IN THIS ISSUE:
2. Gloom & Doom Abounds, But Facts Don’t Support It
3. On Jobs, Wages & Worker Productivity
4. On Housing, Inflation & the Fed Funds Rate
5. Conclusions: Slower But Solid Growth in 2019
Overview & A Great Free Offer
Today, I’m going to introduce you to an economist I have read for years. His name is Richard F. Moody. He is the Chief Economist at Regions Financial Corporation (Regions Bank) headquartered in Birmingham, Alabama. Regions is the largest bank in the South with almost 1,500 branches spread across the southeastern US and the Midwest. It has over $125 billion in assets and employs over 21,000 people, with Richard and his economics team among them.
I enjoy Richard’s work, not only because he’s a good economist, but also because he doesn’t write like one. His reports are easy to read and he gets to the point quickly. What I like best is the fact that he and his team track all of the important economic reports that are released each week, and they send a brief e-mail summary just after the reports come out with their analysis.
Periodically throughout the year, they send out timely special reports covering whatever they deem important at the time. And each January, they send out a detailed and specific forecast for the New Year. I’m going to summarize their latest 2019 economic outlook below.
I also like the fact that Richard and his team are not “perma-bulls” or “perma-bears” – they just call it as they see it. I should add that while Richard and his fellow economists are good at what they do, they are not always right – no economist is – and when they’re wrong, they are quick to admit it and tell you why.
Now let’s get on to my summary of their latest economic outlook which is entitled: “2019 Economic Outlook: Gloom, Despair, Agony… And Above-Trend Growth.” It’s way too long to reprint, but I’ll give you the highlights below.