Economic Outlook for 2016 and Beyond
Michael A. Brown, Economist
October 6, 2015
Overview
Business
Investment
Labor
Market
2015
Growth
Inflation &
Interest Rates
Wells Fargo Economics
2
Fiscal
Policy
Where Are We Now?
U.S. Real GDP
Bars = CAGR
Line = Yr/Yr Percent Change
10%
10%
GDP - CAGR: Q2 @ 3.9%
8%
GDP - Yr/Yr Percent Change: Q2 @ 2.7%
6%
6%
Forecast
4%
Economic growth should
continue at a modest pace over
the coming quarters
4%
2%
2%
0%
0%
-2%
-2%
-4%
-4%
-6%
-6%
-8%
-8%
-10%
2000
-10%
2002
2004
2006
2008
2010
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics
8%
3
2012
2014
2016
Real Final Sales
Real Final Sales to Domestic Purchasers
Bars = CAGR
8%
Line = Yr/Yr Percent Change
8%
6%
6%
Forecast
4%
Growth in domestic spending
clearly has strengthened
4%
2%
2%
0%
0%
-2%
-2%
-4%
-4%
-6%
-6%
-8%
Real Fin Sales to Dom. Purch. - CAGR: Q2 @ 3.7%
-8%
Real Fin Sales to Dom. Purch. - Yr/Yr Pct Chg: Q2 @ 3.0%
-10%
2000
-10%
2002
2004
2006
2008
2010
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics
4
2012
2014
2016
Capital Spending
Real Equipment Investment
Bars = CAGR
Line = Yr/Yr Percent Change
40%
40%
30%
30%
20%
20%
Forecast
10%
Growth in business fixed
investment spending will
support growth in the coming
quarters
0%
10%
0%
-10%
-10%
-20%
-20%
-30%
-30%
-40%
-40%
-50%
Equipment Investment - CAGR: Q2 @ 0.3%
-50%
Equipment Investment - Yr/Yr Percent Change: Q2 @ 3.3%
-60%
2000
-60%
2002
2004
2006
2008
2010
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics
5
2012
2014
2016
Nonresidential Construction
Real Nonresidential Construction
Bars = CAGR
40%
Line = Yr/Yr Percent Change
30%
30%
20%
20%
Forecast
10%
Commercial construction
spending will help to perpetuate
business investment in the year
ahead
40%
0%
10%
0%
-10%
-10%
-20%
-20%
-30%
-30%
-40%
-40%
Nonres Construction - CAGR: Q2 @ 6.2%
Nonres Construction - Yr/Yr Percent Change: Q2 @ 0.2%
-50%
2000
-50%
2002
2004
2006
2008
2010
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics
6
2012
2014
2016
Small Businesses
Wells Fargo Small Business Survey & NFIB
Overall Situation, NFIB Small Business Optimism 1986=100
120
Small business optimism has
finally turned around
115
100
110
80
105
60
100
40
95
20
90
0
85
-20
80
Wells Fargo Overall Situation: Q3 @ 59.0 (Left Axis)
-40
75
Small Business Optimism: Q2 @ 96.5 (Right Axis)
-60
70
04
05
06
07
08
09
10
11
12
13
14
15
Source: National Federation of Independent Businesses, Gallup, Wells Fargo Bank and Wells Fargo Securities, LLC
Wells Fargo Economics
7
Small Businesses
Homeowners' Equity vs. WF Small Business Survey
Percent Share of Home Values, Index
70%
180
Equity as a Share of Home Value (Left Axis): Q2 @ 56.3%
Wells Fargo Overall Situation (Right Axis): Q3 @ 59.0
65%
Recovery in home equity values
has supported small business
activity
150
60%
120
55%
90
50%
60
45%
30
40%
0
35%
-30
30%
-60
03
05
07
09
11
Source: Federal Reserve Board, Wells Fargo Bank, Gallup and Wells Fargo Securities, LLC
Wells Fargo Economics
8
13
15
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.
Homeownership
Owners vs. Renters
CoreLogic National Home Price Index vs.
Homeownership Rate
U.S. Homeowners vs. Renters
24%
70%
Annual Change in Occupied Units, In Thousands
2,500
2,500
Renters: 2014 @ 1026.3 Thousand
Homeowners: 2014 @ -234.5 Thousand
18%
69%
2,000
12%
68%
1,500
1,500
6%
67%
1,000
1,000
0%
66%
500
-6%
65%
0
-12%
64%
-500
63%
-1,000
62%
-1,500
-18%
Home Price Index Yr/Yr: Q2 @ 5.9% (Left Axis)
2,000
500
0
Series Break
1981
-500
-1,000
Homeownership Rate: Q2 @ 63.4% (Right Axis)
-24%
88
90
92
94
96
98
00
02
04
06
08
10
12
14
Source: NAR, CoreLogic, U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics
-1,500
66
9
70
74
78
82
86
90
94
98
02
06
10
14
A Shifting Demographic Profile
Higher student debt burdens are hindering young adults’ ability to form new households
Student Loans
Household Formation
Student Loan Debt
Young Adults Living in Parent's Household
Households With Head Under 35, Ths. of 2013 Dollars
45%
Percent of Total Population Aged 25 to 34 Years
$30
16%
Median Value: 2013 @ $17.2K (Right Axis)
Percent with Student Debt: 2013 @ 41.7% (Left Axis)
16%
25 to 34 Year Olds: 2014 @ 14.4%
40%
1995 to 2007 Average
$25
35%
$20
30%
$15
25%
$10
20%
$5
15%
1992
1995
1998
2001
2004
2007
2010
12%
12%
10%
10%
8%
6%
2013
6%
1995
Source: Federal Reserve Board, U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics
14%
8%
$0
1989
14%
10
1997
1999
2001
2003
2005
2007
2009
2011
2013
The Consumer
Consumer Expenditure Growth
Year-over-Year Percent Change & Change from 2011 to 2014
25.0%
Food away from home,
entertainment, and apparel
spending have improved over
the past year as the economy has
picked up
Year-over-Year Percent Change
Recovering
20.0%
Share of Average Total Expenditures
<5.5%
5.5% - 8.0%
>8.0%
Expanding
Healthcare
15.0%
Apparel and Services
Housing - Rented
Entertainment
10.0%
Food Away from
Home
5.0%
Housing - Owned
Transportation
0.0%
Food at Home
Decelerating
Contracting
-5.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Percent Change from Three Years Ago
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics
11
30.0%
35.0%
The Consumer
Real Personal Consumption Expenditures
Bars = CAGR
8%
Line = Yr/Yr Percent Change
8%
6%
6%
4%
Consumer spending growth will
continue to average around
2.5 percent
Forecast
2%
2%
0%
0%
-2%
-2%
-4%
-4%
-6%
-8%
2000
-6%
PCE - CAGR: Q2 @ 3.6%
PCE - Yr/Yr Percent Change: Q2 @ 3.3%
-8%
2002
2004
2006
2008
2010
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics
4%
12
2012
2014
2016
Unemployment Rates
Underuse of Labor
U-6 Unemployment Rate Components, Seasonally Adjusted
24%
24%
Part-Time for Economic Reasons: Sep @ 3.8%
Discouraged and Marginally Attached: Sep @ 1.1%
20%
20%
Unemployed: Sep @ 5.1%
U-6 Unemployment Rate: Sep @ 10%
Alternative measures of
unemployment show an
historically high level of
underemployment
16%
16%
12%
12%
8%
8%
4%
4%
0%
0%
94
96
98
00
02
04
06
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics
13
08
10
12
14
Employment Rate
Employment-Population Ratio
16 Years and Over, Seasonally Adjusted
65
The employment rate is picking
up, but structural issues remain
65
64
64
63
63
62
62
61
61
60
60
59
59
58
58
Employment-Population Ratio: Sep @ 59.2
57
57
86
88
90
92
94
96
98
00
02
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics
14
04
06
08
10
12
14
The Employment Situation
Employment-Population Ratio by Education
September 2015
The employment picture is
mixed across different levels of
education
80
80
70
70
60
60
50
50
40
40
30
30
20
20
10
10
0
0
No High School
Diploma
High School
Diploma
Some College
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics
15
College Degree
Employment: Structural
Full Time vs. Part Time Employment
A large proportion of the jobs
created over the past four years
have been part-time, which has
weighed on wage & salary
growth
129
Total Employment: Sep @ 146.5M (Left Axis)
Full-Time: Sep @ 120.9M (Right Axis)
146
126
Total: 2.1M Above Prerecession Peak
143
123
Full-Time: 0.1M Above Prerecession Peak
140
120
137
117
134
114
131
111
128
108
07
08
09
10
11
12
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics
16
13
14
15
Thousands
Thousands
Millions, Seasonally Adjusted
149
Personal Income
Income Growth During Economic Recoveries
Percent Change 5 Years After Recession End, Before-Tax Income
Income growth has finally begun
to turn around but still lags
prior recoveries
25%
25%
20%
20%
15%
15%
10%
10%
5%
5%
0%
0%
Avg of Prior 2 Recoveries
2009-2014
-5%
-5%
Lowest
Quintile
Second
Quintile
Middle
Quintile
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics
17
Fourth
Quintile
Highest
Quintile
Inflation
PCE Deflator vs. "Core" PCE Deflator
Year-over-Year Percent Change
5%
Inflation remains in check
5%
4%
4%
3%
3%
2%
2%
1%
1%
0%
0%
-1%
-1%
PCE Deflator: Aug @ 0.3%
"Core" PCE Deflator: Aug @ 1.3%
-2%
-2%
00
02
04
06
08
10
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics
18
12
14
Yield Curve: Rates Rise Without Fed
Yield Curve
U.S. Treasuries, Active Issues
The yield curve is expected to
flatten further as the Fed begins
to raise short-term interest rates
in December of this year
4.0%
4.0%
3.5%
3.5%
3.0%
3.0%
2.5%
2.5%
2.0%
2.0%
1.5%
1.5%
1.0%
1.0%
October 1, 2015
0.5%
September 3, 2015
0.5%
October 2, 2014
0.0%
0.0%
Source: Bloomberg LP and Wells Fargo Securities, LLC
Wells Fargo Economics
19
Fiscal Policy Outlook
Key Issues
 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?
What to watch for in the
114th Congress
 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
20
Global Industrial Production
Global Economic Indicators
Year-over-Year Percent Change
It would take a sharp downturn
in the rest of the world to have a
meaningful effect on U.S.
economic growth
15%
15%
10%
10%
5%
5%
0%
0%
-5%
-5%
-10%
-10%
Global Industrial Production: Q2 @ 2.0%
U.S. GDP: Q2 @ 2.7%
-15%
-15%
92
94
96
98
00
02
04
Source: IHS Global Insight and Wells Fargo Securities, LLC
Wells Fargo Economics
21
06
08
10
12
14
The Idaho Economy
Idaho – Current Economic Conditions
Idaho Coincident Index
3-Month Percent Change
Economic activity in Idaho is
downshifting
3%
3%
2%
2%
1%
1%
0%
0%
-1%
-1%
-2%
-2%
-3%
-3%
Coincident Index: Aug @ 0.5%
-4%
-4%
90
92
94
96
98
00
02
04
06
Source: Federal Reserve Bank of Philadelphia and Wells Fargo Securities, LLC
Wells Fargo Economics
23
08
10
12
14
Idaho– Employment Growth & Unemployment Rate
Employment is growing modestly, while the unemployment rate is below the national rate
Unemployment Rate
Employment
Idaho Employment Growth By Industry
Idaho Unemployment Rate
Year-over-Year Percent Change, 3-MMA
Seasonally Adjusted
10%
Total Nonfarm
10%
Trade, Trans. & Utilities
Government
Educ. & Health Services
Manufacturing
8%
6%
6%
4%
4%
More
Prof. & Bus. Svcs.
Leisure and Hospitality
8%
Number of
Employees
Financial Activities
Less
Construction
2%
2%
Other Services
August 2015
Information
-10%
Unemployment Rate: Aug @ 4.2%
12-Month Moving Average: Aug @ 4.2%
0%
-5%
0%
5%
10%
15%
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics
0%
90
24
92
94
96
98
00
02
04
06
08
10
12
14
Idaho: Employment
Idaho Nonfarm Employment
3-Month Moving Averages
10%
Overall employment growth has
been strong over the past year
10%
8%
8%
6%
6%
4%
4%
2%
2%
0%
0%
-2%
-2%
-4%
-4%
-6%
-6%
3-Month Annual Rate: Aug @ -0.9%
Nonfarm: Yr/Yr Pct. Change: Aug @ 3.1%
Household: Yr/Yr Pct. Change: Aug @ 3.3%
-8%
-8%
-10%
-10%
90
92
94
96
98
00
02
04
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
Wells Fargo Economics
25
06
08
10
12
14
Idaho: Personal Income
Idaho Personal Income
Bars = Compound Annual Rate
Personal income growth has
steadily rebounded since the
recession ended
Line = Yr/Yr % Change
24%
24%
20%
20%
16%
16%
12%
12%
8%
8%
4%
4%
0%
0%
-4%
-4%
-8%
Idaho Personal Income: Q2 @ 4.5%
-8%
Idaho Personal Income: Q2 @ 3.1%
-12%
-12%
96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics
26
Idaho– Home Prices and Construction
Home prices are growing modestly in the state as building activity has begun to pick up
Home Prices
Housing Permits
Idaho Housing Permits
Core Logic HPI: ID vs. U.S.
30%
24%
24%
18%
18%
12%
12%
6%
6%
0%
0%
-6%
-6%
-12%
Thousands
30%
United States: Jul @ 6.9%
Idaho: Jul @ 4.8%
94
96
98
00
02
04
06
08
10
12
15
10
10
5
0
0
90
14
Source: CoreLogic, Inc., U.S. Department of Commerce and Wells Fargo Securities, LLC
Wells Fargo Economics
15
5
-24%
92
20
Single-Family Average (1998-2003): 10,107
-18%
-24%
90
25
Single-Family: Aug @ 9,276
Single-Family, 12-MMA: Aug @ 7,073
Multifamily, 12-MMA: Aug @ 2,344
20
-12%
-18%
25
27
92
94
96
98
00
02
04
06
08
10
12
14
Thousands
Thousands of Permits, Seasonally Adjusted Annual Rate
Year-over-Year Percent Change
Idaho – Economic Outlook
The leading index signals somewhat stronger economic growth ahead
Leading Index
Outlook
 Economic growth will likely remain modest
Idaho Leading Index
Three Month Percent Change
6.0%
6.0%
5.0%
5.0%
4.0%
4.0%
3.0%
3.0%
2.0%
2.0%
1.0%
1.0%
0.0%
0.0%
-1.0%
-1.0%
-2.0%
-2.0%
-3.0%
-3.0%
-4.0%
-4.0%
-5.0%
Idaho: Aug @ 1.4%
-6.0%
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.

-5.0%
-6.0%
82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14

Source: Federal Reserve Bank of Philadelphia and Wells Fargo Securities, LLC
Wells Fargo Economics
28
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.
Headwinds to Economic Growth
Slower Global
Growth Environment
Effects of Monetary
Policy Changes?
Slower Pace of
Business Investment
Potential
Headwinds to
Economic Growth
Modest Income
Growth
Fiscal Policy
Uncertainty
Wells Fargo Economics
29
Outlook Summary
Wells Fargo U.S. Economic Forecast
q 3 2 01 5
Actual
2 01 5
Forecast
2015
2016
Actual
2013
2014
2017
2015
Forecast
2016
2017
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
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
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
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
-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
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
195
231
167
210
200
197
195
190
185
180
180
175
199
260
201
195
180
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
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
Real Gross Domestic Product
Personal Consumption
1
Business Fixed Investment
2
Net Exports
2
Inventories
Nonfarm Payroll Change
3
Unemployment Rate
PCE Deflator
4
5
Quarter-End Interest Rates
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, 2015
1
C ompound Annual Growth Rate Quarter-over-Quarter
2
Percentage Point C ontribution to GDP
4
Year-over-Year Percentage C hange
5
Annual Numbers Represent Averages
3
Average Monthly C hange
Source: IHS Global Insight and Wells Fargo Securities, LLC
Wells Fargo Economics
30
Appendix
Wells Fargo Economics Group Publications
A Sampling of Our Recent Special, Regional & Industry Commentary
Recent Special Commentary
Authors
Title
Date
U.S. Macro
To view any of our past research
please visit:
http://www.wellsfargo.com/
economics
To join any of our research
distribution lists please visit:
https://wellsfargo.mworld.com/
econ/alerts.asp
September-23 Capitol Hill Update: Down-to-the-Wire Votes Expected
September-23 Job Openings vs. Turnover: Mixed Messages from JOLTS
Silvia & Brown
September-23 U.S. Manufacturing & USD: Setting the Record Straight
September-14 Equipment Spending: It's Not About Rates Anyway
Quinlan, House & Nelson
September-10 Will Higher Rates Impact Consumption?
Alemán & Brown
U.S. Regional
September-17 California Employment Conditions: August 2015
Vitner & Batcheller
September-18 Lower Oil Prices Are Clearly Weighing On Texas Job Growth
Vitner & Batcheller
September-18 Florida’s Economy Continues to See Solid Job Gains
Vitner & Batcheller
September-17 New Jersey Adds 13,600 Jobs in August
Vitner & Batcheller
September-17 Minnesota Added 7,300 Jobs in August
Vitner & Batcheller
Global Econom y
September-21 Argentine Government Spending Boosts Growth in Q2 2015
September-10 Global Chartbook: September 2015
September-10 Turkish GDP Growth Surprises to the Upside in Q2 2015
September-03 Weaker GDP in Australia and the Ties that Bind
September-02 U.K. Economy: A Mid-Year Review
Quinlan, House & Nelson
Alemán
Bryson, House & Nelson
Bryson
Quinlan
Bryson & Nelson
Interest Rates/Credit Market
September-21 FOMC Decides: Markets Assess What's Next
Silvia, Vitner & Brown
September-16 Household Credit Healthy for Now
Silvia, Vitner & Brown
September-09 We Do Not Expect a Repeat of the Taper Tantrum
Silvia, Vitner & Brown
September-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 Estate
September-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
Housing Chartbook: July 2015
Vitner, Khan & Batcheller
July-31
Wells Fargo Economics
House & Moehring
32
Wells Fargo Securities, LLC Economics Group
Global Head of Research and Economics
Economists
Diane Schumaker-Krieg
………………… ….diane.schumaker@wellsfargo.com
Global Head of Research & Economics
Azhar Iqbal, Econometrician………………… ……………azhar.iqbal@wellsfargo.com
……
Tim Quinlan, Economist …………………… ……………. .tim.quinlan@wellsfargo.com
Chief Economist
John E. Silvia …
Eric J. Viloria, Currency Strategist
...................... …
Sarah House, Economist
john.silvia@wellsfargo.com
.
…………… …………
Michael A. Brown, Economist ……………… …
eric.viloria@wellsfargo.com
sarah.house@wellsfargo.com
michael.a.brown@wellsfargo.com
Senior Economists
Economic Analysts
Mark Vitner, Senior Economist……………....………. .
mark.vitner@wellsfargo.com
Erik Nelson, Economic Analyst
Jay H. Bryson, Global Economist …………………....…… ….jay.bryson@wellsfargo.com
Sam Bullard, Senior Economist
sam.bullard@wellsfargo.com
Nick Bennenbroek, Currency Strategist ……nicholas.bennenbroek@wellsfargo.com
Alex Moehring, Economic Analyst
alex.v.moehring@wellsfargo.com
Misa Batcheller, Economic Analyst
misa.n.batcheller@wellsfargo.com
Michael Pugliese, Economic Analyst
michael.d.pugliese@wellsfargo.com
Administrative Assistants
Eugenio J. Alemán, Senior Economist… …………eugenio.j.aleman@wellsfargo.com
Anika R. Khan, Senior Economist …
erik.f.nelson@wellsfargo.com
Donna LaFleur, Executive Assistant.
. anika.khan@wellsfargo.com
Cyndi Burris, Senior Administrative Assistant
donna.lafleur@wellsfargo.com
cyndi.burris@wellsfargo.com
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Wells Fargo Economics
33