Wells Fargo Weekly Economic & Financial Commentary – February 20, 2015
Oil Sludge Slowing Economic Engine?
- The housing market recovery continues to plod along at a less than impressive pace, with housing starts and building permits falling shy of expectations in January.
- Headline PPI fell further into negative territory, decreasing 0.8 percent as energy prices continue to weigh on inflation. Even more concerning is the fact that “core” PPI flipped into negative territory as well.
- Industrial production grew modestly to begin 2015, as monthly economic indicators are pointing to a slower start to 2015, consistent with our forecast for a slowdown in GDP growth to just 1.5 percent annualized in the first quarter.
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