Marie M. Schofield, CFA, Chief Economist and Senior Portfolio Manager
Marie Schofield is chief economist and senior portfolio manager at Columbia Management Investment Advisers, LLC (CMIA). Ms. Schofield is a member of the firm’s investment strategy committee and leads the effort on macroeconomic research and strategy. She is also a member of the asset allocation team. Prior to her current role, she served as head of the core fixed-income team in Boston from 2001 through 2006 and as senior strategist for the fixed-income strategy group from 2006 through 2008. Ms. Schofield joined the firm in 1990 and has been a member of the investment community since 1975.
Prior to joining the firm, Ms. Schofield was a portfolio manager at Trustco Bancorp NY, Chittenden Bank and BayBanks Investment Management.
Ms. Schofield earned a B.S. from the College of Saint Rose and is a member of the CFA Institute, the Boston Security Analysts Society, the Fixed Income Management Society of Boston and the Boston Economic Club. In addition, she holds the Chartered Financial Analyst designation.
Several forces are colliding now and causing a downshift in the trajectory of the U.S. housing recovery. Household formations remain at multi-year lows due in large part to mediocre income and job gains in combination with high student loan debt by 25 – 45 year old homebuyers. Fewer homeowners mean missing multipliers for growth. As
The March labor market report was solid, with the overall private level of employment finally exceeding the pre-recession high. The Household Survey had the unemployment rate holding steady at 6.7%. A recurrent problem is the poor quality of job growth in terms of underemployment/part timers and wage growth. The March labor market report from the
Existing U.S. home sales have been weak across all regions and this weakness pre-dates this year’s tough winter. Skyrocketing home prices, the surge in interest rates, and meager income growth have hit affordability and dented demand. Housing is no longer the accelerator for economic growth that it was earlier in the cycle. While the jury
The Nonfarm Payroll report for December showed weaknesses that cannot be easily dismissed. Participation rate continues to fall; in the last year the labor force shrunk by a half-million. Beyond unusual weather-related effects, discomforting trends continue to show stress in the labor markets. The Nonfarm Payroll report for December was certainly an outlier showing payrolls
Both fiscal and monetary policy will begin to normalize in 2014 The economy’s performance will be an important metric for markets as growth needs to catch up The key to getting growth beyond 2% is for business to borrow to improve/expand productive capital It’s happening again—a fourth quarter bounce in economic activity that extends into
Data shows economy is improving Job growth is continuing GDP is not as good as the report would make you think The first week in December was a data goldmine for anyone hoping for news that the economy maintained momentum through the early autumn government distortions. The payroll report continued to post moderate and steady
The most recent reports from the Bureau of Labor Statistics give conflicting pictures of employment data. Despite payroll gains, the overall quality of hiring is generally poor and the labor force participation rate dropped. The economy appears to have weathered the government shutdown surprisingly well, but remains stuck near 2% growth. After all the angst
The views expressed in this material are the views of the author through the date of publication and are subject to change without notice at any time based upon market and other factors. All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. This information may contain certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those discussed. There is no guarantee that investment objectives will be achieved or that any particular investment will be profitable. Past performance does not guarantee future results. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Please see our social media guidelines.