2014 Economic Outlook (Michael Brown, Wells Fargo)

Michael A. Brown, EconomistDecember 13, 2013

Economic Outlook for 2014 and Beyond

Wells Fargo Economics 2

Overview

ConsumersConsumers

EmploymentEmployment

Fiscal PolicyFiscal Policy

BusinessesBusinesses

20142014GrowthGrowth


-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

U.S. Real GDP Bars = CAGR Line = Yr/Yr Percent Change

GDP - CAGR: Q3 @ 3.6%

GDP - Yr/Yr Percent Change: Q3 @ 1.8%

Forecast

Where Are We Now?

There will be a sustained recovery in 2014, but the pace of growth will still be

below the historical average of 3.1 percent (1987-2007)

Source: U.S. Department of Commerce and Wells Fargo Securities, LLC


-40%

-30%

-20%

-10%

0%

10%

20%

30%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

2000 2002 2004 2006 2008 2010 2012 2014

Real Business Fixed InvestmentBars = CAGR Line = Yr/Yr Percent Change

Non-Res Fixed Invest - CAGR: Q3 @ 3.5%

Non-Res Fixed Invest - Yr/Yr Percent Change: Q3 @ 3.2%

Forecast

Capital Spending

Growth in business fixed investment spending will

remain modest in the second half of the year



70

75

80

85

90

95

100

105

110

115

-60

-40

-20

0

20

40

60

80

100

120

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Wells Fargo Small Business Survey & NFIBOverall Situation, NFIB Small Business Optimism 1986=100

Overall Situation: Q3 2013 @ 25.0 (Left Axis)

Small Business Optimism: Q3 2013 @ 94.0 (Right Axis)

Small Businesses

The small business sector is improving but a full

recovery in small business optimism is still distant

Source: National Federation of Independent Businesses, Gallup, Wells Fargo Bank and Wells Fargo Securities, LLC


0

60

120

180

240

300

360

420

480

540

600

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

87 89 91 93 95 97 99 01 03 05 07 09 11 13

Single & Multifamily Housing StartsSAAR, In Thousands, 3-Month Moving Average

Single-family Housing Starts: Aug @ 604K (Left Axis)

Multifamily Housing Starts: Aug @ 266K (Right Axis)

U.S. Housing Market

Multifamily construction has picked up while

construction of single-family homes has been slower to

rebound



Housing Market

Delinquencies remain elevated and inventory levels have come down

2.8%

2.8%

2.8%

2.9%

3.0%

3.1%

3.2%

3.2%

3.4%

3.4%

3.4%

3.4%

3.7%

3.9%

4.2%

4.3%

4.3%

2.6%

0% 1% 2% 3% 4% 5% 6% 7%

Indiana

Ohio

I llinois

Pennsylvania

Arkansas

Florida

New York

Tennessee

Alabama

Massachusetts

Georgia

Delaware

Rhode Island

Maryland

Mississippi

Nevada

New J ersey

United States

Mortgages 90+ Days Delinquent - By StatePercent of Mortgages Outstanding

As of Q2 2013

Source: Mortgage Bankers Association, National Association of Realtors and Wells Fargo Securities, LLC

InventoryDelinquencies

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1,500

2,000

2,500

3,000

3,500

4,000

4,500

99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

Inventory of Existing Homes for SaleExisting Homes for Sale at End of Month - In Thousands

Total Inventory: Oct @ 2.1 Million


-32%

-24%

-16%

-8%

0%

8%

16%

24%

-32%

-24%

-16%

-8%

0%

8%

16%

24%

96 98 00 02 04 06 08 10 12

Home PricesYear-over-Year Percentage Change

Median Sale Price: Oct @ $199,500Median Sales Price 3-M Mov. Avg.: Oct @ 12.2%FHFA (OFHEO) Purchase Only Index: Sep @ 8.5%S&P Case-Shiller Composite 10: Sep @ 13.3%

Housing Market

National home price appreciation remains robust

Source: Federal Housing Finance Agency, National Association of Realtors, S&P Corp. and Wells Fargo Securities, LLC


15%

36%

31%

25%

22%

21%

20%

19%

19%

17%

15%

22%

59%

43%

40%

33%

36%

26%

23%

24%

23%

29%

0% 10% 20% 30% 40% 50% 60% 70%

United States

Nevada

Florida

Arizona

Michigan

Georgia

I llinois

Rhode Island

Ohio

Maryland

California

Negative Equity by StatePercent of Mortgages Outstanding

Q2 2012

Q2 2013

Home Mortgages

Price appreciation over the last year has helped to reduce negative equity

Source: CoreLogic, Inc. and Wells Fargo Securities, LLC


20

40

60

80

100

120

140

160

20

40

60

80

100

120

140

160

87 89 91 93 95 97 99 01 03 05 07 09 11 13

Consumer Confidence IndexConference Board

Confidence Yr/Yr % Chg: Nov @ -1.7%Confidence: Nov @ 70.412-Month Moving Average: Nov @ 72.2

The Consumer

Consumer confidence has pulled back recently

Source: The Conference Board and Wells Fargo Securities, LLC


-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

Real Personal Consumption ExpendituresBars = CAGR Line = Yr/Yr Percent Change

PCE - CAGR: Q3 @ 1.4%PCE - Yr/Yr Percent Change: Q3 @ 1.8%

Forecast

The Consumer

Consumer spending will slowly begin to pick up in

2014



2%

4%

6%

8%

10%

12%

2%

4%

6%

8%

10%

12%

60 65 70 75 80 85 90 95 00 05 10

Unemployment RateSeasonally Adjusted

Unemployment Rate: Nov @ 7.0%

The Employment Situation

The unemployment rate remains elevated due to

structural factors

Source: U.S. Department of Labor and Wells Fargo Securities, LLC


0%

2%

4%

6%

8%

10%

12%

14%

0%

2%

4%

6%

8%

10%

12%

14%

No High SchoolDiploma

High SchoolDiploma

Some College College Degree

Unemployment Rate by Education LevelNovember 2013

The Employment Situation

The unemployment rate for college-educated workers remains around 4 percent, while the unemployment rate for workers with less than a high school diploma

is over 10 percent



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

Employment-Population Ratio16 Years and Over, Seasonally Adjusted

Employment-Population Ratio: Nov @ 58.6

Employment Rate

The employment rate shows how dramatically the

working population has shrunk following the

recession



-2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0%

Total Nonfarm

Prof. & Bus. Svcs.

Leisure and Hospitality

Trade, Trans. & Utilities

Educ. & Health Svcs.

Financial Activities

Goods Producing

Other Services

Information

Government

United States Employment by IndustryYear-over-Year Percent Change, 3-Month Moving Average

November 2013

Where is the Job Growth?

The service sector continues to lead job growth



Unemployment by County

Unemployment RateSeptember 2007

Greater than 12.5%

10.0% to 12.5%

8.0% to 10.0%

6.0% to 8.0%

Less than 6.0%

Unemployment Rate

Source: US Department of Labor and Wells Fargo Securities, LLC


Unemployment Rate

Unemployment by County

Large Portions of the United States Continue to Face Serious Unemployment Issues


8.0% to 10.0%

Unemployment RateOctober 2013

Greater than 12.5%

10.0% to 12.5%

6.0% to 8.0%

Less than 6.0%


-1%

0%

1%

2%

3%

4%

5%

-1%

0%

1%

2%

3%

4%

5%

98 00 02 04 06 08 10 12

PCE Market Deflators Year-over-Year Percent Change

"Core" PCE Market Deflator: Oct @ 1.0%

PCE Market Deflator: Oct @ 0.6%

Inflation

Inflation should not pose a barrier to easier Federal

Reserve policy



Fiscal Policy Summary

Wells Fargo Fiscal Policy Outlook

Political uncertainty will continue in the months

ahead

Short-term Shutdown Showdown Deal Immediately re-opened government operations The debt ceiling was suspended until February 7th Provides back pay to furloughed federal workers House and Senate agree to work out FY14 Budget in

Committee

What is next? December 13th – Joint Budget Committee Reports to

Congress January 15th – Continuing Resolution Expires February 7th – Debt Ceiling Reached


Headwinds to Economic Growth

Headwinds to Economic Growth

Government Sector Restructuring

Smaller Consumer Base

Slow Global Growth Environment

Uncertain Fiscal Policy Outlook

Structural Nature of Unemployment

Revenue Outlook


-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

U.S. Average State Personal IncomeQuarter-over-Quarter Percent Change

U.S. Personal Income: Q2 @ 1.0%

State Income Tax Revenues

Personal income growth picked up in the second

quarter after a sharp decline



-30%

-25%

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-15%

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-5%

0%

5%

10%

15%

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25%

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-15%

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-5%

0%

5%

10%

15%

20%

25%

1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

U.S. State Income Tax Receipts Year-over-Year Percent Change

U.S. Income Tax: Q2 @ 19.4%


Income tax revenues remained stable in the

second quarter



-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

2000 2002 2004 2006 2008 2010 2012 2014

Nominal Personal IncomeYear-over-Year Percent Change

Personal Income-Yr/Yr: Q3 @ 3.9%

Forecast


Personal income growth will moderate in 2014, keeping

income tax revenues positive but more modest



-12%

-8%

-4%

0%

4%

8%

12%

16%

-12%

-8%

-4%

0%

4%

8%

12%

16%

1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

U.S. State Sales Tax Receipts Year-over-Year Percent Change

U.S. Sales Tax: Q2 @ 4.8%

State Sales Tax Revenues

State sales tax collections growth has averaged just

3.8 percent since revenues turned positive following

the recession



-30%

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0%

5%

10%

15%

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0%

5%

10%

15%

2000 2002 2004 2006 2008 2010 2012 2014

Retail SalesBars = CAGR Line = Yr/Yr Percent Change

Retail Sales-CAGR: Q3 @ 4.6%

Retail Sales-Yr/Yr: Q3 @ 4.5%

Forecast

State Sales Tax Revenues

While consumer spending should continue to pick up

over the next year, sales tax collections will remain

modest



-10%

-5%

0%

5%

10%

15%

20%

25%

30%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

96 98 00 02 04 06 08 10 12

House Price Appreciation and Property TaxesYear-over-Year Percent Change, 4-Quarter Moving Average

Purchase-Only Home Price Index: Q3 @ 7.1%

Property Tax Revenue: Q2 @ 1.6%

Property Tax Revenues

Home price appreciation has helped to improve

property tax collections


The North Carolina Economy


-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12

North Carolina Coincident IndexThree-Month Percent Change

North Carolina: Oct @ 1.6%

North Carolina – Current Economic Conditions

Economic activity in North Carolina has picked up

recently

Source: Federal Reserve Bank of Philadelphia and Wells Fargo Securities, LLC


North Carolina– Employment Growth & Unemployment Rate

Employment growth is picking up in the majority of sectors. The unemployment rate has come down as individuals have left the labor force.

October 2013

-4% -2% 0% 2% 4% 6% 8%

Information

Other Services

Construction

Financial Activities

Leisure and Hospitality

Manufacturing

Prof. & Bus. Svcs.

Educ. & Health Services

Government

Trade, Trans. & Utilities

Total Nonfarm

North Carolina Employment Growth By IndustryYear-over-Year Percent Change, 3-MMA

Number of Employees

Less

More


Unemployment RateEmployment

2%

4%

6%

8%

10%

12%

2%

4%

6%

8%

10%

12%

90 92 94 96 98 00 02 04 06 08 10 12

North Carolina Unemployment RateSeasonally Adjusted

Unemployment Rate: Oct @ 8.0%12-Month Moving Average: Oct @ 8.9%


North Carolina – Personal Income Situation

Income growth has returned, however the bulk of the gains in personal income have come from transfer payments.

-12%

-9%

-6%

-3%

0%

3%

6%

9%

12%

15%

-12%

-9%

-6%

-3%

0%

3%

6%

9%

12%

15%

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

North Carolina Personal IncomeBars = Compound Annual Rate Line = Yr/Yr % Change

North Carolina Personal Income: Q2 @ 3.0%

North Carolina Personal Income: Q2 @ 2.0%


Composition of Income GrowthPersonal Income

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

$250

$275

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

$250

$275

00 01 02 03 04 05 06 07 08 09 10 11 12 13

North Carolina: Wages & Salaries vs. Transfer PaymentsIn Billions, Seasonally Adjusted Annual Rate

Transfer Payments: Q2 @ $74.4 Billion

Wages and Salaries: Q2 @ $193.1 Billion


North Carolina– Home Prices and Construction

North Carolina home prices are rising once again and homebuilding has increased modestly.

40

60

80

100

120

140

160

180

200

220

40

60

80

100

120

140

160

180

200

220

90 92 94 96 98 00 02 04 06 08 10 12

CoreLogic HPI : NC vs. U.S.Index, 2000=100, Not Seasonally Adjusted

United States: Oct @ 165.0

North Carolina: Oct @ 133.7

Source: CoreLogic, Inc., U.S. Department of Commerce and Wells Fargo Securities, LLC

Housing PermitsHome Prices

0

20

40

60

80

100

120

0

20

40

60

80

100

120

90 92 94 96 98 00 02 04 06 08 10 12

Thou

sand

s

Thou

sand

s

North Carolina Housing PermitsThousands of Permits, Seasonally Adjusted Annual Rate

Single-Family: Oct @ 33,132Single-Family, 12-MMA: Oct @ 34,547Multifamily, 12-MMA: Oct @ 14,990

Single-Family Average (1998-2003): 62,968

Client/Prospect Name

Unemployment Rate by County

North Carolina – Unemployment Rate Composition

North Carolina Unemployment RateOctober 2013

Greater than 10.5%

Less than 7.5%

7.5% to 8.5%

9.5% to 10.5%

8.5% to 9.5%



1%

3%

5%

7%

9%

11%

13%

1%

3%

5%

7%

9%

11%

13%

90 92 94 96 98 00 02 04 06 08 10 12

North Carolina Unemployment RateSeasonally Adjusted

Charlotte: Oct @ 8.9%Greensboro: Oct @ 9.4%Fayetteville: Oct @ 9.9%Asheville: Oct @ 7.0%Raleigh : Oct @ 7.2%Durham: Oct @ 6.8%

North Carolina Metro Areas: Employment

The unemployment rate turned down in most major

metro areas



Charlotte

Raleigh-Cary

Greensboro-High Point

Winston-Salem

Durham-Chapel Hill

Fayetteville

Hickory-Lenoir

Wilmington

Asheville

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

-1.0% 0.0% 1.0% 2.0% 3.0%

3-M

onth

Movin

g A

vera

ge P

erc

ent

Change

Year-over-Year Percent Change

North Carolina Employment Growth: October 2013Year-over-Year Percent Change, 3-Month Moving Average

Recovering Expanding

Contracting Decelerating

North Carolina Metro Areas: Employment

Most of the major metro areas continue to see solid

job growth



0% 10% 20% 30% 40% 50%

Fayetteville

Greensboro

Asheville

Durham

Charlotte

Raleigh

North Carolina Population Growth by MSAPercent Growth 2000-2012

North Carolina: Population

The Raleigh and Charlotte regions typically see the biggest population gains



North Carolina – Economic Outlook

The modest pace of economic growth should resume in the second half of the year.

Job growth will likely remain modest outside the major metro areas.

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12

North Carolina Leading IndexThree-Month Percent Change

North Carolina: Oct @ 3.4%

Source: Federal Reserve Bank of Philadelphia and Wells Fargo Securities, LLC

Outlook

The highly cyclical nature of the North Carolina economy results in growth closely tracking U.S. economic growth.

Growth will likely pick-up in the months ahead with modest job gains continuing.

The state unemployment rate remains above the national average. Job growth will be driven by the

professional & business services sector along with the leisure and hospitality sector.

Employment growth in the state will be challenging over the next several years due to the skills mismatch in the labor force.

Leading Index


Expectations for the Future

Wells Fargo Economic Outlook

What should we look for in the U.S. economy in the

next few quarters?

A sustained modest pace of economic growth More of the same

Business spending will remain modest Investment in equipment & software will normalize

Consumer spending will slowly pick up Deleveraging and rebuilding of wealth continues

The housing market continues to gradually improve Some regions will recover faster than others

The employment picture will slowly continue to improve Structural issues remain


Outlook Summary

2010 2011 2012 2013 2014 2015

Real Gross Domestic Product1 2.5 1.8 2.8 1.7 2.4 3.0

Personal Consumption 2.0 2.5 2.2 1.9 2.0 2.4Business Fixed Investment 2.5 7.6 7.3 2.5 4.4 5.8Inventory Change 58.2 33.6 57.6 77.6 62.3 54.5Government Purchases 0.1 - 3.2 - 1.0 - 2.0 - 0.5 0.0Residential Construction - 2.5 0.5 12.9 13.6 12.1 15.1Net Exports - 462.6 - 445.9 - 430.8 - 419.9 - 375.2 - 348.7

Consumer Price Index2 1.6 3.1 2.1 1.5 1.7 2.2

Corporate Profits Before Taxes2 25.0 7.9 7.0 4.3 5.2 5.9

10- Year Treasury Note 3.22 2.78 1.80 2.47 3.10 3.35

Forecast as of: December 11, 20131 Compound Annual Growth Rate Quarter-over-Quarter2 Year-over-Year Percentage Change

Actual Forecast

Wells Fargo U.S. Economic Outlook

Source: Wells Fargo Securities, LLC

Appendix


Recent Special Commentary

Wells Fargo Economics Group Publications

To view any of our past research please visit:

http://www.wellsfargo.com/economics

To join any of our research distribution lists please

visit:http://www.wellsfargo.com/

economicsemail

Date Title Authors

November- 18 2013 Holiday Sales Outlook Aleman, Iqbal & BrownNovember- 14 Inflation Chartbook: November 2013 Bullard, House & GriffithsNovember- 12 Commercial Real Estate Chartbook: 2013 Vitner, Khan & SilvermanNovember- 07 Apartment Fundamentals Revisited KhanNovember- 04 Arizona Economic Outlook: November 2013 Vitner & WolfNovember- 01 Results, Not Rhetoric: Rebuilding the Financial Face of Manufacturing Silvia & MillerNovember- 01 Housing Data Wrap- Up: October 2013 Vitner, Khan & Silverman

October- 31 Bank Lending: Uneven Improvement Silvia, Watt & ZacharyOctober- 30 Developing Economies and Crisis Vulnerability Bryson & MillerOctober- 28 Are Developing Economies Heading for a Crash? Bryson & MillerOctober- 28 Measuring the State of the U.S. Labor Market: A New Index Silvia, Iqbal & ZacharyOctober- 28 Are Developing Economies Heading for a Crash? Bryson & MillerOctober- 25 Labor Market Dynamics: More J ob Openings and Quits Silvia & ZacharyOctober- 25 Pennsylvania Economic Outlook: October 2013 Vitner & WolfOctober- 24 The "Unsustainable" Path of Federal Fiscal Policy: Part III Silvia, Brown & ZacharyOctober- 21 Can America Achieve Stronger Export Growth? Bryson, Quinlan & GriffithsOctober- 21 Shutdown Showdown Finale: A Short- Term Bridge to the Next Crisis Silvia & BrownOctober- 18 Nashville's Economy Strikes the Right Chord Vitner & WolfOctober- 17 Portland's Economy Shows Consistent Strength Vitner & SilvermanOctober- 16 Short- Run Disruption, Long- Run Imbalance Silvia & BrownOctober- 16 Is There Pent- Up Demand for Consumer Durables? Bryson, Aleman & BrownOctober- 16 Household Debt Service Ratio: New Lows, Less Stress Silvia & Miller October- 14 Singapore GDP Stronger Than Expected in Q3 BrysonOctober- 09 The "Unsustainable" Path of Federal Fiscal Policy: Part II Silvia, Brown & ZacharyOctober- 07 The "Unsustainable" Path of Federal Fiscal Policy: Part I Silvia & BrownOctober- 03 Asheville's Recovery Remains Solidly on Track Vitner & WolfOctober- 03 How Does North Carolina Stack Up Today? Silvia, Brown & GriffithsOctober- 02 Abenomics Getting Warm Reception from J apanese Business QuinlanOctober- 02 Naples Four Years After the Recession Vitner & WolfOctober- 02 Housing Chartbook: September 2013 Vitner, Khan & SilvermanOctober- 02 Will British Consumers Continue to Spend? Bryson & MillerOctober- 01 Bank Lending: A Perspective on Credit Silvia & WattOctober- 01 Corporate Credit: Bond Finance and Power in Reserve Silvia & ZacharyOctober- 01 Shutdown Showdown: Deficit Remains the Issue Silvia & Brown

September- 27 Mexico: Tidbits of Better Times Ahead? AlemanSeptember- 27 Strong Growth in Argentina in Q2 2013 AlemanSeptember- 27 Sequestering Economic Growth? Silvia & BrownSeptember- 26 Why Has U.S. Labor Productivity Growth Slowed? Bryson & WattSeptember- 25 South Carolina 2013 Economic Outlook Vitner & Silverman September- 25 Interest Rate Update: Post the Big Non- Taper Silvia & Zachary September- 25 Consumer Credit: Critical Differences in Consumer Behavior Silvia & MillerSeptember- 24 Florida Consumer Sentiment Falls Back in September Vitner & Silverman September- 23 Does China Have a Debt Problem? BrysonSeptember- 20 California Adds 29,100 J obs, but Unemployment Rises Again Vitner & Silverman

A Sampling of Our Recent Special, Regional & Industry Commentary

Client/Prospect Name

Wells Fargo Securities, LLC Economics Group

42

John E. Silvia … ...................... . … [email protected]

Global Head of Research and Economics

Diane Schumaker-Krieg ………………… ………[email protected] Head of Research & Economics

Chief Economist

Mark Vitner, Senior Economist……………....………. . [email protected]

Jay H. Bryson, Global Economist

…………………....…… …[email protected]

Sam Bullard, Senior Economist

[email protected]

Nick Bennenbroek, Currency Strategist

……[email protected]

Eugenio J. Alemán, Senior Economist… …………[email protected]

Anika R. Khan, Senior Economist … . [email protected]

Senior Economists

Zachary Griffiths, Economic Analyst [email protected]

Sara Silverman, Economic Analyst [email protected]

Mackenzie Miller, Economic Analyst [email protected]

Blaire Zachary, Economic Analyst [email protected]

Economists

Azhar Iqbal, Econometrician………………… ……………[email protected]

Tim Quinlan, Economist …………………… ……………[email protected]

Michael A. Brown, Economist ……………… … [email protected]

Sarah Watt House, Economist …………… …………[email protected]

Michael T. Wolf, Economist ………………… … [email protected]

Economic Analysts

Administrative Assistants

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2014 Economic Outlook (Michael Brown, Wells Fargo)

Economy & Finance

Transcript of 2014 Economic Outlook (Michael Brown, Wells Fargo)