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.
Wells Fargo Economics & Financial Report / Jan 30, 2021
In the second installment of our series on economic risks in the foreseeable future, we analyze the potential for higher inflation in coming years stemming from excess demand.
Wells Fargo Economics & Financial Report / Mar 14, 2020
Financial conditions tightened sharply this week as concerns over the coronavirus and the economic fallout of containment efforts mounted.
Wells Fargo Economics & Financial Report / Aug 16, 2021
Back to the economy, issues with supply constraints remains a broken-record reference, but data this week highlighted the economy\'s resilience in spite of those continuing problems.
Wells Fargo Economics & Financial Report / Dec 14, 2020
Emergency authorization of the Pfizer-BioNTech COVID vaccine appears imminent, but the virus is running rampant across the United States today, pointing to a grim winter.
Wells Fargo Economics & Financial Report / Jun 22, 2020
Retail sales kicked off the week with a bang, rising 17.7% month-over-month in May. The increase was larger than every single one of the 74 forecast submissions.
Wells Fargo Economics & Financial Report / Oct 05, 2019
Survey evidence flashed signs of contraction in the manufacturing sector and indicated weakness spreading to the services side of the economy, while employers added a less-than-expected 136K jobs in September.
Wells Fargo Economics & Financial Report / Nov 11, 2022
Relief in October inflation gives the FOMC the ability to slow the pace of rate hikes ahead. But make no mistake, the Fed\'s job of taming inflation remains far from over.
Wells Fargo Economics & Financial Report / Apr 05, 2022
The key factor that will drive interest rates is the Fed’s belated effort to rein-in inflation.
Wells Fargo Economics & Financial Report / Apr 18, 2022
What do pollen and the Consumer Price Index (CPI) have in common? Answer; both are hitting new highs. This week’s U.S. economic data was led by the largest month monthly increase in the Consumer Price Index (CPI) since September 2005.
Wells Fargo Economics & Financial Report / Dec 07, 2019
The latest hiring data are an encouraging sign that the U.S. economy is withstanding the global slowdown and continued trade-related uncertainty.