Wells Fargo sees warning lights for economy

CHARLOTTE — Two economists for Wells Fargo & Co. see plenty to worry about when it comes to the economy despite strong growth as of late.

“The economy expanded at a 2.8% annualized rate in the second quarter. While that handily exceeded expectations, we suspect that it may be the fastest GDP growth rate we are apt to see for the foreseeable future,” Wells Fargo (NYSE: WFC) economists Tim Quinlan and Shannon Seery Grein told clients on July 25. More than half, or 1.6%, of second-quarter growth was from consumer spending.

That gives the economists pause since consumers appear to be pivoting toward spending on health care, housing and other essentials.

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