This Week's State Of The Economy - What Is Ahead? - 19August 2022

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Aug 23, 2022

This Week's State Of The Economy - What Is Ahead? - 19August 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…maybe we bought more souvenir trinkets while on vacation or felt better doing a little early “back-to-school” shopping?  In any case, the data indicates we’re probably not quiet yet in a recession, so don’t look for the Fed to back off on rate increases.  The Wells Fargo Economics Group is looking for 75bp next month, 50bp in November and another 25bp in December.  Merry Christmas borrowers.

 

That said, with new orders in the manufacturing sector slowing sharply and housing activity continuing to tumble, data this week did little to change the view of the Wells Fargo Economics Group that a downturn in the coming quarters will be hard to avoid.

 

There is a chance you may see something strange falling from the sky this weekend into next week.  In case you’ve forgotten, it’s called “rain”.  Don’t panic…it’s a good thing.  Your yard needs it.




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