This Week's State Of The Economy - What Is Ahead? - 24 April 2020

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Apr 27, 2020

This Week's State Of The Economy - What Is Ahead? - 24 April 2020

U.S. - Throw Out the Textbook

  • Oil prices went negative for the first time in history on Monday as the evaporation of demand collided with a supply glut.
  • In the past five weeks, 26.5 million people have filed for unemployment insurance, or more than one out of every seven workers.
  • Congress has passed its fourth major relief package, including an additional $320 billion for the PPP.
  • The Fed continues to do what it can, with its balance sheet rising an astounding $2.4 trillion in just two months.


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Retail sales beat expectations and rose 0.3% in October, reflecting the ongoing strength of the consumer. Control group sales, a major input to GDP, also increased 0.3%.

This Week's State Of The Economy - What Is Ahead? - 08 May 2020

April nonfarm payrolls confirmed what we already knew—the labor market is collapsing. By the survey week of April 12, net employment had fallen by 20,500,000 jobs.

This Week's State Of The Economy - What Is Ahead? - 25 November 2020

It may be a holiday-shortened week, but there have been as many developments and economic indicators packed into three days as we can recall seeing in any other week this year.

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

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.

This Week's State Of The Economy - What Is Ahead? - 10 March 2023

Financial markets were looking for validation that January\'s unexpected strength was not a fluke and that the downward slide in economic momentum experienced late last year had stabilized.

This Week's State Of The Economy - What Is Ahead? - 27 August 2021

In other economic news, output continues to ramp up across the U.S., even as the resurgence in COVID cases is leading to some pullback in consumer engagement.

This Week's State Of The Economy - What Is Ahead? - 03 February 2023

During January, payrolls jumped by 517K, the unemployment rate fell to 3.4% and average hourly earnings rose by 0.3%. The FOMC raised the fed funds target range by 25 bps to 4.5%-4.75% this week.

This Week's State Of The Economy - What Is Ahead? - 21 October 2022

The real estate sector has been significantly affected by rising interest rates, with total housing starts falling 8.1% in September. Peering ahead, the forward-looking Leading Economic Index points to a recession in the coming year.

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Unlike Yordan Alvarez, no one is expecting the Fed to stand back and admire their handiwork after this weeks 50 basis point increase in the Fed Discount Rate. Similar to Yordan, their effort is more of a single and not a home run.

This Week's State Of The Economy - What Is Ahead? - 28 October 2022

Headline GDP continues to send mixed signals on the direction of the U.S. economy. During Q3, real GDP rose at a 2.6% annualized rate, ending the recent string of quarterly declines in growth registered in the first half of 2022.


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