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.
Wells Fargo Economics & Financial Report / Sep 29, 2020
In what was a jam-packed week of economic data, the jobs report, prospects of additional fiscal stimulus and the president’s positive COVID-19 test result commanded markets’ attention.
Wells Fargo Economics & Financial Report / Jun 13, 2020
Lock downs began to be lifted across most of the country by the end of May and the total amount of daily new coronavirus cases has been trending lower. But the flattening case count has not been consistent across the country.
Wells Fargo Economics & Financial Report / May 25, 2021
Over the past year, the housing market has become white-hot.
Wells Fargo Economics & Financial Report / Oct 24, 2020
A recent strong report from the National Association of Homebuilders set the tone for another round of strong housing data. The NAHB index rose two points to a record high 85.
Wells Fargo Economics & Financial Report / May 26, 2020
Employment fell in all 50 states and 43 states saw their unemployment rate rise to a record in April. The damage is already hard to fathom-a 28% unemployment rate in Nevada and still another month of job losses ahead.
Wells Fargo Economics & Financial Report / Apr 11, 2020
The Federal Reserve greatly expanded the collateral that it is willing to buy, further easing pressures in financial markets.
Wells Fargo Economics & Financial Report / Apr 18, 2022
What do pollen and the Consumer Price Index (CPI) have in common? Answer; both are hitting new highs. This week’s U.S. economic data was led by the largest month monthly increase in the Consumer Price Index (CPI) since September 2005.
Wells Fargo Economics & Financial Report / Mar 28, 2020
The U.S. surpassed Italy and China with the most confirmed cases of COVID-19. Europe is still the center of the storm, with the total cases in Europe’s five largest economies topping 230,000.
Wells Fargo Economics & Financial Report / Oct 22, 2021
The first economic data released this week in the United States reinforced the theme that labor supply and demand are struggling to come into balance.
Wells Fargo Economics & Financial Report / Mar 08, 2022
February\'s employment data showed the economy had strong momentum, but that seems pretty dated now with Russia\'s invasion of Ukraine and the Fed\'s shift to a more hawkish tone on monetary policy.