US: Data shows economy on solid foot before Brexit - Wells Fargo

According to analysts from Wells Fargo, the strong jobs report that was released on Friday, highlights the resilience of the US economy, keeping the FOMC tilted toward a rate hike.

Key Quotes:

“We learned more this week about U.S. economic momentum before the Brexit decision upended global markets and reignited anxiety over the global growth outlook. Most measures suggest the U.S. economy was on solid footing in June, with a solid jobs report, improving business sentiment, robust domestic consumer demand for imported goods and moderation in the pace of deterioration in the manufacturing sector.”

“Hiring bounced back in June with 287,000 jobs added in the U.S. economy. This is a welcome relief after the slowdown in May and brought the three-month average to 147,000 jobs.”

“FOMC minutes released on Wednesday showed a committee faced with an uncertain outlook of economic conditions. We believe this week’s data highlight the resilience of the U.S. economy and will keep FOMC policy tilted toward another rate hike this year, though likely after the election.”