U.S. - One Can of Condensed Soup
- 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.
- We might have a third vaccine, but amid record case counts and double-digit positivity rates in many places, jobless claims posted the first back-to-back weekly increases since July.
- But, there is hope. The manufacturing rebound continued with another solid increase in durable goods orders and corporate profits crested above its pre-pandemic peak for the first time.
- Consumers, undaunted, increased spending 0.5% in October.
Global - Data Pointing to Softer Activity in Some Countries
- In the Eurozone, November survey data continued to soften, with the manufacturing PMI edging lower to 53.6, while the services PMI fell further into contraction territory at 41.3. As COVID cases across Europe have increased, and lockdown measures have been re-imposed, the risk of an economic stumble has increased. Meanwhile, in the United Kingdom, survey data also pointed to softer activity as the November services PMI fell to 45.8.
- In contrast to the subdued data in parts of the Northern hemisphere, New Zealand’s Q3 retail sales surged 28.0% quarter-over-quarter, the largest increase on record.
Wells Fargo Economics & Financial Report / Jan 23, 2021
Housing starts jumped 5.8% during December. Single-family starts soared 12%, while multifamily starts dropped 13.6%.
Wells Fargo Economics & Financial Report / Sep 14, 2020
In the holiday-shortened week, analysts’ attention remained on the progress of the labor market. Recent jobless claims data remain stubbornly high and point to a slowing jobs rebound.
Wells Fargo Economics & Financial Report / Apr 18, 2020
Economic data from the early stages of the Great Shutdown have finally arrived, and they are as bad as feared. ‘Worst on record’ is about to become an all too common refrain in our commentary.
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.
Wells Fargo Economics & Financial Report / Jan 11, 2020
The week began amid rising tensions carrying over from the U.S. killing of Iranian General Qasem Soleimani last Friday.
Wells Fargo Economics & Financial Report / Oct 14, 2020
The global mobility playing field is equalizing. Major European countries such as Germany and France have seen a slowdown in recent weeks, leaving them right in line with the United States relative to the January baseline.
Wells Fargo Economics & Financial Report / May 15, 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.
Wells Fargo Economics & Financial Report / Feb 08, 2020
U.S. employers added 225K new workers to their payrolls in January, which handily beat expectations. But the factory sector shed jobs for the third time in four months, and net layoffs were reported for finance and retail as well.
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 / Jul 04, 2020
It was a mildly busy week for foreign economic data and events, while global COVID-19 cases continued to rise.