Wells Fargo Weekly Economic & Financial Commentary 2015 Ends With a Whimper GDP in the final quarter of 2015 slowed to a 0.7 percent annualized pace on slower consumer spending, a bigger drag from trade and a further correction in inventories. · Durable goods orders fell 5.1 percent in December, as weakness in the manufacturing […]
Continue ReadingMixed Data in a Holiday-Shortened Week The latest read on consumer spending was encouraging as personal income grew 0.3 percent in November. This was a bit faster than expected and enough to keep pace with the 0.3 percent increase in real personal spending during the month. The manufacturing sector still faces challenges as the durable […]
Continue ReadingWells Fargo Weekly Economic & Financial Commentary: Go for Launch Today’s employment report, the last key data release ahead of the Fed’s Dec. 16 meeting, showed the labor market continues to improve at a solid rate. Payrolls rose by 211,000 in November, while the unemployment rate held at 5.0 percent amid an increase in participation. […]
Continue ReadingDespite Some Noise, Improving Trend Continues Inflation data were generally softer than expected in October. The import price index declined sharply and the producer price index unexpectedly declined. Although it appears businesses have little pricing power at the moment, building wage pressures should lead to a firming price environment in the future. Labor market turnover […]
Continue ReadingSanta More Likely to Bring Rate Rise This December Job growth came roaring back in October, with payrolls increasing 271,000. The unemployment rate edged down to 5.0 percent and average hourly earnings rose a solid 0.4 percent. The ISM reports for October showed further divergence in the path of the manufacturing and service […]
Continue ReadingWeak Third Quarter, but Better Days Ahead Economic activity lost some of its momentum in the third quarter. Real GDP growth rose at a 1.5 percent-annual pace, but much of the drag was due to a slowdown in inventory building. Real private sales to domestic purchasers, which is a better gauge of final demand, strengthened […]
Continue ReadingWells Fargo Weekly Economic & Financial Commentary: Housing Market Still Strong Following two straight monthly declines, housing starts rebounded in September on the back of solid gains in the multifamily sector. Permits were less encouraging, with declines in both single- and multifamily. Despite the choppy starts readings in recent months, we expect residential investment to […]
Continue ReadingSofter Economic Data Increases Questions for the Fed Retail sales rose a disappointing 0.1 percent in September while August’s sales figures were revised downward. Excluding automobiles, sales fell 0.3 percent for the month suggesting that consumer spending likely ended the third quarter on a softer note. Consumer and producer prices continued to show month-over-month declines […]
Continue ReadingWells Fargo Weekly Economic & Financial Commentary – October 2, 2015 Consumer Sector Still a Bright Spot in Q3 Nonfarm payrolls disappointed with 142,000 jobs added in September, while the unemployment rate remained stable at 5.1 percent. · Personal income rose 0.3 percent in August, while personal spending edged higher 0.4 percent, signaling solid growth […]
Continue ReadingWells Fargo Weekly Economic & Financial Commentary – September 25, 2015 Q2 Revised Higher, How Does Q3 Look? The latest revision to the GDP figures shows that Q2 economic growth was a bit better than expected. The U.S. economy expanded at 3.9 percent annualized rate. · In this week’s U.S. Review we discuss what was […]
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