Gus Faucher Stuart Hoffman William Adams Kurt Rankin Mekael Teshome Chief Economist Senior Economic Advisor Senior Economist Economist Economist
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1 September 217 Gus Faucher Stuart Hoffman William Adams Kurt Rankin Mekael Teshome Chief Economist Senior Economic Advisor Senior Economist Economist Economist Executive Summary Job Growth Slows in August, But Still Solid; Inflation Picks Up The U.S. economy added 156, jobs in August, below the consensus expectation of 185,. The private sector did somewhat better, with job gains of 165,, while government employment fell by 9, over the month. There were also big downward revisions to job growth in June and July, for a total net downward revision of 1,. Monthly job growth has averaged a solid 176, so far in 217, close to the pace of 187, per month for all of last year. The unemployment rate rose to. percent in August from.3 percent in July, as the number of jobs in the household survey of employment (different from the survey of employers) fell slightly, and the number of people looking for work rose. Wage growth was once again disappointing. Average hourly earnings rose.1 percent in August, the smallest increase since March. Average hourly earnings were up 2.5 percent in August from one year earlier, and have been stuck at that pace for most of 217. The consumer price index rose. percent in August, the strongest one month of inflation since January. Core inflation, excluding volatile food and energy prices, was.2 percent in August, the largest increase since February. Energy prices rose 2.8 percent in August, including a 6.3 percent increase in gasoline prices; the biggest impact from Hurricane Harvey on gasoline prices will come in September. Food prices rose.1 percent in August. On a year-ago basis overall inflation was 1.9 percent in August, up from 1.7 percent in July and 1.6 percent in June. Core inflation was 1.7 percent year-over-year in August, and has been at that pace since May. Inflation slowed in early 217, in part because of lower energy prices, but also because of lower core inflation; prices fell for pharmaceuticals and cell phone service plans earlier this year. But those effects will gradually fade from the data. According to the latest Beige Book on regional economic conditions from the Federal Reserve, the economy expanded at a modest to moderate pace across all twelve Federal Reserve Districts in June and July. Growth was strongest in the New York, Cleveland, Dallas and San Francisco districts. Consumer spending was generally higher, especially for nonauto retail sales and tourism, but auto sales were mixed. Capital spending was up, as was manufacturing production. However, there was widespread concern about a slowdown in auto manufacturing. The labor market was tight in most districts, with some worker shortages, especially in manufacturing and construction. Baseline U.S. Economic Outlook, Summary Table* 1Q'17a 2Q'17p 3Q'17f Q'17f 1Q'18f 2Q'18f 3Q'18f Q'18f 216a 217f 218f 219f Output & Prices Real GDP (Chained 29 Billions $ ) Percent Change Annualized CPI ( = 1 ) Percent Change Annualized Labor Markets Payroll Jobs (Millions ) Percent Change Annualized Unemployment Rate (Percent ) Interest Rates (Percent) Federal Funds Treasury Note, 1-year a = actual f = forecast p = preliminary * Please see the Expanded Table for more forecast series.
2 Job Growth Will Slow in Aftermath of Hurricanes, But Should Rebound Quickly Establishment Survey Household Survey Monthly Change in Employment (3-month MA, ths.) -3 '12 Wage Growth Still Disappointing, But Should Pick Up With Tight Labor Market 1.6 Avg. hourly earnings, % change year ago (L) '7 '8 '9 '1 '11 '12 Hurricanes to Weigh on Growth in Third Quarter, But U.S. Economy Will Bounce Back U.S. economic activity took in hit in late August from Hurricane Harvey, which caused massive flooding along the Texas Gulf Coast, especially the Houston area, and in early September from Hurricane Irma, which hit Florida, especially the Tampa Bay area. The storms will lead to a temporary slowing in economic growth in the third quarter. But with solid fundamentals and only localized damage, the U.S. economy will bounce back, with rebuilding providing a boost to growth in late 217 and early 218. According to initial estimates the combined property damage from Hurricanes Harvey and Irma will be about $1 billion, about equal to the property damage from Hurricane Katrina. However, property damage does not affect economic output, measured by gross domestic product. There was some loss in output: many businesses in the path of the storm shut down, and some facilities were damaged. But most have reopened with employees quickly getting back to work. The two largest metro areas most affected by the storms, Houston and Tampa, together account for about 3 percent of U.S. employment and slightly more than 3 percent of U.S. economic output. Although the regional economies will suffer in the near term, the national impact will be small. Harvey caused the closure of many oil refineries in the Houston area and some oil and gas drilling rigs in the Gulf of Mexico. With the disruptions gasoline prices jumped by about 3 cents a gallon nationally, with larger price spikes in some parts of the country. But gas prices have already started to recede as supply has come back on line. With a solid labor market and low inflation consumers will easily weather the temporary increase in gasoline prices, with little damage to the rest of the economy. Data in the wake of the hurricanes so far bear this out. Initial claims for unemployment insurance rose in the immediate aftermath of Harvey, but the increase was smaller than those experienced after Hurricane Katrina and Superstorm Sandy. Retail sales, auto sales, and industrial production all fell in August, as did home sales, especially in the South, but the declines were all moderate. Economic activity will receive a boost in late 217 and early 218 from rebuilding efforts in Texas and Florida. Insurance payments and government aid will quickly flow to the affected areas, funding reconstruction efforts. Vehicle sales will jump as households and businesses replace cars damaged in the flooding in Houston. Job growth will quickly rebound as displaced workers return to the payrolls and construction firms hire for rebuilding. Because of the storm PNC has reduced its forecast for inflation-adjusted GDP growth in the third quarter, to 2.7 percent at an annual rate in the September baseline forecast, down from 3.2 percent in the August forecast. But the growth forecast has been revised up over the next few quarters because of expected rebuilding, and by the middle of 218 the economy will be back to its pre-hurricanes path. Job growth will slow sharply in September from its 217 pace, but employment will not decline outright over the month, and job gains will then bounce back as rebuilding efforts get underway; our near-term unemployment rate forecast has also been revised a bit higher. Similar patterns were observed after other natural disasters, such as Hurricanes Katrina and Andrew, Superstorm Sandy, and the Northridge earthquake. With solid fundamentals for consumer spending, business investment, and the housing market, the U.S. economy will continue to expand throughout 218. Real GDP growth will be 2.2 percent in 217 and accelerate to 2.7 percent in 218, with support from rebuilding, expected tax cuts, and an expanding global economy. Job gains will gradually slow over the next few years, from around 17, per month this year to 11, per month in 219, as businesses find it more and more difficult to hire as the job market further tightens. The unemployment rate will fall a bit, bottoming out at close to percent over the next couple of years; as a result annual wage growth will accelerate from 2.5 percent currently to 3. percent Unemployment rate, % (R)
3 With Upward Revision to Second Quarter GDP, Growth Best Since Early 215 Real GDP, annualized % change.8.6. Production Took a Hit in August From Harvey, and Irma Will Also Be a Drag Industrial production, % change (L) Capacity utilization, % (R) - '13 A J O '1 A J O '15 A J O '16 A J O '17 A J Construction Employment to Get Additional Boost from Hurricane Rebuilding Employment, % change year ago 15 1 House Prices Continue to Rise at Sustainable Mid-Single Digit Pace % change year ago Case-Shiller (2-city) Construction -1 Manufacturing -2 Services, ex-government -3 '11 '12-5 FHFA purchase-only '9 '1 '11 '12 5,2 5,,8,6,,2, 3,8 3,6 Hurricanes Will Weigh on Home Sales in Near Term, But Provide a Boost Later This Year 3, Existing single-family home sales, annual rate, ths. (L) 3,2 New single-family home sales, 3, annual rate, ths. (R) '9 '1 '11 ' Hurricane Rebuilding Will Add to Homebuilding in Late 217, Early 218 1, 1,35 Seasonally adjusted annualized rate, ths. 1,3 Permits Starts Completions 1,25 1,2 1,15 1,1 1,5 1,
4 Inflation Picks Up in August, Will Get Another Temporary Boost from Higher Gas Prices PPI -3. CPI -3.5 Core CPI - % change year ago Refinery Shutdowns in Wake of Harvey Lift Gasoline Prices 5 Brent Crude Oil, $/BBL (L) Unleaded Gasoline, $/gal (R) 3 '5 '6 '7 '8 '9 '1 '11 ' Consumer Income, Spending in Solid Shape Ahead of Storms.8 % change Real after-tax income -.2 Real pers. consumption expenditure -.3 '1 A J O '15 A J O '16 A J O '17 A J Retail Sales Fell in August, Will Be Volatile in Near Term, But Consumer Spending in Good Shape Retail sales, % change Total Ex-auto Ex-auto, gasoline '1 '15 '16 '17 Harvey Weighed on Auto Sales in August, But Will Bounce Back With Need to Replace Damaged Vehicles 2 Auto and light truck sales (domestic & foreign) 19 Auto and light truck assemblies (domestic only) 18 Mil., annualized rate Expansion Will Continue With Household Economic Stress Index at Long-Run Average Note: PNC calculates HESI with the Case-Shiller 2- City Composite HPI '1 '15 '16 '17 Household Economic Stress Index - HESI = Unemployment rate + CPI inflation house price growth -8 '9 '1 '11 '12 Disclaimer: The material presented is of a general nature and does not constitute the provision of investment or economic advice to any person, or a recommendation to buy or sell any security or adopt any investment strategy. Opinions and forecasts expressed herein are subject to change without notice. Relevant information was obtained from sources deemed reliable. Such information is not guaranteed as to its accuracy. You should seek the advice of an investment professional to tailor a financial plan to your particular needs. 217 The PNC Financial Services Group, Inc. All rights reserved.
5 1Q'17a 2Q'17p 3Q'17f Q'17f 1Q'18f 2Q'18f 3Q'18f Q'18f 216a 217f 218f 219f Output Nominal GDP (Billions $ ) Percent Change Annualized Real GDP (Chained 29 Billions $ ) Percent Change Annualized Pers. Consumption Expenditures Percent Change Annualized Nonresidential Fixed Investment Percent Change Annualized Residential Investment Percent Change Annualized Change in Private Inventories Net Exports Government Expenditures Percent Change Annualized Industrial Prod. Index (212 = 1 ) Percent Change Annualized Capacity Utilization (Percent ) Prices CPI ( = 1 ) Percent Change Annualized Core CPI Index ( = 1) Percent Change Annualized PCE Price Index (29 = 1 ) Percent Change Annualized Core PCE Price Index (29 = 1 ) Percent Change Annualized GDP Price Index (29 = 1 ) Percent Change Annualized Crude Oil, WTI ($/Barrel ) Labor Markets Payroll Jobs (Millions ) Percent Change Annualized Unemployment Rate (Percent ) Average Weekly Hours, Prod. Works Personal Income Average Hourly Earnings ($ ) Percent Change Annualized Real Disp. Income (29 Billions $ ) Percent Change Annualized Housing Housing Starts (Ths., Ann. Rate ) Ext. Home Sales (Ths., Ann Rate ) New SF Home Sales (Ths., Ann Rate ) Case/Shiller HPI (Jan. 2 = 1 ) Percent Change Year Ago Consumer Household Economic Stress Index Auto Sales (Millions ) Consumer Credit (Billions $ ) Percent Change Annualized Interest Rates (Percent) Prime Rate Federal Funds Month Treasury Bill Year Treasury Note Year Fixed Mortgage a = actual f = forecast p = preliminary Baseline U.S. Economic Outlook, Expanded Table Disclaimer: The material presented is of a general nature and does not constitute the provision of investment or economic advice to any person, or a recommendation to buy or sell any security or adopt any investment strategy. Opinions and forecasts expressed herein are subject to change without notice. Relevant information was obtained from sources deemed reliable. Such information is not guaranteed as to its accuracy. You should seek the advice of an investment professional to tailor a financial plan to your particular needs. 216 The PNC Financial Services Group, Inc. All rights reserved. PNC Economics Group September, 217
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