Now available! Access your accounts and account statements through Business Online Banking. To sign up for Online Banking, click here. View your checking and or savings account statements online by selecting "Reports & Statements", "Statement Manager" in the navigation. Combined statements are accessed under the primary checking account.
If you no longer wish to receive paper statements, click on "Online Services", "Suppress Paper Statements" and select the accounts to turn off paper statements. Business online banking customers will have access to 2 years of statement history.
If you have questions about online statements please call our Account Information Center at 800-475-2265.
For the U.S. economy, 2010 marked the first calendar year of recovery from the 2008-09 downturn. While the recession officially ended 18 months ago, looking into 2011, the expansion continues to face dual headwinds.
To date, the recovery has been distinguished by a persistently high unemployment rate and lackluster job growth. Businesses have been cautious about adding to payrolls due to uncertainties associated with regulatory reform, potentially higher taxes and rising health care costs. Thus far, productivity improvements have enabled firms to cope with rising demand utilizing their existing work force, but sooner or later, businesses will need to hire additional workers to meet demand. We think monthly job creation can provide employment for 150,000 new workers.
While this may not significantly lower the unemployment rate, it will lead to an improvement in consumer sentiment. A higher level of confidence coupled with recently enacted payroll tax cuts and the improvement in household balance sheets that has occurred over the past two years should lead to increased consumer spending in 2011.
Housing has been an Achilles heel for the economy. At year end 2010, there were an estimated 4.3 million mortgages either in foreclosure or seriously delinquent. An additional 3.8 million homes were for sale, bringing the total inventory to 7.2 million homes after adjusting for bank-owned property. This represents 21 months of supply, which suggests a slow recovery in housing prices. Although further downside appears limited based on the magnitude of the price decline already, given the current supply hangover, and the precarious condition of many borrowers, we do not expect the housing market to improve significantly in 2011.
Despite the headwinds facing the economy, there are also bright spots in the outlook. Global economic growth has not been synchronized. The emerging economies of Latin America and Asia have been growing at roughly twice the pace of the developed world. . This trend coupled with dollar weakness has had a positive impact on a broad spectrum of businesses, including agricultural commodities, industrial metals, aerospace manufacturers, diesel engine manufacturers, petrochemical companies, and consumer goods manufacturers.
Capital spending, particularly on new equipment, has been another area of strength in this recovery. Businesses responded to the credit crisis and recession by instituting stringent cost controls. However, as demand has improved and revenue growth has turned up, corporate profits have also begun to recover. During 2010, a majority of U.S. companies reported positive earnings surprises and we anticipate corporate profit growth of 15% in 2011. Earnings growth coupled with balance sheet improvement suggests that businesses will invest in projects to increase capacity and improve productivity.
Interest rates are currently at or near historic lows as a result of the quantitative easing and monetary policy actions by the Federal Reserve. Low borrowing costs should provide a further incentive for capital investment. We anticipate that in early 2011, slow growth, low inflation, and an accommodative Federal Reserve policy will keep interest rates low. As the economic recovery takes hold and consumer spending improves, inflationary expectations may begin to surface, leading to increases in intermediate and longer term interest rates later in 2011.
Fiscal stimulus should also aid the economy in 2011. The tax compromise bill enacted in late 2010 provided an extension of tax cuts, a reduction in payroll taxes and tax credits for business capital investment. We believe that this stimulus could contribute at least a full point to 2011 GDP. While there are risks to the outlook, including pressure on state and local government finances, continued weakness in housing, and higher inflation, our crystal ball would suggest that the recovery will gain momentum in 2011, with the economy expanding at a 3 - 3.5% annual rate.
Do you have visions of a new kitchen, bathroom, or other home improvement? Your timing couldn't be better. Because right now, making home improvements is a smart financial move. With housing prices stabilizing and rates at all-time lows, your investment will build value for the future while increasing your comfort and convenience.
According to Remodeling Magazine, the five highest return home improvements for the New England region were:
And before you start your home improvement project, visit our Think Local pages to find contractors and suppliers in your area. That's good for you, good for local businesses, and good for the local community.
A home equity line from Washington Trust is the perfect financial tool to help you get your project started. Just apply online and get your answer in 30 seconds! You can also apply at any Washington Trust branch or by calling us at 800-475-2265. Close in five days with the lender Rhode Island homeowners have trusted for more than 200 years. Then use your home equity line as you need it - simply write a check or transfer money online. Set up your home equity line today!
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