Highlights. GDP growth rebounded somewhat in Q3, but business spending weakened
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1 OSU Economic Outlook Conference December, Chad Wilkerson Oklahoma City Branch Executive and Economist Federal Reserve Bank of Kansas City Highlights U.S. economic growth has been moderate and is expected to remain sluggish in Q How the fiscal cliff is resolved has bearing on both near-term growth and long-term debt The range of views among FOMC members about monetary policy remains relatively wide The regional economy reflects the nation, though Oklahoma continues to outperform GDP growth rebounded somewhat in Q, but business spending weakened Growth in Components of Real GDP Actual thru Q, Projected for Q and change from the previous period, SAAR Q. Q Q Total GDP Consumer spending Residential investment -. Business investment Exports -. Government spending Source: U.S. Bureau of Economic Analysis, Macroeconomic Advisors
2 The national ISM index fell in November, as exports declined and uncertainty remained ISM Manufacturing Survey Indexes Index - Composite (left axis) Exports (right axis) Nov-9 Nov-9 Nov-9 Nov- Nov- Nov- Nov- Nov- Nov- Nov- Sources: ISM, FRBKC Manufacturing Survey Financial stress in Europe remains higher than a few years ago, but has improved Eurozone and U.S. Financial Stress Index European Financial Stress Index U.S. Financial Stress Index Oct- Oct- Oct- Oct- Oct-7 Oct- Oct-9 Oct- Oct- Oct- Source: FRBKC The fiscal cliff and political uncertainty are weighing on the economy Components of the Fiscal Cliff In dollars and as a share of GDP of GDP Pending tax increases Bush tax cuts - $ bn AMT - $ bn Payroll tax - $ bn Tax extenders - $ bn Obamacare - $ bn Business expensing - $ bn Pending expiring Extended UI - $ bn Other - $ bn programs Medicare doc fix - $ bn Pending spending cuts Sequestration - $ bn Initial debt plan - $ bn Source: Merrill Lynch
3 Economic forecasters generally assume the fiscal cliff will be avoided, without recession Real GDP Projections change, quarter-over-quarter (SAAR) Real GDP, under CBO fiscal cliff scenario Real GDP, Blue Chip forecasts Q Q Q Q Q Sources: Blue Chip Economic Indicators, Congressional Budget Office, Haver Analytics However, avoiding fiscal changes means further increases in the national debt Federal Debt as a Share of GDP Actual Projected Alternative Fiscal Scenario CBO s Baseline Projection Source: Congressional Budget Office Fiscal cliff components have varying effects on GDP and the federal deficit Implied Multipliers on GDP and the Federal Deficit. Ratio of GDP to debt decline Emergency Sequestration Bush tax Payroll tax UI cuts (below holiday $K) AMT patch Bush tax Affordable cuts (above Care $K) Act Medicare Bonus Tax extenders doc fix depreciation Source: Moody s Analytics
4 At its Sept. meeting, the FOMC expected unemployment to gradually improve Unemployment Rate Seasonally Adjusted Sept. FOMC Forecast Ranges in Yellow Long Term Source: U.S. Bureau of Labor Statistics, FOMC And for inflation to remain at or near its long-term target through PCE Inflation Index change, year-over-year 7 7 Sept. FOMC Forecast Ranges in Yellow Long Term Source: U.S. Bureau of Economic Analysis, FOMC On monetary policy, over a third of FOMC participants disagree about timing Federal Funds Rate Year-end target Long Term Sept. FOMC Forecast Ranges in Yellow () () () () Note Number of participants who project the initial increase will occur in the specified year in parenthesis Source: U.S. Bureau of Economic Analysis, FOMC
5 There remains considerable variation in the rate of job growth across the nation Employment Growth, Year-over-Year (percent) October U.S. =... (.7)....7 Source: U.S. Bureau of Labor Statistics Unemployment is lowest in energy and agriculture states, highest on the coasts Unemployment Rates (percent) October U.S. = 7.9 Source: U.S. Bureau of Labor Statistics The rig count is down from summer highs, as natural gas prices remain too low Number of rigs U.S. Rig Count Seasonally Adjusted Oil Natural Gas Nov-7 May- Nov- May-9 Nov-9 May- Nov- May- Nov- May- Nov- Source: Baker Hughes
6 Regional manufacturing activity has also slowed in recent months Diffusion Index Manufacturing Month-over-Month PMI Indexes Seasonally Adjusted KC Fed ISM NY, Philly, Rich, Dallas Avg. Nov-7 Nov- Nov-9 Nov- Nov- Nov- Source: ISM, Federal Reserve Banks Expectations also eased, especially for hiring Diffusion Index Manufacturing -Month Ahead Indexes Seasonally Adjusted Production Employment Capital Spending Nov-7 Nov- Nov-9 Nov- Nov- Nov- - Source: ISM, Federal Reserve Banks Exposure to Europe is much less in Oklahoma than in the nation or even region Exports as Share of GDP, U.S. and Tenth District states Rest of World Europe U.S. NE KS MO CO WY OK NM Sources: U.S. Bureau of Economic Analysis, USDA, WISERTRADE
7 Exposure to the fiscal cliff is probably about average in Oklahoma as a whole $, $, $, $, Federal Expenditures Per Capita, Fiscal Year U.S. and Tenth District states Salaries & Wages Procurement Contracts Grants Other Direct Payments Retirement & Disability $, $, $, $, $, $, $, $, $, $, $, $, $ U.S. NM MO WY OK KS CO NE $ Sources: U.S. Census Bureau, Consolidated Federal Funds Report The ongoing drought has had mixed effects across the region Growth in regional farmland values eased, but prices are still up considerably over last year Tenth District Non-Irrigated Cropland Values Change, Year-over-year Q Q Q District NE MO KS Mtn States (CO, NM, WY) OK Source: FRBKC Agricultural Credit Survey 7
8 On the positive side, housing activity has grown solidly in the District the past year Single-Family Housing Permits Seasonally adjusted, Number, -month moving avg.,,,, 9,,,,,, US (left) Tenth District (right),,, 9,,,,,, Oct-9 Oct-9 Oct- Oct- Oct- Oct- Oct- Oct- Oct- Source: U.S. Census Bureau District home prices are still in much better shape, with some above the 7 peaks FHFA Purchase-Only Home Price Index Peak to Current (7Q to Q) Source: U.S. Bureau of Labor Statistics Summary Recent U.S. economic growth has been moderate, with low inflation, as fiscal concerns remain a focus Regional activity largely reflects the nation, though Oklahoma remains stronger, and housing is better
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