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

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Sep 28, 2020

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

U.S. - More Strong Housing Numbers

  • Existing home sales rose 2.4% to a 6.0-million unit annual pace. The surge in sales further depleted inventories and pushed prices sharply higher.
  • The IHS Market Purchasing Managers’ survey noted that manufacturing conditions improved in September.
  • New home sales soared 4.8% to a 1.011-million unit pace, marking the strongest sales pace since September 2006.
  • Durable goods orders were stronger than the 0.4% headline gain suggests. Core nondefense capital goods orders rose 1.8%, and are up at a 22.7% pace over the past three months.

 

Global - Eurozone Recovery Threatened by Surging COVID Cases

  • Surging new COVID-19 cases across Europe have threatened the continent’s economic recovery. Daily new cases are now above the peak seen in March/April, although this does not account for differences in testing.
  • Against this backdrop, Eurozone September PMI indices were closely scrutinized by market participants this week. The services PMI showed further weakness, falling into contraction territory at 47.6.
  • Elsewhere, the Bank of Mexico cut its overnight interbank interest rate 25 bps to 4.25%. Most forecasters in the Bloomberg survey expected the cut.



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