This Week's State Of The Economy - What Is Ahead? - 27 May 2022

By: Taro Chellaram /Wells Fargo Economics & Financial Report/May 29, 2022

This Week's State Of The Economy - What Is Ahead? - 27 May 2022

it looks like higher mortgage rates are starting to have some effect on the housing market as April brought a steep 16.6% decline in new home sales and a 3.9% drop in pending home sales.  On the other side of the ledger, inflation persists as evidenced by personal income rising 0.4% during April, while personal income increased 0.9%. The headline PCE deflator was up 6.3% year-to-year, while the core measure rose 4.9%.




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Minutes from the October FOMC meeting indicated the Fed is content to remain on the sidelines for the rest of this year as the looser financial conditions resulting from rate cuts at three consecutive meetings feed through to the economy.

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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.

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Weekly first time unemployment claims highlighted an extraordinarily slow week for economic news. Jobless claims fell slightly but continuing claims fell by one million.

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While talk of recession has kicked up in recent weeks, the majority of economic data remain consistent with modest growth.

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In the holiday-shortened week, analysts’ attention remained on the progress of the labor market. Recent jobless claims data remain stubbornly high and point to a slowing jobs rebound.

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Economic data this week indicated that the ongoing expansion still has some momentum despite some familiar headwinds, though this week\'s releases were largely overshadowed by a busy week on Capitol Hill.

November 2020 Economy At A Glance

U.S. gross domestic product (GDP) grew 7.4 percent, or $1.3 trillion in Q3, adjusted for inflation.

This Week's State Of The Economy - What Is Ahead? - 27 November 2019

A series of U.K. general election polls released this week continue to show Boris Johnson’s Conservative Party with a significant lead over the opposition Labor Party.

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Employment growth was broad-based, though reliant on a 87K gain in health care & social assistance. Modest gains from construction, financial activities and hospitality also contributed to private sector job growth.


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