This Week's State Of The Economy - What Is Ahead? - 23 October 2020

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Oct 24, 2020

This Week's State Of The Economy - What Is Ahead? - 23 October 2020

U.S. - All Things Housing Appear to Be On a Roll

  • A recent strong report from the National Association of Homebuilders set the tone for another round of strong housing data. The NAHB index rose two points to a record high 85.
  • A drop in new apartment construction led to a below consensus housing starts report but single-family starts rose solidly.
  • Existing home sales easily topped expectations, with sales jumping 9.4% to a 6.54-million unit pace.
  • Weekly first-time unemployment claims declined more than expected and continuing claims fell by more than one million.

 

Global - China Leading the Global Economic Recovery

  • Q3 GDP data revealed China is still leading the global economic recovery from the COVID induced downturn. In addition, leading indicators of activity beat expectations in September, giving us slightly more optimism around the health of China’s economy heading into the end of the year.
  • As Eurozone countries grapple with a second wave of COVID cases and new localized lockdown protocol, activity and sentiment data could start to deteriorate. In that context, the services PMI declined more than expected in October; however, the manufacturing PMI beat expectations and surprised to the upside.



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