This Week's State Of The Economy - What Is Ahead? - 06 May 2022

By: Taro Chellaram /Wells Fargo Economics & Financial Report/May 18, 2022

This Week's State Of The Economy - What Is Ahead? - 06 May 2022

Unlike Yordan Alvarez, no one is expecting the Fed to stand back and admire their handiwork after this weeks 50 basis point increase in the Fed Discount Rate.  Similar to Yordan, their effort is more of a single and not a home run.*  As such, incoming data for April reinforce the expectations of the WF Economics team for another 50 bp hike in June.

 

Aside from Astros and Fed action, the latest economic data suggest supply challenges worsened in April. Delivery times lengthened, and while employers continued to add jobs at a solid pace, the supply of labor weakened. Price pressure has remained elevated as a result.




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Nonfarm employment rebounded in January, with employers adding 49,000 jobs following the prior month\'s 227,000-job drop.

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