Weekly Economic & Financial Commentary

U.S. Review
Mixed Signals About Third Quarter Growth
• The August employment report signaled continued modest job growth. Nonfarm payrolls rose 169,000 while the unemployment rate edged down slightly to 7.3 percent.
• Both the ISM-manufacturing and non-manufacturing indices came in stronger than expected for August, suggesting a pickup in manufacturing and service sector growth in the second half of the year.
• International trade data for July showed that the trade balance widened for the month after declining sharply in June. On net it does not appear trade will play a role in adding
or subtracting from third quarter GDP growth.

Global Review
Global Economy: Not Great But in the Right Direction

• After several years of weak economic performance across the world, economic activity seems to be reviving in the most affected regions. While the risks to our forecast remain ever present, world economic prospects continue to improve.
• The good news for the global economy and for some sense of continuity and sustainability of growth going forward is that the U.S., the Eurozone, and the Chinese economies have continued to show improvement over the past several quarters and this will help support stronger overall global economic growth.

Read the full report: Economic Research


Wells Fargo

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