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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- Ignore PPI egg-flation; components relevant for the core PCE were soft, implying a mere 0.13% increase.
- The PPI data also point to a further decline in inflation in core services ex-rent in Q1.
- Low initial jobless claims paint an overly rosy picture of the labor market, given hiring is so weak.
Samuel TombsUS
Post-Thanksgiving volatility probably drove the jump in initial claims.
Oliver Allen (Senior US Economist)US
Core PCE components signal a mere 0.13% November increase.
Samuel TombsUS
- The 0.3% rise in the core CPI was powered by jumps in vehicle and hotel room prices, which are volatile...
- ...These components have a much smaller weight in the core PCE, which likely rose by just 0.2%.
- Expect 0.2% core PCE prints in December and January, but tariffs threaten to upend the benign trend.
Samuel TombsUS
Pointing to a 0.2% core PCE print; the FOMC can ease again with a clear conscience.
Samuel TombsUS
- The recent re-acceleration in growth in AHE looks like noise; few other timely gauges are picking up.
- Most reliable indicators of labor demand point to underlying wage growth falling below 4% soon.
- Wage growth won’t hold up Fed easing, provided Mr.Trump’s immigration bark is worse than his bite.
Samuel TombsUS
- We look for a 0.3% rise in the November core CPI, leaving the inflation rate unchanged since June.
- Hotel and auto insurance prices likely picked up; residual seasonality threatens other services prices.
- The FOMC will ease policy again next week, but November data will bolster case for a January pause.
Samuel TombsUS
A lackluster post-election pick-up confidence; inflation worries in check for now.
Oliver Allen (Senior US Economist)US
- Rising stock prices and other surveys point to a pickup in the Michigan confidence index this month...
- ...But a renewed rise in medium-term inflation expectations risks causing a headache for the Fed.
- A rise in the unemployment rate in November is still signalled by revised continuing claims data.
Samuel TombsUS
Services companies see few reasons for cheer in the election result.
Oliver Allen (Senior US Economist)US
- November's meager rebound in payrolls implies the trend still is slowing; revisions will worsen the picture.
- The rise in NFIB's hiring intentions index is politics induced noise; demand for new staff is very weak.
- The unemployment rate is on a steady rising trend; an immigration rush before new rules will reinforce it.
Samuel TombsUS
- Continuing claims data, after revisions, are a good guide to the trend in short-term unemployment...
- ...But unemployment is more broadly defined and is subject to large sampling error; noise can dominate.
- Residential construction payrolls look likely to plunge, given the ongoing slump in homebuilding.
Samuel TombsUS
The first estimate of job postings is noisy; labor demand is still weakening.
Samuel TombsUS
- Ignore the pick-up in job openings; less volatile data from Indeed point to an ongoing downward trend.
- Low net hiring throughout October suggests payroll growth slowed primarily due to underlying weakness.
- ADP's data is a useless guide to the official estimate of private payrolls, including for every specific sector.
Samuel TombsUS
- Downward revisions to payrolls have been biggest in sectors with above-average shares of small firms.
- ADP and JOLTS data also suggest small businesses have slowed hiring more than large corporations.
- The manufacturing sector is showing signs of life, but major headwinds remain.
Samuel TombsUS
Tentative signs of improvement, but still weak.
Oliver Allen (Senior US Economist)US
- Expect an unconvincing 250K gain in November jobs; October weakness was more than Milton and strikes.
- The low response rate for October's estimate adds to uncertainty over the size of November's recovery...
- ...But household survey and claims data also suggest October’s slowing had little to do with bad weather.
Samuel TombsUS
