U.S. - May Retail Sales Surge, but Other Data Disappoint
- Retail sales kicked off the week with a bang, rising 17.7% month-over-month in May. The increase was larger than every single one of the 74 forecast submissions.
- The factory data were not as encouraging. Industrial production growth was just 1.4% in May, below the 3.0% consensus. On a year-over-year basis, the decline in industrial output was more than double the decline in retail sales.
- The initial jobless claims data were the last major release of the week, and they too were disappointing. Even more disappointing were the continuing claims data, which showed almost no change in those receiving unemployment benefits from May 30 to June 6.
Global - Global Central Banks Back in Focus This Week
- It was a busy week for central banks across the globe, with some opting to ease monetary policy further.
- Within the G10, the Bank of England announced a £100B increase in its asset purchase target, but some elements of the accompanying statement were less dovish in tone. Meanwhile, the Norges Bank left its policy rate unchanged at zero.
- Among the emerging economies, Brazil’s central bank delivered a 75 bps rate cut, and left the door open to additional cuts. Meanwhile, the Bank of Russia cut its Key rate a full percentage point, but Taiwan’s central bank kept rates on hold.
This Week's State Of The Economy - What Is Ahead? - 22 July 2022
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.
This Week's State Of The Economy - What Is Ahead? - 21 October 2020
Wells Fargo Economics & Financial Report / Oct 21, 2020
Mobility is continuing to trickle lower in several major developed market economies. The U.K., France, Italy and Canada have all seen some further modest declines in retail/recreation visits.
This Week's State Of The Economy - What Is Ahead? - 11 February 2022
Wells Fargo Economics & Financial Report / Feb 14, 2022
Deep thought for the week, if a tree falls in the forest, or an Olympics occurs, and no one is there to hear it or see it, did it really occur?
This Week's State Of The Economy - What Is Ahead? - 20 March 2020
Wells Fargo Economics & Financial Report / Mar 21, 2020
Daily life came to a screeching halt this week as governments, businesses and consumers took drastic steps to halt the COVID-19 pandemic.
This Week's State Of The Economy - What Is Ahead? - 31 July 2020
Wells Fargo Economics & Financial Report / Aug 11, 2020
The resurgence in COVID-19 in much of the Sun Belt appears to have topped out, although cases are rising faster in some smaller mid-Atlantic states and in parts of Europe, Asia and Australia.
This Week's State Of The Economy - What Is Ahead? - 04 June 2021
Wells Fargo Economics & Financial Report / Jun 08, 2021
The CDC\'s relaxation of its mask mandate occurred mid-May, and as data for that month begins rolling in this week, it is evident there is no lack of demand. Supplies, on the other hand, are a worsening problem.
This Week's State Of The Economy - What Is Ahead? - 12 February 2021
Wells Fargo Economics & Financial Report / Feb 19, 2021
Market attention was concentrated on the January consumer price data, as inflation has come back into focus.
This Week's State Of The Economy - What Is Ahead? - 18 September 2020
Wells Fargo Economics & Financial Report / Sep 15, 2020
The details were generally more favorable. The retail sectors hurt most by the pandemic saw gains in August, factory output is growing and soaring homebuilder confidence suggests soft construction data this week may be transitory.
This Week's State Of The Economy - What Is Ahead? - 02 September 2022
Wells Fargo Economics & Financial Report / Sep 05, 2022
More job seekers also lifted the participation rate to 62.4% and thus easing some tightness in the job market even as payrolls expanded.
This Week's State Of The Economy - What Is Ahead? - 28 May 2021
Wells Fargo Economics & Financial Report / Jun 08, 2021
This week\'s light calendar of economic reports showed supply chain disruptions tugging a little at economic growth.
