U.S - Politics Takes Center Stage
- The release of the transcript of President Trump's phone conversation with Ukraine President Volodymyr Zelenskiy and the whistle blower complaint overshadowed most of this week's economic reports and took bond yields modestly lower.
- Consumer confidence came in weaker than expected in September, falling 9.1 points to 125.1. The jobs plentiful series fell back from its cycle high hit the previous month.
- Durable goods orders rose 0.2% in August, but nondefense capital goods orders fell by a like amount and were revised lower for the prior month, indicating that capital spending continues to lose momentum.
Global - Eurozone Economy Continues to Falter
- Preliminary data on economic activity in the Eurozone in September were disappointingly weak, signaling the slowdown there will not subside by the end of the third quarter.
- Data on the country-specific level were not much better. The PMI for manufacturing in Germany declined to 41.4 in September, down from 43.5 in August and a cycle high of 63.3 in December 2017.
- Mexico's central bank continued to ease monetary policy this week, cutting its main policy rate 25 bps, the second such move this year.
Wells Fargo Economics & Financial Report / Mar 21, 2020
Daily life came to a screeching halt this week as governments, businesses and consumers took drastic steps to halt the COVID-19 pandemic.
Wells Fargo Economics & Financial Report / Nov 21, 2022
The resiliency of the U.S. consumer was also on display, as total retail sales increased a stronger-than-expected 1.3% in October, boosted, in part, by a 1.3% jump in motor vehicles & parts and a 4.1% rise at gasoline stations.
Wells Fargo Economics & Financial Report / Oct 10, 2021
Economic data this week indicated that the ongoing expansion still has some momentum despite some familiar headwinds, though this week\'s releases were largely overshadowed by a busy week on Capitol Hill.
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.
Wells Fargo Economics & Financial Report / Nov 08, 2023
Although payroll growth is easing, the labor market remains relatively tight. The unemployment rate inched up to 3.9% in October, slightly higher than the cycle low of 3.4% first hit in January 2023, but still low compared to historical averages.
Wells Fargo Economics & Financial Report / Jan 12, 2023
During December, payrolls rose by 223K while the unemployment rate fell to 3.5% and average hourly earnings eased 0.3%. Job openings (JOLTS) edged down to 10.46 million in November.
Wells Fargo Economics & Financial Report / Aug 08, 2022
The Bureau of Labor Statistics reported this morning that nonfarm payrolls increased 528,000 for the month of July, easily topping estimates, lowering the unemployment rate to 3.5%.
Wells Fargo Economics & Financial Report / Aug 23, 2022
July data indicates that we celebrated a decline in gas prices by going shopping, boosting retail sales figures. I’m not sure I get the connection...
Wells Fargo Economics & Financial Report / Mar 07, 2020
An inter-meeting rate cut by the FOMC did little to stem financial market volatility, as the number of confirmed COVID-19 cases continued to climb.
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.