All Posts Tagged: Scott Anderson

Financial Contagion Spreads – Outlook Deteriorates

Scott Anderson
Chief Economist

The global spread of the Covid-19 pandemic is forcing global commerce to a standstill wherever it goes.

Governments are starting to take more forceful actions to slow the spread of the virus both from a public health perspective and from an economic and financial one. Yet, the economic and financial damage the virus is reaping continues to mount, and we continue to factor all this into our economic and interest rate forecasts.

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Treasury Yields Crash – Ignoring Strong Jobs Report

Scott Anderson
Chief Economist

The coronavirus itself is a serious threat to both U.S. and global economic expansion.

It is both a supply and demand shock to global growth as producers face supply-chain disruptions and service and retail businesses see a sharp drop in consumer demand as more and more people self-isolate to protect themselves from the rapidly spreading infection. But the virus and the global economic shock it is creating are also starting to touch off financial market contagion and volatility, the likes of which we haven’t seen since the global financial crisis of 2007 and 2008.

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Retail Sales OK but Manufacturing Slump Continues

Scott Anderson
Chief Economist

Consumers continued to grow their spending in January in line with our forecasts. January’s advanced retail sales report showed a 0.3% gain on the month with retail sales excluding autos also increasing 0.3%. There was a small downward revision in December’s headline retail sales gain to 0.2% from 0.3% as originally reported.

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January’s Employment Gains Solid

Scott Anderson
Chief Economist

The January payroll report was a solid report across most metrics.

The headline nonfarm payroll gain of 225k jobs last month handily beat analysts’ forecasts looking for a gain of 165k jobs in January. U.S. nonfarm payroll growth was 1.8% on an annualized basis last month.

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