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Consumer spending robust in March despite inflation surge
... higher than the average of 4.9 billion saved per month before the epidemic, which means the value of excess savings accumulated during the epidemic increased to 186.4 billion, up from 185.3 billion in February. Samuel Tombs , chief economist at the Pantheon Macroeconomics consultancy, said that households are unwilling to touch the savings they have accumulated during the epidemic and that real expenditure is set to fall in the second quarter due to the squeeze on disposable incomes. In March, the number ...
Updated: 05/05/2022
Fed expected to raise interest rate Wednesday
... economists encouraged by the data Monday showing a slowdown in U.S. manufacturing activity. Inflation likely peaked in March, which means the Fed will be able to slow down its pace of interest rate hikes, according to Ian Shepherdson , chief economist at Pantheon Macroeconomics . Shepherdson said Monday that there was a rollover in housing demand, the impending drop in inflation and the tightening of financial conditions as arguments against endless rate hikes. We are on the alert for markets to scale back their ...
Updated: 05/04/2022
Us job openings hit record high in March
... middle of a normal cycle, so they need to make inroads into their hiring backlog. This pace of hiring can't be sustained indefinitely, and some surveys point to a slowdown over the next few months, according to Ian Shepherdson , chief economist for Pantheon Macroeconomics . It's important to distinguish between normalization in job growth and late cycle downshift. There is little chance of a near-term risk of the latter. Labor scarcity has resulted in a dearth of workers to keep pace with demand, which has ...
Updated: 05/03/2022
Case-Shiller reports 20.2% year-over-year increase in February
... Home price growth is likely to take a step back in the coming months because of the diminished buying power and mortgage rates, according to Selma Hepp , deputy chief economist at CoreLogic . In a research note, Ian Shepherdson , chief economist at Pantheon Macroeconomics , said that price increases would slow down as sales volumes fall over the course of the year.
Updated: 04/27/2022
Government borrowing falls to record level in March
... low of 0.1 per cent in December to 0.75 per cent in March. Beckett said that the chancellor's headroom against his main fiscal mandate - for the debt ratio to be falling in three years time - is on a knife-edge. Samuel Tombs , chief UK economist at Pantheon Macroeconomics , predicted that the political pressure to support the economy will increase as the 2024 general election nears. He predicted public borrowing in the current financial year of around 110 billion and 70 billion dollars in the next year, ...
Updated: 04/27/2022
Inflation in Mexico accelerates faster rate hikes
... inflation could be more persistent than previously predicted. This is a bad start to the second quarter, due to increased commodity prices, lingering supply issues and the reopening of the economy, said Andres Abadia , chief Latin America economist for Pantheon Macroeconomics, in a research report. Gabriel Casillas, chief economist for Latin America at Barclays Plc , said the data is even more troubling this month, given that historically, bi-weekly inflation in any first half of April is negative because of ...
Updated: 04/22/2022
Inflation hits 30-year high in March
... above 3 per cent for most of 2023. With high inflation feeding into price-wage decisions, we think the Bank of England will have to raise rates further than expected, perhaps to at least 2 per cent next year. Samuel Tombs , chief UK economist at Pantheon Macroeconomics , expected a jump in inflation to seal the deal on a quarter-point increase in interest rates at the monetary policy committee's next meeting in May.
Updated: 04/13/2022
UK housing market boosted by rising costs
... lockdowns, leading to a race for space among buyers that was fuelled by a stamp duty holiday. In recent months, there has been a shortage of homes on the market to match demand, which has pushed up asking prices. Gabriella Dickens , senior UK economist at Pantheon Macroeconomics , said the housing market was going from strength to strength, but that March probably marks the peak for house price growth. The ONS said GDP was now 0.1% below the pre- Covid period of the last quarter of 2019, compared to its previous ...
Updated: 04/03/2022
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