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Yourwindowintosmallbusinesshealth
Q32023
ConsumerCredittightening
Executivesummary
OutstandingperformanceinthethirdquarterisagreatheadlinefocusedontheresiliencyoftheAmericanconsumer.Businessconfidenceandfinancialsbenefitedfromaconsumerconfidenceboostasmarketconditionsappearedto
improveasinflationreceded.Consumerspendingremainedelevated,supportingsmallbusinesscashflowhealth,butarisingpercentageofthatconsumerspendoriginatedfromleveragedconsumercreditproducts.Creditorshavebeenmonitoringtheriseinunsecureddebtutilizationandputtingintoactionexposurelimitingunderwritingcriteria.This
actionmeantthatsomeconsumersandsmallbusinesseswerelesslikelytogainaccesstonewcreditattheirprimarylenderbutwereabletoseekoutfundingfromanalternatelenderatamoreriskappropriatepricepoint.Commercialandconsumercreditmarketsremainopenandavailableacrossrisktiers.Thefourthquarterlooksabitmoretense
asbusinessesholdonrestockinginventoryaselevatedconsumerpricespushbackonthevolumeofpurchases
consumerscanengage.Aweakeningretailoutlookmakesbusinessesrethinktheirholidaystrategies.Thesecautiousmovementsleadtoexposurelimitingdecisionsthatwillimpactindustriesalongthesupplychain.Thereispotentialforasoftlandingin2024,butthatwillleadtoalongerperiodofhigherthantargetedinflationandloweroverallgrowth
expectationsfortheU.S.
Anoddtwisttoreadaboutaheadisthereversalinthetideoflenderopiniontocontinuetighteningcommercial
underwritingcriteria.Readmoretofindoutwhytheywouldconsider,asweenterasloweconomiccycleintheU.S.
Page2|Q32023
MacroeconomicOverview
ThestrengthoftheU.S.economyevidentthroughoutthethirdquarterisunsustainableandtheearlysignsarethattheeconomyhasslowedatthebeginningofthefourthquarter.OxfordEconomicsexpectsthemacroeconomicbackdropforsmallbusinesswilldeteriorateheadinginto2024withU.S.GDPgrowthforecasttoslowsignificantlytoabelow-
trend1%nextyear.Tightmonetaryandfiscalpolicywillweighoninvestment,theinventorycyclelookssettoturn,andmountingheadwindstohouseholdfinancesaresettounderminetherecentresilienceofconsumerspending.
TheeconomycontinuedtohumalonginQ3,expandingby4.9%annualized,buttherapidgrowthevidentintheheadlinenumbersmasksignsofweaknessunderneath.Thecontinuedstrengthofconsumerspendingwasonlypossible
becausehouseholdsdippedintotheirsavings,withhouseholds’personalsavingratefallingtohistoriclowsinQ3.
Partofthereasonisthatconsumershavebeenspendingdownsavingsleftoverfromthepandemic,butthosesavingsarenowmostlyexhaustedamonglower-andmiddle-classhouseholds,withtheremainderconcentratedinhigher-
incomehouseholds.Whilemanyofthosepandemic-erasavingswereinitiallyheldincheckingorsavingaccounts,mostofthoseremainingassetsarenowinlessliquidinvestmentsandarenowbeingtreatedmoreaswealththanincome,meaningthattheyarelesslikelytobespent.
U.S.:Distributionofexcesssavingsbyincomequartile
Source:OxfordEconomics/HaverAnalytics
Thissuggeststhatthestrengthofconsumerspending,whichhasdeliveredstrongsalesandearningsgrowthforsmallfirmsthisyear,issettofade,particularlyongoodsandservicesskewedtowardslowerormoremoderate-income
households.Theyarefacingnotonlydepletedsavings,butseeingasharperslowdowninrealincomesgrowthaswagegrowthforlower-paidoccupationsisslowingthefastest.
Q32023|Page3
Net%ofBanksTighteningLendingStandards(Consumer)
80%
60%
40%
20%
0%
-20%
-40%
200120032005200720092011201320152017201920212023
creditcards一Autootherconsumer
Source:FederalReserveSeniorLoanOfficerOpinionSurveyonBankLendingPractices
Therenewedsurgeinborrowingcostsoverthethirdquarterhastightenedoverallfinancialconditionsmarkedly.Itis
notjustthecostofcreditincreasing,buttheavailabilityofcreditisalsotightening.Thatinturnwillweighonconsumerspendingondurables,includingautos,withthegoods-producingsectorsoftheeconomylikelytofaretheworst.Wearealreadyseeingaclearimpactonhousingdemand,withareneweddownturninhomesalesandhousingconstructionlikelyoverthenextfewquarters,asworseningmortgageaffordabilityfeedsthrough.ThehousingmarketintheWest,whichwasoneofthebiggestbeneficiariesoflowinterestrates,isbeinghitparticularlyhardasmortgagecostsrise
again,withthesharpslumpinhomebuilderconfidenceconsistentwithaslideinhousingconstructionahead.
Higherborrowingcostsandtightercreditavailabilityarealsoweighingdirectlyonfirms’investmentplans,withtheshareofsmallfirmsplanningcapexandhiringfallingbackoverthepastyear.Theadditionalstrainisevidentinagradualpickupindelinquenciesacrossarangeoflendingtocorporates.
Oneunderappreciatedfactorsupportingtheeconomythisyearhasbeenlooserfiscalpolicy,asgovernmentspendinghasrisen,andtaxpaymentsdroppedback.Unusualforanelectionyear,fiscalpolicyissettobetightenedthankstoareboundintaxpaymentsandtightercapsonspending.Apotentialgovernmentshutdownlookstohavebeenavoided
fornow,buttheriskwillreturnearlynextyear,withthethreatofatemporaryhalttoFederalworkers’paychecks,whichisadownsiderisk.Iflawmakerscannotreachabudgetagreementintime,automaticspendingcutswillcomeinto
place,weighingoneconomicgrowth.
Adownturnineconomicgrowthfromtightmonetaryandfiscalpolicy,andthemountingheadwindstohousehold
incomewillhaveadirectknock-onimpactforfirmshiringplans.OxfordEconomicsexpectstheunemploymentratetorisetocloseto5%bythemiddleofnextyear,frombelow4%inOctober.Thesilverliningtotheslowinglabormarket
isthatitwillhelptoeasetheperenniallaborshortagesofthepastfewyears,makingworkerseasiertofindforthosebusinessesthatareexpanding.Looserlabormarketconditionswillalsohelptocoolwagegrowthwhichwillreducethepressureonfirms’costbase.
Page4|Q32023
50%
40%
30%
20%
10%
0%
-10%
-20.0%
U.S.:NFIBcompensationplans&wagegrowth
Net%
50
40
30
20
0
20012004200720102013201620192022
%y/y
7
6
5
4
3
2
1
0
-NFIB:raisedcompensationinpastthreemonths-LHS,6m.leadOEWagetracker-RHS
Source:OxfordEconomics/HaverAnalytics
Inflationisalreadyeasing,driveninlargepartbylowergasprices,andcoolingpricepressuresforarangeofgoodsassupplychainconditionshaveeased.
InflationforFood,Energy,andShelter—Year-Over-YearRateofInflation
-RentInfationFoodInfationEnergyInfation
Source:U.S.BureauofLaborStatistics
Whilethosetrendshavefurthertorunoverthenext3-6months,theprocessofloweringinflationinservicesdependsonwagegrowthmoderating,whichisproceedingonlygradually.
Q32023|Page5
●6%
23%
10%18%
FederalFundsRateForecast
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
current:5.4%(5.25-5.50%)
20182019202020212022202320242025
FedFundsRateMarchForecastJuneForecastsept(Latest)Forecast
Source:BureauofEconomicAnalysis,SummaryofEconomicProjectionsJune2023andSept2023,andFederalReserve
Withinflationsettoremainabove2%forthenextfewyears,thepressureremainsontheFedtokeepmonetarypolicytight.Officialswillleaveratesonholdfornow,andnotexpectingratestobeginfallinguntilSeptember2024.Asrates
areconsideredforcuts,anylooseninginmonetarypolicywillbefarmoregradualthaninpreviouseasingcycles,whichmeansthatevenoncetheeconomiccyclebottomsoutnextyear,therewillnotbeastrongimpetusforarapidreboundingrowthratesfurtherahead.
U.S.Business
U.S.Businessesperformedwellthroughthethirdquarterasconsumerspendingremainedstrong.
Consumerspendingbehavior
Inflation-Adjusted(Real)ConsumerSpendingIndex:Feb2020=100
140
130
120
90
80
20192020202120222023
一TotalGoodssericesGoods:Jewelryandwatches
Source:BureauofEconomicAnalysis
Inrecentmarketcommunicationsandearningreports,businesseslikeWalmartandTargetareexperiencingweakeningconsumerspendingastheycompeteforholidaydollarsasmarginpressuresqueezesprofits.Commercialconfidence,acrosstheU.S.marketisweakeningintothefourthquarter,asconsumerslookatdiscretionaryspendingactivitiesasalevertopulltolimitexposureaseconomicconditionsbecomemoretense.
Anadditionaldragislikelytobetheturningoftheinventorycycle.Afteryearsofshortages,mostfirmsnowreport
thatinventoriesarebloated,andamidelevatedinterestratesandslowingsales,particularlyofgoods,weexpectfirmsacrosstheeconomytodestockoverthecomingquarters,providinganadditionaldragforthewarehousingand
logisticsindustries.
Page6|Q32023
The2023holidayseasonismarkedbya“softlanding”economicscenario.Consumerspendingisrobust,with74%ofconsumersplanningtospendthesameormorethanlastyear.Thisspendingoptimismcontrastswith2022,whereoverbuiltinventoriesledtosignificantdiscounts.Thisyear,retailershavenormalizedinventories,avoidingsuch
markdowns,whichshouldbenefitsalesandmargins.
Intermsofretailstrategies,thereisanearlierstarttoholidayshopping,with60%ofshoppingexpectedtobecompletebytheendofNovember.Thistrendnecessitatesanearlydeploymentofdealsandmarketingeffortsbyretailers,
especiallyononlineplatforms,wherepersonalizationandtargetedloyaltyprogramsarebecomingincreasinglyvital.
Theconsumerretailspendingtrendsforthe2023holidayseasonintheUnitedStatesexhibitedseveralnoteworthy
dynamics.Comparedto2022,therewasanoverallincreaseinspending,withconsumersallocatingmoreforgifts,
travel,andentertainment.Thisyear,accordingto,theaveragespendingwasaround$1,530,markinga7%risefromthepreviousyear.Notably,travel-relatedspendingsawasignificant12%increaseoverthe2022holidayseason.
Theyear-over-yearcomparisonrevealsamixedpicture.Whilesources,liketheNationalRetailFederation(NRF),
expectedholidayspendingtoreachrecordlevelswithagrowthof3%to4%over2022.Thisgrowthratealignswiththeaverageannualincreaseobservedfrom2010to2019.
Severalfactorscontributedtothesetrends.Therewasageneralsenseofoptimismamongconsumers,withahigherwillingnesstospendacrosscategoriescomparedtolastyear.OnlineshoppingcontinuedtoleadinU.S.holiday
spending,butin-storepurchasesalsosawarise,indicatingabalanceinshoppingpreferences;however,thefrequencyofstorevisitsandtheuseofBuyOnline,Pick-upinStoreservicesdeclined.
InOctober2023,theannualtrendinretailsalesslowedto2.5%yearoveryear,downfrom4.1%inSeptember.In
inflation-adjustedterms,retailsaleswere0.7%lowerrelativetothepreviousyear.Thisindicatedacoolingofthe
economyafterastronger-than-expectedperformanceoverthesummer,withsignsofmoderatingconsumerdemand.Retailsalesdecreasedby0.1%inOctober2023fromthepreviousmonthbutstillshowedayear-over-yeargrowth
of2.5%.
Thesetrendsreflectadynamicretaillandscapein2023,markedbysignificantgrowthincertainquartersandsectors,butalsoshowingsignsofmoderationtowardstheendoftheyear.Thismoderationwillimpactindustrysegments
criticaltotheU.S.supplychain.
Duringthe2023holidayshoppingseason,twosmallbusinesssegmentswillexperianceamoreprominentimpact,warehouseandtransportation,asretailersengagemoreadaptableinventorystrategiestorespondtodynamic
consumerspendingpatterns.The2023holidayseasonrevealssignificantshiftsinconsumerbehaviorandretailstrategies,withimplicationsforthewarehouseandtransportationindustryextendinginto2024.
Q32023|Page7
U.S.CommercialInventories
Source:DallasFederalReserve
Retailersandwholesalersarecyclingthroughbloated2022inventoriesandofferinglessdiscountstotravelersforthe2023season.Lessinventoryisneededtosupportconsumerdemand,becauseinflationhasdriventheperunitcoststoapointwhereconsumerpurchasingbehaviorischanging.Lowerunitneedleadstoreduceddemandtorestock.NewordersaredownYOYbecausethecurrentstrategyreducestheneedforelevatedrestockingorders.
U.S.CommercialNewOrders
Source:DallasFederalReserve
Page8|Q32023
550
500
U.S.Businesslending
Commerciallendingremainsopentosmallbusinesses.Opendoesnotmeanthatthefundingavailableischeap.U.S.inflationisabovetheFederalReserve’s2%target.Themostrecentmarketcoolinghasnottranslatedtoborrowing
savingsaslendersmanageexposure,pricinginmacroeconomicbumpsinthenearterm.Businessesweighthecostoffundsmorecarefullyastheylookforapathwaytogrowin2023.Smallbusinessoriginationshavebeenstablefromanoverallmarketperspective.Adynamicobservedinrecentquartersisadeclineinconsumerscores(Down1.6%)andcommercialcreditscores(Down4.3%).
CommercialScoresdeclining—ConsumerandCommercialScoreTrendsforBusinessOwners
800
750
700
650
commercialcreditscore一consumercreditscore
Source:ExperianCommercialBenchmark
Lenderswillneedtoreassessunderwritingtiersasconsumersandsmallbusinessestransitionoutoflenderbuyboxasscoresnormalize.Togrow,simplifyandreducecompetingknockoutrulesinpre-underwritingprocessesanda
revalidationofriskandprofitabilityarerecommended.Whatiscausingthesescorestotransition:
•Lessstimulusavailableinthemarkettocreateartificialcashflowforsmallbusinesses.
•Increasedutilizationoncreditcards.
•Risingrepaymentdelinquencybehavior.
In2023,smallbusinessdelinquencytrendsintheUnitedStatesarenormalizingtolevelsseenbeforethepandemic,
signalingarobustrecoveryinthesmallbusinesssector.Thisnormalizationreflectstheresilienceandadaptabilityof
smallbusinessesinnavigatingthechallengingeconomiclandscapepost-pandemic.Weobservedimprovedcashflows,betteraccesstofinancing,andtheeffectiveutilizationofgovernmentsupportprogramshaveplayedpivotalrolesin
thisprogress.ThistrendisapositiveindicatorfortheoverallhealthoftheU.S.economy,suggestingareturntopre-pandemicstabilityinthesmallbusinesscreditmarket.
Q32023|Page9
Commercialdelinquencyratescool
RegionalCommercialCard60+Delinquency
0.50%
0.40%
0.30%
0.20%
0.10%
0.00%
Midwest一Northeastsouth一southwest一west
Source:ExperianCommercialBenchmark
Inthelatterhalfof2023,therehasbeenanoticeableuptickinChapter11bankruptcies.Chapter11bankruptcy,knownforallowingbusinessestoreorganizewhilekeepingtheirdoorsopen,hasbecomeago-tosolutionforcompaniesfacingfinancialdistress.
Severalfactorscontributetothissurge:
•EconomicShifts:Post-pandemic,businessesarestillgrapplingwithdisruptedsupplychainsandfluctuatingconsumerdemands.Addtothistherisinginterestratesandinflation,creatingachallengingenvironmentforbusinesses,especiallythosestillrecoveringfromthepandemic’simpact.
•Industry-SpecificStruggles:Certainsectors,liketransportationandwarehousing,aremoreseverelyimpactedduetochangingsmallbusinessstrategiesputinplacetocounteractlowervolumedemandbroughtaboutbyhigher
unitprices.
•GovernmentPolicyChanges:Reducedgovernmentsupportandchangesinfiscalpolicieshaveleftbusinesseswithoutthesafetynettheypreviouslyreliedon.
Page10|Q32023
Commercialbankruptcyratepicksupsteam
Chapter11BankruptciesintheUnitedStates
50000
40000
30000
20000
0
chapter11Bankruptciesintheunitedstates
Source:
Lookingahead,thetrendsuggestsaneedforbusinessestoadaptrapidlytochangingeconomicconditions.Forcompaniesstrugglingfinancially,Chapter11offersapathwaytorestructureandhopefullyemergestrongerontheotherside.Aswemoveinto2024,itwillbeinterestingtoseehowbusinessesevolveandadaptinresponsetothesechallenges.
Consistentspending,bondandequitymarketsperforming,anddelinquencyratesnormalizingarefactorsinthemarketthataretintinglendersglassesrosy,asFOMOopenslenderstoreconsideringriskoforiginatingcomingintoapotentialsoftlanding.
Q32023|Page11
100%
80%
60%
40%
20%
0%
-20%
-40%
Commerciallendersseeimproveddemand
Net%ofBanksReportingStrongerDemandfromBusinesses(CommercialandIndustrialLoans)
60%
40%
20%
0%
-20%
-40%
-60%
-80%
199119951999200320072011201520192023
一LargeandMiddle-MarketFirms一smallFirms
Source:FederalReserveSeniorLoanOfficerOpinionSurveyonBankLendingPractices
AstheU.S.macroeconomicenvironmentshowssignsofslowingdown,commerciallendersfaceastrategiccrossroad.Acounterintuitivebutpotentiallyeffectivestrategyistoloosencreditunderwritingcriteria.
Commerciallendersconsiderlooseningunderwriting
Net%ofBanksTighteningLendingStandardstoBusinesses(CommercialandIndustrialLoans)
199119951999200320072011201520192023
一LargeandMiddle-MarketFirms一smallFirms
Source:FederalReserveSeniorLoanOfficerOpinionSurveyonBankLendingPractices
Thisapproachcanbejustifiedforseveralreasons.Duringeconomicdownturns,businessesoftenneedfinancialsupporttonavigatethroughtoughtimes.Byrelaxingcreditstandards,lenderscanprovidealifelinetothese
businesses,fosteringlong-termrelationshipsandloyalty.Thissupportnotonlyhelpsbusinessessurvivebutcanalso
positionthelenderasatrustedpartner,leadingtofuturebusinessopportunities.Aslowingeconomyoftenleadsto
lowerinterestrates.Insuchanenvironment,thecostofborrowingdecreases,reducingtheriskassociatedwithlending.Thisscenariocanencouragelenderstotakeonslightlymoreriskbyeasingcreditterms,astheoverallrisk-return
profileremainsattractive.Diversifyingthecreditportfolioisvitalinuncertaintimes.Bylendingtoabroaderrangeof
businesses,lenderscanspreadtheirriskandpotentiallytapintonewmarketsthatshowresilienceorgrowthpotential,eveninaslowingeconomy.Whilecounterintuitive,looseningcreditunderwritingcriteriacanbeastrategicmovefor
commerciallendersfacingaslowingmacroeconomicenvironmentintheU.S.Itisacalculatedriskthatbalancesshort-termchallengeswithlong-termgrowthopportunities.
Page12|Q32023
Expectations
Robustcorporateearningswereasignthatconsumerswerespendinginthethirdquarter.TheU.S.Inflation
ratehadfallento3.2%andtheFederalFundsrate
signaledithadplateauedat5.3%.Technologycompanieswereacceleratingperformancewiththeexponential
releaseofnewproductsandsolutionssurrounding
groundbreakingAItechnology.Consumerandbusinesscreditdelinquenciesnormalized,andnewcredit
originationsremainedconstantandopenacrossallcreditrisktiers.Companiesheldontoemployees,although
slowingnewhireactivity,keepingthelabormarketstrongandconsumerspendingelevated.Themarketleaned
intothesesignalsasamessagetokeepinvestingandgrowingasGDPhit4.9%inthethirdquarter.
Retailspendingfacespressuresin2024:Thebalancebetweenonlineandin-storeshopping,alongwith
consumers’responsetopromotionsanddiscounts,willcontinuetoinfluencespending.While2023sawahealthyincreaseinholidayspending,withgrowthintravelandabalancebetweenonlineandin-storeshopping,theoutlookfor2024remainscautious,
influencedbybroadereconomicfactorssuchasinflationandconsumerconfidence.
LogisticsandtransportationindustryplayerslikeYellow,whoclosedtheirdoorsinthelastquarter,areimpactedbycontinuedU.S.inflationimpactonconsumerspendingpower.Supplychainparticipantsarereapingthebenefitsoffallingfuelpricesandmarginexpansion,butconsumerpressurewillsoonshrinkthosemarginsandcreate
challengesinprofitability.
Thereducedneedforwarehousespaceand
manufacturingcapacitywillleadtoareductioninnew
commercialconstruction.Highlendingrateswillalso
impactonbusinesses’abilitytorefinanceCREdebt,as
ratesremainhighforthenextyear.Foreclosureswill
increase,exacerbatedbyspecialtylendingproductssuchasmezzanineloansthatlowerthebarriertoforeclosure,andplacedownwardpricepressureoncommercialreal-estateandmakerezoninginitiativesmoreattractive.
Aswesprinkleabitofholidaymagicoverthepast
quarterandreflectonwhatcouldbeahead,weunwrapataleofresilienceandadaptabilityintheAmerican
economy,particularlyamongsmallbusinesses.The
thirdquartershonebrightlywithconsumerconfidence
receivingaboostasinflationreceded,keeping
consumerspendinghigh.Thistrendwasabeaconofhopeforsmallbusinesses,supportingtheircashflowhealth.Aninterestingtwistemergedwithasizable
portionofconsumerspendingcomingfromleveragedcreditproducts.
Despiteconsumersandsmallbusinessesfindingit
challengingtoaccessnewcreditatprimarylenders,
alternatelendingsourcescametotherescue,offering
fundingatrisk-appropriatepricepoints.Thereportpaints
apictureofacommercialandconsumercreditmarketthatremainsopenandaccessibleacrossvarious
risktiers.
Lookingaheadtothefourthquarterandbeyond,weseealandscapetwinklingwithbothopportunityandcaution.Businessesarerethinkingtheirholidaystrategiesand
inventorystocking,reflectingaprudentapproachina
marketwhereconsumerpricesareaffectingpurchasingvolumes.Thiscautiousstanceisexpectedtorippleacrossindustries,influencingsupplychaindecisions.
For2024,theforecastisamixedbagofgoodies.Whilewemayseea‘softlanding’,itcouldleadtoextendedperiodsofhigher-than-targetedinflationandsubduedgrowth
expectations.However,theresilienceshownbysmall
businesses,astheynavigatethesechallengingeconomicconditions,bringsaglimmerofhopeandoptimism.
Intherealmofholidayspendingfor2023,consumers
showedahearteningtrendofplanningtospendthesameormorethanthepreviousyear,withasizableportionofthisspendinggoingtowardstravelandentertainment.
Retailers,respondingtothisconsumeroptimism,haveoptimizedtheirinventories,andareengaginginmoretargetedandearlymarketingefforts,especiallyonline.
Likeawell-litholidayhome,fullofbrightspotsand
cautiousoptimism,theU.S.consumerplayingtheroleofthestaratopthetree,guidesthewayforbusinessesandinvestmentthroughanotherholidayseason.
ScanthisQRcodetovisitour
CommercialInsightsHub
,aone-stoplocationforup-to-datecreditinsightsonU.S.smallbusinesses.
Q32023|Page13
Aboutthereport
TheExperian/OxfordEconomics’MainStreetReportbringsdeepinsightintotheoverallfinancialwell-beingofthesmall-businesslandscape,aswellasprovidingcommentaryaroundwhatspecifictrendsmeanforcreditgrantorsandthesmall-businesscommunity.CriticalfactorsintheMainStreetReportincludeacombinationofbusinesscreditdata(creditbalances,delinquencyrates,utilizationrates,etc.)andmacroeconomicinformation
(employmentrates,income,retailsales,industrialproduction,etc.).
AboutExperian’sBusinessInformationServices
Experian’sBusinessInformationServicesisaleaderinprovidingdataandpredictiveinsightstoorganizations,helpingthemmitigateriskand
improveprofitability.Thecompany’sbusinessdatabaseprovidescomprehensive,third-party-verifiedinformationon99.9percentofallU.S.
companies.Experianprovidesmarket-leadingtoolsthatassistclientsofallsizesinmakingreal-timedecisions,processingnewapplications,
managingcustomerrelationshipsandcollectingondelinquentaccounts.FormoreinformationaboutExperian’sadvancedbusiness-to-businessproductsandservices,visit/b2b.
AboutOxfordEconomics
OxfordEconomicsisatrustedadvisertocorporate,financial,andgovernmentdecision-makersandthoughtleaders.Theirworldwideclientbase
comprisesover2,000internationalorganizations,includingleadingmultinationalcompaniesandfinancialinstitutions;keygovernmentbodiesand
tradeassociations;andtopuniversities,consultancies,andthinktanks.Theirinsightsintotheglobaleconomicandbusinessenvironmenthelpsclientscutthroughmarketcomplexityanduncertaintyandbuildasolidbasefordecision-making.Theyofferasophisticatedportfolioofsubscriptionservices,providinginsightsandforecaststhataredeliveredthroughreportsandanalyticalpieces,databases,andrigorousmodelson200+countries,100
i
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