By: Bloomberg Finance L.P. and Wells Fargo Economics

Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts.

The most significant changes in expectations came from:

  • Trade Balance decreasing from -$69.0B  to -$67.0B
  • PPI Final Demand increasing from 0.1% to 0.7%
  • Unit Labor Costs dropping from 4.2% to 2.1%

These changes in expectations come on the heels of labor market reports showing a cooling labor market (187k new jobs vs 200k expected). However, while the labor market is cooling, average hourly earnings are up 4.4%.