PowerPoint Presentation

The Road Ahead: Challenges and OpportunitiesScott Anderson, Ph.D. Chief Economist Bank of the WestCalifornia and Nevada Credit Union LeaguesSan Francisco, CA October 29, 2013#Mediocre Global Expansion- Stronger U.S. & Europe

#Worst Over For U.S. Manufacturing

#Job Growth Steady Despite Headwinds

#Labor Force Participation Tells A Different Story

#Consumer Looking Healthier

#Household Wealth At New Highs

#Household Debt Service Burden Much Improved

#Real incomes In-line with 2.0% Plus Spending Growth

#Housing On The Mend

#Home Builder Confidence Best Since 2005

#Existing and New Home Inventories Remain Tight

#Solid Home Price Increases Return

#Mortgage Rates Off the Lows Still Supportive

#WHEN WILL Fed Take Away The Punch Bowl ?

#Markets Move Back Timing of First Fed Rate Hike

#Bank Reserves Near $2.4 trillion Mark With QE3

#QE3 Impact on Money Supply Growth Marginal

#Government ShutdownSeQUESTRATON

#U.S. Growth Stronger in 2014

#Job Growth Cools Across California

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Rick RiceAdvisor, retired credit union CEO