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 28, 2020
The U.S. surpassed Italy and China with the most confirmed cases of COVID-19. Europe is still the center of the storm, with the total cases in Europe’s five largest economies topping 230,000.
Wells Fargo Economics & Financial Report / Jul 13, 2021
We added 850,00 jobs in June, but much of that was State governments school districts in some parts of the Country reopening just in time for summer break.
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 / Jan 19, 2021
The U.S. economy appears to be losing some momentum as the calendar turns to 2021 and the public health situation continues to deteriorate.
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 / Aug 11, 2020
The resurgence in COVID-19 in much of the Sun Belt appears to have topped out, although cases are rising faster in some smaller mid-Atlantic states and in parts of Europe, Asia and Australia.
Wells Fargo Economics & Financial Report / Aug 18, 2020
Despite indications of lost momentum elsewhere, residential construction activity is picking up steam.
Wells Fargo Economics & Financial Report / Oct 27, 2020
Real GDP jumped a record 33.1% during Q3, beating expectations. A 40.7% surge in consumer spending drove the gain.
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 / Sep 15, 2020
The details were generally more favorable. The retail sectors hurt most by the pandemic saw gains in August, factory output is growing and soaring homebuilder confidence suggests soft construction data this week may be transitory.