- Consumer spending and business investment in structures accounted for most of the adjustment.
- Although growth was slow, the results were not alarming.
Introducing
Michael J. Moran
in:Our Authors
Before joining Haver Analytics in 2025, Michael J. Moran was the chief economist of Daiwa Capital Markets America Inc. He was responsible for preparing the firm’s economic forecast and interest rate outlook. He traveled frequently to visit the clients of Daiwa Capital Markets and wrote weekly economic commentary. Mr. Moran also was involved in the flux of financial markets, as he spent a portion of each day on Daiwa’s trading floor interpreting economic statistics and Federal Reserve activity for traders and salespeople. Mr. Moran is quoted frequently in the financial press, and he appears regularly on cable news shows. He also has published articles in several journals and periodicals. Before joining Daiwa Capital Markets America, Mr. Moran worked as an economist at the Federal Reserve Board in Washington, D.C. where he analyzed a broad range of issues dealing with the financial sector of the economy and regularly briefed the Board of Governors. He was on the faculty of Pennsylvania State University from 1979 to 1980 and taught on a part-time basis at George Washington University from 1980 to 1987.
Mr. Moran received his Ph.D. in economics from Pennsylvania State University in 1980 and a B.S. in business administration from the University of Bridgeport in 1975. He was a CFA charter holder from 2002 until 2016.
Publications by Michael J. Moran
USA| Mar 13 2026Revised Q4 GDP: Downward Adjustment Leaves Modest Growth
USA| Mar 13 2026Personal Income and Consumption
- The inflation rate for personal consumption expenditures remains uncomfortably high.
- Solid income growth, but cautious spending by households.
USA| Mar 11 2026February CPI: Moderate Increase Despite Jumps in Volatile Areas
- Food and energy post above-average price increases.
- Ex food and energy, apparel and airfares misbehave...
- ...but most other areas showed modest price changes.
USA| Mar 05 2026Export and Import Prices: Upward Pressure Points in January
- Nonpetroleum import prices break from a flat trend with jumps in both December and January.
- Export prices also accelerate, led by consumer goods and capital goods.
USA| Mar 04 2026ISM Services: Favorable News from Every Perspective
- Headline index for February jumped to a multi-year high.
- Three of the four components contributed positively.
- The prices index, although still elevated, eased.
USA| Feb 27 2026January PPI: Wild Swings in Volatile Areas
- Prices of food and energy fell sharply, while prices of trade services surged.
- Other noisy areas (transportation & warehouse services, construction) posted high-side increases.
- Excluding the (apparently) random shifts, results were tame.
USA| Feb 24 2026Consumer Confidence: Improvement in February from Upward Revised Levels in January, but Individuals Are Still Unhappy
- Firmer expectations offset dimmer views on the present situation.
- Although views on the present situation dipped, assessments of the labor market picked up.
- January results showed noticeable improvement from prior months.
- All four components contribute positively.
USA| Feb 20 2026Q4 GDP: Constrained by Federal Spending
- Non-federal activity was lighter than expected, but still respectable.
- PCE inflation remains stubborn.
USA| Feb 18 2026Durable Goods Orders: Irregular Upward Trend Continues
- A broad-based advance in December offset a drop in aircraft bookings.
- Unfilled orders are beginning to build.
- Orders for nondefense capital goods ex-aircraft remain on a solid path.
USA| Feb 13 2026Consumer Price Index: Slow, but Steady, Deceleration
- The year-over-year change in the headline index moved to the bottom of its recent range.
- The annual change in the core index moved to a new low for the current cycle.
USA| Feb 11 2026January Employment Report: The Labor Market Has a Pulse
• The increase in employment in January was firm, although narrowly based. • The unemployment rate dipped for the second consecutive month, led by strong employment as measured by the household survey. • The benchmark revision included with this report showed that job growth in much of 2024 and early 2025 was softer than previously believed.
- of4Go to 1 page