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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Samuel Tombs
- Upside risk for the September core CPI from sources including hotel room rates and auto insurance.
- Tickets for sports event probably leapt too; NFL admission costs 9% more this season.
- JD Power data point to rising prices for used autos; import prices flag a break from core goods deflation.
Samuel TombsUS
Low response rate suggests jump in payrolls very likely to be revised away.
Samuel TombsUS
- The scope for another downward revision to payrolls is high, given the low response rate in September.
- The dip in the unemployment rate is statistically insignificant; reliable surveys point to a rising trend.
- A 25bp easing in November remains a good bet, but labor market data will force a faster pace thereafter.
Samuel TombsUS
Boosted marginally by Boeing; expect a further uplift from Hurricane Helene ahead.
Samuel TombsUS
- Payrolls likely rose by only 135K in September, constrained by slow private and government hiring.
- Initial claims have been distorted by iffy seasonals; unemployment won’t track the drop in continuing claims.
- October private job growth will be close to zero, if strikes at Boeing and the ports continue next week.
Samuel TombsUS
Indicators with a better track record paint a much weaker picture.
Samuel TombsUS
- We look for a small rise in initial claims to about 225K, from 218K, driven by rolling furloughs at Boeing.
- Storm Helene likely will lift claims to about 250K soon; port-related disruption may add to the pick up.
- The end of the student loan payment “on-ramp” will only hit annual consumption by 0.15% at most.
Samuel TombsUS
- Supply chains have enough flex for a one-week ports strike to have only a negligible impact on GDP...
- ...But a more protracted walkout would weigh greatly on the manufacturing and retail sectors.
- Manufacturing and residential construction payrolls both look likely to decline in the coming months.
Samuel TombsUS
- Only NFIB, Conference Board and Indeed data predict jobs growth better than a
six-month average.
- Collectively, these indicators point to a 115K rise in September private payrolls and a 135K in total NFP.
- The unemployment rate likely edged up; the recent fall in continuing claims is not indicative of the trend.
Samuel TombsUS
- The latest batch of data for August have led us to lift our forecast for Q3 GDP growth to 2.5%, from 2.0%.
- Households’ saving rate has been revised up sharply, but the stock of liquid assets still looks low.
- Further labor market weakening will depress income growth and prompt many households to save more.
Samuel TombsUS
- The estimated increase in real GDP since Q4 2019 has been revised up to 10.7%, from 9.4%.
- August PCE data will point to continued strength in consumers’ spending, but slower growth likely looms.
- We look for a 0.14% August core PCE print, slightly below the consensus.
Samuel TombsUS
- Survey measures of investment intentions point to a weak August durable goods report...
- ...But for now, solid investment in computers and transportation is offsetting broader weakness.
- Seasonally adjustment issues point to another low initial claims print; the labor market is still worsening.
Samuel TombsUS
- We see limited macro implications if Democrats keep the White House...
- ...But split control of Congress likely would mean a slight tightening in fiscal policy, given current plans.
- A Trump victory risks higher inflation and rates, and weaker growth, especially if GOP sweeps Congress.
Samuel TombsUS
- In one line: Growth will bounce back but easing inflation will lead the MPC to cut rates in November.
Samuel TombsUK
- The GDP-GDI gap is big, but revisions usually result in GDI being pulled towards GDP, not vice-versa.
- Firms’ interest payments likely will be revised up, boosting the imputed interest income of households.
- The employment index of S&P’s PMI survey points to very weak growth in private payrolls this autumn.
Samuel TombsUS
- The modest easing planned by the FOMC will be too little, too late, to stabilize the unemployment rate.
- Reductions in the funds rate will lower private sector net interest payments less decisively than in the past.
- Expect a federal funding extension bill to be passed just in time, but bigger squabbles loom next year.
Samuel TombsUS
RESTRICTIVE FED POLICY NO LONGER WARRANTED...
- ...EASING MUST BE RAPID TO STABILIZE THE LABOR MARKET
Samuel TombsUS
Fast out the starting blocks; we expect further 50s soon.
Samuel TombsUS
- Claims fell to a 20-week low due to faulty seasonal adjustment and calm weather; the firing trend is flat.
- The mix of steady layoffs and a further fall in hiring will propel unemployment upwards at a faster pace.
- Existing home sales dropped back again in August, and a significant recovery is unlikely in the near term.
Samuel TombsUS
- The FOMC’s forecasts imply that slow, steady, easing will stabilize the labor market soon...
- ...But policy is not that powerful and works with long lags; the Committee will ease in 50bp steps again.
- Housing starts rebounded in August, but a further climb is unlikely in the near term.
Samuel TombsUS
