affect inflation and economic slowdown in US economy?
Wells Fargo Economics & Financial Report / Aug 18, 2020
Despite indications of lost momentum elsewhere, residential construction activity is picking up steam.
Wells Fargo Economics & Financial Report / Jul 30, 2021
In the biggest financial news this week not connected to college football conference realignment, July\'s NAHB Housing Market Index slipped one point to 80.
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.