U.S. - GDP Bounces Partway Back in Q3
- Real GDP jumped a record 33.1% during Q3, beating expectations. A 40.7% surge in consumer spending drove the gain. However, real GDP is still 3.5% below pre-pandemic levels.
- Initial jobless claims dropped to 751k for the week ending October 24, the lowest level since mid-March.
- Durable goods orders rose 1.9% in September, well above consensus estimates. In addition, new home sales fell 3.5% to a still-blistering 959K-unit pace.
- Consumer confidence edged down to 100.9 in October. Rising COVID cases may weigh on confidence in the months ahead.
Global - Renewed Questions Surrounding Global Recovery
- Eurozone Q3 GDP jumped more than 12% quarter-over-quarter, although that bounce did not fully recover declines from earlier this year. More concerning going forward is the renewed spread of COVID and clear signs of softening in service sector activity. Thus while the European Central Bank held monetary policy steady this week, it gave a clear signal further easing should be expected in December.
- In Canada an encouraging economic rebound continues, in turn prompting the central bank to stay on hold. Mexico’s Q3 GDP jumped after a large Q2 fall, while South Korea’s Q3 GDP gain was led in large part by export growth.
This Week's State Of The Economy - What Is Ahead? - 06 March 2020
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.
This Week's State Of The Economy - What Is Ahead? - 19 July 2024
Wells Fargo Economics & Financial Report / Jul 22, 2024
Retail sales, housing starts and industrial production all surprised to the upside this week.
This Week's State Of The Economy - What Is Ahead? - 19August 2022
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...
This Week's State Of The Economy - What Is Ahead? - 18 December 2020
Wells Fargo Economics & Financial Report / Dec 21, 2020
This week marked the first U.S. COVID vaccinations and the imminent rollout of a second vaccine.
This Week's State Of The Economy - What Is Ahead? - 07 October 2020
Wells Fargo Economics & Financial Report / Oct 10, 2020
In the immediate fallout after the lockdowns in the early stages of this pandemic, there was a lot of discussion about the shape of the recovery.
This Week's State Of The Economy - What Is Ahead? - 22 July 2022
Wells Fargo Economics & Financial Report / Jul 27, 2022
July\'s NAHB Housing Market Index dropped 12 points to 55, the second largest monthly decline on record behind April 2020\'s pandemic-induced collapse.
This Week's State Of The Economy - What Is Ahead? - 03 January 2020
Wells Fargo Economics & Financial Report / Jan 04, 2020
Markets were also pressured from the latest ISM manufacturing report, which signaled further deterioration in the sector with the index falling to its lowest level since 2009.
This Week's State Of The Economy - What Is Ahead? - 06 August 2021
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.
This Week's State Of The Economy - What Is Ahead? - 25 November 2020
Wells Fargo Economics & Financial Report / Nov 28, 2020
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.
This Week's State Of The Economy - What Is Ahead? - 15 January 2021
Wells Fargo Economics & Financial Report / Jan 18, 2021
Retail sales fell 0.7% in December, the third straight monthly decline. Sales are still up 2.9% over the year, however.
