michael a. brown, economist october 6, 2015 economic outlook for 2016 and beyond
TRANSCRIPT
Michael A. Brown, EconomistOctober 6, 2015
Economic Outlook for 2016 and Beyond
Wells Fargo Economics 2
Overview
Labor Market
Inflation &Interest Rates
Fiscal Policy
BusinessInvestment
2015Growth
Wells Fargo Economics 3
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
2000 2002 2004 2006 2008 2010 2012 2014 2016
U.S. Real GDP Bars = CAGR Line = Yr/Yr Percent Change
GDP - CAGR: Q2 @ 3.9%
GDP - Yr/Yr Percent Change: Q2 @ 2.7%
Forecast
Where Are We Now?
Economic growth should continue at a modest pace over the coming quarters
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics 4
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
2000 2002 2004 2006 2008 2010 2012 2014 2016
Real Final Sales to Domestic PurchasersBars = CAGR Line = Yr/Yr Percent Change
Real Fin Sales to Dom. Purch. - CAGR: Q2 @ 3.7%
Real Fin Sales to Dom. Purch. - Yr/Yr Pct Chg: Q2 @ 3.0%
Forecast
Real Final Sales
Growth in domestic spending clearly has
strengthened
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics 5
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
2000 2002 2004 2006 2008 2010 2012 2014 2016
Real Equipment InvestmentBars = CAGR Line = Yr/Yr Percent Change
Equipment Investment - CAGR: Q2 @ 0.3%
Equipment Investment - Yr/Yr Percent Change: Q2 @ 3.3%
Forecast
Capital Spending
Growth in business fixed investment spending will
support growth in the coming quarters
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics 6
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
2000 2002 2004 2006 2008 2010 2012 2014 2016
Real Nonresidential ConstructionBars = CAGR Line = Yr/Yr Percent Change
Nonres Construction - CAGR: Q2 @ 6.2%
Nonres Construction - Yr/Yr Percent Change: Q2 @ 0.2%
Forecast
Nonresidential Construction
Commercial construction spending will help to perpetuate business
investment in the year ahead
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics 7
70
75
80
85
90
95
100
105
110
115
-60
-40
-20
0
20
40
60
80
100
120
04 05 06 07 08 09 10 11 12 13 14 15
Wells Fargo Small Business Survey & NFIBOverall Situation, NFIB Small Business Optimism 1986=100
Wells Fargo Overall Situation: Q3 @ 59.0 (Left Axis)
Small Business Optimism: Q2 @ 96.5 (Right Axis)
Small Businesses
Small business optimism has finally turned around
Source: National Federation of Independent Businesses, Gallup, Wells Fargo Bank and Wells Fargo Securities, LLC
Wells Fargo Economics 8
-60
-30
0
30
60
90
120
150
180
30%
35%
40%
45%
50%
55%
60%
65%
70%
03 05 07 09 11 13 15
Homeowners' Equity vs. WF Small Business SurveyPercent Share of Home Values, Index
Equity as a Share of Home Value (Left Axis): Q2 @ 56.3%
Wells Fargo Overall Situation (Right Axis): Q3 @ 59.0
Small Businesses
Recovery in home equity values has supported small
business activity
Source: Federal Reserve Board, Wells Fargo Bank, Gallup and Wells Fargo Securities, LLC
Wells Fargo Economics 99
U.S. Housing Market
Despite some recent setbacks, we continue to look for a gradual recovery in homebuilding.
The homeownership rate continues to come down.
Source: NAR, CoreLogic, U.S. Department of Commerce and Wells Fargo Securities, LLC
Owners vs. RentersHomeownership
62%
63%
64%
65%
66%
67%
68%
69%
70%
-24%
-18%
-12%
-6%
0%
6%
12%
18%
24%
88 90 92 94 96 98 00 02 04 06 08 10 12 14
CoreLogic National Home Price Index vs. Homeownership Rate
Home Price Index Yr/Yr: Q2 @ 5.9% (Left Axis)
Homeownership Rate: Q2 @ 63.4% (Right Axis)
-1,500
-1,000
-500
0
500
1,000
1,500
2,000
2,500
-1,500
-1,000
-500
0
500
1,000
1,500
2,000
2,500
66 70 74 78 82 86 90 94 98 02 06 10 14
U.S. Homeowners vs. RentersAnnual Change in Occupied Units, In Thousands
Renters: 2014 @ 1026.3 ThousandHomeowners: 2014 @ -234.5 Thousand
Series Break 1981
Wells Fargo Economics 1010
A Shifting Demographic Profile
Higher student debt burdens are hindering young adults’ ability to form new households
Source: Federal Reserve Board, U.S. Department of Commerce and Wells Fargo Securities, LLC
Household FormationStudent Loans
$0
$5
$10
$15
$20
$25
$30
15%
20%
25%
30%
35%
40%
45%
1989 1992 1995 1998 2001 2004 2007 2010 2013
Student Loan DebtHouseholds With Head Under 35, Ths. of 2013 Dollars
Median Value: 2013 @ $17.2K (Right Axis)
Percent with Student Debt: 2013 @ 41.7% (Left Axis)
6%
8%
10%
12%
14%
16%
6%
8%
10%
12%
14%
16%
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
Young Adults Living in Parent's Household Percent of Total Population Aged 25 to 34 Years
25 to 34 Year Olds: 2014 @ 14.4%
1995 to 2007 Average
Wells Fargo Economics 11
Food Away from Home
Food at Home
Transportation
Healthcare
Apparel and Services
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
Year-
over-
Year
Perc
ent
Change
Percent Change from Three Years Ago
Consumer Expenditure GrowthYear-over-Year Percent Change & Change from 2011 to 2014
Share of Average Total Expenditures<5.5%5.5% - 8.0%>8.0%
Recovering Expanding
Contracting Decelerating
Entertainment Housing - Rented
Housing - Owned
The Consumer
Food away from home, entertainment, and apparel
spending have improved over the past year as the economy has picked up
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics 12
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
2000 2002 2004 2006 2008 2010 2012 2014 2016
Real Personal Consumption ExpendituresBars = CAGR Line = Yr/Yr Percent Change
PCE - CAGR: Q2 @ 3.6%PCE - Yr/Yr Percent Change: Q2 @ 3.3%
Forecast
The Consumer
Consumer spending growth will continue to average
around 2.5 percent
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics 13
0%
4%
8%
12%
16%
20%
24%
0%
4%
8%
12%
16%
20%
24%
94 96 98 00 02 04 06 08 10 12 14
Underuse of LaborU-6 Unemployment Rate Components, Seasonally Adjusted
Part-Time for Economic Reasons: Sep @ 3.8%
Discouraged and Marginally Attached: Sep @ 1.1%
Unemployed: Sep @ 5.1%
U-6 Unemployment Rate: Sep @ 10%
Unemployment Rates
Alternative measures of unemployment show an historically high level of
underemployment
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics 14
Employment Rate
The employment rate is picking up, but structural
issues remain
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
57
58
59
60
61
62
63
64
65
57
58
59
60
61
62
63
64
65
86 88 90 92 94 96 98 00 02 04 06 08 10 12 14
Employment-Population Ratio16 Years and Over, Seasonally Adjusted
Employment-Population Ratio: Sep @ 59.2
Wells Fargo Economics 15
0
10
20
30
40
50
60
70
80
0
10
20
30
40
50
60
70
80
No High SchoolDiploma
High SchoolDiploma
Some College College Degree
Employment-Population Ratio by EducationSeptember 2015
The Employment Situation
The employment picture is mixed across different
levels of education
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics 16
108
111
114
117
120
123
126
129
128
131
134
137
140
143
146
149
07 08 09 10 11 12 13 14 15
Thousa
nds
Thousa
nds
Full Time vs. Part Time EmploymentMillions, Seasonally Adjusted
Total Employment: Sep @ 146.5M (Left Axis)Full-Time: Sep @ 120.9M (Right Axis)
Total: 2.1M Above Prerecession Peak
Full-Time: 0.1M Above Prerecession Peak
Employment: Structural
A large proportion of the jobs created over the past four years have been part-
time, which has weighed on wage & salary growth
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics 17
-5%
0%
5%
10%
15%
20%
25%
-5%
0%
5%
10%
15%
20%
25%
LowestQuintile
SecondQuintile
MiddleQuintile
FourthQuintile
HighestQuintile
Income Growth During Economic RecoveriesPercent Change 5 Years After Recession End, Before-Tax Income
Avg of Prior 2 Recoveries2009-2014
Personal Income
Income growth has finally begun to turn around but still lags prior recoveries
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics 18
Inflation
Inflation remains in check
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
-2%
-1%
0%
1%
2%
3%
4%
5%
-2%
-1%
0%
1%
2%
3%
4%
5%
00 02 04 06 08 10 12 14
PCE Deflator vs. "Core" PCE DeflatorYear-over-Year Percent Change
PCE Deflator: Aug @ 0.3%
"Core" PCE Deflator: Aug @ 1.3%
Wells Fargo Economics 19
Yield Curve: Rates Rise Without Fed
The yield curve is expected to flatten further as the Fed begins to raise short-term interest rates in December
of this year
Source: Bloomberg LP and Wells Fargo Securities, LLC
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Yield CurveU.S. Treasuries, Active Issues
October 1, 2015
September 3, 2015
October 2, 2014
Wells Fargo Economics 20
Key Issues
Fiscal Policy Outlook
What to watch for in the 114th Congress
Oct. 29th - Funding for Highway Trust Fund expires How will the gap be filled?
November 5th - Re-establishment of debt ceiling How will Congress increase the borrowing limit?
December 11th - FY 2016 budget debate Current funding runs out
Corporate tax reform Both sides agree action is needed, but what will be
done?
International trade agreements (TPP, TTIP) Don’t expect immediate action, but progress is being
made
Wells Fargo Economics 21
-15%
-10%
-5%
0%
5%
10%
15%
-15%
-10%
-5%
0%
5%
10%
15%
92 94 96 98 00 02 04 06 08 10 12 14
Global Economic IndicatorsYear-over-Year Percent Change
Global Industrial Production: Q2 @ 2.0%U.S. GDP: Q2 @ 2.7%
Global Industrial Production
It would take a sharp downturn in the rest of the world to have a meaningful
effect on U.S. economic growth
Source: IHS Global Insight and Wells Fargo Securities, LLC
The Idaho Economy
Wells Fargo Economics 23
-4%
-3%
-2%
-1%
0%
1%
2%
3%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
90 92 94 96 98 00 02 04 06 08 10 12 14
Idaho Coincident Index3-Month Percent Change
Coincident Index: Aug @ 0.5%
Idaho – Current Economic Conditions
Economic activity in Idaho is downshifting
Source: Federal Reserve Bank of Philadelphia and Wells Fargo Securities, LLC
Wells Fargo Economics 24
Idaho– Employment Growth & Unemployment Rate
Employment is growing modestly, while the unemployment rate is below the national rate
August 2015
-10% -5% 0% 5% 10% 15%
Information
Other Services
Construction
Financial Activities
Manufacturing
Leisure and Hospitality
Prof. & Bus. Svcs.
Educ. & Health Services
Government
Trade, Trans. & Utilities
Total Nonfarm
Idaho Employment Growth By IndustryYear-over-Year Percent Change, 3-MMA
Number of Employees
Less
More
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Unemployment RateEmployment
0%
2%
4%
6%
8%
10%
0%
2%
4%
6%
8%
10%
90 92 94 96 98 00 02 04 06 08 10 12 14
Idaho Unemployment RateSeasonally Adjusted
Unemployment Rate: Aug @ 4.2%
12-Month Moving Average: Aug @ 4.2%
Wells Fargo Economics 25
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
90 92 94 96 98 00 02 04 06 08 10 12 14
Idaho Nonfarm Employment3-Month Moving Averages
3-Month Annual Rate: Aug @ -0.9%Nonfarm: Yr/Yr Pct. Change: Aug @ 3.1%Household: Yr/Yr Pct. Change: Aug @ 3.3%
Idaho: Employment
Overall employment growth has been strong over the
past year
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics 26
-12%
-8%
-4%
0%
4%
8%
12%
16%
20%
24%
-12%
-8%
-4%
0%
4%
8%
12%
16%
20%
24%
96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
Idaho Personal IncomeBars = Compound Annual Rate Line = Yr/Yr % Change
Idaho Personal Income: Q2 @ 4.5%
Idaho Personal Income: Q2 @ 3.1%
Idaho: Personal Income
Personal income growth has steadily rebounded since
the recession ended
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics 2727
Idaho– Home Prices and Construction
Home prices are growing modestly in the state as building activity has begun to pick up
-24%
-18%
-12%
-6%
0%
6%
12%
18%
24%
30%
-24%
-18%
-12%
-6%
0%
6%
12%
18%
24%
30%
90 92 94 96 98 00 02 04 06 08 10 12 14
Core Logic HPI : ID vs. U.S.Year-over-Year Percent Change
United States: J ul @ 6.9%
Idaho: J ul @ 4.8%
Source: CoreLogic, Inc., U.S. Department of Commerce and Wells Fargo Securities, LLC
Housing PermitsHome Prices
0
5
10
15
20
25
0
5
10
15
20
25
90 92 94 96 98 00 02 04 06 08 10 12 14
Thou
sand
s
Thou
sand
s
Idaho Housing PermitsThousands of Permits, Seasonally Adjusted Annual Rate
Single-Family: Aug @ 9,276Single-Family, 12-MMA: Aug @ 7,073Multifamily, 12-MMA: Aug @ 2,344
Single-Family Average (1998-2003): 10,107
Wells Fargo Economics 28
Idaho – Economic Outlook
The leading index signals somewhat stronger economic growth ahead
-6.0%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
-6.0%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14
Idaho Leading IndexThree Month Percent Change
Idaho: Aug @ 1.4%
Source: Federal Reserve Bank of Philadelphia and Wells Fargo Securities, LLC
Outlook
Economic growth will likely remain modest given the state’s exposure to commodities and manufacturing.
The state’s manufacturing sector may face some challenges associated with slower global growth and reduced business investment.
Idaho’s unemployment rate remains well below the national average. Manufacturing employment growth in the
state will be challenging over the next several years due to changing tastes and preferences.
Job growth will be driven by the service sector.
Leading Index
Wells Fargo Economics 29
Headwinds to Economic Growth
Potential Headwinds to
Economic Growth
Effects of Monetary Policy Changes?
Slower Pace of Business Investment
Slower GlobalGrowth Environment
Fiscal Policy Uncertainty
Modest Income Growth
Wells Fargo Economics 30
Outlook Summary
Source: IHS Global Insight and Wells Fargo Securities, LLC
Wells Fargo U.S. Economic Forecastq 3 2 01 5
2015
2013 2014 2015 2016 2017
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Real Gross Domestic Product 1 0.6 3.9 1.9 2.7 2.6 2.8 2.8 2.6 2.2 2.3 2.2 2.2 1.5 2.4 2.5 2.7 2.4
Personal Consumption 1.8 3.6 2.9 3.0 2.5 2.6 2.5 2.3 2.1 2.1 2.0 2.0 1.7 2.7 3.1 2.7 2.2
Business Fixed Investment 1.6 4.1 4.9 5.5 5.2 5.3 5.6 5.5 5.2 5.1 5.0 4.9 3.0 6.2 3.6 5.2 5.3
Equipment 2.3 0.3 3.1 4.7 4.1 4.8 5.5 5.6 5.3 5.2 4.8 4.7 3.2 5.8 2.7 4.2 5.2
Intellectual Property Products 7.4 8.3 6.8 6.9 6.7 6.0 5.8 5.3 4.9 4.7 4.8 4.7 3.8 5.2 7.1 6.5 5.1
Structures - 7.4 6.2 6.1 5.3 5.4 5.4 5.5 5.5 5.6 5.6 5.7 5.8 1.6 8.1 0.8 5.5 5.6
Residential Construction 10.1 9.4 10.0 9.5 12.0 14.0 14.0 12.5 9.0 9.0 8.0 8.0 9.5 1.8 9.1 11.8 10.3
Government Purchases - 0.1 2.6 1.8 1.7 1.7 2.1 1.8 1.7 1.5 1.6 1.5 1.4 - 2.9 - 0.6 0.8 1.9 1.6
Net Exports 2 - 1.9 0.2 0.3 - 0.5 - 0.6 - 0.6 - 0.6 - 0.5 - 0.4 - 0.4 - 0.3 - 0.3 0.2 - 0.2 - 0.6 - 0.4 - 0.4
Inventories 2 0.9 0.0 - 1.3 - 0.1 0.1 0.1 0.1 0.0 - 0.1 - 0.1 - 0.1 - 0.1 0.0 0.0 0.1 - 0.1 - 0.1
Nonfarm Payroll Change 3 195 231 167 210 200 197 195 190 185 180 180 175 199 260 201 195 180
Unemployment Rate 5.6 5.4 5.2 5.0 4.9 4.8 4.7 4.6 4.5 4.5 4.4 4.4 7.4 6.2 5.3 4.8 4.5
PCE Deflator 4 0.2 0.3 0.4 0.9 1.8 1.7 1.9 1.9 2.0 2.0 1.9 1.9 1.4 1.4 0.4 1.8 2.0
Quarter- End Interest Rates 5
Federal Funds Target Rate 0.25 0.25 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 2.25 2.50 0.25 0.25 0.31 1.13 2.13
Conventional Mortgage Rate 3.77 3.98 3.91 4.15 4.23 4.28 4.37 4.63 4.75 4.76 4.84 4.93 3.98 4.17 3.95 4.38 4.82
3 Month Bill 0.03 0.01 0.00 0.13 0.56 0.84 1.17 1.34 1.63 1.81 2.12 2.38 0.06 0.03 0.04 0.98 1.99
6 Month Bill 0.14 0.11 0.08 0.30 0.61 0.89 1.23 1.43 1.66 1.94 2.19 2.41 0.09 0.06 0.16 1.04 2.05
1 Year Bill 0.26 0.28 0.33 0.68 0.96 1.23 1.59 1.80 2.09 2.29 2.38 2.57 0.13 0.12 0.39 1.40 2.33
2 Year Note 0.56 0.64 0.64 0.85 1.07 1.26 1.71 1.92 2.27 2.39 2.50 2.62 0.31 0.46 0.67 1.49 2.44
5 Year Note 1.37 1.63 1.37 1.73 1.87 1.99 2.20 2.34 2.52 2.60 2.69 2.78 1.17 1.64 1.53 2.10 2.65
10 Year Note 1.94 2.35 2.06 2.40 2.49 2.53 2.63 2.77 2.83 2.88 2.95 3.03 2.35 2.54 2.19 2.61 2.92
30 Year Bond 2.54 3.11 2.87 3.16 3.23 3.26 3.33 3.58 3.66 3.73 3.81 3.89 3.45 3.34 2.92 3.35 3.77
Forecast as of: September 25, 20151 Compound Annual Growth Rate Quarter-over-Quarter 2 Percentage Point Contribution to GDP 3 Average Monthly Change4 Year-over-Year Percentage Change 5 Annual Numbers Represent Averages
Forecast
2015 2016
Actual
2017
ForecastActual
Appendix
Wells Fargo Economics 32
Recent Special Commentary
Wells Fargo Economics Group Publications
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Date Title Authors
U.S. Macro
September- 23 Capitol Hill Update: Down- to- the- Wire Votes Expected Silvia & BrownSeptember- 23 J ob Openings vs. Turnover: Mixed Messages from J OLTS House & MoehringSeptember- 23 U.S. Manufacturing & USD: Setting the Record Straight Quinlan, House & NelsonSeptember- 14 Equipment Spending: It's Not About Rates Anyway Quinlan, House & NelsonSeptember- 10 Will Higher Rates Impact Consumption? Alemán & Brown
U.S. RegionalSeptember- 17 California Employment Conditions: August 2015 Vitner & BatchellerSeptember- 18 Lower Oil Prices Are Clearly Weighing On Texas J ob Growth Vitner & BatchellerSeptember- 18 Florida’s Economy Continues to See Solid J ob Gains Vitner & BatchellerSeptember- 17 New J ersey Adds 13,600 J obs in August Vitner & BatchellerSeptember- 17 Minnesota Added 7,300 J obs in August Vitner & Batcheller
Global EconomySeptember- 21 Argentine Government Spending Boosts Growth in Q2 2015 AlemánSeptember- 10 Global Chartbook: September 2015 Bryson, House & NelsonSeptember- 10 Turkish GDP Growth Surprises to the Upside in Q2 2015 BrysonSeptember- 03 Weaker GDP in Australia and the Ties that Bind QuinlanSeptember- 02 U.K. Economy: A Mid- Year Review Bryson & Nelson
Interest Rates/Credit MarketSeptember- 21 FOMC Decides: Markets Assess What's Next Silvia, Vitner & BrownSeptember- 16 Household Credit Healthy for Now Silvia, Vitner & BrownSeptember- 09 We Do Not Expect a Repeat of the Taper Tantrum Silvia, Vitner & BrownSeptember- 02 Financing Growth as Inflation and Interest Rates Align Silvia, Vitner & Brown
August- 26 Interest Rates and Rising U.S. Federal Debt Silvia, Vitner & Brown
Real EstateSeptember- 30 Nonresidential Construction Recap: September Khan
September- 01 Housing Data Wrap- Up: August 2015 Vitner & Khan
August- 31 Nonresidential Construction Recap: August Khan
August- 07 Commerial Real Estate Chartbook: Q2 Khan
J uly- 31 Housing Chartbook: J uly 2015 Vitner, Khan & Batcheller
A Sampling of Our Recent Special, Regional & Industry Commentary
Wells Fargo Economics
Wells Fargo Securities, LLC Economics Group
33
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Donna LaFleur, Executive Assistant.
Cyndi Burris, Senior Administrative Assistant [email protected]