Pantheon Publications
Below is a list of our Publications for the last 5 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep.
Please use the filters on the right to search for a specific date or topic.
Daily Monitor
- Rising JOLTS job openings are driven by hospitality firms rehiring to comply with employment laws...
- ...Measurement problems also boosting the numbers; large downward revisions are now common.
- Tariff revenues currently equal 10% of the value of imports, but the effective tariff rate likely is higher.
Samuel TombsUS
- Growth momentum is fading in Chile as temporary drivers wane and consumption stabilises.
- Industrial production is still strong, led by mining, but job-market weakness remains a threat.
- Political polarisation and election uncertainty are rising, posing new risks to policy and capex.
Andrés Abadía (Chief LatAm Economist)Latin America
- ASEAN’s manufacturing PMI deteriorated further in June, and all signs point to more near-term falls.
- Indonesian export growth is in for a rockier H2, in spite of evidence of stabilising demand from China.
- Consumer sectors were to blame for India’s poor May IP; that’s a double whammy for the economy.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- The Caixin PMI rebounded more strongly than the official manufacturing index in June…
- …Deflation pressures are festering, however, likely forcing regulatory curbs on excessive competition.
- Korea’s manufacturing PMI is starting to rise from its sickbed, now the election has reduced political risk.
Duncan WrigleyChina+
- We expect CPI inflation to tick up to 3.5% in June from 3.4% in May, 0.1pp higher than the MPC expects.
- Surging food prices—the biggest three-month rise in two years—and motor fuel base effects boost inflation.
- Hot weather and a likely late CPI collection date pose upside risks to clothes prices.
Rob Wood (Chief UK Economist)UK
- The abundance of weak surveys points to a 100K first estimate for June payrolls.
- Downward revisions to estimated payrolls in April and May also are likely.
- Scraps of evidence suggest late responses from struggling small businesses explains the pattern.
Samuel TombsUS
- Deep BanRep Board divisions and sticky inflation expectations are delaying further rate cuts.
- Rising fiscal deficits and political noise are under- mining policy credibility and investor confidence.
- Stronger growth gives limited relief as inflation risks and external pressures continue to build.
Andrés Abadía (Chief LatAm Economist)Latin America
- Retail sales growth in Thailand is still at an absurdly-high double-digit rate; ignoring the rosy headlines…
- …The monthly consumption index remains weak, and fading confidence points to more downside.
- Consumption looks set to continue rising, though, as wages recover alongside productivity.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- The PBoC on Friday hinted it saw less need for a near- term monetary policy boost than three months ago.
- The June official manufacturing PMI improved, thanks to policy support and an easing in tariff tensions.
- The construction PMI ticked up at last, but it’s too soon to celebrate; the hard data pointed to slowing.
Duncan WrigleyChina+
- An upward revision to Q1 consumer spending growth gives a more solid base to economic growth.
- The household saving rate dip in Q1 is a sign of things to come, which should support consumer spending.
- Firms are borrowing again as all the “Liberation Day” surge in economic policy uncertainty has unwound.
Elliott Laidman Doak (Senior UK Economist)UK
- We look for a below-consensus 0.2% decline in real expenditure in May...
- ...One-time factors likely drove the drop, but the Q3 outlook for real after-tax income growth is bleak.
- 3% GDP growth looks likely in Q2, as the unwinding of tariff distortions obscures underlying weakness.
Samuel TombsUS
- Banxico cuts rates, but rising inflation and Board split signal slower, more cautious easing ahead.
- Disinflation is emerging in Brazil, but policy is still tight amid lingering core pressures and fiscal uncertainty…
- …The Selic will likely be held at 15%, as the BCB sees easing risks outweighing fragile disinflation.
Andrés Abadía (Chief LatAm Economist)Latin America
- Mr. Powell refrained from providing lawmakers with triggers and timings for the intended policy easing in H2...
- ...But 2024’s small upside unemployment surprise drove a rapid pivot; expect a repeat, despite the tariffs.
- GDPNow’s 3.4% projection for Q2 growth looks about right; underlying momentum is about half that figure.
Samuel TombsUS
- The BoT yesterday left the policy rate steady after two consecutive cuts, in line with our expectation.
- The MPC’s worst fears at the April meeting have been averted, leading to an upgrade to its GDP call.
- We maintain that 1.75% is the terminal rate, though the risks are still clearly skewed to the downside.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Official payroll data are vastly exaggerating the weakness in the job market, in our view.
- May’s payrolls reading is especially unreliable, while the official data have diverged hugely from surveys.
- Job vacancies seem to be stabilising, redundancies are low and jobless claims are down since October.
Rob Wood (Chief UK Economist)UK
- Homebase data point to a mere 100K rise in June payrolls; Conference Board data point to even worse.
- No other reliable indicators of payroll growth are due to be released, so we likely will maintain our 100K forecast.
- The April surge in new home sales looks very fishy: we expect a slump in May.
Samuel TombsUS
- The benign inflation report supports a 50bp cut, but a divided Banxico will likely slow the easing pace in H2.
- Services inflation is sticky; housing, wage and food costs are delaying disinflation despite a MXN rebound.
- Private demand and capex lead growth in Argentina, but external imbalances and fiscal risks remain high.
Andrés Abadía (Chief LatAm Economist)Latin America
- Taiwan’s retail sales fell for a second straight month, because of a slump in vehicle sales...
- ...Reports suggest consumers are holding off purchases, hoping for a reduction in import tariffs.
- Malaysian inflation fell to its lowest in 51 months, due to a decline in services inflation.
Meekita Gupta (Asia Economost)Emerging Asia
- Japan’s June headline flash manufacturing index was lifted by output, but demand remained subdued.
- Cost pressures are easing only slowly, with global oil prices a key risk.
- The service sector continues to be bolstered by tourism, notably surging Chinese visitor numbers.
Duncan WrigleyChina+
- Collapsing payrolls in May look inconsistent with stable or improving survey-based measures of jobs.
- The soft data suggest the worst of the slowdown caused by the payroll-tax hike is behind us.
- Stable economic growth, driven by less trade-related uncertainty, will give a hawkish tint to the job data.
Elliott Laidman Doak (Senior UK Economist)UK
