Economic WebinarDecember 7, 2011   This program begins at     2 PM Eastern (US)                   © 2011 WhatTheyThink
Agenda     Economic outlook for 2012     Media & print in Presidential elections     Outlook for US and Canada commerci...
Real GDP Slowing Down on Year/Year Basis3                                      © 2011 WhatTheyThink
November’s unemployment report good onthe surface, not so good on the inside     But…        Household survey up for fou...
Macro Snapshot: April vs. December5                                     © 2011 WhatTheyThink
Still having trouble getting all six recoveryindicators to be positive6                                                © 2...
© 2011 WhatTheyThink
NFIB Small Business Optimism Index                                     © 2011 WhatTheyThink
Fed still pushing up the monetary base9                                         © 2011 WhatTheyThink
Fed continues to lend money atbelow-inflation rates10                                 © 2011 WhatTheyThink
Yield curve is not a good predictorwhen Fed keeps short end artificially low11                                            ...
US Dollar is still in long-term decline12                                          © 2011 WhatTheyThink
Industrial metals and materials above or nearall-time inflation-adjusted highs                  1967 = 677.9213           ...
Bottom Line Forecasts                APRIL 2011                                          DECEMBER 2011    GDP will still ...
US Commercial     Printing Trends15                     © 2011 WhatTheyThink
Current dollar GDP & printing shipments16                                          © 2011 WhatTheyThink
Profits show the result of consolidationand the exit of weak companies17                                           © 2011 ...
October shipments were disappointing18                                       © 2011 WhatTheyThink
Printing & publishing employment declining,but advertising & design rising since end ‘1019                                ...
20     © 2011 WhatTheyThink
US Commercial Printing to 2017in 2011 Dollars21                                 © 2011 WhatTheyThink
22     © 2011 WhatTheyThink
Printing imports have been stable for manyyears, but Canada’s share down23                                         © 2011 ...
© 2011 WhatTheyThink
Is Printing Affected by the Fed or the Stock Market?                                               © 2011 WhatTheyThink
Presidential Elections, the     Media, and Print26                    © 2011 WhatTheyThink
Presidential Elections and Technology    1996: Websites, online ads, e-mails    2000: Web sites, e-commerce    2004: E-...
Magazines still in painful restructuring28                                           © 2011 WhatTheyThink
© 2011 WhatTheyThink
Google vs. the US newspaper industry    From Mary Meeker presentation – link is in “Winter Reading”                       ...
# of Smartphone Ad Impressions   From Mary Meeker presentation – link is in “Winter Reading”                              ...
In broadband era, Presidential elections havevirtually no effect on print volume32                                        ...
Hot Topics for     Winter Reading33                    © 2011 WhatTheyThink
Winter Reading List  Mary Meekers annual Internet Trends Report (   Scribd). Meeker is formerly with Morgan Stanley,   no...
Winter Reading List  Why NY Fed failed to forecast the recession (   NY Times)  Future recession risk analysis by   San ...
Winter Reading List  World Bank report “Doing Business” is a   comparative analysis of business practices and   regulatio...
Winter Reading List  Lulu.com founder explains how they will battle   Amazon (Bloomberg)  Penguin Books gets into the se...
Winter Reading List  Long blog piece in Barry Ritholz Big Picture by   John Mauldin where he cites a piece by Grant   Wil...
Winter Reading List (and Listening, Too!)  Recently, a PIA newsletter discussed forecasting and   inflation adjustment an...
Books by Dr. Joe & Richard Romano  Order at special Lulu.com store  Discount expires today 12/7: buy two   books get one...
Upcoming Dr. Joe Sightings  Online. Wednesday, December 14, 2011: TLMI economic webinar;   contact organization for detai...
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Dr joewebb economic webinar final 120711

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Dr joewebb economic webinar final 120711

  1. 1. Economic WebinarDecember 7, 2011 This program begins at 2 PM Eastern (US) © 2011 WhatTheyThink
  2. 2. Agenda  Economic outlook for 2012  Media & print in Presidential elections  Outlook for US and Canada commercial printing markets 2012-2017  Hot topics for Winter reading2 © 2011 WhatTheyThink
  3. 3. Real GDP Slowing Down on Year/Year Basis3 © 2011 WhatTheyThink
  4. 4. November’s unemployment report good onthe surface, not so good on the inside  But…  Household survey up for four months  +321,000 per month  Since January +125,000 per month  Contradictory economic data usually sign of a turning point, often a bottom in a data series4 © 2011 WhatTheyThink
  5. 5. Macro Snapshot: April vs. December5 © 2011 WhatTheyThink
  6. 6. Still having trouble getting all six recoveryindicators to be positive6 © 2011 WhatTheyThink
  7. 7. © 2011 WhatTheyThink
  8. 8. NFIB Small Business Optimism Index © 2011 WhatTheyThink
  9. 9. Fed still pushing up the monetary base9 © 2011 WhatTheyThink
  10. 10. Fed continues to lend money atbelow-inflation rates10 © 2011 WhatTheyThink
  11. 11. Yield curve is not a good predictorwhen Fed keeps short end artificially low11 © 2011 WhatTheyThink
  12. 12. US Dollar is still in long-term decline12 © 2011 WhatTheyThink
  13. 13. Industrial metals and materials above or nearall-time inflation-adjusted highs 1967 = 677.9213 © 2011 WhatTheyThink
  14. 14. Bottom Line Forecasts APRIL 2011 DECEMBER 2011  GDP will still be sluggish, averaging  GDP still sluggish, +1.75-2.5%; small +2.25-2.75%, or less business still a problem area  Unemployment rate will continue to improve,  2012 unemployment rate improves, down to down to 7.5-8.0% by the end of the year, for 7.5-7.8%, for all the wrong reasons, by all the wrong reasons election time  Value of the dollar will continue to erode, as  Value of the dollar will continue to erode, planned as planned, competitive devaluation continues  Risk of commodities collapse, second  Commodities collapse more likely, second recession “dip” are rising, so be cautious recession “dip” risk still high, be cautious  The PPI – CPI disparity will end badly (price  CPI “moderating” but prices are too high when collapse) or CPI will start to rise to catch up real wages keep falling  Fed may have a gradual “QE3” with little  Fed will have a real “QE3” but will not make a fanfare big deal of it; some of it is already underway  Political attention will shift to 2012 presidential  Political attention is now on 2012 presidential election by the end of the summer; little of election; little of substance is likely to be substance is likely to be accomplished accomplished in the meantime14 © 2011 WhatTheyThink
  15. 15. US Commercial Printing Trends15 © 2011 WhatTheyThink
  16. 16. Current dollar GDP & printing shipments16 © 2011 WhatTheyThink
  17. 17. Profits show the result of consolidationand the exit of weak companies17 © 2011 WhatTheyThink
  18. 18. October shipments were disappointing18 © 2011 WhatTheyThink
  19. 19. Printing & publishing employment declining,but advertising & design rising since end ‘1019 © 2011 WhatTheyThink
  20. 20. 20 © 2011 WhatTheyThink
  21. 21. US Commercial Printing to 2017in 2011 Dollars21 © 2011 WhatTheyThink
  22. 22. 22 © 2011 WhatTheyThink
  23. 23. Printing imports have been stable for manyyears, but Canada’s share down23 © 2011 WhatTheyThink
  24. 24. © 2011 WhatTheyThink
  25. 25. Is Printing Affected by the Fed or the Stock Market? © 2011 WhatTheyThink
  26. 26. Presidential Elections, the Media, and Print26 © 2011 WhatTheyThink
  27. 27. Presidential Elections and Technology  1996: Websites, online ads, e-mails  2000: Web sites, e-commerce  2004: E-marketing, blogs  2008: Social media (Facebook, MySpace, Twitter)  2012: Mobile media27 © 2011 WhatTheyThink
  28. 28. Magazines still in painful restructuring28 © 2011 WhatTheyThink
  29. 29. © 2011 WhatTheyThink
  30. 30. Google vs. the US newspaper industry From Mary Meeker presentation – link is in “Winter Reading” © 2011 WhatTheyThink
  31. 31. # of Smartphone Ad Impressions From Mary Meeker presentation – link is in “Winter Reading” © 2011 WhatTheyThink
  32. 32. In broadband era, Presidential elections havevirtually no effect on print volume32 © 2011 WhatTheyThink
  33. 33. Hot Topics for Winter Reading33 © 2011 WhatTheyThink
  34. 34. Winter Reading List  Mary Meekers annual Internet Trends Report ( Scribd). Meeker is formerly with Morgan Stanley, now with Kleiner Perkins.  Video from Web 2.0 Summit 2011 has discussion by Joanne Bradford. She discusses the changing value and place of content creation, and why contents value has changed  New media metrics/ROI still hard to evaluate ( eMarketer)  Hi-tech company trying to abolish internal e-mails because they waste time34 © 2011 WhatTheyThink
  35. 35. Winter Reading List  Why NY Fed failed to forecast the recession ( NY Times)  Future recession risk analysis by San Francisco Fed; excellent article where they explain how Leading Indicators are being distorted by current monetary data used in the models  How to lie with Financial Statistics (Investopedia)  WSJ reports on World Bank study about the ease or difficulty of paying taxes. US is #69 of 183 nations.35 © 2011 WhatTheyThink
  36. 36. Winter Reading List  World Bank report “Doing Business” is a comparative analysis of business practices and regulations around the world. Top countries were Singapore, Hong Kong, New Zealand, USA, Denmark  Canadas Fraser Institute analyzes “Economic Freedom of North America” in free book.  Bloomberg article about how keeping IBM in the Dow during the Great Depression would have changed the way stock market history for that time36 © 2011 WhatTheyThink
  37. 37. Winter Reading List  Lulu.com founder explains how they will battle Amazon (Bloomberg)  Penguin Books gets into the self-publishing business (WSJ)  Libraries lending out e-book readers (WTT)  Role of Internet, social media, newspapers in how residents learn about their local communities ( Pew Internet)  WSJ: Magazine Rebound Falls Flat37 © 2011 WhatTheyThink
  38. 38. Winter Reading List  Long blog piece in Barry Ritholz Big Picture by John Mauldin where he cites a piece by Grant Williams that discusses US, European monetary policy and numerous other topics. Well worth the time to read.  PIAG chairman says Disrupting the Future played a role in turning his business around (WTT)  Printing industry profits data (Google spreadsheet)  Printing shipments data, US & Canada, and forecasts (Google spreadsheet)38 © 2011 WhatTheyThink
  39. 39. Winter Reading List (and Listening, Too!)  Recently, a PIA newsletter discussed forecasting and inflation adjustment and discussed their preference for a different method than WhatTheyThink uses. Dr. Joes approach was explained in two columns that appeared on May 20, 2005 and April 14, 2008.  Dr. Joe has prepared a slide presentation and a podcast that explains the issues involved and the implications for planning, forecasting, and managing, free for viewing or downloading at Slideshare. Its almost 42 minutes long, and might be patented as the next insomnia cure. But if youre into this data stuff, take a listen.39 © 2011 WhatTheyThink
  40. 40. Books by Dr. Joe & Richard Romano  Order at special Lulu.com store  Discount expires today 12/7: buy two books get one free; use promo code BUY2GETONE30540 © 2011 WhatTheyThink
  41. 41. Upcoming Dr. Joe Sightings  Online. Wednesday, December 14, 2011: TLMI economic webinar; contact organization for details  Online. Wednesday, January 11, 2012: Print Services & Distribution Association (PSDA) member exclusive webinar, 1pm Eastern time; topic details being finalized; register now.  Naples, FL, January 18, 2012: Paper Distribution Council Annual Meeting, January 17-19, 2012, details forthcoming; click here for organization website.  New Orleans, LA, January 18 , 2012: Kodak Graphic Users Association, January 16-20; details at their website  Phoenix, AZ, March 6, Print Services & Distribution Association ( PSDA) CEO Summit, March 5-7, 2012: register online. Dr. Webbs keynote address is Directions to the Future: A Contrarian View of the Economy, Technology, and Our Business.41 © 2011 WhatTheyThink
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