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
Please use the filters on the right to search for a specific date or topic.
Daily Monitor Emerging Asia
- Nine FOMC participants think policy should be tightened this year; six look for more than 25bp...
- ...But no member is voting to hike yet, and all of the Board of Governors likely are in the no-change camp.
- We think the FOMC’s aim was to anchor inflation expectations solidly, thereby reducing the need to hike.
- We think the control measure retail sales rose by just 0.2% in May, the smallest gain since December.
- The flow of tax refunds to households slowed to a trickle last month, but gas prices rose further.
- Near-real time data are mixed; slower growth, rather than an immediate correction, is most likely.
- Corporates in Q1 took on the largest amount of debt since the pandemic; Q2 looks set to be similar...
- ...But this is partly financing AI capex, which will weigh on employment; households are still not borrowing.
- The manufacturing revival is running out of steam; firms will run down inventory now the Strait is open.
- Headline inflation has hit a three-year high, but we see few signs of increasing underlying pressures.
- The energy shock will lift core goods prices in the coming months, but shelter inflation will cool.
- Slowing wage growth suggests a sustained climb in inflation for core services ex-rent is unlikely.
- Headline inflation has hit a three-year high, but we see few signs of increasing underlying pressures.
- The energy shock will lift core goods prices in the coming months, but shelter inflation will cool.
- Slowing wage growth suggests a sustained climb in inflation for core services ex-rent is unlikely.
- The plunge in NFIB hiring intentions in May casts doubt over the recent turnaround in payrolls.
- Capex intentions also are very depressed, suggesting large parts of the economy are struggling.
- May’s jump in existing home sales probably is a false dawn: demand is too weak for a sustained recovery.
- The effective tariff rate has fallen sharply recently and pass-through to consumers likely is now complete.
- The lift to core PCE inflation from tariffs probably will fall to zero by early 2027, from about 0.6pp in April…
- …But the fresh shock from the war with Iran means core inflation will remain elevated this year.
- The jump in energy prices likely started to lift some core goods prices, but the peak will come in Q3.
- CPI primary rent and OER likely rose only modestly, as the slowdown in new rents feeds through.
- Residual seasonality pollutes the services price data; May data have been consistently soft since 2022.
- Oil output has barely budged in response to the jump in prices, with few signs of an upturn ahead.
- Medium-term futures prices have risen by far less than spot prices, and capital discipline is tighter.
- A slowdown in consumers’ spending looms, as the hit to real incomes from higher gas prices starts to bite.
- The jump in April job openings was driven by a sector where the first estimate usually is revised significantly.
- Other measures of openings have continued to trend down; low quits imply a real wage squeeze is ahead.
- We doubt that the recent acceleration in corporate profits signals a sharp cyclical upswing.
- Weak growth in headline manufacturing output in recent years is hiding a boom in advanced industriess.
- That’s a plus for productivity and US economic leadership, less so for manufacturing employment.
- The construction sector remains mired in recession; data center surge is offsetting little of wider malaise.
- Q1 growth in personal consumption was revised down to 1.4%, from 1.6%; April saw a marginal rise.
- Real after-tax income has dropped by 1.1% since April; the saving rate is now effectively at its floor.
- Rising asset prices will help, but sluggish growth in real wages and less fiscal support will limit spending.
- The increase in asset prices over the past year implies a one percentage point boost to consumption...
- ..A bit less than rules of thumb imply, due to low confidence, already-low saving and high borrowing costs.
- Real incomes probably will rise just 4% year-over-year in Q4, limiting spending growth to 1%%.
- Manufacturing firms appear to be bringing forward orders to get ahead of supply chain disruptions…
- …That will lift industrial activity, but only in the short term; upward pressure on goods prices is building.
- The outlook for homebuilding remains dim; we expect real residential investment to fall in 2026.
- Online searches for furniture and household goods are surging, and Redbook’s data look red-hot...
- ...But Bloomberg’s Second Measure data—a better guide to spending—point to an emerging slowdown.
- …That subdued steer is echoed by falling airline pas- senger numbers and weak consumer confidence.
- Current fiscal plans imply low-income households will be squeezed by policy in 2027.
- The President’s budget proposal entails more pain for households, to part-fund higher military spending.
- Congress will temper proposed cuts to nondefense spending, but households likely still will be worse-off.
- AI-driven layoffs still look limited, but productivity gains seem to be limiting hiring in a few sectors.
- This drag on labor demand, however, looks relatively small compared to the broader AI economic boost.
- We still think AI is more likely to shift the composition of labor demand than depress it significantly.
- Core retail sales were very strong again in April; sales in February and March were revised up too.
- But spending looks set to falter ahead, as the lift from tax refunds fades, and gas prices stay elevated.
- We now look for a 1% expansion in consumers’ spending in Q2, but a mere 0.5% gain in Q3.
- Half of the rise in the April core PPI was due to a jump in gross margins; they won’t stay so high for long.
- A further third of the gain was driven by a step jump in transportation prices; unlikely to be repeated..
- Data center investment still is providing only a small lift to overall construction activity and employment.
- April’s 0.38% rise in the core CPI was driven by one-time jumps in rents, airline fares and tax services.
- Surveys point to bigger rises in core goods prices, but apparel prices will fall from weather-boosted levels.
- Measures of new rents have stalled; we look for 0.20% rises in the core CPI over the next three months.
