1 Download slides here at or The 2015 Mid-Year Economic Update Brian Lewandowski and Thomas P. Gale June 18, 2015 Produced by: Sponsored by:
2 Download slides here at or Agenda Introduction Macroeconomic Overview Brian Lewandowski 2015 Economic Benchmarks for Wholesale Distribution Thomas P. Gale Q&A Produced by: Sponsored by:
3 2015 Economic Benchmarks for Wholesale Distribution Discount Code: EBWD15 (Offer valid through July 2, 2015) Save 10% on these reports Analysis of 18 sectors (available for individual sale) Apparel & Piece Goods Agricultural Products Beer, Wine & Liquor Building Materials & Construction Chemicals & Plastics Commercial Equipment & Supplies Computer Equipment & Software Electrical & Electronics Furniture & Home Furnishings Grocery & Foodservice Hardware, Plumbing & Heating Equipment/Supplies Industrial Metal Service Centers Miscellaneous Durable Goods Motor Vehicle & Motor Vehicle Parts Office Products Oil & Gas Other Consumer Products
4 2015 Economic Benchmarks for Wholesale Distribution Discount Code: EBWD15 (Offer valid through July 2, 2015) Save 10% on these reports Analysis of 18 sectors (available for individual sale) Trend Data Revenues, Inventories, Inventory-to-Sales Ratio, Total Employment, Average Annual Revenues per Employee and Average Weekly Earnings Sector Summary 2014 Revenues, Percent of Industry Revenues, No. of Companies and Average Gross Margin Summary Trend Data 2014 Actual Revenues, 2014 Real Revenues, Revenue Gap and 2014 Q4 Employment Revenue Forecasts for 2015 & 2016 Sector Growth vs. U.S. GDP Growth :Q1 to 2014:Q4 Employment Size Distribution Actual Revenue Growth Quarterly 2004 to Present Real Revenue Growth Quarterly 2004 to Present Employment Growth Quarterly 2004 to Present Inventory-to-Sales Ratio 3-Month Moving Average with Trendline
5 Download slides here at or Speakers Brian Lewandowski Associate Director at the Business Research Division of the Leeds School of Business at the University of Colorado Boulder Thomas P. Gale President and CEO of Gale Media, Inc., and publisher of Modern Distribution Management and mdm.com Produced by: Sponsored by:
6 Epicor Value Proposition Company Founded in 1972 Nearly $1B Revenue* ~ 4,600 employees worldwide, 400 partners Customers Customer-centric focus Standard tiered solution to global enterprises Over 20,000 customers Products End-to-end solutions focused by industry Manufacturing, retail, distribution, services World-class functionality Technology Leading business software company based on Microsoft.NET and Web services architecture Solutions designed for flexibility, extensibility and scalability Services Single point accountability with direct global sales and support Supporting customers in 150+ countries, 30+ languages Proven rapid ROI and low TCO Epicor Software Corporation
7 Epicor as a Partner to Distributors Experience Market Share #1 Mid Market 52% Of Our Revenue 42 Years 34% Industrial Big 50 49% Supply Times Premier 150 9,000 Customers 10.5 Years Avg. Tenure of Distribution Experience 56% Electrical Top % Wholesaler Top Epicor Software Corporation
8 The 2015 Mid-Year Economic Update: Positive Prospects for the Industry Place cover image here Brian Lewandowski Associate Director, Business Research Division June 18, 2015
9 Economic Benchmarks for Wholesale Distribution and the Economic Outlook Today s Discussion Economic outlook Sales and inventory trends Specific industries Highlights from the 2015 Economic Benchmarks report About the Economic Benchmarks for Wholesale Distribution report data Foundational data from U.S. Census Bureau, Bureau of Labor Statistics and Bureau of Economic Analysis Based on latest Wholesale Trade Survey and Economic Census Include revenue growth forecasts
10 Core Wholesale Distribution Revenue Growth YoY Percent Change 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% Note: Core excludes the agriculture and the oil and gas sectors.
11 Summary of 2014 Performance by Sector Major Sector (Largest to Smallest Sector Revenues) Actual Revenues (2014) Real Revenues* (2014) Revenue Gap (Actual - Real) Oil and Gas Products Wholesale Distributors 1.3% 6.9% -5.7% Grocery and Foodservice Wholesale Distributors 7.0% 3.4% 3.6% Pharmaceutical Wholesalers 12.7% 6.9% 5.8% Industrial Distributors 10.7% 9.1% 1.6% Electrical and Electronics Wholesalers 5.2% 5.5% -0.3% Motor Vehicles and Motor Vehicle Parts Wholesale Distributors 4.9% 4.3% 0.6% Computer Equipment and Software Wholesale Distributors 3.9% 6.1% -2.3% Other Consumer Products Wholesale Distributors -1.5% -1.4% 0.0% Agricultural Products Wholesale Distributors -3.0% 10.6% -13.6% Miscellaneous Durable Goods Wholesale Distributors -2.3% -3.1% 0.8% Commercial Equipment and Supplies Wholesale Distributors 5.9% 6.8% -0.9% Metal Service Centers 11.6% 10.1% 1.4% Apparel and Piece Goods Wholesale Distributors 9.6% 9.1% 0.4% Chemicals and Plastics Wholesale Distributors 5.8% 6.1% -0.3% Beer, Wine and Liquor Wholesalers 2.6% 1.7% 0.9% Building Material and Construction Wholesale Distributors 6.2% 1.9% 4.3% Hardware, Plumbing, and Heating Equipment/Supplies Wholesalers 5.1% 3.7% 1.4% Office Product Wholesalers and Paper Merchants 6.0% 4.4% 1.6% Furniture and Home Furnishing Wholesale Distributors 5.9% 3.0% 2.9% Total 5.1% 5.4% -0.3%
12 GDP and Potential GDP Trillions, Month-over- Month 22.0 Recession Months Recession 18 Months Potential GDP Actual Projected GDP Sources: Congressional Budget Office, Budget and Economic Outlook; Bureau of Economic Analysis.
13 Real GDP Growth Percent Quarterly and Annualized Real GDP Annualized GDP Annualized GDP Quarterly GDP Sources: Bureau of Economic Analysis and February 2013 NABE Forecast.
14 National Employment Monthly Change Thousands, Month-over-Month Recession 8 Months Recession 18 Months Sources: Bureau of Labor Statistics (Seasonally Adjusted), National Bureau of Economic Research, and NABE Outlook February 2013.
15 National Employment Months to Recovery Percent 3.0% 2.0% 1.0% 0.0% Present -1.0% -2.0% -3.0% -4.0% -5.0% -6.0% -7.0% Number of Months Since Peak Source: Bureau of Labor Statistics (Seasonally Adjusted).
16 National Employment Months to Recovery Percent 20.0% 15.0% 10.0% % 0.0% Present -5.0% -10.0% Number of Months Since Peak Source: Bureau of Labor Statistics (Seasonally Adjusted).
17 National Employment Growth Prerecession Peak-to-May 2015 Source: Bureau of Labor Statistics, Seasonally Adjusted.
18 Labor Underutilization Percentage of Labor force % 5.5% Source: Bureau of Labor Statistics (Seasonally Adjusted).
19 Labor Underutilization Percentage of Labor force % 10.8% U-6 U-5 U-4 U-3 U-2 U Source: Bureau of Labor Statistics (Seasonally Adjusted).
20 Initial and Continuing Claims Continuing Claims 7,000,000 Initial Claims 700,000 6,000,000 5,000,000 4,000,000 Initial Claims Continuing Claims 600, , ,000 3,000,000 Average Initial Claims 300,000 2,000, ,000 1,000, , Source: Bureau of Labor Statistics.
21 Job Gains by Wholesale Distribution Sector Grocery and Foodservice Wholesaler- Distributors Electrical and Electronics Wholesalers Pharmaceutical Wholesalers Other Consumer Products (periodicals, tobacco + florist) Wholesalers Agricultural Products Wholesalers Computer, Commercial and Medical Equipment Wholesalers and Distributors Office Product Wholesalers and Paper Merchants Chemicals and Plastics Distributors Plumbing and HVAC Wholesalers Motor Vehicle Aftermarket Parts and Supplies Wholesalers Building Material Wholesalers and Distributors Apparel Wholesalers Metal Service Centers Beer, Wine and Liquor Wholesaler-Distributors Industrial Distributors Furniture and Home Furnishings Wholesalers Sporting Goods, Toys/Hobby and Jewelry Wholesaler-Distributors Oil and Gas Products Wholesalers Computer and Computer Peripheral Equipment and Software 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Percent Change Source: Bureau of Labor Statistics (Seasonally Adjusted).
22 Jobs Deficit by Wholesale Distribution Sector From Pre-recession Peak Computer, Commercial and Medical Equipment Wholesalers Computer and Computer Peripheral Equipment and Software Sporting Goods, Toys/Hobby and Jewelry Wholesaler-Distributors Building Material Wholesalers and Distributors Other Consumer Products Wholesalers Office Product Wholesalers and Paper Merchants Pharmaceutical Wholesalers Electrical and Electronics Wholesalers Beer, Wine and Liquor Wholesaler-Distributors Apparel Wholesalers Industrial Distributors Motor Vehicle Aftermarket Parts and Supplies Wholesalers Chemicals and Plastics Distributors Grocery and Foodservice Wholesaler- Distributors Oil and Gas Products Wholesalers Furniture and Home Furnishings Wholesalers Plumbing and HVAC Wholesalers Agricultural Products Wholesalers Metal Service Centers Thousands Source: Bureau of Labor Statistics (Seasonally Adjusted).
25 Index of Consumer Confidence 1985= Recession 8 months Recession 8 months Recession 18 months Sources: The Conference Board and National Bureau of Economic Research.
26 U.S. Income and Consumption Percent Change 4.0 Disposable Personal Income 3.4% Percent Change 4.0 Personal Consumption % % 2.9% Sources: Bureau of Economic Analysis and Blue Chip Economic Indicators.
27 Vehicle Sales and Retail Sales Thousands, SAAR 25,000 Vehicle Sales Retail and Food Services Sales Annual Percent Change , ,000 10,000 5, Sources: Autodata Corp., Motor Intelligence, U.S. Census Bureau (Seasonally Adjusted Annual Rate).
28 Household Debt Burden Percent of Disposable Income DSR Debt Service Ratio (L) Financial Obligations Ratio (R) FOR Source: Federal Reserve, Household Debt Service and Obligations Ratios.
29 S&P/Case-Shiller Home Price Indices 1-year Home Price Change, April 2015 Washington Cleveland New York Phoenix Minneapolis Chicago Detroit San Diego Boston Charlotte Atlanta Las Vegas Los Angeles Tampa Portland Seattle Dallas Miami San Francisco Denver 0% 2% 4% 6% 8% 10% 12% Percent Change Source: Standard & Poor s (Not Seasonally Adjusted).
30 National FHFA Home Price Growth Year-over-Year Q Source: Federal Housing Finance Agency Home Price Index, All Transactions Index.
31 Housing Affordability Index Composite Source: National Association of Realtors, Composite Index.
32 Houses For Sale and Months' Supply New SF Home Inventory (thousands) SF Homes for Sale Housing Supply Months of Supply Source: New Houses Sold and For Sale, U.S. Census Bureau.
33 Total Employment v. Construction Percent 15.0% 10.0% Oil and Gas Extraction 5.0% 0.0% Total -5.0% -10.0% Construction -15.0% -20.0% Number of Months Since Peak Source: Bureau of Labor Statistics.
34 U.S. Building Permits Seasonally Adjusted Annual Rate Thousands 2, % 2,000 Multifamily MF Share (Right Axis) 50.0% 1,500 1, Single Family 40.0% 30.0% 20.0% 10.0% % Source : U.S. Census Bureau, New Privately Owned Housing Units Authorized by Building Permits in Permit-Issuing Places (SAAR).
35 National Housing Starts Millions Sources: U.S. Census Bureau and Consensus Forecasts.
36 ISM Indices 70.0 ISM Manufacturing Index 70 ISM Non-Manufacturing Index Source: Institute for Supply Management (ISM).
37 U.S. Nominal Broad Dollar Index and Real Net Exports U.S. Nominal Broad Dollar Index 1973= $ Billions Real Net Exports $544 -$ Sources: Federal Reserve, Bureau of Economic Analysis, and Consensus Forecasts.
38 Inventory $Millions Core Wholesale Distribution Nominal Inventory Value 3-Mo. Moving Ave Core Wholesale Distribution Inventory-to-Sales Ratio 550, , , , , , , , , , ,
39 The FED QE 1 $ Millions 5,000,000 QE 2 Fed promises near zero interest rates until mid-2013, 2014, 2015, 2016? Operation Twist 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 Other Assets Mortgage Backed Securities Federal Agency Debt Securities Treasury Securities Swaps Tapering 1,000, , Source: Federal Reserve Balance Sheet.
40 Interest Rates Percent 9.0 Interest Rates, Year T-Note Month T-Bill Sources: U.S. Treasury.
41 Commercial Crude Oil Storage Millions of Barrels June 5, 2015: Average Source: Energy Information Association (EIA), Weekly U.S. Ending Stocks excluding SPR of Crude Oil.
42 WTI Oil Price Dollars per Barrel $ $ $ July 3, 2008: $ June 9, 2014: $ $ $80.00 Average $60.00 $40.00 June 8, 2015: $58.15 $20.00 $ Source: Energy Information Association (EIA), Cushing, OK WTI Spot Price FOB.
43 Henry Hub Natural Gas Spot Price Dollars per Million BTU $16.00 $14.00 $12.00 July 4, 2008: $13.20 $10.00 $8.00 $6.00 $4.00 $2.00 Average Average June 6, 2014: $4.61 June 5, 2015: $2.65 $ Source: Energy Information Association (EIA), Weekly Henry Hub Natural Gas Spot Price (Dollars per Million Btu).
44 National Gasoline Prices Dollars per Gallon $4.50 $4.00 $3.50 Average $3.00 June 16, 2014: $3.76 $2.50 $2.00 $1.50 June 15, 2015: $2.92 $1.00 $0.50 $ Source: Weekly Colorado All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon).
45 WTI Oil Price Forecast Dollars per Barrel $ $ $80.00 $60.00 $40.00 Historical Price EIA Forecast Lower CI Upper CI Moody's Forecast $20.00 $ Source: Energy Information Association (EIA), SPEO, Cushing, OK WTI, Moody s Analytics.
46 Thank You
47 2014 Wholesale Distribution Industry Performance Measure Value % chng Industry revenues ($B), 2014:Q4 $1, % Industry revenues ($B), 2014 $5, % Total Employment, 2014:Q4 4,963, % Avg. annual revenues per emp. $1,095, % % change vs. previous year Source: 2015 Economic Benchmarks for Wholesale Distribution 2015 Gale Media, Inc. All Rights Reserved.
48 Select Sector Performance/Forecast % change vs. previous year Major Sector 2014 Actual Revenue 2015 Forecast 2016 Forecast Industrial 10.7% Electrical/Electronics 5.2% Oil & Gas 6.3% Bldg Material/Construction 6.2% Hardware, Plumbing & HVAC 5.1% 8.3% 7.0% -22.4% 9.9% 8.6% 9.0% 9.0% 24.8% 14.7% 10.2% Source: 2015 Economic Benchmarks for Wholesale Distribution 2015 Gale Media, Inc. All Rights Reserved.
49 2015 Economic Benchmarks for Wholesale Distribution Discount Code: EBWD15 (Offer valid through July 2, 2015) Save 10% on these reports Analysis of 18 sectors (available for individual sale) Apparel & Piece Goods Agricultural Products Beer, Wine & Liquor Building Materials & Construction Chemicals & Plastics Commercial Equipment & Supplies Computer Equipment & Software Electrical & Electronics Furniture & Home Furnishings Grocery & Foodservice Hardware, Plumbing & Heating Equipment/Supplies Industrial Metal Service Centers Miscellaneous Durable Goods Motor Vehicle & Motor Vehicle Parts Office Products Oil & Gas Other Consumer Products
50 2015 Economic Benchmarks for Wholesale Distribution Discount Code: EBWD15 (Offer valid through July 2, 2015) Save 10% on these reports Analysis of 18 sectors (available for individual sale) Trend Data Revenues, Inventories, Inventory-to-Sales Ratio, Total Employment, Average Annual Revenues per Employee and Average Weekly Earnings Sector Summary 2014 Revenues, Percent of Industry Revenues, No. of Companies and Average Gross Margin Summary Trend Data 2014 Actual Revenues, 2014 Real Revenues, Revenue Gap and 2014 Q4 Employment Revenue Forecasts for 2015 & 2016 Sector Growth vs. U.S. GDP Growth :Q1 to 2014:Q4 Employment Size Distribution Actual Revenue Growth Quarterly 2004 to Present Real Revenue Growth Quarterly 2004 to Present Employment Growth Quarterly 2004 to Present Inventory-to-Sales Ratio 3-Month Moving Average with Trendline
51 Download slides here at or Thank you! Questions? June 18, 2015 Produced by: Sponsored by:
52 Download slides here at or The 2015 Mid-Year Economic Update Brian Lewandowski and Tom Gale June 18, 2015 Produced by: Sponsored by:
2016 Mid-Year Economic Update Featuring: Brian Lewandowski, University of Colorado Boulder Jenel Stelton-Holtmeier, Modern Distribution Management Sponsored by: June 14, 2016 Introduction Macroeconomic
Carol Tomé CFO and Executive Vice President, Corporate Services Financial Overview December 6, 2017 1 Discussion Overview Fiscal 2017 Financial Guidance Our View of the Economy and State of the U.S. Housing
Real GDP Growth Quarterly Real GDP Percent Change, SAAR 10.0 8.0 6.0 4.0 2.0 0.0-2.0-4.0-6.0-8.0-10.0 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Sources: Bureau of Economic Analysis
The U.S. Economic Outlook Presented to: Maquiladora Industry Outlook Conference September 29 2006 Presented by: Patrick Newport Principal, U.S. Macroeconomic Service 781-301-9125 email@example.com
colorado.edu/business/brd Big Changes, Unknown Impacts Southwest Business Forum Place cover image here Richard Wobbekind Senior Economist and Associate Dean for Business and Government Relations January
11 th Annual Oregon Economic Forum! (almost) Beyond! Macroeconomics Portland, OR! October 16, 2014! Expansion Continues! Five Years and More!! Recession Indicators Nonfarm Payrolls Real Personal Income
Kevin Thorpe Financial Economist & Principal Cassidy Turley Economic & Commercial Real Estate Outlook Kevin Thorpe, Chief Economist 2012 Another Year Of Modest Improvement 2006Q1 2006Q3 2007Q1 2007Q3 2008Q1
The Global Economy: Sustaining Momentum David J. Stockton Senior Fellow Peterson Institute for International Economics Chief Economist Monetary Policy Analytics October 5, 2017 What s Driving the Global
2018 Annual Economic Forecast Dragas Center for Economic Analysis and Policy PRESENTING SPONSOR EVENT PARTNERS 2 The forecasts and commentary do not constitute an official viewpoint of Old Dominion University,
Your Texas Economy Last updated: January 30, 2018 Texas economy strong in 2017 2017 job growth was 2.4% Overview 2015/2016 job growth was much weaker due to the oil bust (1.3% and 1.2%, respectively) 2014
RBC Economics Financial Update Dawn Desjardins CICA/RBC Q4 2011 Business Monitor Economic Results Overview Business and Economic Optimism Begin to Stablize 100 % 80 % 60 % 40 % 20 % 0 % National Optimism
MUSTAFA MOHATAREM Chief Economist, General Motors INTRODUCTION The U.S. economy continues to grow at a gradual but also erratic pace The current recovery is one of the slowest in the post-wwii U.S. history.
Opportunities in a Challenging Global Business Environment: Can the World Avoid a Double-Dip? Ross DeVol Chief Research Officer (310) 570 4615 firstname.lastname@example.org www.milkeninstitute.org Presentation
DFW MULTIFAMILY TRENDS & OBSERVATIONS Q2 2017 DALLAS / FORT WORTH The Top US Demand Driven Apartment Market DFW MULTIFAMILY STARTS A HISTORY LESSON!!! The challenge boom or bust perception vs recent history
Economic Outlook Peter Rupert Professor and Chair Department of Economics, UCSB Director, UCSB Economic Forecast Project League of California Cities Monterey, CA December 3, 2014 Economic Update economic
MBA Economic and Mortgage Finance Outlook MBA of Alabama Annual Conference June 7, 2017 Presented by Lynn Fisher Mortgage Bankers Association 1 Summary of the MBA Outlook 2016 2017 2018 2019 GDP Growth
Babson Capital/UNC Charlotte Economic Forecast May 13, 2014 Outline for Today Myths and Realities of this Recovery Positive Economic Signs Negative Economic Signs Outlook for 2014 The Employment Picture
Lodging Market Update Valley Hotel and Resort Association April 13, 2016 Presented by: Robert Hayward United States Lodging Market 63.7% 59.8% 58.9% 59.2% 61.3% 63.1% 63.3% 63.1% 60.3% 55.1% 57.5% 59.9%
The U.S. Economic Recovery: Why so weak and what should be done? William J. Crowder Ph.D. Weak Recovery? It s no secret that the U.S. economy has still not fully recovered from the financial crisis and
Energy Outlook Global and Domestic Trends and Challenges Dr. John Caldwell Director of Economics, EEI 1 World GDP Growth Other Economies are Outpacing the U.S. Other, 7996.16, 11% Africa, 3962.51, 6% Latin
Growth, Innovation, and the Future of the Arizona Economy Michael Crow Arizona State University December 21, 2016 Billions Arizona Gross Domestic Product, 2005-2016 $280 $275 $270 $265 $260 $255 $250 $245
U.S. AUTO INDUSTRY UPDATE Federal Reserve Bank of Chicago Automotive Outlook Symposium Emily Kolinski Morris Chief Economist May 2015 NORTH AMERICA INDUSTRY VOLUME SUMMARY 13.1 Total North America* (Mils.)
Job Creation Survey, 4 th Quarter 2015 and 1 st Quarter 2016 Summary Finding and Selected Tables National Bureau of Statistics June, 2016. Summary Findings and Tables of the Quarterly Job Creation 4 th
The Party Is Over U.S. Automotive Outlooks Yen Chen Senior Research Economist Center for Automotive Research Federal Reserve Bank of Chicago Economic Outlook Symposium December 1, 2017 U.S. Light Vehicle
Hotel InduSTRy Overview What Lies Ahead Vail R. Brown Vice President, Global Business Development & Marketing www.hotelnewsnow.com Click on Hotel Data Presentations U.S. In Review Demand Growth Strong.
Farm Sector Income & Finances 2016 Outlook By Ryan Kuhns and Kevin Patrick March 16, 2016 Background The Economic Research Service forecasts the farm sector s income statement and balance sheet Last released
Small Business Dynamics and Job Creation Or Small Business Numbers, Pretty Pictures and Not So Pretty Pictures Brian Headd Office of Advocacy U.S. Small Business Administration Employers 8,000,000 7,500,000
REGIONAL ECONOMIC BRIEFING Recent Developments in the U.S. Manufacturing Industry Kevin L. Kliesen Business Economist and Research Officer September 7, 2017 1 Disclaimer The views we will express today
2017 International Economic Outlook Everett Grant Research Economist Globalization & Monetary Policy Institute Federal Reserve Bank of Dallas October 2017 The views expressed are those of the author and
Steel Market Outlook AM/NS Calvert Agenda Economic indicators Key steel consuming markets and forecasted demand Steel consumptions trends Global steel markets and raw materials Comments on trade 1 U.S.
Commodity Market Outlook: Corn, Forage, Wheat & Cattle Stephen R. Koontz Professor & extension economist Department of Agricultural & Resource Economics Colorado State University Stephen.Koontz@ColoState.Edu
Airlines, the economy and air transport demand Brian Pearce, Chief Economist, IATA www.iata.org/economics Airline Industry Economics Advisory Workshop 2016 1 Returns for airlines investors lower this year;
J.P. Morgan Ultimate Services Investor Conference November 15, 2016 Max Messmer Chairman and CEO Keith Waddell Vice Chairman, President and CFO Company Background Originated in 1948 as boutique financial
EFFECTS OF EXTENDING AND EXPANDING ENERGY-EFFICIENCY TAX DEDUCTION FOR COMMERCIAL BUILDINGS Prepared by Regional Economic Models, Inc. (REMI) Agenda Overview of 179D tax provision Energy efficiency and
The Virginia Economy: Labor Markets and Workforce April 4, 2017 Sonya Ravindranath Waddell Regional Economist Research Department The views and opinions expressed herein are those of the author. They do
The Merits of Diversification in Portfolio Management April 14, 2016 Ellis Phifer, CFA, CMT Managing Director (901) 579-4831 Ellis.Phifer@raymondjames.com Intended for Institutional Clients Only See Page
Current Hawaii Economic Conditions Eugene Tian Department of Business, Economic Development & Tourism At the PATA/TTRA 2016 Annual Outlook & Economic Forecast Forum February 3, 2016 Positive Signs in the
Dick Vos Senior Manager Research & Strategy! House prices now falling at fastest rate since early 1990s House prices will fall 7% in 'uncertain' market IMF warns on global house prices House prices Through
Understanding the Unemployment Picture Dr. Christopher Waller Senior Vice President and Director of fresearch Federal Reserve Bank of St. Louis By David Andolfatto and Marcela Williams A Look at Unemployment
Farmland Booms and Busts: Will the Cycle be Broken? Kansas Society of Farm Managers and Rural Appraisers Salina, KS February 23 rd, 2012 Brian C. Briggeman Associate Professor and Director of the Arthur
2010 Credit Suisse Holiday Conference December 7, 2010 Forward Looking Statements The Company claims the protection of the safe-harbor for forward-looking statements within the meaning of the Private Securities
Zions Bank Economic Overview Coldwell Banker Commercial Group November 6, 2017 National Economic Conditions Dow Breaks 23,000 The Trump Bump Dow Reaches New Heights Following U.S. Presidential Election
Steel: A Buyer s Market for the Worst of Reasons John Anton Director, IHS Global Insight Steel Service August 2009 The U.S. Recession Is Bottoming Out This recession has been the most severe of the postwar
THE PHILIPPINE ECONOMY: Recent Performance and Long-Term Outlook Undersecretary Rolando G. Tungpalan 17 February 2016 Favorable Macroeconomic Trends The Philippines has been on a higher growth trajectory
M a r c h 1 4, 2 0 14 ADVANCING NATURAL GAS IN THE MULTIFAMILY BUILDINGS MARKET Northeast Gas Association Sales and Marketing Conference Rick Murphy Managing Director Sustainable Growth American Gas Association
Iowa Land Values Wendong Zhang Assistant Professor of Economics and Extension Economist email@example.com 515-294-2536 2017 U.S. Bank Ag Summit, Ames, IA, January 10 th, 2017 The new Mike Duffy 30 29
The Merits of Diversification in Portfolio Management December 7, 2015 Hunter Meisenheimer, CFA Senior Vice President (901) 579-4578 Hunter.firstname.lastname@example.org Intended for Institutional Clients
Published on Market Research Reports Inc. (https://www.marketresearchreports.com) Home > China Semi-Submersible Rigs Industry 2016 Market Research Report China Semi-Submersible Rigs Industry 2016 Market
UNITED 2026 BID: TRAINING SITE AGREEMENT Park Board Committee Meeting Monday, February 19, 2018 Purpose Present and review Vancouver s participation in the United 2026 bid process Seek Board approval to
INDUSTRY OVERVIEW BOB WELLS SENIOR VICE PRESIDENT, CORPORATE COMMUNICATIONS & PUBLIC AFFAIRS Forward Looking Statement The presentations today will contain certain forward looking statements," as defined
Gas Well Deliquification Workshop Denver, Colorado February, 2009 Energy, Economy and Policy: A Glimpse at the 21 st Century Scott W. Tinker Bureau of Economic Geology Jackson School of Geosciences The
May 17, 2017 Washington Public Ports Association Underwriting Process Lindsay Sovde MANAGING DIRECTOR Tel: +1 206-628-2875 Email: email@example.com MINNEAPOLIS BOISE CHICAGO LONDON LOS ANGELES NEW
The Economic Benefits of the Precision Dance Industry Inspired by the Kilgore College Rangerettes THE PERRYMAN GROUP 510 N. Valley Mills Dr. Suite 300 Waco, TX 76710 ph. 254.751.9595 fax 254.751.7855 firstname.lastname@example.org
Market Briefing: Commodity Prices December 28, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of
Published on Market Research Reports Inc. (https://www.marketresearchreports.com) Home > Europe MEMS Accelerometer Industry 2016 Market Research Report Europe MEMS Accelerometer Industry 2016 Market Research
The U.S. & World Economy: The Good, the Bad, and the Ugly Michael Strauss Chief Economist and Chief Investment Strategist Commonfund October 16, 2012 The U.S. & World Economy: The Good, the Bad, and the
2017 PNG Economic Survey Rohan Fox (ANU), Stephen Howes (ANU), Nelson Atip Nema (UPNG), Marcel Schröder (UPNG and ANU) Introduction New government, new plan Short-term challenges: recession, falling government
Southwest Ohio Regional Economy in Context Richard Stock, PhD. Business Research Group State of the Metro Area (in January Each Year) Total Employment has slowly increased in the last three years after
Cattle Market Situation and Outlook: 2015 and Beyond Derrell S. Peel Breedlove Professor of Agribusiness and Extension Livestock Marketing Specialist Oklahoma State University 2015 Market Setting Global
2000 Census Census Data 200 Census Change 2000 to 200 SUBJECT Number Percent SUBJECT Number Percent Number Percent TOTAL POPULATION 437 TOTAL POPULATION 246-9 -43.7 White 283 64.8 White 65 67. -8-4.7 Black
Retooling For Growth in a Dynamic Market CAR MANAGEMENT BRIEFING SEMINARS August 1, 2017 Mike Jackson Executive Director, Strategy and Research Original Equipment Suppliers Association email@example.com
Global Trade Analysis Project Economy-wide (general equilibrium) analysis of Philippines mitigation potential Erwin Corong Center for Global Trade Analysis, Purdue University Crowne Plaza Hotel, Manila
Policy and Economic Analysis Program Rotman School of Management University of Toronto Issues in the Long-Term Economic Outlook for Canada Office of the Chief Actuary Canada Pension Plan Seminar September
Published on Market Research Reports Inc. (https://www.marketresearchreports.com) Home > Global Milking Robots Industry Report 2015 Global Milking Robots Industry Report 2015 Publication ID: QYR121570731
1. Industry Forecast The Future of Beer & Cider Packaging Market in France, 2008 to 2018 Consumption of Primary, Outer, Closure and Multi-pack Packaging Reference Code: PK0647MR Report price: US$ 1,250
INDIANA UTILITY DEMAND & RATES FORECAST Presented to: Solar Energy Applications for Agriculture Workshop Rochester, IN Presented by: Douglas Gotham November 12, 2014 1 Highlights 2013 forecast growth is
Beef & Cattle Market Outlook Glynn Tonsor Dept. of Agricultural Economics Kansas State University 1 Economic Outlook Overview: Cow-Calf Continued beneficiary of tight supplies and expanded heifer retention
ECONOMIC PROFILE OF THE AGRO-PROCESSING INDUSTRY IN SOUTH AFRICA: 1970-2010 DIRECTORATE: AGRO-PROCESSING SUPPORT DEPARTMENT OF AGRICULTURE, FORESTRY AND FISHERIES MARCH 2012 TABLE OF CONTENTS LIST OF TABLES...
Centre de référence en agriculture et agroalimentaire du Québec April 21, 2015 2015 2016 economic and financial outlook François Dupuis Vice-President and Chief Economist Desjardins Group Cooperating in
Manitoba Chambers of Commerce Our Plan to Restore Manitoba Hydro and Protect Manitobans H. Sanford Riley Chair, Manitoba Hydro Electric Board December 1, 2017 1 Review of Manitoba Hydro s financial challenge
The Technology of Speed Meets the Speed of Technology Info.firstname.lastname@example.org 408.916.7620 209.628.5654 Speed of Technology - Motor & Technology Center of Excellence From the Beauty and Sophistication of the
Nitzan / 3270 GPE I I. Capitalism: A Brief History / 1 First Lecture Capitalism: A Brief History Definition Economic system? Private ownership / profit motive / wage labour Beginnings 16 th century: Feudal
University of Groningen & The Conference Board Asia s Productivity Performance and Potential: A Sectoral Perspective Bart van Ark and Marcel Timmer Groningen Growth and Development Centre May 2003 Dynamics
Distributional National Accounts: Methods and Estimates for the United States Thomas Piketty (PSE) Emmanuel Saez (UC Berkeley) Gabriel Zucman (UC Berkeley) November 2016 There is a large disconnect today
OUTLOOK FOR US AGRICULTURE Rob Johansson Acting Chief Economist 19 February 2015 Fig 1 Next boost to productivity: Big Data? Index: 1948 = 1.0 $million (2006 dollars) 3.0 $12,000 2.5 2.0 $R&D Output Input
New Mexico Transportation Funding Challenges Rocky Mountain Pavement Preservation Partnership Meeting October 29-31, 2008 Ernest Archuleta, P.E. Field Operations Division Director 1 NMDOT DISTRICT OFFICES