The most important charts in the world
We thought we would start off the week with a look at how other global analysts are looking at the United States’ and world economy at the moment. The charts are courtesy of financial website Business Insider as part of a segment called “Wall Street’s Brightest Minds Reveal The Most Important Charts In The World,” and includes submissions from economists and analysts around the world. Our own addition, on slide 41, is reproduced below, and attempts to draw attention to the worrisome picture apparent in mortgage lending data.
The question of when to raise borrowing costs will likely be addressed on Wednesday when the FOMC makes its latest policy statement. And of course the major economic news of the week will be the release of nonfarm payrolls for July due on Friday morning. The market is looking for job gains of around 230,000 for the month from this and the earlier ADP report due Wednesday. Also due out the same day will be the first glance at second-quarter GDP statistics. On average, economists are looking for a rebound to a 3.0% annualized pace for the three months ending in June to follow a contraction of 2.9% for the first quarter of the year.
Chart - Mortgage Bankers Association portrays Yellen’s housing activity concerns