economic outlook mark vitner, managing director & senior economist march 27, 2012

Economic Outlook

Mark Vitner, Managing Director & Senior EconomistMarch 27, 2012

Economic Outlook 2

Real GDP Bars = CAGR Line = Yr/Yr Percent Change

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2000 2002 2004 2006 2008 2010 2012

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%GDP - CAGR: Q4 @ 3.0%

GDP - Yr/Yr Percent Change: Q4 @ 1.6%

Forecast

Economic Growth

We are more than two years into the economic recovery

and there is still a considerable amount of uncertainty regarding

sovereign debt issues in Europe, the federal budget deficit and the U.S. housing

sector

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

Economic Outlook 33

The Timing of The First Fed Rate Hike

The FOMC recently extended its timeline for an “exceptionally low levels for the federal funds rate at least through late 2014.” The FOMC also provided individual

member expectations about when the first fed funds rate hike will likely occur.

Source: Federal Reserve Board and Wells Fargo Securities, LLC

Individual FOMC Member ForecastsConsensus Fed Funds Rate Hike

Appropriate Timing of Policy FirmingNumber of Participants

0

1

2

3

4

5

6

2012 2013 2014 2015 2016

0

1

2

3

4

5

6

Appropriate Pace of Policy FirmingTarget Federal Funds Rate at Year-End

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

2012 2013 2014 Longer Run

Economic Outlook 4

Unemployment Rate - SA vs. NSAPercent

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

1994 1997 2000 2003 2006 2009 2012

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%12-Month Rolling Average (NSA): Feb @ 8.8%Unemployment Rate (SA): Feb @ 8.3%

Labor Market

Technical factors may be exaggerating the recent

drop in the unemployment rate

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

Economic Outlook 5

State Employment TrendsIndex, J an. 2008=100, Nonfarm Payrolls, 12MMA, SA

84

88

92

96

100

104

108

112

2008 2009 2010 2011 2012

84

88

92

96

100

104

108

112

Range for All Other States Not Shown ND

AK

DC

FLAZ

NV* As of J anuary 2012

TX

MI

Employment Growth by State

North Dakota, Alaska and Washington, D.C., continue

to lead the nation in employment growth, while

the labor markets in Nevada, Florida and

Arizona remain exceptionally weak


Economic Outlook 6

Housing StartsMillions of Units

0.0

0.3

0.6

0.9

1.2

1.5

1.8

2.1

2.4

80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14

0.0

0.3

0.6

0.9

1.2

1.5

1.8

2.1

2.4

Forecast

Homebuilding

We believe housing starts have bottomed and will

increase modestly through 2012, returning to a

“normal” level by 2015


Economic Outlook 7

Home PricesYear-over-Year Percentage Change

-24%

-18%

-12%

-6%

0%

6%

12%

18%

24%

96 98 00 02 04 06 08 10 12

-24%

-18%

-12%

-6%

0%

6%

12%

18%

24%

Median Sale Price: J an @ $154,400Median Sales Price 3-M Mov. Avg.: J an @ -3.5%FHFA (OFHEO) Purchase Only Index: J an @ -4.6%S&P Case-Shiller Composite 10: Dec @ -3.9%

Home Prices

Various mortgage foreclosure moratoriums and stimulus programs likely supported prices

earlier and are now giving way

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

U.S. Commercial Real Estate

Economic Outlook 9

Commercial Property Prices vs. S&P 500Index, Q1 2001 = 100

40

60

80

100

120

140

160

180

200

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

40

60

80

100

120

140

160

180

200

Moody's/REAL Commercial Property Price Index: Q3 @ 109.7S&P 500: Q1 @ 115.8S&P/Case Shiller National Home Price Index: Q4 @ 114.1

Commercial Real Estate Prices

Commercial real estate prices remain weak

Source: Moody’s, Standard & Poor's and Wells Fargo Securities, LLC

Economic Outlook 10

Real Nonresidential ConstructionBars = CAGR Line = Yr/Yr Percent Change

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

2000 2002 2004 2006 2008 2010 2012

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

Nonres Construction - CAGR: Q4 @ -2.6%

Nonres Construction - Yr/Yr Percent Change: Q4 @ 4.0%

Forecast

Nonresidential Construction

Nonresidential construction spending will show modest improvement over the next

couple of years


Economic Outlook 11

Apartment

The apartment market continues to outperform

Apartment Price vs. Vacancy RateDollars per Square Foot, Percent

$20

$40

$60

$80

$100

$120

01 02 03 04 05 06 07 08 09 10 11

0%

2%

4%

6%

8%

10%

Apartment Price: Q4 @ $90.82 per SF (Left Axis)

Apartment Vacancy Rate: Q4 @ 5.2% (Right Axis)

Source: Real Capital Analytics, Reis, Inc. and Wells Fargo Securities, LLC

Supply & DemandPrices

Apartment Supply & DemandPercent, Thousands of Units

2%

3%

4%

5%

6%

7%

8%

9%

05 06 07 08 09 10 11

-75

-50

-25

0

25

50

75

100

Apartment Net Completions: Q4 @ 8,865 Units (Right Axis)

Apartment Net Absorption: Q4 @ 50,565 Units (Right Axis)

Apartment Vacancy Rate: Q4 @ 5.2% (Left Axis)

Economic Outlook 12

Office

Office fundamentals are still improving, but the recovery has been slow

Office Price vs. Vacancy RateDollars per Square Foot, Percent

$0

$50

$100

$150

$200

$250

$300

$350

01 02 03 04 05 06 07 08 09 10 11

2%

4%

6%

8%

10%

12%

14%

16%

18%

Office Price: Q4 @ $211.07 per SF (Left Axis)

Office Vacancy Rate: Q4 @ 17.3% (Right Axis)



Office Supply & DemandPercent, Millions of Square Feet

0%

3%

6%

9%

12%

15%

18%

21%

2005 2006 2007 2008 2009 2010 2011

-40

-30

-20

-10

0

10

20

30

Office Net Completions: Q4 @ 2.4M SF (Right Axis)Office Net Absorption: Q4 @ 5.3M SF (Right Axis)Office Vacancy Rate: Q4 @ 17.3% (Left Axis)

Economic Outlook 13

Industrial

Operating fundamentals for industrial properties have shown marked improvement

Industrial Price vs. Vacancy Rate Dollars per Square Foot, Percent

$30

$40

$50

$60

$70

$80

$90

01 02 03 04 05 06 07 08 09 10 11

4%

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

Industrial Price: Q4 @ $61.65 per SF (Left Axis)

Industrial Vacancy Rate: Q4 @ 9.2% (Right Axis)

Source: Real Capital Analytics, Property & Portfolio Research, Reis, Inc. and Wells Fargo Securities, LLC


Industrial Supply & DemandPercent, Millions of Square Feet

0%

2%

4%

6%

8%

10%

12%

14%

2005 2006 2007 2008 2009 2010 2011

-80

-60

-40

-20

0

20

40

60

Industrial Net Completions: Q4 @ 5.7M SF (Right Axis)Industrial Net Absorption: Q4 @ 32.6M SF (Right Axis)Industrial Vacancy Rate: Q4 @ 9.2% (Left Axis)

Economic Outlook 14

Retail

The recovery in the retail sector continues to struggle

Retail Price vs. Vacancy RateDollars per Square Foot, Percent

$40

$80

$120

$160

$200

$240

$280

01 02 03 04 05 06 07 08 09 10 11

4%

5%

6%

7%

8%

9%

10%

11%

12%

Retail Price: Q4 @ $188.21 per SF (Left Axis)

Retail Vacancy Rate: Q4 @ 11.0% (Right Axis)



Retail Supply & DemandPercent, Millions of Square Feet

0%

2%

4%

6%

8%

10%

12%

14%

2005 2006 2007 2008 2009 2010 2011

-8

-4

0

4

8

12

16

20Retail Net Completions: Q4 @ 1.9M SF (Right Axis)Retail Net Absorption: Q4 @ 3.2M SF (Right Axis)Retail Vacancy Rate: Q4 @ 11.0% (Left Axis)

North Carolina

Economic Outlook 16

North Carolina Employment: Percent of Previous Peak Percent

92%

93%

94%

95%

96%

97%

98%

99%

100%

101%

69 73 77 81 85 89 93 97 01 05 09

92%

93%

94%

95%

96%

97%

98%

99%

100%

101%

Percent of Previous Peak: J an @ 94.4%

North Carolina Employment Picture

North Carolina’s labor market is improving, but total payrolls remain well below their prerecession

peak level


Economic Outlook 17

N.C. Unemployment Rate & Labor ForcePercent, Thousands of Workers, Seasonally Adjusted

0%

2%

4%

6%

8%

10%

12%

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

0

1,000

2,000

3,000

4,000

5,000

6,000Total Employed: J an @ 4,207K (Right Axis)Total Unemployed: J an @ 476K (Right Axis)Unemployment Rate: J an @ 10.2% (Left Axis)12-Month Moving Average: J an @ 10.5% (Left Axis)

North Carolina Unemployment Rate

The unemployment rate in North Carolina is well above

the national average


Economic Outlook 1818

North Carolina – Unemployment Rate Composition

Unemployment Rate by County

North Carolina Unemployment RateDecember 2011

Greater than 15.5%

Less than 9.5%

9.5% to 11.0%

12.5% to 15.5%

11.0% to 12.5%

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

Economic Outlook 19

Metro-Level Employment (Year Ago)

North Carolina Employment Growth: J an. 2011Year-over-Year Percent Change, 3-Month Moving Average

Charlotte

Raleigh-Cary

Greensboro-High Point

Winston-Salem

Durham-Chapel Hill

Fayetteville

Hickory-Lenoir

Wilmington

Asheville

-0.75%

-0.50%

-0.25%

0.00%

0.25%

0.50%

0.75%

1.00%

1.25%

1.50%

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

Year-over-Year Percent Change

3-M

on

th M

ovin

g A

vera

ge P

erc

en

t C

han

ge

Recovering Expanding

Contracting Decelerating


Economic Outlook 20

Metro-Level Employment (Today)

North Carolina Employment Growth: J an. 2012Year-over-Year Percent Change, 3-Month Moving Average

Asheville

Charlotte

Raleigh-CaryGreensboro-

High Point

Winston-Salem

Durham-Chapel Hill

Fayetteville

Hickory-Lenoir

Wilmington

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

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

Year-over-Year Percent Change

3-M

on

th M

ovin

g A

vera

ge P

erc

en

t C

han

ge

Recovering Expanding

Contracting Decelerating



North Carolina – Home Prices & Construction

Even though home prices in North Carolina did not become too far out of whack during the boom years, construction took a big hit and continues to struggle

CoreLogic Home Price Index: NC vs. USIndex, 2000=100, Not Seasonally Adjusted

60

80

100

120

140

160

180

200

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

60

80

100

120

140

160

180

200

United States: J an @ 131.4

North Carolina: J an @ 125.8

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

Housing PermitsHome Prices

North Carolina Housing PermitsThousands of Permits, Seasonally Adjusted Annual Rate

0

20

40

60

80

100

120

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

0

20

40

60

80

100

120Single-Family: J an @ 23,304Single-Family, 12-Month Moving Avg.: J an @ 24,483Multi-Family, 12-Month Moving Avg.: J an @ 10,424

NC Single-Family Avg. (1988 to 2003): 51,023

Economic Outlook 22

Charlotte MSA – Employment Growth & Unemployment Rate

Employment growth has been choppy, with some gains in professional and business services and information services. The unemployment rate remains well

above the national average

Charlotte MSA Nonfarm Employment3-Month Moving Averages

-12%

-9%

-6%

-3%

0%

3%

6%

9%

92 94 96 98 00 02 04 06 08 10 12

-12%

-9%

-6%

-3%

0%

3%

6%

9%

3-Month Annual Rate: Dec @ 1.2%

Year-over-Year Percent Change: Dec @ 0.4%

Household: Yr/Yr Percent Change: Dec @ 0.1%


Unemployment RateEmployment

Charlotte MSA Unemployment RateSeasonally Adjusted

2%

4%

6%

8%

10%

12%

14%

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

2%

4%

6%

8%

10%

12%

14%Unemployment Rate: Dec @ 10.4%

12-Month Moving Average: Dec @ 10.7%


Charlotte Area – Unemployment by County

Charlotte Area Unemployment – December 2011

Charlotte Area Unemployment RateDecember 2011

Greater than 12.6%

Less than 10.0%11.4% to 12.6%

10.0% to 11.4%

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

Union9.0%

Rowan10.9%

Cabarrus9.9%

Mecklenburg10.0%

Iredell10.5%

Stanley10.3%

Anson12.2%

Lancaster13.5%

York12.9%

Chester14.8%

Lincoln10.7%

Gaston11.0 %

Cleveland10.6%

Economic Outlook 24

Charlotte MSA Population GrowthIn Thousands

0

10

20

30

40

50

60

70

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

0

10

20

30

40

50

60

70

Charlotte MSA – Population Growth

Population growth slowed from its record pace, but

remains strong nonetheless



Charlotte MSA – Home Prices & Construction

Home prices are showing some signs of stabilization, but construction activity remains sluggish

Home Price Index: Charlotte MSAIndex, 2000=100, Not Seasonally Adjusted

40

60

80

100

120

140

160

180

200

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

40

60

80

100

120

140

160

180

200

United States: J an @ 131.4

Charlotte MSA: J an @ 114.0

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

Housing PermitsHome Prices

Charlotte MSA Housing PermitsThousands of Permits, Seasonally Adjusted Annual Rate

0

5

10

15

20

25

30

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

0

5

10

15

20

25

30Single-Family: Dec @ 4,356Single-Family, 12-Month Mov. Avg.: Dec @ 4,653Multi-Family, 12-Month Mov. Avg.: Dec @ 1,625

CLT Single-Family Avg. (1988 to 2003): 11,055

Economic Outlook 26

Charlotte Apt. Supply & DemandPercent, Thousands of Units

3%

6%

9%

12%

15%

2006 2007 2008 2009 2010 2011

-2.0

-1.0

0.0

1.0

2.0

Apartment Completions: Q4 @ 0 Units (Right Axis)

Apartment Net Absorption: Q4 @ 746 Units (Right Axis)

Apartment Vacancy Rate: Q4 @ 6.0% (Left Axis)

Charlotte Apartment Market

Charlotte’s apartment market continues to

outperform. Vacancy rates have fallen dramatically over the past two years.

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

Economic Outlook 27

Charlotte Office Supply & DemandPercent, Millions of Units

4%

8%

12%

16%

20%

24%

2006 2007 2008 2009 2010 2011

-1.0

-0.5

0.0

0.5

1.0

1.5

Office Completions: Q4 @ 0 SF (Right Axis)Office Net Absorption: Q4 @ -80,000 SF (Right Axis)Office Vacancy Rate: Q4 @ 16.5% (Left Axis)

Charlotte Office Market

Charlotte’s office market continues to struggle.

Vacancy rates have yet to reach a peak.


Economic Outlook 28

Charlotte Retail Supply & DemandPercent, Thousands of Units

0%

3%

6%

9%

12%

2006 2007 2008 2009 2010 2011

-600

-300

0

300

600

Retail Completions: Q4 @ 0 SF (Right Axis)Retail Net Absorption: Q4 @ 33,000 SF (Right Axis)Retail Vacancy Rate: Q4 @ 10.8% (Left Axis)

Charlotte Retail Market

Charlotte’s retail market is showing some modest

improvement, but there is very little transaction activity taking place


Economic Outlook 29

Charlotte Commercial Real Estate Vacancy Rates

3%

6%

9%

12%

15%

18%

21%

2006 2007 2008 2009 2010 2011

3%

6%

9%

12%

15%

18%

21%Apartment Vacancy Rate: Q4 @ 6.0%

Retail Vacancy Rate: Q4 @ 10.8%Office Vacancy Rate: Q4 @ 16.5%

Warehouse Vacancy Rate: Q4 @ 10.8%

Charlotte CRE Vacancy Rates

Vacancy rates are falling in Charlotte’s apartment and industrial markets, but are showing less improvement

in the city’s office and retail markets

Source: Reis, Inc., PPR and Wells Fargo Securities, LLC

Economic Outlook 30

Asian Real Estate Bubble?

Trade Wars & Currency

Devaluations

Credit Availability & Financial Reform

European Debt Crisis

Deleveraging

Fiscal & Monetary Policy

GeopoliticalTensions

Energy/Commodity Price Swings

Issues to Watch

Economic Outlook 31

Our Forecast

Wells Fargo U.S. Economic Forecast

2009 2010 2011 2012 2013

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Real Gross Domestic Product 1 0.4 1.3 1.8 3.0 1.8 1.4 2.4 2.3 - 3.6 3.0 1.7 2.0 2.2

Personal Consumption 2.1 0.7 1.7 3.0 1.8 1.3 1.6 1.5 - 2.0 2.0 2.2 1.6 1.3

Inflation Indicators 2

PCE Deflator 1.8 2.5 2.9 2.7 2.1 1.9 1.7 1.8 0.6 1.8 2.5 1.9 1.9

Consumer Price Index 2.1 3.3 3.8 3.3 2.8 2.4 2.2 2.4 - 0.3 1.6 3.1 2.4 2.3

Industrial Production 1 4.8 0.7 6.2 3.8 4.4 3.2 3.0 2.2 - 11.1 5.3 4.2 3.7 2.3

Corporate Profits Before Taxes 2 8.8 8.5 7.5 6.4 6.2 6.0 6.3 6.5 9.1 32.2 7.8 6.3 6.5

Trade Weighted Dollar Index 3 70.6 69.4 72.8 73.3 73.5 74.0 74.5 75.0 77.7 75.6 70.9 74.3 77.0

Unemployment Rate 9.0 9.0 9.1 8.7 8.3 8.3 8.5 8.4 9.3 9.6 9.0 8.4 8.3

Housing Starts 4 0.58 0.57 0.62 0.67 0.69 0.70 0.71 0.70 0.55 0.58 0.61 0.70 0.81

Quarter- End Interest Rates 5

Federal Funds Target Rate 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25Conventional Mortgage Rate 4.84 4.51 4.11 3.96 4.00 4.00 4.10 4.10 5.04 4.69 4.46 4.05 4.2510 Year Note 3.47 3.18 1.92 1.89 2.30 2.30 2.40 2.50 3.26 3.22 2.78 2.38 2.73

Forecast as of: March 16, 20121 Compound Annual Growth Rate Quarter-over-Quarter2 Year-over-Year Percentage Change3 Federal Reserve Major Currency I ndex, 1973=100 - Quarter End4 Millions of Units5 Annual Numbers Represent Averages

2012ForecastActual

2011ForecastActual

Appendix

Economic Outlook 33

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

March- 19 The Composition of J ob Growth: A Low- Wage Bias Vitner & SeydlMarch- 16 2011: Revising a Year of Modest J ob Growth Vitner & BrownMarch- 15 Three Hard Realities Continue to Limit the Cyclical Expansion SilviaMarch- 09 Economic Outlook and the Biases that Limit Our Thinking SilviaMarch- 09 Credit Quality Monitor Anderson & KashmarekMarch- 09 The Quality of J ob Growth Remains Subpar VitnerMarch- 06 Three Measures of a Healthy Labor Market: A Cyclical View Silvia, Iqbal & WattMarch- 05 Georgia’s Recovery Kicked Into High Gear During 2011 VitnerMarch- 05 Regional Impact of Gasoline Prices Vitner & BrownMarch- 05 The Evolution of the Economy, Credit & Economic Policy Silvia

February- 28 Insourcing: Manufacturing - A Viable Solution in a Global Economy? Silvia, Brown & SwankoskiFebruary- 27 Is the Skills Disconnect In the Labor Force New? Silvia & BrownFebruary- 16 Does the New LEI Alter Recession Predictability Accuracy? Silvia & IqbalFebruary- 13 Disparities of Education and Structural Unemployment Silvia, Brown & SwankoskiFebruary- 13 WTI: No Longer A Benchmark For Oil Prices AlemanFebruary- 08 Bank Lending: Fed's Survey Suggests Support for Growth Silvia & WattFebruary- 02 The Fragile Fiscal Policy Outlook: I Silvia & Brown

J anuary- 31 Housing Chartbook: J anuary 2011 Vitner, Khan & SeydlJ anuary- 31 How Does The Recent Drop In The Unemployment Rate Square With Okun’s Law? Vitner & SeydlJ anuary- 25 FOMC: Why the Recent Past Seldom Predicts the Future SilviaJ anuary- 19 Vacancies and the Housing Recovery Vitner & SeydlJ anuary- 13 How Might Fiscal Restraint Generate Economic Growth? Silvia & WattJ anuary- 13 Eastern Europe Faces Monetary Policy Dilemma Anderson & KashmarekJ anuary- 12 Global Chartbook: J anuary 2012J anuary- 11 Bank Credit: A Surprisingly Typical Cycle Silvia & WattJ anuary- 05 The Charlotte Economy: Improvement Ahead Silvia & Brown

December- 30 Commodity Price Volatility to Continue AlemanDecember- 28 Colorado Outlook: December 2011 Anderson & KashmarekDecember- 22 South Korea Moves Forward on Free Trade AndersonDecember- 21 Indian Economy: Still Deteriorating at the Margin BrysonDecember- 21 Georgia Economic Outlook: December 2011 Vitner & SeydlDecember- 20 What's Behind the Upward Trend in Housing Activity? Vitner & KhanDecember- 14 New J ersey Faces Additional Hurdles Vitner, Khan & WattDecember- 14 Russia: Black Gold and Political Stranglehold Anderson & KashmarekDecember- 20 Arizona: Growth, but at a Lower Gear Aleman & SwankoskiDecember- 19 Europe in 2012: Renaissance or More Dark Ages Bryson, Quinlan, & SeydlDecember- 12 Thunder Down Under: Australia Braces for a Storm QuinlanDecember- 09 Pennsylvania Economic Update and Outlook Bryson, Quinlan, & SeydlDecember- 08 Minnesota Economic Outlook: December 2011 Anderson & KashmarekDecember- 08 Credit Quality Monitor - December 2011 Anderson & KashmarekDecember- 05 What is Driving Construction Spending? Vitner & Khan

November- 30 Coordinated Action by Major Central Banks Bryson November- 30 California Outlook: November 2011 Anderson & WattNovember- 22 The Deficit Reduction Committee: A Successful Failure Silvia, Bullard, Brown & WattNovember- 22 Giddy- Up J ingle Horse: Holiday Sales Preview Vitner, Quinlan, & SeydlNovember- 16 Global Chartbook: November 2011November- 15 Has the Fed’s Unconventional Approach Been Successful? Silvia & Khan

A Sampling of Our Recent Special, Regional & Industry Commentary

Economic Outlook 34

Wells Fargo Securities, LLC Economics Group

34

John 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 Bryson, Global Economist

…………………....………[email protected]

Scott Anderson, Senior Economist…………… …[email protected]

Eugenio Aleman, Senior Economist

……………[email protected]

Sam Bullard, Senior Economist

…………………………[email protected]

Senior Economists

Joe Seydl, Economic Analyst ……………………………[email protected]

Sarah Watt, Economic Analyst ……………………………[email protected]

Kaylyn Swankoski, Economic Analyst [email protected]

Economists

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

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

Ed Kashmarek, Economist ……………………………[email protected]

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

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

Economic Analysts

Peg Gavin ………………………...………………. [email protected]

Executive Assistant

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economic outlook mark vitner, managing director & senior economist march 27, 2012

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