U.S. - A Solid Week To Be Sure, But Keep an Eye on the Details
- U.S. employers added 225K new workers to their payrolls in January, which handily beat expectations. But the factory sector shed jobs for the third time in four months, and net layoffs were reported for finance and retail as well.
- For the first time in six months, the ISM was not in contraction territory in January. A first step toward de-escalation in the trade war helped, but coronavirus worries are not yet showing up in these numbers.
- The economy is still growing, but we’re not out of the woods yet with the trade war, and the coronavirus is still a developing threat that we are only beginning to understand.
Global - Growth Slowdown & Monetary Easing Nearing an End?
- There are signs the global growth slowdown and global easing cycle may be nearing an end, even as the coronavirus offers new downside economic risks. After U.S. and China’s GDP growth were broadly steady in Q4, Australia’s central bank governor this week suggested the growth slowdown is coming to an end.
- Australia’s central bank held rates steady, but its language was more hawkish in tone, while monetary policy in the U.S. and across Europe also appears to be on hold. Brazil’s central bank cut rates 25 bps but signaled an end to its easing cycle. Mexico is a notable exception that proves the rule, and is expected to cut interest rates 25 bps next week.
This Week's State Of The Economy - What Is Ahead? - 27 November 2019
Wells Fargo Economics & Financial Report / Nov 28, 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.
This Week's State Of The Economy - What Is Ahead? - 03 February 2023
Wells Fargo Economics & Financial Report / Feb 04, 2023
During January, payrolls jumped by 517K, the unemployment rate fell to 3.4% and average hourly earnings rose by 0.3%. The FOMC raised the fed funds target range by 25 bps to 4.5%-4.75% this week.
This Week's State Of The Economy - What Is Ahead? - 08 January 2021
Wells Fargo Economics & Financial Report / Jan 12, 2021
The manufacturing sector is showing a great deal of resilience, with the ISM Manufacturing survey exceeding expectations, at 60.7, and factory orders remaining strong.
This Week's State Of The Economy - What Is Ahead? - 24 July 2020
Wells Fargo Economics & Financial Report / Jul 25, 2020
Initial jobless claims rose to just over 1.4 million for the week ending July 18. Continuing claims fell to about 16.2 million. Initial claims edging higher suggests that the resurgence of COVID-19 may be taking a toll on the labor market recovery.
This Week's State Of The Economy - What Is Ahead? - 06 August 2021
Wells Fargo Economics & Financial Report / Aug 16, 2021
Back to the economy, issues with supply constraints remains a broken-record reference, but data this week highlighted the economy\'s resilience in spite of those continuing problems.
This Week's State Of The Economy - What Is Ahead? - 06 December 2024
Wells Fargo Economics & Financial Report / Dec 09, 2024
Incoming economic data continue to illuminate pockets of stress in the U.S. economy. The unwinding of strikes and hurricane effects lifted nonfarm payrolls by 227K in November; however, job gains remain highly concentrated by industry.
This Week's State Of The Economy - What Is Ahead? - 28 May 2021
Wells Fargo Economics & Financial Report / Jun 08, 2021
This week\'s light calendar of economic reports showed supply chain disruptions tugging a little at economic growth.
This Week's State Of The Economy - What Is Ahead? - 07 February 2025
Wells Fargo Economics & Financial Report / Feb 10, 2025
When the headline number hit the wire, it felt like a miss with the total nonfarm payroll number coming in at just 143K, well short of the consensus expectation of 175K.
This Week's State Of The Economy - What Is Ahead? - 24 June 2022
Wells Fargo Economics & Financial Report / Jun 25, 2022
The biggest economic news was Fed Chair Powell presenting the Federal Reserve\'s semiannual Monetary Policy report to Congress this week.
This Week's State Of The Economy - What Is Ahead? - 28 June 2024
Wells Fargo Economics & Financial Report / Jul 04, 2024
According to the Federal Reserve\'s preferred gauge, core inflation cooled to its softest pace in more than three years in May against a backdrop of measured consumer spending and still-strong personal income.
