The document provides an introduction and overview of 20 key US economic indicators, including the Beige Book, Chicago PMI, Consumer Confidence Index, Consumer Price Index, and others. It defines each indicator, explains its importance in monitoring inflation and the economy, and provides details on source, release time, frequency, and revisions. The purpose is to help investors and analysts better understand these commonly cited indicators.
The document is the February 2014 Monetary Policy Report from the Federal Reserve. It discusses recent economic and financial developments. Key points:
- The labor market continued improving in the second half of 2013 and early 2014, with employment gains averaging 175,000 per month and unemployment falling to 6.6%. However, unemployment remains above sustainable levels.
- Inflation remained low at 1% over the last half of 2013, below the Fed's 2% target, but some factors were transitory. Inflation expectations have remained steady.
- Economic growth picked up in the second half of 2013 to an annual rate of 3.75%, as fiscal policy restraint lessened and financial conditions remained supportive.
This document discusses pension trends in emerging markets, specifically the rise of defined contribution (DC) pension plans in Central and Eastern Europe and Asia. It notes that these regions have undertaken more extensive pension reforms than Western countries by establishing mandatory DC plans to improve portability and transparency. This will lead to rapid growth of pension assets but also poses challenges regarding financial education, plan design, regulation, and product development to ensure adequate retirement incomes.
In 2009, Business Leaders for Michigan (BLM)
released the Michigan Turnaround Plan, a plan
on how to make Michigan a Top Ten state for
job, economic and personal income growth.
The Plan was updated in 2012 to identify the
six most distinctive assets Michigan had which
could be leveraged to accelerate growth.
These assets include the state’s engineering
prowess, geographic location, and world-class
higher education institutions, among others.
The 2013 New Michigan Report is the first in
an annual series in which Michigan’s progress
in leveraging its assets into economic growth
will be tracked. Michigan’s performance on
various metrics will be charted over time, and
compared to the results achieved in other
high-performing states.
2011 - Charting international labor comparisonsRichard Han
The document is a report published by the U.S. Bureau of Labor Statistics that provides international labor comparisons data for 2009 and earlier years. It features data on gross domestic product, labor force indicators, manufacturing costs and productivity, and consumer prices for various countries. The report aims to improve comparability of cross-country labor statistics by adjusting data to a common conceptual framework. It contains charts and tables presenting key labor market indicators for different economies.
The document provides a user manual for a Budget Management System (BMS). It discusses key features and functions of the BMS including:
- An overview of the BMS interface and how budget data is stored across different tabs
- How variations are used to alter base budget projections and the different types of variations
- Functions for creating, updating, and deleting variations and carrying out core data inquiries
This paper analyzes the financial performance of Commercial Bank of Ethiopia (CBE) from 2009 to 2012 using financial ratio analysis. The study uses data from CBE's annual reports and the National Bank of Ethiopia. The results show that while CBE had the highest return on equity, this was driven by high leverage levels. Additionally, CBE was found to be overly liquid, affecting its revenue generation capacity, partly due to government-imposed loan restrictions. To improve long-term banking performance, it is recommended that Ethiopian banks invest more in interest-bearing assets like loans. The Ethiopian government should also balance controlling inflation with maintaining banking industry viability.
This paper analyzes the financial performance of Commercial Bank of Ethiopia from 2009-2012. It uses ratio analysis of financial statements to assess profitability, liquidity, and gearing. The introduction provides background on banks and financial analysis. The study aims to examine trends, risk, profitability, liquidity, and asset utilization. It uses secondary annual report data and a descriptive approach. The significance is evaluating CBE's performance and recommending improvements. The paper is organized into chapters reviewing literature, discussing results, and providing conclusions and recommendations.
The document provides an introduction and overview of 20 key US economic indicators, including the Beige Book, Chicago PMI, Consumer Confidence Index, Consumer Price Index, and others. It defines each indicator, explains its importance in monitoring inflation and the economy, and provides details on source, release time, frequency, and revisions. The purpose is to help investors and analysts better understand these commonly cited indicators.
The document is the February 2014 Monetary Policy Report from the Federal Reserve. It discusses recent economic and financial developments. Key points:
- The labor market continued improving in the second half of 2013 and early 2014, with employment gains averaging 175,000 per month and unemployment falling to 6.6%. However, unemployment remains above sustainable levels.
- Inflation remained low at 1% over the last half of 2013, below the Fed's 2% target, but some factors were transitory. Inflation expectations have remained steady.
- Economic growth picked up in the second half of 2013 to an annual rate of 3.75%, as fiscal policy restraint lessened and financial conditions remained supportive.
This document discusses pension trends in emerging markets, specifically the rise of defined contribution (DC) pension plans in Central and Eastern Europe and Asia. It notes that these regions have undertaken more extensive pension reforms than Western countries by establishing mandatory DC plans to improve portability and transparency. This will lead to rapid growth of pension assets but also poses challenges regarding financial education, plan design, regulation, and product development to ensure adequate retirement incomes.
In 2009, Business Leaders for Michigan (BLM)
released the Michigan Turnaround Plan, a plan
on how to make Michigan a Top Ten state for
job, economic and personal income growth.
The Plan was updated in 2012 to identify the
six most distinctive assets Michigan had which
could be leveraged to accelerate growth.
These assets include the state’s engineering
prowess, geographic location, and world-class
higher education institutions, among others.
The 2013 New Michigan Report is the first in
an annual series in which Michigan’s progress
in leveraging its assets into economic growth
will be tracked. Michigan’s performance on
various metrics will be charted over time, and
compared to the results achieved in other
high-performing states.
2011 - Charting international labor comparisonsRichard Han
The document is a report published by the U.S. Bureau of Labor Statistics that provides international labor comparisons data for 2009 and earlier years. It features data on gross domestic product, labor force indicators, manufacturing costs and productivity, and consumer prices for various countries. The report aims to improve comparability of cross-country labor statistics by adjusting data to a common conceptual framework. It contains charts and tables presenting key labor market indicators for different economies.
The document provides a user manual for a Budget Management System (BMS). It discusses key features and functions of the BMS including:
- An overview of the BMS interface and how budget data is stored across different tabs
- How variations are used to alter base budget projections and the different types of variations
- Functions for creating, updating, and deleting variations and carrying out core data inquiries
This paper analyzes the financial performance of Commercial Bank of Ethiopia (CBE) from 2009 to 2012 using financial ratio analysis. The study uses data from CBE's annual reports and the National Bank of Ethiopia. The results show that while CBE had the highest return on equity, this was driven by high leverage levels. Additionally, CBE was found to be overly liquid, affecting its revenue generation capacity, partly due to government-imposed loan restrictions. To improve long-term banking performance, it is recommended that Ethiopian banks invest more in interest-bearing assets like loans. The Ethiopian government should also balance controlling inflation with maintaining banking industry viability.
This paper analyzes the financial performance of Commercial Bank of Ethiopia from 2009-2012. It uses ratio analysis of financial statements to assess profitability, liquidity, and gearing. The introduction provides background on banks and financial analysis. The study aims to examine trends, risk, profitability, liquidity, and asset utilization. It uses secondary annual report data and a descriptive approach. The significance is evaluating CBE's performance and recommending improvements. The paper is organized into chapters reviewing literature, discussing results, and providing conclusions and recommendations.
MDG Report 2014 - Assessing Progress in Africa towards the Millennium Develop...Dr Lendy Spires
The Millennium Development Goals (MDGs) have been a catalyst for action by governments, civil society and the private sector to advance development. The effects have been direct, including mobilizing aid for social development, and indirect, through advocacy and global monitoring, particularly of key indicators of progress in education, health and gender equality. African Member States have made remarkable progress towards achieving the MDGs despite difficult initial conditions. Indeed, previous MDG Progress Reports for Africa have shown that when effort and initial conditions are factored in, African countries are among the top achievers of the MDGs.
A study of countries accelerating the most rapidly towards the MDGs found that eight of the world’s top ten best performers are in Africa. Further, progress was more rapid in least-developed countries (LDCs) than in non-LDCs despite the significant investments in infrastructure and human capital that countries at very low levels of development require to achieve the MDGs. The development context and landscape in many African countries is changing. With the imminent MDG target date of 2015, it is important for Member States to build and sustain the momentum achieved to date and ensure that their development priorities and aspirations find credible expression in the post-2015 Development Agenda/Sustainable Development Goals (SDGs).
Due to the rapid growth experienced by several African countries in the past decade, the continent can now have greater fiscal autonomy in charting its own development path based on the different contexts of individual countries and the shared aspirations of the African people. Indeed, the discourse is shifting to a narrative that emphasizes ownership underpinned by robust domestic resource mobilization and adequate policy space. Understandably, Official Development Assistance (ODA) will remain an important feature of the development financing landscape and a substantial component of the fiscal envelope of most low-income countries.
Nevertheless, there is a growing recognition that with the prevailing global uncertainties and fiscal consolidation in many developed countries, ODA should at best be seen as a complement and not a substitute for domestic resources, investment and trade. These observations are pertinent in the context of the decline in ODA to Southern, East, Central and West Africa as a group during the 2011–12 period. ODA should also be dedicated to catalytic initiatives, such as strengthening the capacity of low-income countries to mobilize more domestic resources. Africa’s growth acceleration offers the potential of offsetting, at least in part, the revenue shortfalls that some countries may experience as a result of declines in ODA. But even higher rates of growth and revenue can be achieved when illicit financial flows are curbed; public resources are used prudently;
This report provides an analysis of the financial services sector in Europe. It begins with an overview of the sector's size, structure, and trends. It finds the sector has grown significantly in recent decades and become more globally integrated. However, employment growth has slowed. Three scenarios for the sector's future are then presented: 1) "Sustainable Finance" prioritizes long-term stability over short-term gains. 2) "Laissez-Faire" deregulates the sector. 3) "State Ownership" increases government control over financial institutions. Each scenario would have different impacts on skills needs. The report concludes with recommendations to strengthen regulation, support employment, and ensure workers have needed skills.
The document is a report from a committee on creating a roadmap for fiscal consolidation in India. It discusses the need for fiscal consolidation to avoid macroeconomic imbalances. It assesses India's current fiscal situation, finding the deficit for 2012-13 will likely be around 6.1% of GDP without corrective action. The committee analyzed past fiscal trends, evaluated the current base year, and proposed a medium-term fiscal roadmap including reforms to subsidies, expenditures, and the supply side to achieve fiscal targets.
The document provides an assessment of India's fiscal situation for the base year 2012-13 if no corrective policy actions are taken. It estimates that the fiscal deficit would reach around 6.1% of GDP compared to the budget estimate of 5.1%, due to a likely tax revenue shortfall of Rs. 60,000 crore and higher than budgeted subsidy expenditures of Rs. 70,000 crore. Key risks are seen in oil and fertilizer subsidies due to rising international prices and a weakening rupee.
The document is a report from a committee on creating a roadmap for fiscal consolidation in India. It discusses the need for fiscal consolidation to avoid adverse economic consequences from high deficits. It assesses India's fiscal situation in the base year of 2012-13 and estimates the fiscal deficit will be around 6.1% of GDP without corrective action, higher than the budget estimate of 5.1%. The report then outlines policy recommendations and a medium-term fiscal roadmap to reduce subsidies, increase revenues, rationalize expenditures, and enact supply-side reforms to achieve fiscal consolidation targets.
1) The document discusses the economic effects of low and negative interest rates as implemented by global central banks through various experiments. It focuses on the impacts on pension funds, pensioners, and bond markets.
2) Pension funds are facing difficulties generating revenue with low and negative interest rates, which makes fixed income investments less attractive. Pensioners are concerned about the security of their pensions.
3) Models in the document predict that bond yields in the US, EU, and UK will drop below zero before the end of the current decade, with varying risk premium behaviors across regions. Difficult times are ahead for pension funds, pensioners, and bond investors.
My essay of Marketing Management module during my exchange period at Warwick Business School. The task was to conduct an in-depth analysis of the marketing strategy of Tesco and to provide sensible recommendations for improvement.
I got 74.
This document provides an overview of key concepts in economics. It discusses how economists use models and assumptions to study and understand the economy, and how economics involves both positive analysis that describes how the economy works and normative analysis that makes prescriptions about how policy could change economic outcomes. It also describes how economists take on roles as both scientists and policy advisors, and why they may sometimes disagree in their policy recommendations.
How to manage Interest Rate Risk in the Banking Book considering the monetary...Ziad Fares
The past few years have seen central banks use unconventional tools to stimulate an economy that has kept on struggling since the 2008 crisis. In order to avoid deflation and other economic turmoil, the FED launched a massive bond-buying program called the Quantitative Easing (QE). After the American “experiment”, the ECB launched a similar program early march 2015 as an emergency stimulus to a weakened economy. Such unconventional monetary policy has an impact on interest rates, and therefore, requires a closer monitoring of the Interest Rate Risk in the Banking Book (IRRBB). In such a context, this white paper focuses on understanding how current market conditions (low interest rates) can affect banks’ revenues and profitability while discussing and analyzing the impacts of any changes of the term structure of yield curves on the Net Interest Income. Additionally, as regulators are taking a closer look on how to capture (and cover) the IRRBB, this white paper provides a methodology for measuring the IRRBB and analyzes, via simulations on a real portfolio, the impacts of interest rate moves on the Economic Value of Equity and the Earnings at Risk.
DEPARTMENT OF THE TREASURY
WASHINGTON, D.C
SECRETARY OF THE TREASURY
February 17, 2022
A Message from the Secretary
During fiscal year 2021, the American economy continued to recover from the COVID-19
pandemic and its adjacent economic crisis. The unemployment rate saw its sharpest one-year
decline on record, while GDP rose to exceed its pre-pandemic levels. The strong recovery is due
in large part to rapid vaccine deployment and robust support provided by the
American Rescue Plan (ARP).
That support included funding for vaccination efforts, support for households through Economic
Impact Payments and the expanded Child Tax Credit, assistance to workers and small businesses
recovering from the economic crisis, efforts to expand access to affordable health care coverage
and childcare, and help for state, local and tribal governments.
In these pages, you will find information about the critical programs launched by the ARP, as
well as related legislative measures like the Coronavirus Aid, Relief, and Economic Security Act
(CARES Act). That support included direct payments to citizens and families; forgivable loans
for small businesses to encourage employee retention; assistance to especially hard-hit
industries; expanded unemployment insurance; help for state, local, and tribal governments; and
funding for the development and purchase of vaccines, therapeutic treatment, testing, and
medical supplies.
This Financial Report discusses current financial results, including federal debt, which increased
during the past year, and interest costs, which as a percent of GDP, remain below historical
levels; and also, importantly, long-term trends affecting our critical social insurance programs
and fiscal health.
It is my duty and pleasure to present this Financial Report to the American people. This
document is a testament to the importance of accountability and transparency in how the nation
handles its finances and economic policymaking.
Janet L. Yellen
This page is intentionally blank.
Contents
A Message from the Secretary of the Treasury
Executive Summary............................................................................................................ 1
Management’s Discussion and Analysis ........................................................................... 12
Statement of the Comptroller General of the United States ........................................... 42
Financial Statements
Introduction .................................................................................................................. 52
Statement of Net Cost ................................................................................................... 59
Statement of Operations and Changes in Net Position ................................................. 61
Reconciliations of Net Operating Cost and Budget Deficit ...
Final Report Jan 2016- Be Well Survey - Phase I ReportAKM Alamgir, PhD
The Be Well survey was administered by 20 community health organizations to understand client and community well-being. Key findings from the survey include:
- Respondents reported lower levels of social connections, trust, physical health, and mental health compared to provincial and national averages.
- Open-ended responses emphasized improving access to health care, mental health services, community safety, economic security, housing, and issues affecting children and seniors.
- Participating organizations are exploring how to use survey results to inform programs, services, and advocacy to improve priority areas of well-being identified.
This document provides a year-end tax guide for 2011, outlining key tax law changes and opportunities for individuals and businesses. Some highlights include:
- The individual income tax rates were extended through 2012. The alternative minimum tax exemption was increased for 2011 to help mitigate the impact.
- Payroll taxes were reduced for 2011 only. Medical expense deductions were tightened.
- Opportunities exist to maximize deductions, accelerate or defer income/losses, and make charitable donations of appreciated assets.
- Estate tax laws were changed, increasing the lifetime gift and estate tax exemption through 2012. Planning techniques like lifetime gifts can help take advantage.
This document provides a summary of BMW's efforts towards environmental sustainability and financial performance. It begins with an introduction to BMW and outlines their industry analysis, brand power, and regulatory environment. It then examines BMW's sustainable manufacturing strategies, including emission figures, current innovations, and future plans. Next, it analyzes BMW's financial performance through profitability ratios and environmental indicators. It concludes with a SWOT analysis and proposal for the pension fund to consider investing in BMW due to their commitment to sustainability and potential for long-term growth.
This document is the annual report of the Council of Economic Advisers, transmitted to Congress in February 2015. It contains 7 chapters analyzing the state of the U.S. economy. Chapter 1 discusses middle-class economics and the importance of productivity, inequality, and participation. Chapter 2 reviews key economic events of 2014 and provides the near-term and long-term economic outlook. Subsequent chapters cover labor market trends, family-friendly workplace policies, business tax reform, energy policy, and the global economy.
This document outlines the U.S. Department of Energy's (DOE) Open Government Plan. It discusses DOE's efforts to increase transparency, participation, and collaboration through flagship initiatives like OpenEI and ScienceEducation.gov. The plan also details DOE's approach to open government, including governance, timelines, and performance measures. It provides information on DOE's transparency efforts regarding data, information, and FOIA requests. Finally, it discusses how DOE encourages public participation and collaboration both online and through events.
Principles of
Macroeconomics
by John Bouman
Table Of Contents
Unit 1: Fundamental Concepts
...................................... 4
Introduction ....................................................... 4
Section 1: Economics ................................................ 5
Section 2: The Production Possibilities Curve ............................... 7
Section 3: Economic Growth ........................................... 9
Section 4: The Circular Flow .......................................... 13
Section 5: Economic Systems ......................................... 15
Section 6: Important Concepts and Definitions ............................ 17
Section 7: Economics and Critical Thinking ............................... 21
Unit 2: Supply and Demand
........................................ 25
Introduction ...................................................... 25
Section 1: The Law of Demand ........................................ 26
Section 2: The Demand Curve ......................................... 27
Section 3: The Law of Supply .......................................... 32
Section 4: The Supply Curve .......................................... 33
Section 5: Equilibrium Price and Quantity ................................ 36
Section 6: Demand Determinants ...................................... 40
Section 7: The Effect of a Change in Demand on Equilibrium Price and Quantity ... 42
Section 8: Supply Determinants ....................................... 43
Section 9: The Effect of a Change in Supply on Equilibrium Price and Quantity .... 44
Section 10: The Effect of Changes in Both Demand and Supply on Equilibrium
Price and Quantity .................................................. 45
Section 11: Demand versus Quantity Demanded and Supply versus Quantity
Supplied ......................................................... 46
Section 12: Consumer Surplus and Producer Surplus ........................ 49
Section 13: Price Changes in the Short Run and in the Long Run ............... 51
Section 14: The Free Market System and Externalities ....................... 53
Unit 3: Gross Domestic Product
.................................... 57
Introduction ...................................................... 57
Section 1: Gross Domestic Product ..................................... 58
Section 2: GDP and Per Capita GDP around the World ...................... 62
Section 3: Real versus Nominal Gross Domestic Product ..................... 64
Section 4: Per Capita Gross State Product ................................ 66
Section 5: Calculation of Gross Domestic Product Using the Expenditure and
Income Approaches, and Net Domestic Product ........................... 68
Section 6: Interpretation of Gross Domestic Product ........................ 70
Unit 4: Business Fluctuations
...................................... 72
Introduction ...................................................... 72
Section 1: Business Fluctuations .........................
Business indicators presentation team 1 michele^j misty^j lofton and lianaMichele Kirchaine
The team's document discusses various economic indicators related to the current state of the economy. It provides data on the capacity utilization indicator showing a gradual increase from 2009 to 2012. Notes on the document discuss the capacity utilization rate rising to its highest level in over 5 years according to a consumer sentiment index. Producer prices also climbed sharply for the second month in a row due to higher energy costs, particularly gasoline. Overall the summary suggests the economy may be gradually improving based on analyzed economic indicators showing increased capacity utilization and producer prices.
NEET Chemistry is divided into three sections, namely, Physical, Organic and Inorganic Chemistry. Compared to Biology and Physics, Chemistry is considered to be the most scoring section. If prepared thoroughly, chemistry can help students to secure a meritorious position in the exam. Out of a total 720 marks (180 questions), NEET Chemistry comprises 180 marks (45 Questions). Therefore, it is essential for students to prepare well for the Chemistry section.Nearly 36% of weightage in NEET Chemistry section is allotted to Physical and Inorganic Chemistry while 28% of weightage is allotted to Organic Chemistry Syllabus as per previous trends, in some instances, equal marks-distribution is seen between all three sections. In order to enhance your chemistry preparation, it’s crucial to have thorough planning considering all your strengths, weaknesses and time availability for exam preparation.The chemistry section of NEET is considered to be the scoring section. The questions are NCERT-based predominantly. While all chapters of the NEET Chemistry syllabus must be thoroughly read and understood to excel at NEET, there are some chapters in the syllabus that are most important and must be prioritized. As per previous years’ trends, questions from the following chapters are said to have appeared the most. These numbers are subject to change every year. Take a look at the most important chapters of NEET Chemistry so far –
Equilibrium
p-block elements
Hydrocarbons
D and f block elements
Coordination compounds
Chemical bonding & molecular structure
Electrochemistry
Solutions
Organic chemistry – Some basic principles and techniques
Aldehydes, ketones and carboxylic acids
In addition, to the above-mentioned chapters, candidates are also required to thoroughly learn and comprehend other chapters covered in the NEET Syllabus to be able to answer any question asked in NEET.This is a list of do or die chapters for NEET Chemistry 2023: Chemical bonding, Structure of atom, Equilibrium, Hydrocarbon, Coordination compounds, Thermodynamics, GOC, Electrochemistry, Amine, Name Reaction, Chemical kinetics, Biomolecules, Aldehyde ketone, Polymers, d and f block, p-block (class 12)NCERT theoretical concepts must be mastered. 2. Solve NCERT exemplar questions and also solve coaching modules 3. Organic chemistry – the process of reactions must be understood, which only helps to learn reactions on the same lines just as easily. Practice consistently 4. Inorganic chemistry – prepare notes for important reactions and practice thoroughly. Refer NCERT for this 5. Physical chemistry – make note of all equations soon after covering a chapter 6. Maintain a separate section in notes for reactions and their working 7. Make key notes and revise regularly 8. Solve previous years’ question papers, sample papers 9. Take up a mock test every dayRevise Inorganic Chemistry on a regular basis, complete all NCERT chapters. Make formula charts in Physical Chemistry and revise it from ti
MDG Report 2014 - Assessing Progress in Africa towards the Millennium Develop...Dr Lendy Spires
The Millennium Development Goals (MDGs) have been a catalyst for action by governments, civil society and the private sector to advance development. The effects have been direct, including mobilizing aid for social development, and indirect, through advocacy and global monitoring, particularly of key indicators of progress in education, health and gender equality. African Member States have made remarkable progress towards achieving the MDGs despite difficult initial conditions. Indeed, previous MDG Progress Reports for Africa have shown that when effort and initial conditions are factored in, African countries are among the top achievers of the MDGs.
A study of countries accelerating the most rapidly towards the MDGs found that eight of the world’s top ten best performers are in Africa. Further, progress was more rapid in least-developed countries (LDCs) than in non-LDCs despite the significant investments in infrastructure and human capital that countries at very low levels of development require to achieve the MDGs. The development context and landscape in many African countries is changing. With the imminent MDG target date of 2015, it is important for Member States to build and sustain the momentum achieved to date and ensure that their development priorities and aspirations find credible expression in the post-2015 Development Agenda/Sustainable Development Goals (SDGs).
Due to the rapid growth experienced by several African countries in the past decade, the continent can now have greater fiscal autonomy in charting its own development path based on the different contexts of individual countries and the shared aspirations of the African people. Indeed, the discourse is shifting to a narrative that emphasizes ownership underpinned by robust domestic resource mobilization and adequate policy space. Understandably, Official Development Assistance (ODA) will remain an important feature of the development financing landscape and a substantial component of the fiscal envelope of most low-income countries.
Nevertheless, there is a growing recognition that with the prevailing global uncertainties and fiscal consolidation in many developed countries, ODA should at best be seen as a complement and not a substitute for domestic resources, investment and trade. These observations are pertinent in the context of the decline in ODA to Southern, East, Central and West Africa as a group during the 2011–12 period. ODA should also be dedicated to catalytic initiatives, such as strengthening the capacity of low-income countries to mobilize more domestic resources. Africa’s growth acceleration offers the potential of offsetting, at least in part, the revenue shortfalls that some countries may experience as a result of declines in ODA. But even higher rates of growth and revenue can be achieved when illicit financial flows are curbed; public resources are used prudently;
This report provides an analysis of the financial services sector in Europe. It begins with an overview of the sector's size, structure, and trends. It finds the sector has grown significantly in recent decades and become more globally integrated. However, employment growth has slowed. Three scenarios for the sector's future are then presented: 1) "Sustainable Finance" prioritizes long-term stability over short-term gains. 2) "Laissez-Faire" deregulates the sector. 3) "State Ownership" increases government control over financial institutions. Each scenario would have different impacts on skills needs. The report concludes with recommendations to strengthen regulation, support employment, and ensure workers have needed skills.
The document is a report from a committee on creating a roadmap for fiscal consolidation in India. It discusses the need for fiscal consolidation to avoid macroeconomic imbalances. It assesses India's current fiscal situation, finding the deficit for 2012-13 will likely be around 6.1% of GDP without corrective action. The committee analyzed past fiscal trends, evaluated the current base year, and proposed a medium-term fiscal roadmap including reforms to subsidies, expenditures, and the supply side to achieve fiscal targets.
The document provides an assessment of India's fiscal situation for the base year 2012-13 if no corrective policy actions are taken. It estimates that the fiscal deficit would reach around 6.1% of GDP compared to the budget estimate of 5.1%, due to a likely tax revenue shortfall of Rs. 60,000 crore and higher than budgeted subsidy expenditures of Rs. 70,000 crore. Key risks are seen in oil and fertilizer subsidies due to rising international prices and a weakening rupee.
The document is a report from a committee on creating a roadmap for fiscal consolidation in India. It discusses the need for fiscal consolidation to avoid adverse economic consequences from high deficits. It assesses India's fiscal situation in the base year of 2012-13 and estimates the fiscal deficit will be around 6.1% of GDP without corrective action, higher than the budget estimate of 5.1%. The report then outlines policy recommendations and a medium-term fiscal roadmap to reduce subsidies, increase revenues, rationalize expenditures, and enact supply-side reforms to achieve fiscal consolidation targets.
1) The document discusses the economic effects of low and negative interest rates as implemented by global central banks through various experiments. It focuses on the impacts on pension funds, pensioners, and bond markets.
2) Pension funds are facing difficulties generating revenue with low and negative interest rates, which makes fixed income investments less attractive. Pensioners are concerned about the security of their pensions.
3) Models in the document predict that bond yields in the US, EU, and UK will drop below zero before the end of the current decade, with varying risk premium behaviors across regions. Difficult times are ahead for pension funds, pensioners, and bond investors.
My essay of Marketing Management module during my exchange period at Warwick Business School. The task was to conduct an in-depth analysis of the marketing strategy of Tesco and to provide sensible recommendations for improvement.
I got 74.
This document provides an overview of key concepts in economics. It discusses how economists use models and assumptions to study and understand the economy, and how economics involves both positive analysis that describes how the economy works and normative analysis that makes prescriptions about how policy could change economic outcomes. It also describes how economists take on roles as both scientists and policy advisors, and why they may sometimes disagree in their policy recommendations.
How to manage Interest Rate Risk in the Banking Book considering the monetary...Ziad Fares
The past few years have seen central banks use unconventional tools to stimulate an economy that has kept on struggling since the 2008 crisis. In order to avoid deflation and other economic turmoil, the FED launched a massive bond-buying program called the Quantitative Easing (QE). After the American “experiment”, the ECB launched a similar program early march 2015 as an emergency stimulus to a weakened economy. Such unconventional monetary policy has an impact on interest rates, and therefore, requires a closer monitoring of the Interest Rate Risk in the Banking Book (IRRBB). In such a context, this white paper focuses on understanding how current market conditions (low interest rates) can affect banks’ revenues and profitability while discussing and analyzing the impacts of any changes of the term structure of yield curves on the Net Interest Income. Additionally, as regulators are taking a closer look on how to capture (and cover) the IRRBB, this white paper provides a methodology for measuring the IRRBB and analyzes, via simulations on a real portfolio, the impacts of interest rate moves on the Economic Value of Equity and the Earnings at Risk.
DEPARTMENT OF THE TREASURY
WASHINGTON, D.C
SECRETARY OF THE TREASURY
February 17, 2022
A Message from the Secretary
During fiscal year 2021, the American economy continued to recover from the COVID-19
pandemic and its adjacent economic crisis. The unemployment rate saw its sharpest one-year
decline on record, while GDP rose to exceed its pre-pandemic levels. The strong recovery is due
in large part to rapid vaccine deployment and robust support provided by the
American Rescue Plan (ARP).
That support included funding for vaccination efforts, support for households through Economic
Impact Payments and the expanded Child Tax Credit, assistance to workers and small businesses
recovering from the economic crisis, efforts to expand access to affordable health care coverage
and childcare, and help for state, local and tribal governments.
In these pages, you will find information about the critical programs launched by the ARP, as
well as related legislative measures like the Coronavirus Aid, Relief, and Economic Security Act
(CARES Act). That support included direct payments to citizens and families; forgivable loans
for small businesses to encourage employee retention; assistance to especially hard-hit
industries; expanded unemployment insurance; help for state, local, and tribal governments; and
funding for the development and purchase of vaccines, therapeutic treatment, testing, and
medical supplies.
This Financial Report discusses current financial results, including federal debt, which increased
during the past year, and interest costs, which as a percent of GDP, remain below historical
levels; and also, importantly, long-term trends affecting our critical social insurance programs
and fiscal health.
It is my duty and pleasure to present this Financial Report to the American people. This
document is a testament to the importance of accountability and transparency in how the nation
handles its finances and economic policymaking.
Janet L. Yellen
This page is intentionally blank.
Contents
A Message from the Secretary of the Treasury
Executive Summary............................................................................................................ 1
Management’s Discussion and Analysis ........................................................................... 12
Statement of the Comptroller General of the United States ........................................... 42
Financial Statements
Introduction .................................................................................................................. 52
Statement of Net Cost ................................................................................................... 59
Statement of Operations and Changes in Net Position ................................................. 61
Reconciliations of Net Operating Cost and Budget Deficit ...
Final Report Jan 2016- Be Well Survey - Phase I ReportAKM Alamgir, PhD
The Be Well survey was administered by 20 community health organizations to understand client and community well-being. Key findings from the survey include:
- Respondents reported lower levels of social connections, trust, physical health, and mental health compared to provincial and national averages.
- Open-ended responses emphasized improving access to health care, mental health services, community safety, economic security, housing, and issues affecting children and seniors.
- Participating organizations are exploring how to use survey results to inform programs, services, and advocacy to improve priority areas of well-being identified.
This document provides a year-end tax guide for 2011, outlining key tax law changes and opportunities for individuals and businesses. Some highlights include:
- The individual income tax rates were extended through 2012. The alternative minimum tax exemption was increased for 2011 to help mitigate the impact.
- Payroll taxes were reduced for 2011 only. Medical expense deductions were tightened.
- Opportunities exist to maximize deductions, accelerate or defer income/losses, and make charitable donations of appreciated assets.
- Estate tax laws were changed, increasing the lifetime gift and estate tax exemption through 2012. Planning techniques like lifetime gifts can help take advantage.
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This document outlines the U.S. Department of Energy's (DOE) Open Government Plan. It discusses DOE's efforts to increase transparency, participation, and collaboration through flagship initiatives like OpenEI and ScienceEducation.gov. The plan also details DOE's approach to open government, including governance, timelines, and performance measures. It provides information on DOE's transparency efforts regarding data, information, and FOIA requests. Finally, it discusses how DOE encourages public participation and collaboration both online and through events.
Principles of
Macroeconomics
by John Bouman
Table Of Contents
Unit 1: Fundamental Concepts
...................................... 4
Introduction ....................................................... 4
Section 1: Economics ................................................ 5
Section 2: The Production Possibilities Curve ............................... 7
Section 3: Economic Growth ........................................... 9
Section 4: The Circular Flow .......................................... 13
Section 5: Economic Systems ......................................... 15
Section 6: Important Concepts and Definitions ............................ 17
Section 7: Economics and Critical Thinking ............................... 21
Unit 2: Supply and Demand
........................................ 25
Introduction ...................................................... 25
Section 1: The Law of Demand ........................................ 26
Section 2: The Demand Curve ......................................... 27
Section 3: The Law of Supply .......................................... 32
Section 4: The Supply Curve .......................................... 33
Section 5: Equilibrium Price and Quantity ................................ 36
Section 6: Demand Determinants ...................................... 40
Section 7: The Effect of a Change in Demand on Equilibrium Price and Quantity ... 42
Section 8: Supply Determinants ....................................... 43
Section 9: The Effect of a Change in Supply on Equilibrium Price and Quantity .... 44
Section 10: The Effect of Changes in Both Demand and Supply on Equilibrium
Price and Quantity .................................................. 45
Section 11: Demand versus Quantity Demanded and Supply versus Quantity
Supplied ......................................................... 46
Section 12: Consumer Surplus and Producer Surplus ........................ 49
Section 13: Price Changes in the Short Run and in the Long Run ............... 51
Section 14: The Free Market System and Externalities ....................... 53
Unit 3: Gross Domestic Product
.................................... 57
Introduction ...................................................... 57
Section 1: Gross Domestic Product ..................................... 58
Section 2: GDP and Per Capita GDP around the World ...................... 62
Section 3: Real versus Nominal Gross Domestic Product ..................... 64
Section 4: Per Capita Gross State Product ................................ 66
Section 5: Calculation of Gross Domestic Product Using the Expenditure and
Income Approaches, and Net Domestic Product ........................... 68
Section 6: Interpretation of Gross Domestic Product ........................ 70
Unit 4: Business Fluctuations
...................................... 72
Introduction ...................................................... 72
Section 1: Business Fluctuations .........................
Business indicators presentation team 1 michele^j misty^j lofton and lianaMichele Kirchaine
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The Pocketbook of Economic Indicators (2002)_200221074101.pdf
1.
2. The Pocketbook Of Economic Indicators
_________________________________________________________________________
The Pocketbook Of Economic Indicators is 2002 Enlace Maestro Inc.
All rights reserved . Without limiting the rights under copyright reserved above , no part of this
publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any
form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the
prior written permission of both the author and the publisher.
The author Manuel Jesus-Backus, and publisher Enlace Maestro Inc., have made their best effort to
produce a high quality, informative and helpful book. But they make no representation or warranties
of any kind with regard to the completeness or accuracy of the contents of the book. They accept no
liability of any kind for any losses or damages caused or alleged to be caused, directly or indirectly,
from using the information contained in this book.
[ Page 2 of 39 ]
3. The Pocketbook Of Economic Indicators
_________________________________________________________________________
Table of Contents
Table of Contents.................................................................................................... 3
Introduction.............................................................................................................. 4
The Pocketbook Of Economic Indicators ................................................................ 5
1. Beige Book................................................................................................ 5
2. Chicago Purchasing Managers' Index (PMI)............................................. 7
3. Consumer Confidence Index..................................................................... 8
4. Consumer Price Index (CPI) ..................................................................... 9
5. Durable Goods Orders............................................................................ 11
6. Employment Cost Index (ECI)................................................................. 13
7. Employment Situation ............................................................................. 14
8. Existing Home Sales............................................................................... 16
9. Gross Domestic Product (GDP) .............................................................. 17
10. Housing Starts and Building Permits....................................................... 19
11. Industrial Production and Capacity Utilization......................................... 20
12. Initial Claims............................................................................................ 22
13. ISM Manufacturing Index ........................................................................ 23
14. ISM Services Index ................................................................................. 25
15. New Home Sales .................................................................................... 27
16. Personal Income and Consumption ........................................................ 28
17. Philadelphia Fed ..................................................................................... 30
18. Producer Price Index (PPI) ..................................................................... 31
19. Retail Sales............................................................................................. 33
20. International Trade.................................................................................. 35
Appendix A............................................................................................................ 37
The Economic Calendar .................................................................................... 37
Notes..................................................................................................................... 38
About The Author .................................................................................................. 39
[ Page 3 of 39 ]
4. The Pocketbook Of Economic Indicators
_________________________________________________________________________
Introduction
If you have no idea what CPI, PMI, or ECI mean, then you are like most beginning
investors. Let me explain these and a few others terms to enhance your knowledge
of indicators that affect your investments.
Economic indicators are used by the Federal Reserve to monitor inflation. When
they reflect inflationary pressure, the Fed will increase interest rates. Conversely,
when they show signs of deflation, a decrease of interest rates becomes imminent.
Interest rates are important for the economy because they influence the willingness
of individuals and businesses to borrow money and make investments. An
increase of interest rates will cause a downturn in the economy, while a decrease
will fuel an expansion.
The purpose of this guide is to explain in simple terms, the twenty economic
indicators followed by most investors and analysts. The next time you hear these
terms in the media and or financial press, you can use the information in this guide
to evaluate their potential effect on the economy and ultimately your portfolio.
Invest Smart!
Manuel Jesus-Backus
The Portfolio Crafter
http://www.portfoliocrafter.com
[ Page 4 of 39 ]
5. The Pocketbook Of Economic Indicators
_________________________________________________________________________
The Pocketbook Of Economic Indicators
1. Beige Book
Definition: Each Federal Reserve Bank gathers anecdotal information on current
economic conditions in its District through reports from Bank and Branch directors
and interviews with key businessmen, economists, market experts, and other
sources. The Beige Book summarizes this information by District and sector.
Importance: The Fed uses this report, along with other indicators, to determine
interest rate policy at FOMC meetings. These meetings are held two weeks after
the Beige Book's release.
If the Beige Book portrays inflationary pressure, the Fed may raise interest rates.
Conversely, if the Beige Book portrays recessionary conditions, the Fed may lower
interest rates.
Source: Federal Reserve Board.
Availability: It is released at 2:00pm ET on the Wednesday less than two weeks
prior to an FOMC meeting.
Frequency: Eight times a year.
Revisions: The data are not revised.
[ Page 5 of 39 ]
6. The Pocketbook Of Economic Indicators
_________________________________________________________________________
In The News:
BusinessWeek CNNmoney Fortune
Smart Money Yahoo! News
[ Page 6 of 39 ]
7. The Pocketbook Of Economic Indicators
_________________________________________________________________________
2. Chicago Purchasing Managers' Index (PMI)
Definition: It's based on surveys of more than 200 purchasing managers regarding
the manufacturing industry in the Chicago area whose distribution of manufacturing
firms mirrors the national distribution.
Importance: Along with the Philadelphia Fed Index, helps to forecast the results of
the much more closely watched ISM index, which is released on the following
business day. The ISM index is a leading indicator of overall economic activity.
Readings above 50 percent indicate an expanding factory sector, while values
below 50 are indicative of contraction.
Source: Chicago Purchasing Managers Association.
Availability: Last business day of the month at 10:00am ET. Data for current
month.
Frequency: Monthly.
Revisions: The data are revised once a year. The significance of this revision is
low.
In The News:
BusinessWeek CNNmoney Fortune
Smart Money Yahoo! News
[ Page 7 of 39 ]
8. The Pocketbook Of Economic Indicators
_________________________________________________________________________
3. Consumer Confidence Index
Definition: A survey of 5,000 consumers about their attitudes concerning the
present situation and expectations regarding economic conditions conducted.
Importance: This report can occasionally be helpful in predicting sudden shifts in
consumption patterns. And since consumer spending accounts for two-thirds of the
economy, it gives us insights about the direction of the economy. However, only
index changes of at least five points should be considered significant.
Source: The Conference Board.
Availability: Last Tuesday of the month at 10:00am ET. Data for month prior.
Frequency: Monthly.
Revisions: The data are revised monthly based on a more complete survey
response. Seasonal factors are updated periodically. The significance of the
revision is low.
Raw Data: http://www.tcb-indicators.org/
In The News:
BusinessWeek CNNmoney Fortune
Smart Money Yahoo! News
[ Page 8 of 39 ]
9. The Pocketbook Of Economic Indicators
_________________________________________________________________________
4. Consumer Price Index (CPI)
Definition: An index that measures the change in price of a representative basket
of goods and services such as food, energy, housing, clothing, transportation,
medical care, entertainment and education. It's also known as the cost-of-living
index.
Importance: It's important to monitor the CPI excluding food and energy prices for
its monthly stability. This is referred to as the "core CPI" and gives a clearer picture
of the underlying inflation trend.
The rate of change of the core CPI is one of the key measures of inflation for the
US economy. Inflationary pressure is generated when the core CPI posts larger-
than-expected gains.
Source: Bureau of Labor statistics, U.S. Department of Labor.
Availability: Around the 13th of the month at 8:30am ET. Data for month prior.
Frequency: Monthly.
Revisions: Seasonal factors are updated in February with the release of January
data. This revision affects the last five years of data. Low significance.
Raw Data: http://stats.bls.gov/news.release/cpi.toc.htm
[ Page 9 of 39 ]
10. The Pocketbook Of Economic Indicators
_________________________________________________________________________
In The News:
BusinessWeek CNNmoney Fortune
Smart Money Yahoo! News
[ Page 10 of 39 ]
11. The Pocketbook Of Economic Indicators
_________________________________________________________________________
5. Durable Goods Orders
Definition: Its official name is Advance Report on Durable Goods Manufacturers'
Shipments and Orders. This is a government index that measures the dollar
volume of orders, shipments, and unfilled orders of durable goods. Durable goods
are new or used items generally with a normal life expectancy of three years or
more. Analysts usually exclude defense and transportation orders because of their
volatility.
Importance: This report gives us information on the strength of demand for US
manufactured durable goods, from both domestic and foreign sources. When the
index is increasing, it suggests demand is strengthening, which will probably result
in rising production and employment. A falling index suggests the opposite.
This is also one of the earliest indicators of both consumer and business demand
for equipment. Increased expenditures on investment goods reduces the prospect
of inflation.
Source: The Census Bureau of the Department of Commerce.
Availability: Around the 26th of the month at 8:30am ET. Data for month prior.
Frequency: Monthly.
Revisions: The data are revised monthly for the prior two months to reflect more
complete information. New seasonal adjustment factors are introduced every year.
This revision affects at least three years worth of data. The significance of this
revision can be substantial.
[ Page 11 of 39 ]
12. The Pocketbook Of Economic Indicators
_________________________________________________________________________
Raw Data: http://www.census.gov/ftp/pub/indicator/www/m3/index.htm
In The News:
BusinessWeek CNNmoney Fortune
Smart Money Yahoo! News
[ Page 12 of 39 ]
13. The Pocketbook Of Economic Indicators
_________________________________________________________________________
6. Employment Cost Index (ECI)
Definition: The ECI is designed to measure the change in the cost of labor,
including wages and salaries as well as benefits.
Importance: It's useful in evaluating wage trends and the risk of wage inflation. If
wage inflation threatens, it's likely that interest rates will rise, then bond and stock
prices will fall.
Source: U.S. Department of Labor, Bureau of Labor Statistics.
Availability: Last business day of January, April, July and October at 8:30am ET.
Data for quarter prior.
Frequency: Quarterly.
Revisions: New seasonal adjustment factors are introduced every year. This
revision affects at least five years worth of data. The significance of this revision
can be substantial.
Raw Data: http://stats.bls.gov/news.release/eci.toc.htm
In The News:
BusinessWeek CNNmoney Fortune
Smart Money Yahoo! News
[ Page 13 of 39 ]
14. The Pocketbook Of Economic Indicators
_________________________________________________________________________
7. Employment Situation
Definition: This report lists the number of payroll jobs at all non-farm business
establishments and government agencies. The unemployment rate, average hourly
and weekly earnings, and the length of the average workweek are also listed in this
report. This release is the single most closely watched economic statistic because
of its timeliness, accuracy and its importance as an indicator of economic activity.
Therefore, it plays a big role in influencing financial market psychology during the
month.
Importance: Non-farm payroll is a coincident indicator of economic growth. The
greater the increase in employment, the faster the total economic growth.
An increasing unemployment rate is associated with a contracting economy and
declining interest rates. Conversely, a decreasing unemployment rate is associated
with an expanding economy and potentially increasing interest rates. The fear is
that wages will rise if the unemployment rate becomes too low and workers are
hard to find. The economy is considered to be at full employment when
unemployment is between 5.5% and 6.0%.
If the average earnings is rising sharply, it may be an indication of potential
inflation.
When the average workweek is trending higher, it forecasts additional employment
increases.
[ Page 14 of 39 ]
15. The Pocketbook Of Economic Indicators
_________________________________________________________________________
Source: Bureau of Labor Statistics, U.S. Department of Labor.
Availability: First Friday of the month at 8:30am ET. Data for month prior.
Frequency: Monthly.
Revisions: The data are revised monthly for the prior month. These revisions can
occasionally be substantial. There is also an annual revision in June.
Raw Data: http://stats.bls.gov/news.release/empsit.toc.htm
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8. Existing Home Sales
Definition: This report measures the selling rate of pre-owned houses. It's
considered a decent indicator of activity in the housing sector.
Importance: This provides a gauge of not only the demand for housing, but the
economic momentum. People have to be financially confident in order to buy a
house.
Source: The National Association of Realtors.
Availability: On the 25th of the month (or on the first business day thereafter) at
10:00am ET. Data for month prior.
Frequency: Monthly
Revisions: The data are revised monthly for the preceding month. These revisions
can be subject to substantial shifts. There is also an annual revision for the
preceding three years. A major benchmark is reported every 10 years.
Raw Data: http://nar.realtor.com/news/releases.htm
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9. Gross Domestic Product (GDP)
Definition: GDP measures the dollar value of all goods and services produced
within the borders of the United States, regardless of who owns the assets or the
nationality of the labor used in producing that output.
Data are available in nominal and real dollars. Investors always monitor the real
growth rates because they are adjusted to inflation.
Importance: This is the most comprehensive measure of the performance of the
US economy. Healthy GDP growth is between 2.0% and 2.5% (when the
unemployment rate is between 5.5% and 6.0%). This translates into strong
corporate earnings, which bodes well for the stock market.
A higher GDP growth leads to accelerating inflation, while lower growth indicates a
weak economy.
Source: Bureau of Economic Analysis, U.S. Department of Commerce.
Availability: Third or fourth week of the month at 8:30am ET for the prior quarter,
with subsequent revisions released in the second and third months of the quarter.
Frequency: Quarterly.
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Revisions: Revised estimates are released during the second and third months of
the quarter based on more complete information. Benchmark data and new
seasonal adjustment factors are introduced in July with the release of second
quarter data. This revision affects at least three years worth of data. Its significance
is moderate.
Raw Data: http://www.bea.doc.gov/bea/dn1.htm
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10. Housing Starts and Building Permits
Definition: A measure of the number of residential units on which construction is
begun each month.
Importance: It's used to predict the changes of gross domestic product. While
residential investment represents just four percent of the level of GDP, due to its
volatility it frequently represents a much higher portion of changes in GDP over
relatively short periods of time.
Source: The Census Bureau of the Department of Commerce.
Availability: Around the 16th of the month at 8:30am ET. Data for month prior.
Frequency: Monthly.
Revisions: The data are revised monthly for the prior two months to incorporate
more complete information. New seasonal adjustment factors are introduced in
February with the release of the January data. This revision affects at least three
years of data, but its significance is generally small.
Raw Data: http://www.census.gov/ftp/pub/indicator/www/housing.html
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11. Industrial Production and Capacity Utilization
Definition: The Index of Industrial Production is a chain-weight measure of the
physical output of the nation's factories, mines and utilities. The capacity utilization
rate measures the proportion of plant and equipment capacity used in production
by these industries.
Importance: While the industrial sector of the economy represents only about 25
percent of GDP, changes in GDP are heavily concentrated in the industrial sector.
Therefore, changes in The Index of Industrial Production provide useful information
on the current growth of GDP.
Investors use the capacity utilization rate as an inflation indicator. If it gets above
85%, inflationary pressures are generated.
Source: Board of Governors of the Federal Reserve System.
Availability: Around the 15th of the month at 9:15am ET. Data for month prior.
Frequency: Monthly.
Revisions: The data are revised monthly for the prior three months to reflect more
complete information. New seasonal adjustment factors are introduced in
December. This revision affects at least three years worth of data. Its significance
is moderate.
Raw Data: http://www.federalreserve.gov/releases/G17/Current/g17.txt
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12. Initial Claims
Definition: A government index that tracks the number of people filing first-time
claims for state unemployment insurance.
Importance: Investors use this indicator’s four-week moving average to predict
trends in the labor market. A move of 30,000 or more in claims shows a substantial
change in job growth. Remember that the lower the number of claims, the stronger
the job market, and vice versa.
Source: The Employment and Training Administration of the Department of Labor.
Availability: Thursday at 8:30am ET. Data for week ended prior Saturday.
Frequency: Weekly.
Revisions: Revised figures for the previous week are released each Thursday.
The significance of these revisions is moderate.
Raw Data: http://www.dol.gov/dol/opa/public/media/press/eta/main.htm
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13. ISM Manufacturing Index
Definition: The ISM Manufacturing Index is based on surveys of 300 purchasing
managers nationwide representing 20 industries regarding manufacturing activity.
It covers indicators as new orders, production, employment, inventories, delivery
times, prices, export orders, and import orders.
Importance: It's considered as the king of all manufacturing indices. Readings of
50% or above are typically associated with an expanding manufacturing sector and
a healthy economy, while readings below 50 are associated with contraction.
Additionally, its various sub-components contain useful information about
manufacturing activity. The production component is related to industrial
production, new orders to durable goods orders, employment to factory payrolls,
prices to producer prices, export orders to merchandise trade exports and import
orders to merchandise imports.
The index is seasonally adjusted for the effects of variations within the year,
differences due to holidays and institutional changes.
Source: Institute for Supply Management, formerly NAPM: National Association of
Purchasing Managers.
Availability: On the first business day of the month at 10:00am ET. Data for month
prior.
Frequency: Monthly.
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Revisions: The data are not revised.
Raw Data: http://www.ism.ws
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14. ISM Services Index
Definition: Also know as the Non-Manufacturing ISM. This index is based on a
survey of roughly 370 purchasing executives in industries including finance,
insurance, real-estate, communications and utilities. It reports on business activity
in the service sector.
Importance: Readings above 50% indicate expansion for the non-manufacturing
components of the economy. While readings below 50% indicate contraction.
The index is seasonally adjusted for the effects of variations within the year,
differences due to holidays and institutional changes.
This is a new index, created in 1997, so it's not followed as closely by investors as
the ISM Manufacturing Index, which dates to the 1940's.
Source: Institute for Supply Management, formerly NAPM: National Association of
Purchasing Managers.
Availability: On the third business day of the month at 10:00am ET. Data for
month prior.
Frequency: Monthly.
Revisions: The data are not revised.
Raw Data: http://www.ism.ws
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15. New Home Sales
Definition: Also known as New Single-Family Houses Sold. This report is based
on interviews of about 10,000 builders or owners of about 15,000 selected building
projects. It measures the number of newly constructed homes with a committed
sale during the month.
Importance: It's considered a good gauge of near-term spending for housing-
related items and of consumer spending in general. However, investors prefers the
existing home sales report, which accounts for around 84% of all houses sold and
is released earlier in the month.
Source: The Census Bureau of the Department of Commerce.
Availability: Around the last business day of the month at 10:00am ET. Data for
month prior.
Frequency: Monthly.
Revisions: The data are revised monthly for the previous month.
Raw Data: http://www.census.gov/const/c25_curr.txt
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16. Personal Income and Consumption
Definition: Also known as Personal Income and Outlays. Personal Income
represents the income that households receive from all sources, including
employment, self-employment, investments, and transfer payments.
Personal Outlays are consumer spending which is divided into durable goods, non-
durable goods, and services.
Importance: Income is the major determinant of spending (US consumers spend
approximately 95 cents of each new dollar) and consumer spending accounts for
two-thirds of the economy. Greater spending spurs corporate profits and benefits
the stock market.
Source: The Bureau of Economic Analysis of the Department of Commerce.
Availability: First business day of the month at 8:30am ET. Data for two months
prior.
Frequency: Monthly.
Revisions: Data for the prior three months are revised monthly to incorporate
more complete information. New seasonal adjustment factors are introduced in
June. This revision affects at least five years worth of data. Its significance is
moderate.
Raw Data: http://www.bea.doc.gov/bea/rels.htm
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17. Philadelphia Fed
Definition: Regional manufacturing index that covers Pennsylvania, New Jersey
and Delaware. This region represents a reasonable cross section of national
manufacturing activities.
Importance: Readings above 50 percent indicate an expanding factory sector,
while values below 50 are indicative of contraction.
Along with the Chicago Purchasing Manager's Index, helps to forecast the results
of the much more closely watched ISM index. The ISM index is a leading indicator
of overall economic activity.
Source: The Philadelphia Federal Reserve Bank.
Availability: Third Thursday of the month at 10:00am ET. Data for the current
month.
Frequency: Monthly.
Revisions: New seasonal adjustment factors are introduced near the beginning of
each year. The significance of these revisions is moderate.
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18. Producer Price Index (PPI)
Definition: The Producer Price Index (PPI) measures the average price of a fixed
basket of capital and consumer goods at the wholesale level. There are three
primary publication structures for the PPI: industry; commodity; and stage-of-
processing.
Importance: It's important to monitor the PPI excluding food and energy prices for
its monthly stability. This is referred as the "core PPI" and gives a clearer picture of
the underlying inflation trend.
Changes in the core PPI are considered a precursor of consumer price inflation.
Inflationary pressure is generated when the core PPI posts larger-than-expected
gains.
Source: Bureau of Labor statistics, U.S. Department of Labor.
Availability: Around the 11th of each month at 8:30am ET. Data for month prior.
Frequency: Monthly.
Revisions: Data for the prior three months are revised monthly to incorporate
more complete information. New seasonal adjustment factors are introduced in
February. This revision affects at least five years worth of data. Its significance is
small.
Raw Data: http://stats.bls.gov/news.release/ppi.toc.htm
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19. Retail Sales
Definition: This index measures the total sales of goods by all retail
establishments in the U.S. (sales of services are not included). These figures are in
current dollars, that is, they are not adjusted for inflation. However, the data are
adjusted for seasonal, holiday and trading-day differences between the months of
the year.
Importance: This is considered the most timely indicator of broad consumer
spending patterns. It gives you a sense of the trends among different types of
retailers. These trends can help you spot specific investment opportunities.
It's important to monitor retail sales excluding autos and trucks to avoid the move
extreme volatility.
Source: The Census Bureau of the Department of Commerce.
Availability: Around the 12th of the month at 8:30am ET. Data for month prior.
Frequency: Monthly.
Revisions: Data for the prior two months are revised monthly to incorporate more
complete information. New seasonal adjustment factors are introduced in
February. This revision affects at least three years worth of data. Its significance is
moderate.
Raw Data: http://www.census.gov/svsd/www/advtable.html
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20. International Trade
Definition: This report measures the difference between exports and imports of
U.S. goods and services.
Importance: Imports and exports are important components of aggregate
economic activity, representing approximately 14 and 12 percent of GDP
respectively. Typically, stronger exports are bullish for corporate earnings and the
stock market.
Changes in trade balance with particular countries can have implications for foreign
exchange and policy with that trading partner, so this report is also important for
investors who are interested in diversifying globally.
Source: The Census Bureau and the Bureau of Economic Analysis of the
Department of Commerce.
Availability: Around the 19th of the month at 8:30 am ET. Data for two months
prior.
Frequency: Monthly.
Revisions: Data for the prior three months are revised monthly to incorporate
more complete information. New seasonal adjustment factors are introduced in
July. This revision affects at least three years worth of data. Its significance is
small.
Raw Data: http://www.census.gov/foreign-trade/www/press.html
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Appendix A
The Economic Calendar
You can receive the weekly Economic Calendar every Monday morning for free by
sending an email to: economiccalendar@portfoliocrafter.com.
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Notes
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About The Author
Manuel Jesus-Backus, also known as The Portfolio Crafter, is an accomplished
and successful trader who, after years of research and testing, put together a
system to get consistent high monthly returns out of the stock market.
With the help of a unique combination of nine different technical indicators, two of
them being proprietary, he picks stocks with the greatest short-term potential. That
means stocks that can make more than 10% gains in a couple of weeks.
His model portfolio has been recently made available to the public at
www.portfoliocrafter.com.
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