This Week's State Of The Economy - What Is Ahead? - 02 September 2022

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Sep 05, 2022

This Week's State Of The Economy - What Is Ahead? - 02 September 2022

It’s been a great week for history buffs like me, who were encouraged to see the Battleship Texas (the last dreadnought-style warship still in existence) slip uneventfully from her mooring at San Jacinto battleground and move safely to dry-dock in Galveston for some much needed restoration work before moving to a new, more tourist-friendly location.  Similarly, economic news was buoyed by reports that employers added 315K new names to their payrolls in August.  At the same time an additional 786K people stepped back into the labor force looking for work. Amid such a rush, the unemployment rate rose to 3.7%. More job seekers also lifted the participation rate to 62.4% and thus easing some tightness in the job market even as payrolls expanded.

With the Fed laser-focused on inflation, the August CPI will offer the last major piece of the 50 bps vs. 75 bps puzzle. But we do not see anything in the August employment report to alter the general path ahead. See Interest Rate Watch for further details.




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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.

This Week's State Of The Economy - What Is Ahead? - 06 December 2019

The latest hiring data are an encouraging sign that the U.S. economy is withstanding the global slowdown and continued trade-related uncertainty.

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The re-opening of the country is getting underway, with all 50 states starting to roll back restrictions.

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What a crazy week. It’s hard to worry about something as relatively unimportant as economic trends when one thinks about what folks in Ukraine are enduring, but economies are nonetheless impacted.

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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.

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7 Interest Rate Watch for more detail. In other news, retail sales data disappointed as higher prices factor into spending and industrial activity continued to recover but remains beset by supply issues.

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The Federal Reserve announced a series of measures this morning that are intended to assist households, businesses and state & local governments as they cope with the economic fallout of the COVID-19 outbreak.

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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.

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The global mobility playing field is equalizing. Major European countries such as Germany and France have seen a slowdown in recent weeks, leaving them right in line with the United States relative to the January baseline.


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