Wells Fargo Weekly Economic & Financial Commentary – April 17, 2015 Economic Spring Awakening Most economic indicators this week returned to positive growth after weakness earlier in the winter; however, the pace of that growth is still fairly low. Retail sales, producer prices, manufacturing production and housing starts all reversed prior negative trends […]
Continue ReadingWells Fargo Weekly Economic & Financial Commentary – April 10, 2015 Not as Bad as It Looks The ISM non-manufacturing index edged down 0.4 points in March, but, at 56.5, remains firmly in expansion territory. The non-manufacturing index has held up well compared to the manufacturing index, suggesting that the headwinds from the stronger dollar […]
Continue ReadingWells Fargo Weekly Economic & Financial Commentary – April 3, 2015 A Softer Start to 2015 March employment data came in well below expectations. Nonfarm payrolls rose by 126,000, marking their smallest monthly gain since December 2013. Data from the manufacturing sector also came in weaker in March. The ISM manufacturing index fell 1.4 points […]
Continue ReadingIt’s Shaping Up to Be a Soft Quarter · Housing market data looked better this week with both existing and new home sales rising in February. · Consumer prices rose 0.2 percent in February as oil prices edged higher for the month. · Durable goods orders pulled back sharply in February, but even more concerning […]
Continue ReadingMixed Economic Data and A Cautious Fed This week’s FOMC meeting statement dropped the word patient but the tone remained very dovish. Industrial production activity remained modest in February after posting a decline in January. Data on February housing starts showed a sharp decline in new construction activity; however, permitting data looked more promising for […]
Continue ReadingWells Fargo Weekly Economic & Financial Commentary – March 13, 2015 Consumers in Winter Hibernation? Retail sales unexpectedly fell 0.6 percent in February. Sales looked to have been depressed by the harsh winter weather that hit parts of the country during the month, with the biggest monthly declines occurring at auto retailers and building material […]
Continue ReadingWells Fargo Weekly Economic & Financial Commentary – March 6, 2015 – Plenty of Momentum in the Labor Market Nonfarm payrolls added 295,000 jobs in February, while the unemployment rate dropped to 5.5 percent. Gains were broad-based, but average hourly earnings barely grew. The strong payroll number bodes well for consumer spending, which continued to […]
Continue ReadingWells Fargo Weekly Economic & Financial Commentary – February 27, 2015 The Hill Is Alive with the Sound of Yellen Yellen’s testimony to Congress this week did not change our outlook for a rate hike in June, as the Fed sees recent weakness in inflation as transitory. Consumer prices fell again in January, though much […]
Continue ReadingWells 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 ReadingWells Fargo Weekly Economic & Financial Commentary Where Are the Gasoline Savings Going? · Retail sales fell more than expected in January, declining 0.8 percent. While price-related declines at gasoline stations weighed heavily on the headline, sales excluding gas were flat on the month. · The labor market showed further signs of firming, with the […]
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