U.S. Review
Still on Track
• Nonfarm payrolls rose by 175,000 in February as employers looked past the nasty weather of late. The unemployment rate ticked up to 6.7 percent as an increase in the labor force overshadowed household employment gains.
• The ISM manufacturing index bounced back a bit in February, although activity remains decidedly weaker since the start of the year.
• Personal income picked up in January, while spending also accelerated. With inflation still mild, real consumer spending has advanced at a 2.5 percent annualized pace over the past three months.
Global Review
Much Ado About Nothing
• The Bank of England (BoE) met this week and made no change to its official bank rate. The European Central Bank (ECB) also met this week and made no change to its main refinancing rate.
• While both central banks may have stayed put this month, the BoE and ECB are at very different places from a monetary policy standpoint and that distinction has implications for financial markets. We break down the distinction in the week’s.
Read the full report: Economic Research
Wells Fargo