Economic Update February 2012 Ryan Wang, US Economist HSBC Securities (USA) Inc. +1 212 525 3181.

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Presentation transcript:

Economic Update February 2012 Ryan Wang, US Economist HSBC Securities (USA) Inc

2 Advanced economics: Just over 50% of US exports Source: Netherlands Bureau for Economic Policy Analysis

3 Eurozone import volumes have stalled Source: Netherlands Bureau for Economic Policy Analysis

4 Emerging Asia Source: Netherlands Bureau for Economic Policy Analysis

5 Latin America Source: Netherlands Bureau for Economic Policy Analysis

6 A more challenging external environment for the US Source: US Census Bureau, 2012 growth = HSBC forecast

7 US: Home sales are slower today than 10 years ago Source: Census Bureau, National Association of Realtors

8 US: This means the housing market is highly imbalanced Source: National Association of Realtors

9 US: The loss of housing wealth Source: Federal Reserve

10 US: Job seekers still in a difficult position Source: Bureau of Labor Statistics

11 US: An uphill struggle for the labor market Source: Bureau of Labor Statistics

12 US debt outlook changed dramatically in 2008 Source: Congressional Budget Office, HSBC calculations

13 Fiscal austerity is subtracting from US economic growth Source: Bureau of Economic Analysis

: Year 4 of US government layoffs Source: Bureau of Labor Statistics

15 Fed anticipates “exceptionally low” rates through 2014 Source: Federal Reserve

16 US: Delinquency rates: On the right track? Source: Federal Reserve Bank of New York Consumer Credit Panel