U.S. - Coronavirus Won’t Move the Fed
- Minutes from the January 28-29 FOMC meeting indicate the coronavirus will not push the Fed to cut interest rates, and for the most part housing and manufacturing survey data this week supported that view.
- The Leading Economic Index jumped 0.8% to an all-time high—easing some concerns generated by its dip into negative year-over-year territory the prior month—while the Philly Fed Index exceeded expectations by jumping to 36.7 and the Empire Manufacturing Survey beat consensus by rising to 12.9.
- Housing, meanwhile, continues to exceed expectations. December and January were the two strongest months for housing starts since 2006.
Global - Japan Underperforms Expectations; Coronavirus Update
- This week’s Japanese GDP data indicated a significant slowdown in the Japanese economy to close out 2019. Q4 data revealed Japan’s economy contracted 6.3% quarter-over quarter annualized, while other measures of activity contracted notably as well. As a result, we have downgraded our 2020 GDP forecast and now expect the Japanese economy to contract in 2020.
- The coronavirus continues to linger over financial markets, with the most recent update of over 77,000 confirmed cases and over 2,200 fatalities around the world. We still expect the virus to cause additional disruptions to China’s economy.
This Week's State Of The Economy - What Is Ahead? - 09 April 2020
Wells Fargo Economics & Financial Report / Apr 10, 2020
The Federal Reserve announced a series of measures this morning that are intended to assist households, businesses and state & local governments as they cope with the economic fallout of the COVID-19 outbreak.
This Week's State Of The Economy - What Is Ahead? - 23 July 2021
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.
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? - 07 August 2020
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.
This Week's State Of The Economy - What Is Ahead? - 03 April 2020
Wells Fargo Economics & Financial Report / Apr 04, 2020
Efforts to contain the virus are leading to millions of job losses and it’s likely only a matter of time before a majority of economic data reveal unprecedented declines.
28 January 2021 Economic Outlook Report
Wells Fargo Economics & Financial Report / Feb 08, 2021
In our recently released second report in this series of economic risks, we focused on the potential of demand-side factors to lead to significantly higher U.S. inflation in the next few years.
This Week's State Of The Economy - What Is Ahead? - 07 April 2023
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.
This Week's State Of The Economy - What Is Ahead? - 01 October 2021
Wells Fargo Economics & Financial Report / Oct 10, 2021
Economic data this week indicated that the ongoing expansion still has some momentum despite some familiar headwinds, though this week\'s releases were largely overshadowed by a busy week on Capitol Hill.
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 October 2019
Wells Fargo Economics & Financial Report / Oct 19, 2019
Personal consumption is still on track for a solid Q3, but retail sales declined in September for the first time in seven months.
