US Light Vehicle Outlook. George Magliano Senior Principal Auto Economist Americas, HIS May 31, 2012
|
|
- Lorin Walsh
- 5 years ago
- Views:
Transcription
1 US Light Vehicle Outlook George Magliano Senior Principal Auto Economist Americas, HIS May 31, 2012
2 External Shocks to The Global Auto Industry - A Critical Timeline Sub-Prime Crisis Bear Sterns Oil Hits $147 Lehman Bros Confidence Slumps Liquidity Freeze Event or Shock Global Great Recession Banking System is Stabilized Greek Debt Crisis kicks off Economies Rebound (inventory) Inflation Surges in Emerging Markets Mature Economies Growth Fades Libya, Arab Spring, Oil Surges Japan Disasters US Debt Ceiling Debacle Downgraded Markets Drag Italy Into PIIGS Class Is Greece Confidence Europe's Slumps Lehman Bros? Successive EU Summits -no silver bullet Iran embargo RECOVERY Re-ignites Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Policy Response World Auto Sales Track Interest Rates Slashed, QEI TARP China Stimulates Banks Recapitalised, Nationalised, Guaranteed Fiscal Pump Priming Auto Bail Outs, Financing and Restructuring Consumer De-leveraging Copyright 2012 IHS Inc. All Rights Reserved. Auto Incentives Europe, China, Brazil, Japan, US India Private Sector Debt => Sovereign Debt Auto Incentives Phasing out QEII Cooling Measures In EM Auto Incentives Ending Japan Supply Chain Crisis Fiscal Tightening Accelerated ECB (LTRO) Consumer De-leveraging Still There ESM Spluttering Along Greece Exits Spain & Italy Defaults, Eurozone Breaks Apart Global Financial Crisis II (Early Vortex)?
3 U.S. Economy -Probability of a Recession is now 20% (Percent unless otherwise noted / May 2012) Real GDP Growth Employment Growth CPI Inflation Oil Prices (WTI, US$/bbl) Housing Starts - mm Federal Funds Rate Dollar (Major Trading 2005=1) Copyright 2012 IHS Inc. All Rights Reserved. 3
4 Real Gross Domestic Product (GDP) Growth (Percent Change) Current Old History & Forecast Pessimistic - 20% Optimistic - 15% Copyright 2012 IHS Inc. All Rights Reserved. 4
5 The Federal Reserve Will Keep Short Term Interest Rates Low Through (Percent) Federal Funds 10-Year Treasury 30-Year Mortgage Rate Copyright 2012 IHS Inc. All Rights Reserved. 5
6 Long Term a Massive Fiscal Adjustment is Needed 500 (Billions of dollars, fiscal years) (Percent of GDP) , , , Unified Budget Deficit Deficit as % of GDP Copyright 2012 IHS Inc. All Rights Reserved. 6
7 Housing Starts Will Not Rebound Until 2014 (Millions of units) Single-Family Multi-Family Copyright 2012 IHS Inc. All Rights Reserved. 7
8 Payroll Employment 150 (Millions) (Percent Change) ` Total Emloyment - L Percent Change - R Copyright 2012 IHS Inc. All Rights Reserved. 8
9 Rising Unemployment Puts Pressure on Consumers Balance Sheet 5.5 (Percent) (Percent) Bank Card Delinquency Rate (Left) Unemployment Rate (Right) Copyright 2012 IHS Inc. All Rights Reserved. 9
10 Real Consumer Spending and Income Growth New long term trend for consumption is 2% not 3% (Percent change) Real Consumer Spending Real Disposable Income Copyright 2012 IHS Inc. All Rights Reserved. 10
11 US - Auto Market Overview Pent Up demand is driving the auto recovery The recent sales numbers have exceeded expectations, the first quarter (the high point for the year) was outstanding but unsustainable Retail, rather than fleet, remains the main driver, although February saw more fleet volume Sales have improved, as Japanese cars return to the showrooms, but there are still some issues of availability High gasoline prices actually helped sales (trade-in gas guzzlers) Incentive spending has risen modestly, as inventories rebuild, but there is more pricing discipline today Auto credit availability is improving Supply constraints are becoming a concern The used car and truck market remains very strong Cost pressures will return but industry profits are good Bottom Line A weak economy will hurt the release of pent up demand, slowing not derailing, the auto market recovery Copyright 2012 IHS Inc. All Rights Reserved. 11
12 Pure Raw Material Cost in a Car Debt Crisis Lowers Input Costs Steel Aluminium Plastic Resins Rubber Glass Iron US 3500 Lbs In $ Latest Data Point March 2012 European 2700 Lbs in Euro (Excludes Fuel, Processing and Transportation costs) Copyright 2012 IHS Inc. All Rights Reserved.
13 New Auto Loans Delinquency Rates 4.0 (% - Accounts past due 30 days or more) Direct (Bank) Loans Months Indirect (Dealer) Loans Source: American Bankers Association Copyright 2012 IHS Inc. All Rights Reserved. 13
14 New Vehicle Buyers Average Credit Score Avg. Score Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 18% 17% 16% 15% 14% 13% 12% 11% 10% 9% 8% 7% 6% Source: CNW Marketing FICO SCORE % UNDER 670 Copyright 2012 IHS Inc. All Rights Reserved. 14
15 New Auto Loan Application Approvals 85% 80% 75% 70% 65% 60% 55% Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Source: CNW Marketing Unweighted Average of Prime, Near and Subprime Months Copyright 2012 IHS Inc. All Rights Reserved. 15
16 Median Age New Vehicle Buyer 53 (Years) CNW Marketing Months Copyright 2012 IHS Inc. All Rights Reserved. 16
17 New Auto Loan Rates Commercial Banks 10.0 (Percent) Quarters Federal Reserve Board Copyright 2012 IHS Inc. All Rights Reserved. 17
18 Incentives to MSRP 26 (Percent) Months CNW Marketing Copyright 2012 IHS Inc. All Rights Reserved.
19 Residual Value Index 100% (Index = Lease contract residual value versus CNW estimate of residual at end of lease term) 90% 80% 70% 60% 50% 40% 30% Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 GM Ford Chrysler Industry Toyota Honda Nissan Source: CNW Marketing Months Copyright 2012 IHS Inc. All Rights Reserved. 19
20 U.S. Light Vehicle Sales Lease Penetration 29% (Share) 28% 27% 26% 25% 24% 23% 22% 21% 20% Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Source: CNW Marketing Leases by Month Copyright 2012 IHS Inc. All Rights Reserved. 20
21 U.S. Light Vehicle Inventory Units 4,500 (Units in thousands) 4,000 3,500 3,000 2,500 2,000 1, Months Seasonally Adjusted Copyright 2012 IHS Inc. All Rights Reserved. 21
22 U.S. Light Vehicle Inventory Days Supply 120 (Days Supply) Light Trucks Cars Months Seasonally Adjusted Copyright 2012 IHS Inc. All Rights Reserved. 22
23 United States Car & Truck Sales, SAAR 22 (Units in millions) Jan- 00 Jan- 01 Jan- 02 Jan- 03 Jan- 04 Jan- 05 Jan- 06 Jan- 07 Jan- 08 Jan- 09 Jan- 10 Jan- 11 Jan- 12 Jan- 13 Actual Forecast Months Copyright 2012 IHS Inc. All Rights Reserved. 23
24 U.S. Light Vehicle Sales 2008: 13.2M units 2009: 10.4M units 2010: 11.6M units 2011: 12.7M units 2012: 14.3M units 2013: 14.9M units 2014: 15.7M units 2015: 16.2M units (Units in millions) May 2012 Forecast July 2011 Forecast Copyright 2012 IHS Inc. All Rights Reserved. 24
25 U.S. Sales Major Manufacturers Market Share 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% GM FORD CHRYSLER/FIAT TOYOTA HONDA NISSAN HYUNDAI/KIA Copyright 2012 IHS Inc. All Rights Reserved. 25
26 4.5% U.S. Sales European Manufacturers Market Share 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% BMW DAIMLER AG VW GROUP PORSCHE Copyright 2012 IHS Inc. All Rights Reserved. 26
27 U.S. Sales By Car Segment (52.7%) 22% 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% (Light Vehicle Share) Compact Full-Size Micro + Mini Mid-Size Sports Subcompact Copyright 2012 IHS Inc. All Rights Reserved. 27
28 U.S. Sales By Light Truck (47.3%) 30% (Light Vehicle Share) 25% 20% 15% 10% 5% 0% CUV MPV PUP SUV VAN Copyright 2012 IHS Inc. All Rights Reserved. 28
29 North American Light Vehicle Production Production in Millions Lost volume due to Japan & Thailand disasters tempered growth in 2011, made up in 2012 Demand strengthening Inventory rebuilding Production localization efforts bearing fruit, more NAFTA sourcing NA becoming an export hub, greater use of global platforms allows for more export ready product BMW, Hyundai, VW, Toyota & Honda drive additional capacity expansion Ford tweaks sourcing on GM s heels; Chrysler/Fiat potential, yet hurdles remain Copyright 2012 IHS Inc. All Rights Reserved. 29
30 Light Vehicle Production - Americas Millions Canada Mexico Copyright 2012 IHS Inc. All Rights Reserved.
31 Autos - The Bottom Line The auto industry is in its best shape to withstand economic adversity Auto credit quality is outstanding, availability will improve this year Industry pricing power will continue to improve Leasing is on the way back Small cars will gain market share but crossovers will remain very popular Higher fuel economy standards are the next big challenge (opportunity) The industry has done a great job reducing capacity and cost, but we can t rest on our laurels Initially replacement demand drives volume, longer term demographics sustain sales Eventually the economy will support volume levels that are more normal for the auto industry The industry has become more profitable and once volume returns, it will become even more so Copyright 2012 IHS Inc. All Rights Reserved. 31
32 Thank You for Your Participation! George Magliano Senior Principal Automotive Economist, Americas June 2012
North America Light Vehicle Outlook
North America Light Vehicle Outlook July 18, 2012 Guido Vildozo Manager, Latin America IHS Automotive Presentation Outline Global Vehicle Sales Forecasts North America Overview Mexico Brazil Summary Copyright
More informationNorth America Light Vehicle Outlook
North America Light Vehicle Outlook October 3, 2012 Guido Vildozo Manager, Latin America IHS Automotive Presentation Outline Global Vehicle Sales Forecasts North America Overview United States Mexico Summary
More informationThe U.S. Market Post Bankruptcy Where Do We Go From Here? Rebecca A Lindland Director, The Americas
The U.S. Market Post Bankruptcy Where Do We Go From Here? Rebecca A Lindland Director, The Americas U.S. Economic Overview Economic and Auto Market Overview The Economy Good News: We are at the bottom
More informationEconomic Outlook March Economic Policy Division
Economic Outlook March 212 Economic Policy Division Real GDP Outlook Percent Change, Annual Rate 2 1 1 - -1 197 197 198 198 199 199 2 2 21 U.S. GDP Actual and Potential Quarterly, Q1 197 to Q4 211 Real
More informationThe U.S. Economic Outlook
The U.S. Economic Outlook Nigel Gault Chief U.S. Economist, IHS Global Insight FTA Revenue Estimation & Tax Research Conference Charleston, West Virginia October 17, 2011 What Has Happened to the Recovery?
More informationU.S. AUTO INDUSTRY UPDATE Federal Reserve Bank of Chicago Automotive Outlook Symposium. Emily Kolinski Morris Chief Economist May 2015
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.)
More informationCurves On The Road Ahead
Curves On The Road Ahead Light Vehicle Market Outlook November 2018 Charles Chesbrough Senior Economist A g e n d a Economic Outlook and New Vehicle Sales Affordability Threat and the Used Vehicle Market
More informationMexican Light Vehicle Outlook
Mexican Light Vehicle Outlook Presented to: LXXXVI Junta Automotriz 9 July 2008 Presented by: Guido Vildozo Senior Market Analyst, Latin America Copyright 2008 Global Insight, Inc. 1 Global Light Vehicle
More informationCanadian Teleconference: Can the Canadian Economy Survive the Turmoil in the United States?
Canadian Teleconference: Can the Canadian Economy Survive the Turmoil in the United States? Nigel Gault Chief U.S. Economist Dale Orr Canadian Macroeconomic Services Copyright 2008 Global Insight, Inc.
More informationU.S. Overview. Gathering Steam? Tuesday, October 1, 2013
U.S. Overview Gathering Steam? Tuesday, October 1, 2013 Uneven global economic recovery Annual real GDP growth projections (%) Projections 2013 2014 World 3.1 3.1 3.8 United States 2.2 1.7 2.7 Euro Area
More informationMUSTAFA MOHATAREM Chief Economist, General Motors
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.
More informationThe Auction Market In 2015 & 2016 Review & Forecast. Dr. Ira Silver NAAA Economist
The Auction Market In 2015 & 2016 Review & Forecast Dr. Ira Silver NAAA Economist silver@naaa.com Agenda Economic conditions Economic outlook Light vehicle sales Light vehicle sales outlook NAAA 2015 Annual
More informationThe U.S. Economic Outlook
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 patrick.newport@globalinsight.com
More informationMexican Light Vehicle Outlook
Mexican Light Vehicle Outlook LXXXIII Junta Automotriz CIEMEX March 2008 George M. Magliano Director of Auto Industry Americas Guido Vildozo Senior Market Analyst South America Pascual Francisco Senior
More informationBuckle Up for a Roller-Coaster Ride
Buckle Up for a Roller-Coaster Ride Michelle Krebs Executive Analyst INVENTORY SOLUTIONS RETAIL SOLUTIONS FINANCIAL SOLUTIONS MOBILITY SOLUTIONS Light Vehicle Market Outlook February 2019 1968 1970 1972
More informationThe U.S. Economy How Serious A Downturn? Nigel Gault Group Managing Director North American Macroeconomic Services
The U.S. Economy How Serious A Downturn? Nigel Gault Group Managing Director North American Macroeconomic Services Growth Is Cooling; But a Soft Landing Is Likely (Real GDP, annualized rate of growth)
More informationSteel Market Outlook. AM/NS Calvert
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.
More informationBob Costello Chief Economist & Vice President American Trucking Associations. Economic & Motor Carrier Industry Trends. September 10, 2013
Bob Costello Chief Economist & Vice President American Trucking Associations Economic & Motor Carrier Industry Trends September 10, 2013 The Freight Economy Washington continues to be a headwind on economic
More informationEconomic Update and Outlook
Economic Update and Outlook NAIOP Vancouver Chapter November 15, 2012 Helmut Pastrick Chief Economist Central 1 Credit Union Outline: Global, U.S., and Canadian economic conditions Canada economic and
More informationOpportunities in a Challenging Global Business Environment: Can the World Avoid a Double-Dip?
Opportunities in a Challenging Global Business Environment: Can the World Avoid a Double-Dip? Ross DeVol Chief Research Officer (310) 570 4615 rdevol@milkeninstitute.org www.milkeninstitute.org Presentation
More informationThe US Economic Outlook
IHS ECONOMICS US Outlook The US Economic Outlook November 2014 ihs.com Rafael Amiel, Director latin America Economics +1 215 789 7405, rafael.amiel.ihs.com 2014 IHS The US economy is gaining momentum Growth
More informationEconomic Outlook for Canada: Economy Confronting Capacity Limits
ECONOMICS I RESEARCH Economic Outlook for Canada: Economy Confronting Capacity Limits Presentation to the Responsible Distribution Canada 32 nd Annual General Meeting May 29, 2018 Paul Ferley (Assistant
More informationBob Costello Chief Economist & Vice President American Trucking Associations. Economic & Motor Carrier Industry Update.
Bob Costello Chief Economist & Vice President American Trucking Associations Economic & Motor Carrier Industry Update February 26, 2013 The Worst Recession Since the Great Depression 0% Loss from Peak
More informationOutline. Overview of globalization. Global outlook for real economic activity & inflation. Risks to the outlook
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
More informationSteel: A Buyer s Market for the Worst of Reasons. John Anton Director, IHS Global Insight Steel Service August 2009
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
More informationNational and Regional Economic Outlook. Central Southern CAA Conference
National and Regional Economic Outlook Central Southern CAA Conference Dr. Mira Farka & Dr. Adrian R. Fleissig California State University, Fullerton April 13, 2011 The Painfully Slow Recovery The Painfully
More informationEconomic & Financial Market Outlook
Economic & Financial Market Outlook BC Pension Forum March 1, 2013 Chris Lawless, Chief Economist Overview Global forces Recent economic performance ~ US, Europe, Japan, China ~ Other emerging markets
More informationU.S. Auto Industry Chartbook 4Q18
U.S. Auto Industry Chartbook 4Q18 / 1 U.S. Auto Industry Chartbook 4Q18 January 2019 Key Messages Auto sales closed 2018 at 17.2 million units, virtually unchanged from the previous year Robust economic
More informationThe Global Economy: Sustaining Momentum
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
More informationGlobal Economic Outlook: From Fiscal Cliff to Rushcliffe in 15 minutes. Tom Rogers. Lead Economist, Oxford Economics.
Global Economic Outlook: From Fiscal Cliff to Rushcliffe in 15 minutes Tom Rogers Lead Economist, Oxford Economics trogers@oxfordeconomics.com 16 th January 2013 Overview External environment showing signs
More informationGlobal Economic Outlook
Global Economic Outlook Mark A. Wynne Vice President & Associate Director of Research Director, Globalization & Monetary Policy Institute Federal Reserve Bank of Dallas Presentation to Vistas Conference
More informationThe Changing Global Economy Impacts on Seaports and Trade Dr. Walter Kemmsies
The Changing Global Economy Impacts on Seaports and Trade Dr. Walter Kemmsies Chief Economist, PAGI Group, JLL (Port, Airport & Global Infrastructure) Agenda Where are we in the cycle? What are the barriers
More informationGlobal economy maintaining solid growth momentum. Canada leading the pack
Global economy maintaining solid growth momentum Canada leading the pack Dawn Desjardins (Deputy Chief Economist) (416) 974-6919 dawn.desjardins@rbc.com September 2017 Brighter global outlook gains traction
More informationSeven Lean Years Explaining Persistent Global Economic Weakness
Seven Lean Years Explaining Persistent Global Economic Weakness 9 June 2015 Bank of Canada and European Central Bank Conference Tim Lane Deputy Governor Bank of Canada The global economy remains weak and
More informationU.S. Auto Industry Chartbook 2Q18
U.S. Auto Industry Chartbook 2Q18 / 1 U.S. Auto Industry Chartbook 2Q18 July 2018 Key Messages Sales remain resilient backed by robust economic growth Automakers continue to benefit from consumers favoring
More informationA comment on recent events, and...
A comment on recent events, and... where we are in the current economic cycle November 15, 2016 Mark Schniepp Director Likely Trump Policies $4 to $5 Trillion in tax cuts over 10 years to corporations,
More informationNorth American Forging Shipment Forecast (Using FIA bookings information through December 2013)
North American Forging Shipment Forecast 2014-2018 (Using FIA bookings information through December 2013) Percent Change Year Ago Best leading indicator combination for impression die bookings used to
More informationTrade and Economic Trends
Trade and Economic Trends Marine Terminal Management Training Program Paul Bingham Managing Director, Global Commerce & Transportation IHS Global Insight Long Beach, CA September 21, 2009 The Global Recession
More information2019 ECONOMIC FORECAST AND FINANCIAL MARKET UPDATE
2019 ECONOMIC FORECAST AND FINANCIAL MARKET UPDATE January 14, 2019 Scott Colbert, CFA Executive Vice President Director of Fixed Income & Chief Economist scott.colbert@commercebank.com GLOBAL GROWTH EXPECTATIONS
More informationThe Party Is Over U.S. Automotive Outlooks
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
More informationEconomic Growth in the Trump Economy
Economic Growth in the Trump Economy Presented to State Data Center Conference William F. Fox, Director November 18, 2016 GDP Grows, Though Slowly 10.0 8.0 Percentage Change, Previous Qtr, SAAR 6.0 4.0
More informationThe World and U.S. Economy and San Pedro Bay Container Trade Outlook Forecast Review
The World and U.S. Economy and San Pedro Bay Container Trade Outlook Forecast Review Michael Keenan Harbor Planning and Economic Analyst Port of Los Angeles October 5, 2009 Review of 2007 Container Trade
More informationRBC Economics Financial Update Dawn Desjardins
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
More informationFuture Global Trade Trends - Risks & Opportunities. Pulse of the Ports: Peak Season Forecast March 21, 2013
1 Future Global Trade Trends - Risks & Opportunities Pulse of the Ports: Peak Season Forecast March 21, 2013 June 2012 Dr. Walter Kemmsies Chief Economist Summary Higher economic growth in 2013, possible
More informationPaul Bingham Managing Director, Global Trade and Transportation February 18, 2009
Economic Outlook and Ports Paul Bingham Managing Director, Global Trade and Transportation February 18, 2009 The Outlook for Trade Depends on Goods Demand Integrated international supply-chains offer efficiencies
More informationFederal Reserve Bank of Dallas, FIRM (Financial Institution Relationship Management)
The Economic Roller Coaster: Where Have We Been? And Where Are We Going? Thomas F. Siems, Ph.D. Senior Economist and Director of Economic Outreach Federal Reserve Bank of Dallas Economic Summit Dallas
More informationVermont Economic Conference:
Vermont Economic Conference: Mapping Our Economic Future Michael Dolega Director & Senior Economist TD Economics January 5 2018 Summary Global economy gathering speed, leading to another upgrade in outlook.
More informationConstruction Market Opportunities and Risks
Construction Market Opportunities and Risks Construction Teleconference 11:00 a.m. to 12:00 noon June 3, 2004 Copyright 2003 Global Insight, Inc. Speakers Global Construction Outlook Chris Holling, Executive
More informationHopes and Worries in an Election Year. Gregory Daco Principal US Economist April 2012
Economic Outlook: Hopes and Worries in an Election Year Gregory Daco Principal US Economist April 2012 Global Perspective: Bright Spots in Clouds of Uncertainty Global Economy US growth: on a better track
More informationPost-Bubble Global Trends. AAPA Webinar. February 18, Dr. Walter Kemmsies, Chief Economist Moffatt & Nichol Commercial Analysis Group
Post-Bubble Global Trends AAPA Webinar February 18, 2009 Dr. Walter Kemmsies, Chief Economist Moffatt & Nichol Commercial Analysis Group Takeaways The world economy is circling the drain World is wealthier
More informationEconomic Overview. Melissa K. Peralta Senior Economist April 27, 2017
Economic Overview Melissa K. Peralta Senior Economist April 27, 2017 TTX Overview TTX functions as the industry s railcar cooperative, operating under pooling authority granted by the Surface Transportation
More informationGlobal Economic Outlook. Kellie Maske, Sr. Economics Fellow FedEx Corporate Economics September 2011
Kellie Maske, Sr. Economics Fellow FedEx Corporate Economics U.S. Outlook: Moderate Growth Overall 6 4 US Real GDP Growth 2 % Change 0 (2) (4) Forecast (6) (8) Bars = QOQ% Annualized Line = YOY% (10) 2005
More informationThe United States: Fiscal Facts and Fantasies. Presented by: Nigel Gault Chief U.S. Economist IHS Global Insight
The United States: Fiscal Facts and Fantasies Presented by: Nigel Gault Chief U.S. Economist IHS Global Insight Subdued Recovery: Tailwinds Battling Headwinds The U.S. Recovery: Tailwinds More sectors
More informationThe U.S. & Global Economic Outlook Greg Ip, U.S. Economics Editor, The Economist Remarks to The American Sportfishing Association
The U.S. & Global Economic Outlook Greg Ip, U.S. Economics Editor, The Economist Remarks to The American Sportfishing Association Hilton Head, S.C. Oct. 9, 2012 How We Got Here Great Moderation = More
More informationEconomic Outlook: fear over fundamentals
ECONOMICS I RESEARCH Economic Outlook: fear over fundamentals April 2016 Craig Wright (SVP & Chief Economist) (416) 974-7457 craig.wright@rbc.com Volatility index Market volatility index, (VIX) 90 80 70
More informationMore of the Same; Or now for Something Completely Different?
More of the Same; Or now for Something Completely Different? C2ER Place cover image here Richard Wobbekind Chief Economist and Associate Dean for Business and Government Relations June 14, 2017 Real GDP
More informationReading the Tea Leaves: Investing for 2010 and Beyond
Reading the Tea Leaves: Investing for 2010 and Beyond Wednesday, April 28, 2010; 8:00 AM - 9:15 AM Moderator: Maria Bartiromo, Anchor, CNBC's Closing Bell With Maria Bartiromo Speakers: Nick Calamos, President
More informationCement & Construction Outlook
Cement & Construction Outlook Minnesota Concrete Council November 17, 2011 Dave Zwicke, PCA Analytics Manager, Sr. Economist Bottom Line Economy in a slow growth period characterized by tepid job gains.
More informationMajor Issues and Trends Facing the Port and Marine Transportation Industry
Major Issues and Trends Facing the Port and Marine Transportation Industry Presented to: AAPA Marine Terminal Management Training Program April 24, 2006 Charleston Riverview Hotel Charleston, SC - USA
More informationThe Shifts and the Shocks Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times
The Shifts and the Shocks Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times Peterson Institute for International Economics 9 th October 2014 Washington DC The Shifts and the
More informationGlobal economy s strong momentum intact despite elevated level of uncertainty. Canada headed for another year of solid growth
ECONOMICS I RESEARCH Global economy s strong momentum intact despite elevated level of uncertainty Canada headed for another year of solid growth Dawn Desjardins (Deputy Chief Economist) (416) 974-6919
More informationMontreal Real Estate Forum. Economic Outlooks for March 31, Cooperating in building the future
Montreal Real Estate Forum March 31, 2015 Economic Outlooks for 2015 François Dupuis Vice-President and Chief Economist Desjardins Group Cooperating in building the future Outline The global economy and
More informationDe-Globalization: Does That Word Mean What You Think it Means?
De-Globalization: Does That Word Mean What You Think it Means? Presentation to 35 Annual Monetary & Trade Conference Mykyta Vesselovsky, Ph.D. Office of the Chief Economist Global Affairs Canada April
More informationThe Economic Outlook. Economic Policy Division
The Economic Outlook Economic Policy Division Glass Half Full Six years of steady growth Real GDP Outlook Percent Change, Annual Rate 10 5 0-5 -10 1980 1985 1990 1995 2000 2005 2010 2015 Glass Half Full
More informationAs Good as it Gets. The Aging Expansion Powers On... but for How Much Longer? Andrew J. Nelson Chief Economist USA, Colliers International
As Good as it Gets The Aging Expansion Powers On... but for How Much Longer? Andrew J. Nelson Chief Economist USA, Colliers International #NMHCstudent @ApartmentWire Ten Years After: A Full if Imperfect
More informationFriday, May 22, NAR Convention
NAR Convention 5-14-09 NAR Convention 5-14-09 Lawrence Yun, NAR Chief Economist NAR Marketing Tips!Provide Market Data to buyers!forbes Buyer Survey: Now good time to buy home!best Banner Ads: 1. Has Market
More informationShifting International Trade Routes A National Economic Outlook. February 1, 2011
Shifting International Trade Routes A National Economic Outlook February 1, 2011 Today s Objectives Endeavor to provide a broad context for today s program by briefly touching on: Some good news Some not
More informationDeficit Reduction and Economic Growth: Are They Mutually Exclusive Goals? Tuesday, May 1, 2012; 2:30 PM - 3:45 PM
Deficit Reduction and Economic Growth: Are They Mutually Exclusive Goals? Tuesday, May 1, 2012; 2:30 PM - 3:45 PM Moderator: Gillian Tett, U.S. Managing Editor, Financial Times Speakers: Jared Bernstein,
More informationEconomy On The Rebound
Economy On The Rebound Robert Johnson Associate Director of Economic Analysis November 17, 2009 robert.johnson@morningstar.com (312) 696-6103 2009, Morningstar, Inc. All rights reserved. Executive
More informationAssessing Risks to the Global Economy Amid Rising Political Uncertainty
AUTOMOTIVE Assessing Risks to the Global Economy Amid Rising Political Uncertainty 8 September 2016 Detroit Nariman Behravesh, Chief Economist, +1 781 301 9101, nariman.behravesh@ihsmarkit.com. All Rights
More informationAgriculture and the Economy: A View from the Chicago Fed
Agriculture and the Economy: A View from the Chicago Fed March 3, 2016 Riverside, Iowa David Oppedahl Senior Business Economist 312-322-6122 david.oppedahl@chi.frb.org Federal Reserve System Twelve District
More informationThe U. S. Economic Outlook: Robert J. Gordon
The U. S. Economic Outlook: Upside and Risks Robert J. Gordon Ottawa a Economics Association Ottawa, a, September 14, 2017 Immigration Medical Care My Policy Package: Be Like Canada d University Tuition
More informationThe Israeli Economy 2009 The Caesarea Center Conference
The Israeli Economy 2009 The Caesarea Center Conference Provost, Interdisciplinary Center (IDC) Herzliya The Big Issues The broken crystal ball A crisis that happens once in 100 years From a country oriented
More informationThe ABA Advantage: Economic Issues Update & ABA Resources
The ABA Advantage: Economic Issues Update & ABA Resources aba.com 1-800-BANKERS Meet the team Jim Chessen Chief Economist Curtis Dubay Senior Economist Brittany Kleinpaste Vice President of Economic Policy
More informationCAR MANAGEMENT BRIEFING SEMINARS. August 1, 2017
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 mjackson@oesa.org
More informationABA Commercial Real Estate Lending Committee
ABA Commercial Real Estate Lending Committee Commercial Real Estate Outlook The Good, the Bad and the Ugly January 16, 2019 Rob Strand Senior Economist American Bankers Association aba.com 1-800-BANKERS
More informationCanada s economy on track for a solid 2018 although policy uncertainty lingers
Canada s economy on track for a solid 2018 although policy uncertainty lingers Dawn Desjardins (Deputy Chief Economist) (416) 974-6919 dawn.desjardins@rbc.com March 2018 Canada is facing a challenging
More informationSA economic review Kevin Lings. August 2018
SA economic review Kevin Lings August 2018 South Africa real GDP growth year-on-year %y/y 8 7 6 5 Ave 4.3% 4 Ave 2.5% 3 2 Ave 0.9% 1 0-1 -2-3 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 2
More informationEconomic Update and Prospects for 2019 Professor Robert M. McNab Dragas Center for Economic Analysis and Policy Strome College of Business
Economic Update and Prospects for 2019 Professor Robert M. McNab Dragas Center for Economic Analysis and Policy Strome College of Business January 3, 2019 The forecasts and commentary do not constitute
More informationeconomic and financial outlook
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
More informationTexas Economic Outlook: Recovery in 2010 Keith Phillips Federal Reserve Bank of Dallas San Antonio Office
Texas Economic Outlook: Recovery in 2010 Keith Phillips Federal Reserve Bank of Dallas San Antonio Office The views expressed in this presentation are strictly those of the author and do not necessarily
More informationGlobal growth forecasts Key countries/regions,
Global growth forecasts Key countries/regions, 2014-2018 Percent 7 6 5 4 3 2 1 0 Developing Asia Sub-Saharan Africa Middle East and North Africa Latin America and the Caribbean United States Euro area
More information10 County Conference. Richard Wobbekind. Executive Director Business Research Division & Senior Associate Dean Leeds School of Business
10 County Conference Richard Wobbekind Executive Director Business Research Division & Senior Associate Dean Leeds School of Business Hmm... (http://myfallsemester.blogspot.com) Real GDP Growth Percent
More informationMAINTAINING MOMENTUM:
MAINTAINING MOMENTUM: 2018 National Economic Update September 12, 2018 noun mo men tum \ mō-ˈmen-təm, mə- \ 1 b : the strength or force that allows something to continue or to grow stronger or faster as
More informationThe Economic Outlook. Economic Policy Division
The Economic Outlook Economic Policy Division Glass Half Full Six plus years of moderate growth Real GDP Outlook Percent Change, Annual Rate 10 5 0-5 -10 1980 1985 1990 1995 2000 2005 2010 2015 Glass Half
More informationMuhlenkamp & Company. Webcast August 30, Ron Muhlenkamp, Portfolio Manager Jeff Muhlenkamp, Portfolio Manager Tony Muhlenkamp, President
Muhlenkamp & Company Webcast August 30, 2018 Ron Muhlenkamp, Portfolio Manager Jeff Muhlenkamp, Portfolio Manager Tony Muhlenkamp, President Muhlenkamp & Company, Inc. Intelligent Investment Management
More informationThe Baltic economies: Current situation and future trends, possibilities and pitfalls
The Baltic economies: Current situation and future trends, possibilities and pitfalls Riga, 15 October 2015 Morten Hansen Head of Economics Department, Stockholm School of Economics in Riga Member of the
More informationBig Changes, Unknown Impacts
Big Changes, Unknown Impacts Boulder Economic Forecast Place cover image here Richard Wobbekind Senior Economist and Associate Dean for Business and Government Relations January 17, 2018 Real GDP Growth
More informationU.S. Economy in a Snapshot
U.S. Economy in a Snapshot Economic Press Briefing: May 19, 2016 The views expressed here are those of the presenter and do not necessarily represent the views of the Federal Reserve Bank of New York or
More informationThe Ongoing Recession: How Long and How Deep? Robert J. Gordon Northwestern University and NBER BAC Meeting October 22, 2008
The Ongoing Recession: How Long and How Deep? Robert J. Gordon Northwestern University and NBER BAC Meeting October 22, 2008 No Debate About Recession (1) So Why Hasn t the Recession been Officially Declared?
More informationComposition of Federal Spending
*For Institutional Use Only* Demographic and Economic Trends: Growth, Debt and Promises Douglas C. Robinson RCM Robinson Capital Management LLC SEC Registered Investment Advisory Firm Advisory services
More informationAfter the British referendum
Future of Europe After the British referendum Broader issues for the UK and the EU David Marsh, Managing Director, OMFIF 27 October 2016 Nicosia 1 European politics moves against integration A new phase
More informationHow Global Trade Is Driving Demand For Ports
How Global Trade Is Driving Demand For Ports 17 April, 2018 Dr. Walter Kemmsies Chief Strategist JLL Ports Airports and Global Infrastructure JLL Ports Airports and Global Infrastructure Capital Markets
More informationThe Herzliya Conference The Economic Dimension Prof. Rafi Melnick Provost, Interdisciplinary Center (IDC) Herzliya
The Herzliya Conference The Economic Dimension 2009 Provost, Interdisciplinary Center (IDC) Herzliya The Big Issues The broken crystal ball A crisis that happens once in 100 years From a country oriented
More informationRISI EUROPEAN CONFERENCE. (Barcelona, 6 March 2018) The European Economy Things look good just now. Can this last?
RISI EUROPEAN CONFERENCE (Barcelona, 6 March 2018) The European Economy Things look good just now. Can this last? Andrea Boltho Magdalen College University of Oxford and Oxford Economics CONCLUSIONS OF
More informationNational and Virginia Economic Outlook Professor Robert M. McNab Dragas Center for Economic Analysis and Policy Strome College of Business
National and Virginia Economic Outlook Professor Robert M. McNab Dragas Center for Economic Analysis and Policy Strome College of Business October 24, 2018 The forecasts and commentary do not constitute
More informationBabson Capital/UNC Charlotte Economic Forecast. May 13, 2014
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
More informationFrom Recession to Recovery
From Recession to Recovery Monday, April 26, 2010 8:00 AM - 9:15 AM Moderator Michael Klowden, President and CEO, Milken Institute Speakers Mohamed El-Erian, CEO and Co-Chief Investment Officer, Pacific
More informationEconomic and Real Estate Outlook
Economic and Real Estate Outlook By Lawrence Yun, Ph.D. Chief Economist, National Association of REALTORS Presentation at Charlottesville Area Association of REALTORS October 13, 2016 1990 1991 1992 1993
More information11 th Annual Oregon Economic Forum!
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
More information