THOUGHTS FROM THE CIO — JANUARY 2016
The World Was Our Oyster
• Growth in gross domestic production has slowed dramatically the last
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GORDON B. FOWLER, JR.
Economic Growth: Not the Half of It
Source: Glenmede, U.S. Bureau of Economic Analysis
2000-15 includes data through the third quarter of 2015.
Source: Glenmede, U.S. Bureau of Economic Analysis
2000-15 includes data through the third quarter of 2015.
Review&Outlook
The World Was Our Oyster
The Three Sources of Growth
Cyclical Growth: Friend to the Talking Heads
Productivity Growth2
Source: Glenmede, U.S. Bureau of Economic Analysis, U.S. Department of Labor
2000-15 includes data through the third quarter of 2015.
January 2016
Source: Glenmede, Federal Reserve Bank of St. Louis
Demographic Growth: It’s All About the Boomers
Source: Glenmede, U.S. Department of Labor
2000-15 includes data through the third quarter of 2015.
Review&Outlook
The World Was Our Oyster
Source: Glenmede, U.S. Department of Labor
2000-15 includes data through the third quarter of 2015.
January 2016
Source: Glenmede, U.S. Department of Labor
2000-15 includes data through the third quarter of 2015.
% Population
Participation Rate
16-24
25-54
55-64
65+
TOTAL
* As of month-end October, Source: U.S. Department of Labor
Review&Outlook
67%
63%
-4%
The World Was Our Oyster
Looking Forward: I Miss Those Kids
January 2016
Review & Outlook is intended to be an unconstrained review of matters of possible interest to Glenmede Trust Company
clients and friends and is not intended as personalized investment advice. Advice is provided in light of a client’s applicable
circumstances and may differ substantially from this presentation. Opinions or projections herein are based on information
available at the time of publication and may change thereafter. Information gathered from other sources is assumed to
be reliable, but accuracy is not guaranteed. Outcomes (including performance) may differ materially from expectations
herein due to various risks and uncertainties. Any reference to risk management or risk control does not imply that risk can
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with their Glenmede representative.
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