Pantheon Publications
Below is a list of our Publications for the last 6 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep.
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Rob Wood (Chief UK Economist)
- In one line: House price inflation edged down in July, but will accelerate as mortgage rates fall.
Rob Wood (Chief UK Economist)UK
- July PAYE employment should gain 30K month-to-month, while the June jobless rate rises to 4.5%.
- We think May AWE growth being revised up is a decent bet and we factor in a 0.2% bump.
- So we expect Q2 year-over-year private-sector AWE ex. bonuses growth 20bp above the MPC’s forecast.
Rob Wood (Chief UK Economist)UK
- CPI inflation in the UK likely rose to 2.3% in July, from 2.0% in June, 0.1pp below the MPC’s forecast.
- The rise will be due to easing utility price deflation, as Ofgem cut the price cap less than in July 2023.
- We expect CPI services inflation to slow to 5.5% but uncertainty is high because of volatile hotel prices.
Rob Wood (Chief UK Economist)UK
- In one line: The Construction PMI roars ahead.
Rob Wood (Chief UK Economist)UK
- In one line: Retail sales return to growth in July.
Rob Wood (Chief UK Economist)UK
- Markets are pricing the MPC to cut interest rates about as fast as after the dot.com bubble burst.
- We think that is too much: our US colleagues forecast slower, but continued, US growth…
- …The UK and US economies are not currently synchronised and UK inflation is higher than in 2001.
Rob Wood (Chief UK Economist)UK
- July’s headline PMI signals 0.2% quarter-to-quarter growth and only a gradual decline in inflation.
- Surging business optimism, hiring and new orders suggests activity growth will accelerate.
- The July PMI will not push the MPC to cut rates again in September; we now expect November.
Rob Wood (Chief UK Economist)UK
- In one line: The PMI signals steady growth now and a stronger expansion to follow.
Rob Wood (Chief UK Economist)UK
- In one line: Private sales remain weak, total registrations continue to grow.
Rob Wood (Chief UK Economist)UK
- We expect GDP to be unchanged month-to-month in June, as retail sales and doctors’ strikes hit output.
- That would leave Q2 GDP up 0.6% quarter-to-quarter, just below the MPC’s new forecast.
- We think recent growth reflects stronger underlying momentum than the MPC assumes.
Rob Wood (Chief UK Economist)UK
- In one line: Doves let loose, another rate cut is coming by year-end.
Rob Wood (Chief UK Economist)UK
- In one line: Supporting the MPC’s decision to cut rates.
Rob Wood (Chief UK Economist)UK
- In one line: Manufacturing growth and employment to accelerate as business optimism soars.
Rob Wood (Chief UK Economist)UK
- In one line: House price inflation beats expectations again.
Rob Wood (Chief UK Economist)UK
- The MPC cut rates 25bp as consensus expected, but surprised markets with dovish words and forecasts.
- The MPC cut its mode two-year inflation forecast to 1.7%, and ditched services inflation as a lode star.
- We expect one more cut this year and three in 2025 as inflation runs above the MPC’s mode forecast.
Rob Wood (Chief UK Economist)UK
WAGES AND SERVICES INFLATION REMAIN ELEVATED
- ...BUT THE MPC WILL CUT IN SEPTEMBER, IF NOT IN AUGUST
Rob Wood (Chief UK Economist)UK
- Smaller utility price cuts this July than in 2023 will push up CPI inflation to 2.2%, from 2.0% in June.
- We expect the easing of utilities price deflation to be offset by slower goods and services inflation.
- Uncertainty is high as our call hinges on volatile public rents, likely strong, and hotel prices, likely weak.
Rob Wood (Chief UK Economist)UK
- Increased risk appetite and approaching rate cuts led firms to raise finance for the third month in four.
- Consumers continue to plough money into ISAs to take advantage of good deposit rates.
- But we doubt households will save more, as they are already building up real liquid assets at a decent clip.
Rob Wood (Chief UK Economist)UK
- In one line: Fading consumer caution and renewed corporate risk appetite bode well for growth.
Rob Wood (Chief UK Economist)UK
- In one line: Fading consumer caution and renewed corporate risk appetite bode well for growth.
Rob Wood (Chief UK Economist)UK
