Wells Fargo Weekly Economic and Financial Commentary – February 6, 2015

Economics Group: Weekly Economic & Financial Commentary – U.S Review

Slower Pace of Job Growth but Improvement Continues

• January’s nonfarm payroll report showed that 257,000 jobs were added for the month. The unemployment rate rose slightly to 5.7 percent. Average hourly earnings, which fell in December, rose 0.5 percent in January.

• The ISM reports for January were both in expansion territory, however, the manufacturing survey pointed toward a more modest pace of growth.

• The trade deficit widened in December to $46.6B from November’s $39.8B. The narrowing in December, all else equal, suggests a slight downward revision to Q4 GDP growth.

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Wells Fargo Weekly Economic and Financial Commentary – February 6, 2015