This Week's State Of The Economy - What Is Ahead? - 03 June 2022

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Jun 08, 2022

This Week's State Of The Economy - What Is Ahead? - 03 June 2022

While talk of recession has kicked up in recent weeks, the majority of economic data remain consistent with modest growth. Nonfarm employment rose more than expected during May, while the unemployment rate was unchanged and average hourly earnings rose only modestly. Manufacturing activity appears to be holding up reasonably well, with the ISM manufacturing index rising in May and factory orders posting solid, broad-based gains. There were soft spots, however. Light vehicle sales came in well below expectations and nearly every regional Fed manufacturing survey weakened this past month.  It’ll be interesting to see how things develop over the next few months.




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