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
Please use the filters on the right to search for a specific date or topic.
STAGNATION AHEAD, AS THE TARIFFS HIT REAL INCOMES…
- …THE FED WILL EASE MATERIALLY, DESPITE RISING INFLATION
Samuel TombsUS
- Pre-tariff purchases of auto and other durable goods imply a strong headline retail sales number...
- ...But real spending on goods looks set to slump over the next few quarters.
- Tariff exemptions for tech leave the gloomy big picture for the broader economy little changed.
Oliver Allen (Senior US Economist)US
- People are the most downbeat about the outlook for 45 years and are very worried about losing their job.
- Timely spending and borrowing data, however, continue to run above levels consistent with recession.
- Tariff-related inflation will be milder than people fear; Fed policy easing will shore up sentiment too.
Samuel TombsUS
Tariffs will snatch defeat from the jaws of victory.
Samuel TombsUS
A much bigger rise in claims lies ahead.
Oliver Allen (Senior US Economist)US
- The subdued March core CPI reading will be followed by much bigger increases in the coming months...
- ...But ongoing weakness in underlying services inflation should lessen the trade-off faced by the Fed.
- March PPI data are worth watching for signs retailers are absorbing some early tariff costs in their margins.
Samuel TombsUS
Confidence crumbling even before "Liberation Day".
Oliver Allen (Senior US Economist)US
- Uncertainty remains high even after Mr. Trump’s blink; for now, the tariffs imply a 1% uplift to consumer prices.
- …That’s a slightly smaller boost than we previously factored in, but the outlook for exports has darkened.
- China’s 84% tariffs will inflict a 0.3% blow to US GDP; we still expect the economy to slow to a near-standstill.
Samuel TombsUS
- Tariff-funded tax cuts would simply give with one hand while taking more with the other.
- The net federal revenue available is likely to be just $200B, after accounting for the weaker economy.
- We look for a below-consensus 0.2% rise in the March core CPI; it’s too soon to see impact of China tariffs
Samuel TombsUS
- Recent falls in oil prices and shipping costs will offset about one quarter of the tariff boost to inflation.
- The $10 fall in WTI oil prices, however, also points to a 0.1% hit to GDP via lower business investment.
- The fall in financial wealth is consistent with households’ spending undershooting its trend by 0.7%.
Samuel TombsUS
Healthcare driving payroll growth again; ongoing support will offset some tariff damage.
Samuel TombsUS
- The stock price drawdown is historically consistent with a 1% fall in payrolls, but slow gains are more likely.
- Most services firms have little exposure to tariffs; leading indicators of hiring are weak, not on the floor.
- The healthcare sector will remain a jobs juggernaut; falling manufacturing payrolls will drag modestly.
Samuel TombsUS
ADP distracts more than it informs.
Oliver Allen (Senior US Economist)US
- The average effective tariff rate will jump to 22%, from 3%, if Mr. Trump follows through on his plans.
- We now look for a tariff uplift to the core PCE deflator of about 1¼%, half a point more than our prior assumption.
- The outlook for capex and exports is worse too, but fiscal and monetary policy can offset some damage.
Samuel TombsUS
Tariff uncertainty is weighing on manufacturing.
Oliver Allen (Senior US Economist)US
- Border Patrol encounters have fallen to zero, but unauthorized immigration likely will rebound soon.
- ICE arrests have risen only slightly; the hit to labor force growth so far is modest.
- A shrinking wage growth premium for job switchers suggests lower core services inflation ahead.
Samuel TombsUS
- Headline payrolls likely rose about 140K in March, with private payrolls up by roughly 125K.
- Ignore the upbeat NFIB survey; Conference Board, Indeed and regional Fed data point to a slowdown.
- Continuing claims data point to a stable unemployment rate, but WARN filings point to a rise ahead.
Oliver Allen (Senior US Economist)US
Clear signs of an underlying consumer slowdown.
Samuel TombsUS
- GDP looks set to grow at a mere 1% pace in Q1, following February’s weak consumption data.
- Fading pre-tariff frontrunning, however, explains the slowdown; core services spending is still rising.
- Tariffs will weigh on real income growth by less than 1%; recession remains unlikely.
Samuel TombsUS
