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Economic & Equity Update
Portfolio Economics: Twin Deficit Redux
January 28, 2010
Steven C Wieting, Managing Director US Developing Markets Economics
- Despite the most severe postwar downturn and a temporary collapse in oil prices, it increasingly appears the U.S. current account deficit found a floor at -2.75% of GDP in 2Q 2009.
- Smaller cross-border imbalances are not a concern for their own sake.
- Net national savings weakened in the crisis rather than improved as larger fiscal deficits offset rising private savings.
- For more, please read the full report below.
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Portfolio Economics: The Rearview Mirror Is Looking Brighter
January 21, 2010
Steven C Wieting, Managing Director US Developing Markets Economics
- A sharp improvement in financial conditions within 2009 left 2010 well positioned to be a better year for the real economy.
- Manufacturing production rose at a 7.4% annualized rate in 2H 2009 while real consumer spending likely rose at a 2.25% rate.
- While inventories have plunged and production should continue to rise, inventories are already stabilizing given the sharper upturn in output.
- For more, please read the full report below.
For more information, please contact your Financial Advisor.
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