This Week's State Of The Economy - What Is Ahead? - 01 July 2022

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Jul 14, 2022

This Week's State Of The Economy - What Is Ahead? - 01 July 2022

As with the Mets and Yankees when they ran into the Astros over the last couple days, consumers staying power is showing signs of running out as inflation persists and confidence moves sharply lower. While consumers still have the ability to rely on their balance sheets to support spending, it's uncertain for how much longer they will continue to do so. Piling on the tough news was the weak ISM manufacturing report for June, which illustrates that we are not just seeing weakness out of the consumer, but investment spending as well.  On a more cheerful note, at least we have a three-day weekend to relax and go shopping.  Hit those sales…it’s the patriotic thing to do.




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