US Publications
Below is a list of our US Publications for the last 5 months. If you are looking for reports older than 5 months please email info@pantheonmacro.com, or contact your account rep
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Daily Monitor Datanotes Chartbook Samuel Tombs
- S&P reports brisk employment growth in June, but itsindex has been a very poor guide to payrolls since 2023.
- The output price index signals an implausibly large pick- up in core goods CPI inflation ahead.
- The unwinding of a one-time uplift to Social Security payments probably dragged on income growth in May.
LEADING LABOR MARKET INDICATORS HAVE WORSENED…
THE FED WILL EASE IN SEP, BEFORE INFLATION PEAKS
- Many FOMC participants raised their rate forecasts, but Mr. Powell says “no one... has a lot of conviction”.
- The Committee is overlooking several indicators that point to a material rise in unemployment ahead.
- The slump in single family construction is deepening, another headwind to activity and employment.
Demand still falling amid high mortgage rates and elevated uncertainty.
Holding on to Q1's gains, for now.
- The biggest fall in headline retail sales in two years suggests consumers are starting to tire…
- …More weakness is likely in the coming months, as tariff-induced price rises hit in earnest.
- The further rise in import prices ex-tariffs in May indicates tariff costs are being borne entirely in the US.
Still waiting for the tariffs to hit.
Tariff pressures remain muted, for now.
- CPI and PPI data imply a 0.12% rise in the May core PCE deflator, but 0.3-to-0.4% prints lie straight ahead.
- Momentum in services prices will rebuild in June and July, while retailers will start to pass on tariff costs.
- Jobless claims provide further evidence that the labor market is gradually softening.
- Changes in import prices rarely feed through instantly to consumer prices; brace for a surge this summer.
- CPI services data remain plagued by residual seasonality; expect much faster increases ahead.
- We still expect core CPI inflation to peak at 3½% in Q4, though that won’t stop the Fed easing.
- The aggregate DPI is a poor guide to CPI core goods prices, but some components are well correlated.
- The useful component DPIs point to no step up yet in the pace of goods price rises in response to tariffs.
- A very low response rate to NFIB’s survey casts doubt over the May rebound in small business confidence.
- We think the core CPI rose by 0.3% in May, but a 0.2% increase looks more likely than a 0.4%.
- Indicators point to a moderate step up in the pace of core goods price rises; the surge is coming from June.
- Discretionary services prices likely were soft again, while the seasonals will pull down other services prices.
Rise in openings irreconcilable with other evidence.
- ADP’s private payroll numbers are a woeful guide to the official data; even back-to-back low prints offer no signal.
- As a result, we are maintaining our forecast for a 125K increase in nonfarm payrolls in May.
- QCEW data imply big downward revisions to payrolls, but mostly because they exclude unauthorized workers.
- The JOLTS participation and response rates are very low; downward revisions have been common lately.
- Other indicators point to fading demand for new hires; at the same time layoffs are starting to rise.
- Several “soft” data series have reversed their April plunges, providing some reassurance about activity.
- We look for a 125K rise in May payrolls; the surge in distribution sector jobs likely has petered out...
- ...While the most reliable survey indicators show that rising uncertainty has weighed on hiring.
- Continuing claims data point to another rise in unemployment, increasing pressure on the FOMC to ease.
- Core capital goods orders fell by almost 2% in real terms in April, the steepest drop in almost four years.
- Surveys of capex intentions still point to further weakness in equipment investment ahead.
- The FOMC minutes will underline the Fed’s plans to wait for more clarity on the impact of tariffs.
Still impeded by high mortgage rates and elevated uncertainty.
Little changed from previous weeks, but weak hiring indicators point to a deterioration soon.
