US Publications
Below is a list of our US 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 Andrés Abadía (Chief LatAm Economist) Ian Shepherdson (Chief Economist, Chairman and Founder)
Sentiment improving, but mortgage rates remain too high for demand to recover materially.
Samuel TombsUS
Bouncing back after a poor H1, but Q3’s momentum will not be sustained.
Samuel TombsUS
- Liquid assets matter more for spending than total wealth; most households now hold less than usual.
- The top 20% of the income distribution still has ample liquid assets, but threats to their income loom.
- We see a few factors preventing lower rates from providing a big boost to residential construction.
Samuel TombsUS
THE LABOR MARKET WILL DETERIORATE FURTHER...
- ...LOW INFLATION WILL ENABLE A NIMBLE FED RESPONSE
Samuel TombsUS
- Real goods spending likely leapt by 6.3% in Q3, the most for six quarters, but slower growth beckons.
- Labor income growth is slowing, while savings income will fall; hurricanes will not boost overall sales.
- The latest jobless claims data are still consistent with a big hit to October NFP from strikes and hurricanes.
Samuel TombsUS
- Weak Visa spending data and falling hours worked signal unchanged headline September retail sales.
- The Boeing strike and Hurricane Helene likely pushed up jobless claims again last week.
- Strikes at Boeing probably also weighed heavily on manufacturing output in September.
Samuel TombsUS
- Healthcare and education payrolls together are nearly one million below their pre-Covid trend path...
- ...But healthcare job postings have fallen sharply; S&L governments lack funds to hire many more teachers.
- Consumers perceive the highest chance of missing a debt payment since April 2020; lenders will take note.
Samuel TombsUS
- We look for a near-zero change in October payrolls; Boeing and Milton likely will each subtract about 50K.
- Similar storms have cost more jobs, but we expect a small hit as Milton arrived midway in the survey week.
- Daily Homebase data show only a small blow to employment on Monday and Tuesday, before Milton hit.
Samuel TombsUS
Consistent with a 0.2% core PCE print; the momentum was in non-PCE components.
Samuel TombsUS
- The CPI points to a benign 0.2% rise in the core PCE deflator; the strength was in non-PCE components.
- The rise in import prices earlier this year lifted core goods prices, but the outlook for both is fine.
- Services disinflation continues; a further fall in wage growth in 2025 will return overall core inflation to 2%.
Samuel TombsUS
- Some FOMC participants preferred a 25bp move last month, suggesting a gradual approach for now...
- ...But worse data in the coming months probably will push the Fed to ease rapidly by the turn of the year.
- Hurricanes Helene and Milton will make the data hard to read, but are unlikely to change Fed policy.
Samuel TombsUS
- The FOMC minutes probably will show a consensus behind gradual and data-dependent rate cuts.
- Recent data suggest a 25bp move is most likely in November, but we see sharper cuts further ahead.
- Credit conditions tightened for small companies in September, highlighting monetary policy’s long lags.
Samuel TombsUS
- 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
