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