Wells Fargo Weekly Economic & Financial Commentary – May 1, 2015

Seeing Through the Winter Blues

  • As anticipated, economic growth got off to a soft start in 2015.  GDP in the first quarter increased at just a 0.2 percent annualized rate, with broad-based weakness.
  • The manufacturing sector remains under pressure. At 51.5, the Institute for Supply Management’s (ISM) national index showed activity expanded at only a modest pace in April.
  • Consumer confidence fell 6.2 points in April. Respondents were less upbeat about labor market conditions but a continued low rate of initial jobless claims and rising employment costs paint a more favorable picture of labor market conditions.

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