Mark Vitner, managing director and senior economist at Wells Fargo, keynoted the 2014 Economic Outlook Briefing, describing trends and the latest economic issues facing the nation and the region. Based in Charlotte, Vitner writes for the company’s Monthly Economic Outlook report, the Weekly Economic & Financial Commentary, and also provides regular updates on the housing markets, commercial real estate, regional economies, and inflation. Vitner’s commentary has been featured in the New York Times, Wall Street Journal, and Bloomberg, among other publications. In addition to Vitner’s economic forecast, briefing attendees heard the results of the Chamber’s annual Economic Conditions Survey, an online survey that gauges our community’s thoughts on the current economy based on Chamber member response.

1. 2014 Economic
Outlook Briefing
Tweeting? Use #EOB14

2. Chris Barnes
Chair, Chapel Hill-Carrboro Chamber of
Commerce Board of Directors

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9. Mark Vitner
Managing Director and Senior Economist

10. U.S. & N.C. Economic Outlook: What’s Ahead for 2014
Mark Vitner, Managing Director & Senior Economist
March 13, 2014

11. Economic Outlook 11
Key Macroeconomic Trends
Less
Uncertainty
 Deals on the federal budget and debt ceiling, along with
the uneventful start of Fed tapering have removed some
of the uncertainty hanging over the economy.
Slower Growth in
the Near-term
 Despite stronger GDP growth during the second half of
2013, we expect economic growth to slow during the first
half of 2014 and remain below its long-run trend.
Expectations have been reset lower.
Unconventional
Monetary Policy
 QE has boosted asset prices more than it has the
economy’s underlying fundamentals. Income and wealth
inequality remain potent issues.
Global Economy
 Despite rumblings in some developing economies, the
global economic outlook remains positive, with global
growth expected to improve in 2014.
Growth is Uneven
 Energy and technology have been two notable bright
spots in this otherwise disappointing economic
recovery.

12. Economic Outlook 12
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
2000 2002 2004 2006 2008 2010 2012 2014
U.S. Real GDP
Bars = CAGR Line = Yr/Yr Percent Change
GDP - CAGR: Q4 @ 3.2%
GDP - Yr/Yr Percent Change: Q4 @ 2.7%
Forecast
U.S. GDP
After a surprisingly strong
second half of 2013, real GDP
growth will likely decelerate
during the first half of 2014.
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC

13. Economic Outlook 1313
Manufacturing
Manufacturing activity is cooling off as business strive to reduce inventories.
Source: ISM, Census and Wells Fargo Securities, LLC
Capital Goods OrdersISM
30
35
40
45
50
55
60
65
30
35
40
45
50
55
60
65
87 89 91 93 95 97 99 01 03 05 07 09 11 13
ISM Manufacturing Composite Index
Diffusion Index
ISM Manufacturing Index: Jan @ 51.3
12-Month Moving Average: Jan @ 53.8 -60%
-40%
-20%
0%
20%
40%
-60%
-40%
-20%
0%
20%
40%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Nondefense Capital Goods Orders, Ex-Aircraft
Seasonally Adjusted, 3-Month Moving Averages
3-Month Annual Rate: Dec @ 3.2%
Year/Year Percent Change: Dec @ 6.0%

14. Economic Outlook 1414
Consumer
Rising stock prices have helped bolster household finances at a time when real incomes are
barely growing. Rising asset prices have helped bolster economic activity at the upper end.
Conditions for the vast middle remain bogged down by sluggish wage and salary growth.
Source: U.S. Department of Commerce, Conference Board and Wells Fargo Securities, LLC
Personal IncomeHousehold Wealth
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12
Household Assets
Trillions of Dollars
Financial Assets: Q3 @ $63.9 Trillion
Household Real Estate Holdings: Q3 @ $19.0 Trillion
Other Tangible Assets: Q3 @ $8.0 Trillion
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
92 94 96 98 00 02 04 06 08 10 12
PI vs. PI Less Transfer Payments
Year-over-Year Percent Change, 3-Month Moving Average
PI Less Transfer Payments: Dec @ 0.4%
Personal Income: Dec @ 1.6%

15. Client/Prospect Name
Percent change in Personal Income Q3 2012-Q3 2013
KS
4.8
SD
8.6
OH
3.8
WI
4.4
IL
3.5
NE
3.9
MO
4.0
IA
4.6
MI
4.0
IN
2.2
MN
2.8
ND
6.5
ID
4.8
AZ
4.5
MT
4.1
NV
4.3
CO
4.8
CA
3.4
UT
5.2
NM
2.9
WA
4.1
OR
4.1
WY
3.8
AK
2.2
HI
4.1
ME
3.0
NH
3.7
PA
3.1
VT
4.2
NY
3.0
CT
3.5
MA
3.5
NJ
3.3
RI
3.3
AR
3.5
AL
3.6
MS
4.6
OK
4.8
GA
3.6
FL
4.1
LA
2.1
VA
2.4
TX
4.9
NC
3.2
KY
3.1
TN
3.0
WV
2.8
SC
3.0
DE
5.4
MD
2.4
DC
3.2
U.S. = 3.6%
Greater than 4.5%
Less than 3%
4.1%–4.5%
3.6%–4.0%
3.0%–3.5%
WEST MIDWEST NORTHEAST
SOUTH
PACIFIC
PACIFIC

16. Economic Outlook 1616
Consumer
Job growth holds the key to improvements in consumer confidence.
Source: Conference Board , U.S. Department of Commerce and Wells Fargo Securities, LLC
Consumer ConfidenceHires v. Unemployment Claims
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.55
0.60
0.65
0.70
3.5
3.8
4.1
4.4
4.7
5.0
5.3
5.6
5.9
2001 2002 2003 2004 2005 2006 2008 2009 2010 2011 2012 2013
Thousands
Thousands
Hires v. Unemployment Claims
3-Month Moving Average, Millions
Hires: Dec @ 4.48M (Left Axis)
Initial Unemployment Claims: Feb @ 0.3M (Right Axis)
20
40
60
80
100
120
140
160
20
40
60
80
100
120
140
160
87 89 91 93 95 97 99 01 03 05 07 09 11 13
Consumer Confidence Index
Conference Board
Confidence Yr/Yr % Chg: Jan @ 38.1%
Confidence: Jan @ 80.7
12-Month Moving Average: Jan @ 75.1

17. Economic Outlook 1717
FOMC
Most FOMC members currently expect short-term interest rates to remain on hold until 2015.
We expect Fed communications on interest rate policy to shift over the course of this year.
Source: Federal Reserve Board and Wells Fargo Securities, LLC
Target Fed Funds RateTiming of Firming
0
2
4
6
8
10
12
14
16
0
2
4
6
8
10
12
14
16
2014 2015 2016
Appropriate Timing of Policy Firming
Number of Participants
December Release
September Release
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%
Appropriate Pace of Policy Firming
Target Federal Funds Rate at Year-End
September Projection
December Projection
2014 2015 2016 Longer Run

18. Economic Outlook 1818
Housing Market Metrics
Despite some recent setbacks, we continue to look for a gradual recovery in homebuilding.
Apartments are playing a larger role than in previous building cycles.
Source: U.S. Department of Commerce, CoreLogic Case Shiller and Wells Fargo Securities, LLC
Home PricesHousing Starts
0.0
0.3
0.6
0.9
1.2
1.5
1.8
2.1
2.4
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 16 18
Thousands
Housing Starts
Millions of Units
Multifamily Starts
Multifamily Forecast
Single-family Starts
Single-family Forecast
Forecast
62%
63%
64%
65%
66%
67%
68%
69%
70%
-24%
-18%
-12%
-6%
0%
6%
12%
18%
24%
88 90 92 94 96 98 00 02 04 06 08 10 12
S&P Case-Shiller National Home Price Index vs.
Homeownership Rate
National Home Price Index: Q3 @ 11.2% (Left Axis)
Homeownership Rate: Q4 @ 65.2% (Right Axis)

19. Economic Outlook 1919
Small Business Confidence
Small businesses remain cautious but recent surveys show some improvement.
View on capital spending and hiring continue to gradually trend higher.
Source: Gallup, Wells Fargo Bank and Wells Fargo Securities, LLC
Capital Spending GapSmall Business Confidence
-40
-20
0
20
40
60
-40
-20
0
20
40
60
04 05 06 07 08 09 10 11 12 13 14
Wells Fargo Small Business Survey
Present Situation
Present Situation: Q1 @ 16
-40
-30
-20
-10
0
10
20
30
-40
-30
-20
-10
0
10
20
30
03 04 05 06 07 08 09 10 11 12 13
Capital Spending Allotment Gap
Difference Between "Increase" and "Decrease" Over Past 12 Mo.
Allocated Capital Spending Gap: Q1 @ -1

20. Economic Outlook 2020
North Carolina – Labor Market
North Carolina’s unemployment rate has fallen markedly over the past year.
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
UnemploymentEmployment
December 2013
-4% -2% 0% 2% 4% 6% 8% 10%
Information
Other Services
Construction
Financial Activities
Leisure and Hospitality
Manufacturing
Prof. & Bus. Svcs.
Educ. & Health Services
Government
Trade, Trans. & Utilities
Total Nonfarm
North Carolina Employment Growth By Industry
Year-over-Year Percent Change, 3-MMA
Number of
Employees
Less
More
2%
4%
6%
8%
10%
12%
2%
4%
6%
8%
10%
12%
90 92 94 96 98 00 02 04 06 08 10 12 14
North Carolina vs. U.S. Unemployment Rate
Seasonally Adjusted
Unemployment Rate: Dec @ 6.9%
United States: Jan @ 6.6%

21. Economic Outlook 21
Construction
Information
Prof. & Bus. Svcs.
Educ. & Health Svcs.
Leisure and Hospitality
Financial Activities
Trade, Trans. & Utilites
Manufacturing
Government
Other Services
-6%
-4%
-2%
0%
2%
4%
6%
-4% -2% 0% 2% 4% 6% 8% 10%
3-MonthAnnualizedPercentChange
Year-over-Year Percent Change
North Carolina Employment Growth by Industry
3-Month Moving Averages, December 2013
Percent of Total Employees
10% to 20%
5 % to 10%
Less than 5%
Recovering Expanding
Contracting Decelerating
North Carolina
Source: U.S. Department of Labor and Wells Fargo Securities, LLC

22. Economic Outlook 22
Raleigh-Cary
Winston-Salem
Hickory
Fayetteville
Charlotte
Durham-Chapel Hill
Asheville
Burlington
Greensboro
Wilmington
Greenville
Jacksonville
Rocky Mount
Goldsboro
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
-2% -1% 0% 1% 2% 3% 4%
3-MonthAnnualizedPercentChange
Year-over-Year Percent Change
North Carolina Employment Growth
3-Month Moving Averages, December 2013
Population
500 Thousand +
200 - 500 Thousand
100 - 200 Thousand
Recovering Expanding
Contracting Decelerating
North Carolina
Source: U.S. Department of Labor and Wells Fargo Securities, LLC

23. Economic Outlook 2323
North Carolina
With steady population growth, residential construction is slowly regaining strength
Source: U.S. Department of Commerce and Wells Fargo Securities, LLC
Housing PermitsPopulation
0
40
80
120
160
200
240
0
40
80
120
160
200
240
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12
North Carolina Population Growth
In Thousands
0
20
40
60
80
100
120
0
20
40
60
80
100
120
90 92 94 96 98 00 02 04 06 08 10 12 14
Thousands
Thousands
North Carolina Housing Permits
Thousands of Permits, Seasonally Adjusted Annual Rate
Single-Family: Jan @ 29,700
Single-Family, 12-MMA: Jan @ 34,531
Multifamily, 12-MMA: Jan @ 14,357
Single-Family Average (1998-2003): 62,968

24. Economic Outlook 2424
Durham-Chapel Hill – Labor Market
Employment gains have been seen across most sectors.
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
UnemploymentEmployment
-4% -2% 0% 2% 4% 6% 8% 10% 12%
Information
Nat. Res. & Construction
Other Services
Financial Activities
Leisure and Hospitality
Manufacturing
Trade, Trans. & Utilities
Prof. & Bus. Svcs.
Educ. & Health Services
Government
Total Nonfarm
Durham-Chapel Hill MSA Employment Growth By Industry
Number of
Employees
Less
More
Year-over-Year Percent Change, 3-MMA
December 2013
0%
2%
4%
6%
8%
10%
0%
2%
4%
6%
8%
10%
91 93 95 97 99 01 03 05 07 09 11 13
Durham-Chapel Hill MSA Unemployment Rate
Unemployment Rate: Dec @ 5.4%
12-Month Moving Average: Dec @ 6.5%
Seasonally Adjusted

25. Economic Outlook 2525
Durham-Chapel Hill– Housing Market
The multifamily sector has led Durham-Chapel Hill's housing recovery, though the single
family market is still well below historical norms. Prices are slowly bouncing back but don’t
have far to go before reaching prerecession highs.
Source: U.S. Department of Commerce, CoreLogic and Wells Fargo Securities, LLC
Housing PermitsHome Prices
40
60
80
100
120
140
160
180
200
40
60
80
100
120
140
160
180
200
90 92 94 96 98 00 02 04 06 08 10 12 14
CoreLogic Home Price Index: Durham-Chapel Hill, NC
Index, 2000=100, Not Seasonally Adjusted
Durham-Chapel Hill, NC: Jan @ 137.9
United States: Jan @ 165.0
0
1
2
3
4
5
6
0
1
2
3
4
5
6
90 92 94 96 98 00 02 04 06 08 10 12 14
Thousands
Thousands
Durham-Chapel Hill MSA Housing Permits
Single-Family: Jan @ 1,836
Single-Family, 12-MMA: Jan @ 1,988
Multifamily, 12-MMA: Jan @ 1,744
Single-Family Average (1998-2003): 3,515
Thousands of Permits, Seasonally Adjusted Annual Rate

26. Economic Outlook 2626
Raleigh-Cary – Labor Market
The employment situation in Raleigh-Cary may be slightly understated, and the
unemployment rate continues to fall.
Source: U.S. Department of Labor and Wells Fargo Securities, LLC
UnemploymentEmployment
-6%
-4%
-2%
0%
2%
4%
6%
8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
91 93 95 97 99 01 03 05 07 09 11 13
Raleigh-Cary MSA Nonfarm Employment
QCEW: Yr/Yr Pct. Change: Jun @ 2.7%
Nonfarm: Yr/Yr Pct. Change: Dec @ 2.2%
Household: Yr/Yr Pct. Change: Dec @ 0.9%
3-Month Moving Averages
0%
2%
4%
6%
8%
10%
0%
2%
4%
6%
8%
10%
91 93 95 97 99 01 03 05 07 09 11 13
Raleigh-Cary MSA Unemployment Rate
Unemployment Rate: Dec @ 5.7%
12-Month Moving Average: Dec @ 6.9%
Seasonally Adjusted

27. Economic Outlook 2727
Raleigh-Cary – Housing Market
Raleigh-Cary's housing market continues to post solid gains with home prices nearing their
prerecession peak. However, a surge in multifamily homebuilding has been followed by
pullback recently.
Source: U.S. Department of Commerce, CoreLogic and Wells Fargo Securities, LLC
Housing PermitsHome Prices
40
60
80
100
120
140
160
180
200
220
40
60
80
100
120
140
160
180
200
220
90 92 94 96 98 00 02 04 06 08 10 12 14
CoreLogic Home Price Index: Raleigh-Cary, NC
Index, 2000=100, Not Seasonally Adjusted
United States: Jan @ 165.0
Raleigh-Cary, NC: Jan @ 128.6
0
5
10
15
20
0
5
10
15
20
90 92 94 96 98 00 02 04 06 08 10 12
Thousands
Thousands
Raleigh-Cary MSA Housing Permits
Single-Family: Jan @ 7,380
Single-Family, 12-MMA: Jan @ 8,029
Multifamily, 12-MMA: Jan @ 3,640
Single-Family Average (1998-2003): 10,453
Thousands of Permits, Seasonally Adjusted Annual Rate

28. Economic Outlook 28
China Slowdown
Drought in the
Western States
Credit Availability
& Financial Reform
Manufacturing
Competitiveness
Geopolitical
Events
Deleveraging
Immigration Reform
Energy/Commodity
Price Swings
Issues to Watch

29. Economic Outlook 29
Our Forecast
Wells Fargo U.S. Economic Forecast
2011 2012 2013 2014 2015
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Real Gross Domestic Product 1 1.1 2.5 4.1 2.4 1.0 2.7 2.9 3.1 1.8 2.8 1.9 2.4 3.1
Personal Consumption 2.3 1.8 2.0 2.6 2.8 2.3 2.3 2.4 2.5 2.2 2.0 2.4 2.5
Inflation Indicators 2
PCE Deflator 1.4 1.1 1.1 1.0 1.1 1.5 1.4 1.7 2.4 1.8 1.1 1.4 1.9
Consumer Price Index 1.7 1.4 1.5 1.2 1.4 1.8 1.8 2.0 3.1 2.1 1.5 1.7 2.1
Industrial Production 1 4.1 1.2 2.5 5.5 1.6 6.0 5.1 4.3 3.4 3.6 2.6 3.8 4.9
Corporate Profits Before Taxes 2 2.1 4.5 5.7 5.0 4.1 5.4 5.5 5.6 7.9 7.0 4.3 5.2 5.9
Trade Weighted Dollar Index 3 76.2 77.5 75.2 76.4 76.8 77.5 78.3 78.8 70.9 73.5 75.9 77.8 79.4
Unemployment Rate 7.7 7.5 7.2 7.0 6.6 6.5 6.4 6.3 8.9 8.1 7.4 6.5 6.1
Housing Starts 4
0.96 0.87 0.88 1.02 0.95 1.04 1.10 1.16 0.61 0.78 0.93 1.07 1.22
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 0.44
Conventional Mortgage Rate 3.57 4.07 4.49 4.46 4.60 4.76 4.83 4.98 4.46 3.66 3.98 4.79 5.23
10 Year Note 1.87 2.52 2.64 3.04 2.90 3.10 3.15 3.33 2.78 1.80 2.35 3.12 3.69
Forecast as of: March 12, 2014
1
Compound Annual Growth Rate Quarter-over-Quarter
2
Year-over-Year Percentage Change
3
Federal Reserve Major Currency Index, 1973=100 - Quarter End
4
Millions of Units
5
Annual Numbers Represent Averages
2014
ForecastActualForecastActual
2013

30. Appendix

31. Economic Outlook 31
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-06 Divergence in Consumer Confidence and Spending Alemán, Brown & Zachary
March-06 What Inventories Giveth… Quinlan & House
March-06 Is the Fed Funds Target Rate Effective? Silvia, Iqbal & Zachary
March-05 Growth: Defining Top Line Economic Opportunites as Fundamental Inputs to Decision Makers Silvia
March-05 California Economic Outlook: February 2014 Vitner, Wolf & Miller
March-03 Some Potential Economic Implications of the Ukrainian Crisis Bryson
March-03 Indian GDP Continued to Grow in Q4, but at a Sub-Par Pace Bryson
February-28 Swedish Economy Solid But Not as Robust as Q4 GDP Suggests Bryson
February-28 An Inventory Story: Why Canadian GDP Is Not All Good News Quinlan
February-28 Housing Data Wrap-Up: February 2014 Vitner & Khan
February-28 Does Deflation Threaten the Eurozone? Bryson, Iqbal & Miller
February-27 Strong Imports Weigh on Swiss GDP Growth in Q4 Bryson
February-27 Brazilian Economy Avoided a Recession, Surprised Markets Alemán
February-25 Florida's Consumer Sentiment Sits Tight Vitner & Wolf
February-21 Mexican Economy in 2013: A Year To Forget Alemán
February-18 Consumer Loan Vortex, but Underlying Data More Soothing Silvia & Zachary
February-18 Growth in Peru Remained Strong in 2013 Alemán
February-17 Southern States: 2014 Economic Outlook Vitner,Wolf & Miller
February-17 Japanese GDP Growth Falls Flat; Details More Encouraging Quinlan
February-17 Predicting the Probability of Inflation/Deflation: An Ordered Probit Approach Silvia, Iqbal & Zachary
February-14 Modest Recovery in the Eurozone Continued in Q4 Bryson
February-13 Should Developing Economics Worry Us? Part II Bryson, Alemán & Griffiths
February-10 Inflation Chartbook: February 2014 Bullard & House
February-07 Natural Gas Prices Pose Only Small Challenge to Consumers House & Brown
February-05 What's Next for Argentina After the Devaluation? Aleman
February-05 Brazilian Industrial Production Took a Nosedive in December Aleman
February-03 Charlotte Metro Area: A Delicate Balance Silvia & Brown
February-03 The Russian Economy Slows Down Considerable in 2013 Aleman
January-29 California's Recovery Remains Solidly On Track Vitner & Wolf
January-29 FOMC: Improving Economy, Low Inflation, Tapering Persists Silvia
January-29 Should Developing Economies Worry Us? Bryson
January-29 Florida's Economy Continues to Heat Up Vitner & Miller
January-29 Taiwan Enjoyed Modest, But Broad-Based, Growth in Q4 Bryson
January-28 Texas Keeps on Truckin' Vitner & Wolf
January-28 British Economy Continues to Post Solid Growth Bryson
January-27 Is the European Sovereign Debt Crisis Solved? Bryson & Miller
January-27 Mexican Economy Continued to Struggle Late in 2013 Aleman
January-24 Argentina Is in the News Again Aleman
January-24 Are U.K. Rate Hikes in the Cards? Bryson
January-23 The "Unsustainable" Path of Federal Fiscal Policy: Part IV Silvia & Brown
A Sampling of Our Recent Special, Regional & Industry Commentary

32. Client/Prospect Name
Wells Fargo Securities, LLC Economics Group
32
John E. Silvia … ....................... … john.silvia@wellsfargo.com
Global Head of Research and Economics
Diane Schumaker-Krieg ………………… ……….diane.schumaker@wellsfargo.com
Global Head of Research & Economics
Chief Economist
Mark Vitner, Senior Economist……………....………. . .mark.vitner@wellsfargo.com
Jay H. Bryson, Global Economist …………………....…… ….jay.bryson@wellsfargo.com
Sam Bullard, Senior Economist sam.bullard@wellsfargo.com
Nick Bennenbroek, Currency Strategist ……nicholas.bennenbroek@wellsfargo.com
Eugenio J. Alemán, Senior Economist… ………….eugenio.j.aleman@wellsfargo.com
Anika R. Khan, Senior Economist … . anika.khan@wellsfargo.com
Senior Economists
Zachary Griffiths, Economic Analyst zachary.griffiths@wellsfargo.com
Mackenzie Miller, Economic Analyst mackenzie.miller@wellsfargo.com
Blaire Zachary, Economic Analyst blaire.a.zachary@wellsfargo.com
Economists
Azhar Iqbal, Econometrician………………… ……………azhar.iqbal@wellsfargo.com
Tim Quinlan, Economist …………………… ……………..tim.quinlan@wellsfargo.com
Eric J. Viloria, Currency Strategist eric.viloria@wellsfargo.com
Michael A. Brown, Economist ……………… … michael.a.brown@wellsfargo.com
Sarah Watt House, Economist …………… …………sarah.house@wellsfargo.com
Michael T. Wolf, Economist ………………… … .michael.t.wolf@wellsfargo.com
Economic Analysts
Administrative Assistants
Wells Fargo Securities Economics Group publications are produced by Wells Fargo Securities, LLC, a U.S broker-dealer registered with the U.S. Securities and Exchange Commission, the
Financial Industry Regulatory Authority, and the Securities Investor Protection Corp. Wells Fargo Securities, LLC, distributes these publications directly and through subsidiaries including, but
not limited to, Wells Fargo & Company, Wells Fargo Bank N.A., Wells Fargo Advisors, LLC, Wells Fargo Securities International Limited, Wells Fargo Securities Asia Limited and Wells Fargo
Securities (Japan) Co. Limited. Wells Fargo Securities, LLC. (“WFS”) is registered with the Commodities Futures Trading Commission as a futures commission merchant and is a member in
good standing of the National Futures Association. Wells Fargo Bank, N.A. (“WFBNA”) is registered with the Commodities Futures Trading Commission as a swap dealer and is a member in
good standing of the National Futures Association. WFS and WFBNA are generally engaged in the trading of futures and derivative products, any of which may be discussed within this
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33. 2014 ECONOMIC CONDITIONS
SURVEY RESULTS
Aaron Nelson, President and CEO

34. How has the recession affected your organization?
43.6%
56.4%
39.0%
51.9%
31.6%
50.4%
38.6%
49.4%
30.7%
36.2%
6.1% 5.0%
11.6%
17.4%
31.9%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Q4 2008 Q2 2009 Q1 2012 Q1 2013 Q1 2014
Negatively Not Much Positively

35. Has the current economic environment negatively affected
your plans for growth over the next 12 months?
55.6%
75%
49.5%
53.3%
40.4%
44.4%
25%
50.5%
46.7%
59.6%
0
10
20
30
40
50
60
70
80
Q4 2008 Q2 2009 Q1 2012 Q1 2013 Q1 2014
YES NO

36. Which answer most closely matches your current perception of
the economic environment over the next 12 months?
1.1
7.9
24.7
66.3
0
7
23.9
69
0%
9.5%
31%
59.5%
0 10 20 30 40 50 60 70 80
I'm Selling and Moving
Environment is declining and
expect my organization to…
Environment will staty the same
and I do not expect to improve…
Environment is improving and I
expect my org to do well
Q1 2014 Q1 2013 Q1 2012

37. Do you have plans to increase or reduce your
workforce in the next 12 months?
35.8%
58.9%
5.3%
39.7%
58.9%
1.4%
29.8%
70.2%
0%
0
10
20
30
40
50
60
70
80
Add workers No reduction or addition Reduce Workforce
Q1 2012 Q1 2013 Q1 2014

38. How do you think the Affordable Care
Act will impact your business?
4.3%
19.6%
34.8%
10.9%
19.6%
10.9%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%
Very positively
Positively
No impact
Negatively
Very negatively
Unsure or too soon to tell

39. If you could change one thing locally (other than general
economic conditions) to help your organization thrive, what
would it be?

40. Table Sponsor
Breakfast Sponsor

41. Community Champions

42. Community Investors

43. Platinum Sponsors

44. Gold Sponsors

45. Gold Sponsors