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Saturday, July 2, 2011

Wells Fargo’s Weekly Economic & Financial Commentary – July 1, 2011

-     Ward’s Auto is estimating an annual motor vehicle assembly rate of 9.5 million units in July, an increase of nearly 20 percent from the 7.9 million unit rate in May, as the impact of supply chain disruptions from Japan are reduced.

-     West Texas Intermediate crude oil prices are trading near $95.00 per barrel, about 17 percent lower than two months ago, while average retail gasoline prices have fallen nearly 10 percent to $3.63 per gallon.

.     The drop in gasoline prices alone could save U.S. consumers around $40.0 billion dollars if maintained over a year’s time.

-     Personal spending contracted at a 0.1 percent pace in real terms over the past two months due to negligible growth in real disposable income.

.     The Conference Board’s Consumer Confidence Index fell to 58.5 in June from 61.7 during the previous month, as both the present situation and expectations components declined.

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