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International Economic Trends
International Economic Trends
February 2012
Effective January 2012, all cover pages for the International Economic Trends, Monetary
Trends, and National Economic Trends publications have been discontinued. Cover pages
are now part of our Economic Synopses series.
Contents
Page
3
7
13
18
22
26
30
36
42
48
54
60
65
71
77
83
Reference Tables
Canada
Euro Area
France
Germany
Italy
Japan
United Kingdom
United States
Brazil
China
India
Korea
Mexico
Russia
Notes and Sources
Dear Reader,
We welcome your comments addressed to:
Editor, International Economic Trends
Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442
or to:
stlsFRED@stls.frb.org
Thank you,
Chris Neely,
Editor, International Economic Trends
International Economic Trends is published by the Research Division of the Federal Reserve Bank of St. Louis; the annual edition is published in July. Visit the Research Divisions website
at research.stlouisfed.org/publications/iet to download the quarterly issue of this publication or register for e-mail notification updates. For more information on data in this publication, please
call (314) 444-8590.
Reference Tables
Real Gross Domestic Product
Percent change from year ago
Canada*
Euro Area
France*
Germany*
Italy*
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China**
08.4
09.1
09.2
09.3
09.4
10.1
10.2
10.3
10.4
11.1
11.2
11.3
-0.70
-2.09
-2.08
-1.90
-3.06
-4.82
-5.36
-3.32
-1.22
-3.22
0.95
-1.77
3.27
9.60
-2.61
-5.28
-3.94
-6.82
-6.47
-9.14
-6.86
-4.55
-8.48
-4.04
-2.65
-8.27
3.93
.
-3.66
-5.14
-3.24
-6.16
-6.10
-6.50
-5.87
-5.03
-8.14
-1.99
-2.38
-10.56
5.08
.
-3.44
-4.20
-2.67
-5.03
-4.65
-5.55
-3.77
-3.73
-5.66
1.23
-1.40
-8.33
6.19
.
-1.37
-2.14
-0.61
-2.20
-2.93
-0.63
-0.81
-0.54
-2.31
6.33
5.22
-2.99
7.52
9.22
2.08
1.00
1.03
2.39
1.03
4.92
1.17
2.17
5.15
8.44
9.27
3.03
11.26
.
3.64
2.11
1.47
4.05
1.63
4.46
2.52
3.30
7.27
7.29
8.73
5.18
.
.
3.81
2.08
1.65
4.04
1.48
5.21
2.98
3.51
5.08
4.37
7.01
3.44
.
.
3.34
1.99
1.39
3.76
1.57
3.29
1.71
3.14
4.23
4.71
5.26
4.36
.
10.33
2.83
2.38
2.25
4.64
0.85
-0.04
1.73
2.24
4.31
3.92
4.17
3.85
.
.
2.12
1.64
1.67
2.91
0.68
-1.65
0.57
1.63
3.59
3.39
3.29
3.51
.
.
2.38
1.34
1.55
2.62
0.22
-0.80
0.45
1.46
4.43
3.57
2.26
4.92
.
.
* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
** Annual data.
Canada*
Euro Area
France*
Germany*
Italy*
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China*
08.4
09.1
09.2
09.3
09.4
10.1
10.2
10.3
10.4
11.1
11.2
11.3
1.03
-0.29
0.40
-1.11
-1.27
-4.84
-1.67
-1.20
2.11
-0.71
11.67
7.86
11.29
18.15
-4.05
-3.77
-2.50
-6.04
-3.30
-8.79
-4.68
-2.66
-4.37
-0.82
5.22
-6.87
6.81
5.24
-6.91
-4.29
-2.57
-5.26
-4.51
-6.56
-4.43
-3.89
-5.38
1.38
3.98
-9.23
5.53
5.41
-6.83
-3.53
-2.56
-3.63
-2.80
-5.48
-1.96
-3.30
-2.98
4.85
4.99
-9.36
6.19
6.50
-0.51
-1.74
-0.98
-0.86
-1.55
-3.03
0.00
0.04
3.17
9.76
13.06
1.77
12.84
8.43
5.54
1.39
1.19
3.52
1.31
2.56
4.05
2.77
9.66
12.31
17.41
15.54
21.34
17.01
6.90
2.78
2.19
4.72
2.10
2.20
5.80
4.43
11.62
10.77
17.57
14.97
.
16.72
6.28
2.97
2.86
4.39
1.83
3.16
5.43
4.92
9.57
8.15
16.64
12.99
.
.
6.39
2.90
2.59
4.10
2.09
1.35
4.82
4.74
9.25
9.48
14.15
19.78
.
.
5.75
3.53
3.64
4.97
1.81
-2.00
4.17
4.13
9.35
7.45
12.39
18.52
.
.
5.46
2.89
3.24
3.81
1.54
-3.97
3.01
3.77
8.80
4.89
12.43
20.00
.
.
5.91
2.69
3.11
3.59
1.80
-2.89
2.98
3.91
9.43
5.30
8.60
19.26
.
.
* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
Industrial Production
Percent change from year ago
Canada*
Euro Area
France
Germany
Italy
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China*
09.1
09.2
09.3
09.4
10.1
10.2
10.3
10.4
11.1
11.2
11.3
11.4
-10.45
-18.20
-16.40
-21.43
-22.36
-31.25
-12.23
-13.45
-9.68
-15.64
-13.50
-14.24
-5.85
10.10
-13.71
-18.46
-15.90
-20.76
-23.75
-26.18
-11.19
-14.60
-9.72
-5.88
-12.26
-13.61
-1.78
8.97
-13.29
-14.61
-12.34
-17.20
-17.95
-20.02
-10.51
-10.67
-6.93
2.52
-8.11
-10.07
2.78
12.33
-8.47
-7.13
-5.21
-9.36
-9.52
-4.97
-6.02
-5.48
-2.64
18.78
6.22
1.99
6.04
17.93
1.60
4.99
3.84
7.05
4.37
26.34
0.30
1.54
5.32
26.41
18.49
9.34
14.10
13.47
7.84
9.22
6.77
13.46
8.68
19.95
1.75
6.50
7.64
18.79
14.31
10.88
9.60
16.00
8.39
7.11
3.70
11.96
7.35
13.01
3.16
6.89
6.43
12.91
7.72
6.62
6.73
13.53
6.67
8.11
4.28
13.65
5.67
6.70
3.33
6.26
4.72
9.94
3.54
6.73
8.66
13.30
5.97
6.65
4.75
13.51
2.34
-2.35
1.97
5.45
4.93
11.21
2.87
6.10
7.85
14.87
2.79
4.22
1.94
9.63
1.55
-6.94
-0.82
3.80
3.87
6.74
0.61
4.88
7.00
13.93
3.55
4.05
2.76
9.62
-0.11
-2.32
.
3.70
3.38
5.41
0.15
5.04
3.04
13.77
.
.
.
.
.
.
.
3.71
.
.
.
.
.
.
* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
Research Division
Federal Reserve Bank of St. Louis
Reference Tables
Employment
Percent change from year ago
Canada
Euro Area
France
Germany
Italy
Japan
United Kingdom
United States
Mexico*
Korea*
Brazil
Russia*
09.1
09.2
09.3
09.4
10.1
10.2
10.3
10.4
11.1
11.2
11.3
11.4
-1.11
-1.19
-2.07
0.53
-2.12
-0.85
-1.29
-3.21
-0.71
-0.63
2.11
-2.46
-1.78
-1.82
-2.23
0.14
-2.89
-1.97
-2.16
-3.85
-1.20
-0.57
0.59
-3.10
-1.89
-2.20
-2.34
-0.21
-3.28
-1.74
-2.82
-4.05
0.89
-0.00
0.83
-2.21
-1.51
-2.08
-1.62
-0.27
-3.20
-1.92
-2.42
-3.98
2.88
-0.02
0.21
-1.59
0.34
-1.37
-0.57
-0.32
-1.91
-1.09
-2.05
-2.03
1.63
0.57
3.49
0.41
1.58
-0.70
0.10
0.37
-1.00
-0.56
-1.60
-0.75
3.03
1.82
4.54
0.92
1.92
-0.17
0.82
0.80
-0.65
-0.00
-1.01
-0.07
1.22
1.54
4.11
0.70
1.66
0.17
0.99
1.02
0.69
0.05
-0.59
0.54
-1.48
1.52
4.72
0.84
1.88
0.31
1.34
1.39
0.67
-1.37
0.03
0.64
4.23
1.85
3.64
2.18
1.55
0.46
1.41
1.36
0.98
-4.37
-0.22
0.25
3.79
1.66
3.36
0.96
1.50
0.30
1.13
1.32
.
-3.42
-0.26
0.36
5.34
1.50
2.92
1.12
1.26
.
.
.
.
.
.
1.07
.
.
.
.
* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
Unemployment Rate
Percent
Canada*
Euro Area*
France*
Germany*
Italy*
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
09.1
09.2
09.3
09.4
10.1
10.2
10.3
10.4
11.1
11.2
11.3
11.4
7.83
9.00
8.97
7.63
7.33
4.47
7.07
8.27
4.97
3.53
8.40
8.20
8.43
9.50
9.47
7.93
7.60
5.13
7.70
9.27
5.57
3.87
8.20
8.63
8.50
9.83
9.60
7.90
7.97
5.40
7.80
9.63
5.83
3.73
7.97
8.47
8.40
10.03
9.97
7.70
8.27
5.23
7.70
9.93
5.50
3.53
7.80
8.20
8.23
10.13
9.90
7.50
8.50
5.07
7.93
9.77
5.37
4.30
7.27
7.93
8.03
10.20
9.80
7.17
8.63
5.13
7.80
9.63
5.47
3.50
6.93
7.53
8.03
10.10
9.80
6.87
8.20
5.03
7.70
9.53
5.20
3.60
6.63
7.30
7.67
10.03
9.70
6.70
8.30
5.03
7.77
9.57
5.47
3.40
6.10
7.07
7.77
9.97
9.60
6.30
8.20
4.70
7.73
9.00
5.17
3.87
6.17
6.73
7.47
9.97
9.63
6.00
8.10
4.60
7.90
9.03
5.50
3.40
6.03
6.63
7.20
10.13
9.63
5.80
8.07
4.37
8.23
9.07
5.30
3.20
6.03
6.70
7.40
.
.
.
.
.
.
8.70
.
.
.
.
* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
Hourly Earnings
Percent change from year ago
Canada*
Euro Area
France
Germany
Italy
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
China
09.1
09.2
09.3
09.4
10.1
10.2
10.3
10.4
11.1
11.2
11.3
11.4
-5.30
3.78
2.79
1.73
3.60
-6.74
1.11
2.79
-0.74
1.56
10.82
12.69
12.37
-6.00
4.13
2.09
1.53
3.02
-9.71
0.52
2.62
-1.36
-1.26
8.76
8.56
11.24
-3.91
3.74
1.93
1.81
2.62
-5.96
0.88
2.94
-0.23
-0.97
6.65
6.59
11.47
-4.64
0.53
1.82
1.89
3.70
-6.17
2.19
2.46
-0.36
5.99
4.89
8.93
.
1.58
1.33
1.81
2.36
3.12
3.26
6.42
2.20
0.06
9.45
7.51
11.40
.
3.21
0.62
1.79
2.35
3.19
4.78
3.70
2.19
-0.36
8.11
9.23
12.97
.
7.81
0.26
1.80
1.87
3.00
3.94
4.25
1.63
-0.59
12.48
11.09
12.79
.
6.87
1.50
1.78
1.95
1.83
3.03
2.71
1.98
-1.60
5.91
11.57
13.49
.
4.30
.
2.22
1.84
2.50
1.93
0.95
2.33
-0.59
0.77
9.72
9.11
.
5.87
.
2.56
2.57
2.49
0.94
1.66
1.90
-0.35
0.03
10.91
11.22
.
0.06
.
2.47
2.75
2.40
0.74
1.58
1.57
0.42
.
8.08
11.27
.
.
.
.
.
.
.
.
1.38
.
.
.
.
.
* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
Note: Data for Brazil, China, Japan, Korea, and Russia represent monthly earnings. Data for the United Kingdom represent weekly earnings.
Research Division
Federal Reserve Bank of St. Louis
Reference Tables
Reserve Money
Percent change from year ago
Canada*
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China*
09.1
09.2
09.3
09.4
10.1
10.2
10.3
10.4
11.1
11.2
11.3
11.4
7.47
6.86
8.21
94.19
19.23
45.44
-17.67
-11.76
6.43
19.24
12.92
6.30
8.61
105.06
18.77
24.46
-19.25
-8.39
1.86
7.44
11.73
4.87
8.69
95.56
14.43
14.20
-18.11
-9.67
0.87
13.70
8.98
5.16
6.89
40.66
9.43
4.52
11.62
15.93
14.73
11.42
10.01
2.15
5.75
25.63
11.87
0.69
60.70
48.04
16.97
20.72
-2.04
3.64
5.66
15.35
8.70
12.70
92.27
44.84
23.36
24.45
-1.65
6.02
4.64
14.68
12.29
10.24
101.72
48.34
21.67
20.92
-1.00
6.99
3.89
-0.64
9.71
9.98
131.74
26.64
22.10
28.70
-2.85
16.95
3.72
7.36
6.28
8.55
68.06
18.08
19.14
28.35
3.90
16.96
3.75
27.70
9.94
8.24
41.29
2.99
16.00
31.92
5.13
16.81
5.29
33.76
9.17
3.80
31.97
3.96
15.42
31.54
.
13.40
-1.46
31.78
.
.
.
.
.
.
* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
Narrow Money
Percent change from year ago
Canada*
Euro Area
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China*
09.1
09.2
09.3
09.4
10.1
10.2
10.3
10.4
11.1
11.2
11.3
11.4
11.08
7.34
0.00
2.51
12.33
14.86
13.72
6.49
-5.19
8.78
16.99
11.47
10.39
0.55
2.23
10.42
15.02
17.68
10.00
-5.33
12.74
24.72
13.23
13.29
0.86
3.46
9.34
13.99
19.04
6.12
-10.55
14.61
29.84
12.99
12.65
1.08
5.51
6.44
8.29
17.54
13.40
6.48
18.24
32.68
14.11
10.43
1.03
6.35
0.81
8.84
13.59
18.78
20.80
18.22
29.86
13.60
9.77
1.62
5.39
-1.71
10.67
9.86
15.79
23.97
19.21
24.50
11.34
6.24
2.28
4.16
-0.81
11.54
8.26
20.19
29.45
15.83
21.13
9.81
4.53
2.90
3.92
1.40
13.90
10.17
11.36
26.65
19.72
21.36
9.55
3.09
4.32
2.85
3.48
13.31
10.96
11.11
22.60
9.82
16.01
8.42
1.09
4.87
3.21
6.54
14.35
5.78
9.09
18.79
7.24
14.13
9.02
2.19
5.26
3.24
8.88
19.69
5.01
1.60
19.64
4.05
9.70
.
.
.
.
8.91
.
.
.
.
.
.
* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
Broad Money
Percent change from year ago
Canada*
Euro Area
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China*
09.1
09.2
09.3
09.4
10.1
10.2
10.3
10.4
11.1
11.2
11.3
11.4
13.95
6.11
2.30
16.98
9.84
15.15
11.38
17.33
-10.33
19.31
25.37
14.02
4.18
2.46
12.00
9.03
14.23
9.80
16.38
-8.47
21.02
28.30
14.14
1.95
2.93
10.17
7.83
12.30
10.08
15.77
-6.61
19.59
29.28
10.98
-0.70
3.14
5.39
4.98
6.93
9.94
15.67
17.89
18.05
27.60
7.73
-0.73
2.74
10.36
1.89
7.67
9.36
15.56
34.07
16.72
22.44
6.59
0.19
2.87
11.26
1.73
10.77
9.24
13.66
34.01
15.15
18.44
5.67
0.87
2.74
8.63
2.39
12.95
8.14
14.71
34.63
15.31
18.99
5.26
2.03
2.40
5.44
3.15
12.78
6.99
15.48
31.84
18.28
19.71
5.14
2.70
2.64
-2.58
4.62
12.65
4.68
18.35
26.15
16.00
16.61
4.49
2.33
2.88
-2.06
5.44
13.31
3.31
19.69
22.87
17.25
15.84
4.69
3.56
2.68
-2.40
9.08
13.59
4.25
18.59
21.38
15.95
13.08
.
.
.
.
9.55
.
.
.
.
.
.
* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
Research Division
Federal Reserve Bank of St. Louis
Reference Tables
Short-Term Interest Rates
Percent change from year ago
Canada*
Euro Area
Japan*
United Kingdom*
United States
Mexico
Korea*
Brazil
Russia*
India*
China*
09.1
09.2
09.3
09.4
10.1
10.2
10.3
10.4
11.1
11.2
11.3
11.4
1.06
2.01
0.56
2.06
1.08
7.94
2.80
10.93
21.13
5.76
1.55
0.57
1.31
0.34
1.33
0.62
5.78
2.40
9.43
12.07
4.02
1.15
0.40
0.87
0.27
0.82
0.30
4.95
2.50
9.08
10.20
3.88
1.72
0.38
0.72
0.23
0.59
0.22
5.05
2.80
9.36
8.77
4.30
1.92
0.39
0.66
0.20
0.60
0.21
5.04
2.87
10.90
6.93
4.67
1.90
0.72
0.69
0.16
0.65
0.42
5.03
2.50
10.62
4.87
5.30
2.48
1.10
0.88
0.14
0.75
0.34
4.99
2.63
10.88
4.23
6.50
2.49
1.18
1.02
0.13
0.75
0.28
4.94
2.73
11.32
4.60
9.58
3.69
1.18
1.10
0.13
0.78
0.28
4.89
3.13
12.51
4.57
8.37
4.61
1.17
1.41
0.12
0.82
0.22
4.88
3.47
12.29
4.70
8.28
4.70
1.15
1.56
0.12
0.91
0.29
4.84
3.60
11.68
5.57
8.95
.
1.15
1.50
0.12
.
0.42
4.81
3.60
.
.
.
.
* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
Canada*
Euro Area
France
Germany
Italy
Japan*
United Kingdom*
United States
Mexico
Korea*
Brazil*
Russia*
09.1
09.2
09.3
09.4
10.1
10.2
10.3
10.4
11.1
11.2
11.3
11.4
2.89
3.89
3.64
3.07
4.54
1.28
3.54
3.55
3.55
4.87
6.25
10.23
3.20
3.96
3.79
3.32
4.46
1.45
3.58
4.05
4.05
5.10
6.25
9.97
3.42
3.77
3.63
3.30
4.19
1.35
3.73
4.16
4.16
5.33
6.00
10.10
3.42
3.65
3.53
3.19
4.06
1.32
3.74
4.10
4.10
5.40
6.00
9.20
3.48
3.69
3.49
3.18
4.03
1.33
4.06
4.32
4.32
5.20
6.00
8.23
3.47
3.60
3.18
2.78
4.03
1.28
3.81
4.07
4.07
4.93
6.00
7.63
3.02
3.44
2.78
2.42
3.90
1.05
3.26
3.46
3.46
4.63
6.00
7.67
3.01
3.74
3.02
2.60
4.19
1.05
3.32
3.67
3.67
4.37
6.00
7.83
3.31
4.32
3.55
3.14
4.78
1.25
3.77
4.18
4.18
4.67
6.00
8.03
3.17
4.51
3.54
3.10
4.81
1.18
3.54
3.95
3.95
4.33
6.00
8.03
2.54
4.30
3.01
2.26
5.49
1.05
2.84
3.25
3.25
4.00
6.00
8.07
2.13
4.53
3.19
1.93
6.61
1.01
.
2.70
2.70
3.83
6.00
.
* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
Canada*
Euro Area
France
Germany
Italy
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China*
09.1
09.2
09.3
09.4
10.1
10.2
10.3
10.4
11.1
11.2
11.3
11.4
1.24
0.97
0.67
0.77
1.39
-0.14
3.00
-0.15
6.21
3.90
5.79
13.70
9.31
-0.62
0.07
0.15
-0.25
0.24
0.83
-0.99
2.12
-0.97
5.94
2.78
5.14
12.45
8.97
-1.59
-0.86
-0.36
-0.43
-0.41
0.15
-2.23
1.45
-1.60
5.13
1.99
4.42
11.42
11.74
-1.24
0.76
0.42
0.43
0.34
0.70
-2.02
2.12
1.45
3.97
2.40
4.28
9.21
13.38
0.54
1.60
1.12
1.43
0.79
1.30
-0.87
3.24
2.40
4.78
2.96
4.87
7.22
15.18
2.05
1.43
1.60
1.84
1.03
1.54
-0.74
3.44
1.78
3.94
2.68
5.08
5.93
13.61
2.78
1.84
1.75
1.78
1.20
1.74
-0.98
3.08
1.22
3.66
2.90
4.63
6.21
10.35
3.23
2.24
2.01
1.88
1.57
1.98
-0.29
3.37
1.20
4.26
3.21
5.54
8.13
9.21
4.72
2.58
2.48
1.97
2.16
2.30
-0.54
4.11
2.17
3.49
3.83
6.10
9.52
8.94
5.15
3.39
2.77
2.23
2.50
2.95
-0.43
4.38
3.33
3.28
4.00
6.59
9.50
8.90
5.85
3.01
2.69
2.31
2.64
2.66
0.14
4.74
3.75
3.36
4.33
7.14
8.09
9.21
6.43
.
2.94
2.65
2.63
3.70
.
.
3.32
.
3.95
6.70
.
.
.
* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
Research Division
Federal Reserve Bank of St. Louis
Canada
Real GDP
Employment
2
2
1
0
0
-2
-1
-4
-2
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
Unemployment Rate
Percent
2009
10
2010
11
2011
12
3
8
2
7
1
6
0
-1
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
Hourly Earnings
Percent of GDP
10
2010
11
2011
12
2
4
0
0
-2
-4
-4
-8
-6
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
Federal Reserve Bank of St. Louis
Canada
Reserve Money
Interest Rates
Percent
15
12
|
|
|
|
90-Day Prime
Corporate Paper
-3
0
07
2007
08
2008
09
2009
10
2010
11
2011
12
M1B
2007
07
2008
08
09
2009
10
2010
11
2011
12
Percent
C$/US$
9.8
1.29
15
1.23
12
4.9
|
|
|
|
1.17
9
0.0
1.11
-4.9
1.05
-9.8
0.99
-14.7
Exchange Rate
(left scale)
0.93
07
2007
08
2008
09
2009
10
2010
11
2011
-19.6
2007
12
M2
2008
2009
2010
2011
15
12
120
9
110
6
100
3
90
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
Canada
GDP
Percent change from year ago
12
Nominal
8
4
0
Real
-4
-8
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Industrial Production
Percent change from year ago
15
10
5
0
-5
-10
-15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Retail Sales
Percent change from year ago
20
15
10
5
0
-5
-10
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Capacity Utilization
Percent
90
85
80
75
70
65
60
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
Canada
Hourly Earnings
6
3
0
-3
-6
-9
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Percent
14
Employment
(left scale)
3
11
Unemployment Rate
(right scale)
-3
5
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
11
10
Inflation
Percent change from year ago
12
|
Consumer Price Index
-4
-8
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
102
92
82
-4
Gross Debt
(right scale)
-8
72
Budget Balance
(left scale)
62
-12
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Research Division
10
Canada
International Trade - Goods and Services
Percent of GDP
50
Exports
40
Imports
30
20
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
-3
-6
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
110
90
70
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
11
Canada
Reserve Money
Percent change from year ago
30
20
10
-10
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Monetary Aggregates
Percent change from year ago
20
M1B
15
10
5
0
M2
-5
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Interest Rates
Percent
10
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
120
90
60
30
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
12
Euro Area
Real GDP
Employment
-2
-1
-4
-2
-6
-3
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Unemployment Rate
Percent
10.5
10.0
3
9.5
2
9.0
8.5
8.0
0
7.5
7.0
-1
07
2007
08
2008
09
2009
10
2010
11
2011
12
Hourly Earnings
07
2007
08
2008
09
2009
10
2010
11
2011
12
Percent of GDP
1.0
0.5
0.0
4
-0.5
3
-1.0
2
-1.5
1
-2.0
-2.5
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
Federal Reserve Bank of St. Louis
13
Euro Area
M1
Interest Rates
Percent
15
12
||
|
4
9
3
90-Day Deposits
6
2
3
0
07
2007
08
2008
09
2009
10
2010
11
2011
12
M3
07
2007
2008
08
09
2009
10
2010
11
2011
12
Percent
Euro/US$
0.81
12
6.6
Foreign/US Inflation
Differential (right scale)
|
|
9
0.76
0.0
6
0.71
-6.6
0.66
-13.2
Exchange Rate
(left scale)
-3
0.61
07
2007
08
2008
09
2009
10
2010
11
2011
-19.8
2007
12
2008
2009
2010
2011
SM
2005 = 100
150
120
130
115
110
110
90
105
70
100
50
95
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
14
Euro Area
GDP
Percent change from year ago
9
6
Nominal
3
0
Real
-3
-6
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Industrial Production
Percent change from year ago
10
5
0
-5
-10
-15
-20
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Retail Sales
Percent change from year ago
6
-3
-6
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Capacity Utilization
Percent
90
85
80
75
70
65
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
15
Euro Area
Hourly Earnings
3
-6
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Unemployment Rate
9
6
3
0
Employment*
-3
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Inflation
Percent change from year ago
8
-4
-8
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Gross Debt
(right scale)
90
70
50
-4
Budget Balance
(left scale)
-8
30
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Research Division
16
Euro Area
International Trade - Goods
Percent of GDP
20
18
16
14
Exports
12
Imports
10
8
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Monetary Aggregates
Percent change from year ago
20
15
M1
10
5
M3
0
-5
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Interest Rates
Percent
12
90-Day Deposits
3
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
17
France
Real GDP
Employment
1
2
0
0
-1
-2
-2
-3
-4
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Unemployment Rate
Percent
10.5
10.0
9.5
2
9.0
1
8.5
0
8.0
7.5
-1
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
Hourly Earnings
Percent of GDP
10
2010
11
2011
12
-1
-2
-3
-4
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
18
France
GDP
Percent change from year ago
9
6
Nominal
3
0
Real
-3
-6
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Industrial Production
Percent change from year ago
10
5
0
-5
-10
-15
-20
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Retail Sales
Percent change from year ago
6
4
2
0
-2
-4
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Capacity Utilization
Percent
95
90
85
80
75
70
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
19
France
Hourly Earnings
4
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Percent
14
Employment
(left scale)
2
12
10
-2
Unemployment Rate
(right scale)
6
-4
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
11
10
Inflation
Percent change from year ago
8
-4
-8
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
100
90
Gross Debt
(right scale)
80
-3
70
-6
60
Budget Balance
(left scale)
-9
94
95
96
97
50
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Research Division
20
France
International Trade - Goods and Services
Percent of GDP
35
30
Exports
25
Imports
20
15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
-2
-4
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
40
30
20
10
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
21
Germany
Real GDP
Employment
6
4
1.5
2
1.0
0
0.5
-2
0.0
-4
-0.5
-6
-8
-1.0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Unemployment Rate
Percent
9.5
9.0
3
8.5
8.0
7.5
1
7.0
6.5
0
6.0
5.5
-1
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
Hourly Earnings
Percent of GDP
10
2010
11
2011
12
-3
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
22
Germany
GDP
Percent change from year ago
8
Nominal
4
Real
-4
-8
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Industrial Production
Percent change from year ago
20
10
0
-10
-20
-30
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Retail Sales
Percent change from year ago
4
2
0
-2
-4
-6
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Capacity Utilization
Percent
90
85
80
75
70
65
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
23
Germany
Hourly Earnings
3
0
95
96
95
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Unemployment Rate
8
Employment*
0
-4
94
94
95
96
95
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Inflation
Percent change from year ago
9
6
|
|
0
-3
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
100
Gross Debt
(right scale)
80
60
40
-4
Budget Balance
(left scale)
-8
20
0
-12
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Research Division
24
Germany
International Trade - Goods and Services
Percent of GDP
50
45
Exports
40
35
30
Imports
25
20
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
-5
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
80
60
40
20
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
25
Italy
Real GDP
Employment
-2
-1
-4
-2
-6
-3
-8
-4
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
Unemployment Rate
Percent
2009
10
2010
11
2011
12
4
8
3
7
2
6
1
5
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
Hourly Earnings
Percent of GDP
10
2010
11
2011
12
0
4
-1
-2
-3
2
-4
-5
1
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
26
Italy
GDP
Percent change from year ago
10
Nominal
5
Real
-5
-10
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Industrial Production
Percent change from year ago
10
5
0
-5
-10
-15
-20
-25
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Retail Sales
Percent change from year ago
6
-3
-6
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Capacity Utilization
Percent
84
80
76
72
68
64
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
27
Italy
Hourly Earnings
-8
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Percent
14
12
10
8
-2
Employment
(left scale)
-4
Unemployment Rate
(right scale)
-6
4
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
11
10
Inflation
Percent change from year ago
8
-4
-8
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
140
120
-4
Gross Debt
(right scale)
-8
100
Budget Balance
(left scale)
80
-12
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Research Division
28
Italy
International Trade - Goods and Services
Percent of GDP
35
30
Exports
25
Imports
20
15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
45
30
15
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
29
Japan
Real GDP
Employment
-1
-3
-2
-6
-3
-9
-4
-5
-12
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Unemployment Rate
Percent
5.5
5.0
1
4.5
0
4.0
-1
3.5
-2
-3
3.0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
Monthly Earnings
Percent of GDP
10
2010
11
2011
12
2
4
-2
-4
2
-6
1
-8
-10
0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
30
Japan
Adjusted Monetary Base
Interest Rates
Percent
20
2.0
10
1.5
1.0
-10
0.5
3-Month CDs
-20
0.0
07
2007
08
2008
09
2009
10
2010
11
2011
12
M1
2007
07
08
2008
09
2009
10
2010
11
2011
12
Yen/US$
Percent
134.5
12.5
5
119.5
4
3
2
0.0
104.5
-12.5
89.5
-25.0
1
0
Exchange Rate
(left scale)
-1
74.5
-2
07
2007
08
2008
09
2009
10
2010
11
2011
-37.5
2007
12
M2
2008
2009
2010
2011
120
3
110
2
100
1
90
80
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
Federal Reserve Bank of St. Louis
31
Japan
GDP
Percent change from year ago
6
Real
3
0
-3
Nominal
-6
-9
-12
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Industrial Production
Percent change from year ago
30
20
10
0
-10
-20
-30
-40
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Retail Sales
Percent change from year ago
10
5
0
-5
-10
-15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Capacity Utilization
2005 = 100
110
100
90
80
70
60
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
32
Japan
Monthly Earnings and Output per Worker
Percent change from year ago
8
Monthly Earnings
4
0
-4
-8
-12
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Unemployment Rate
6
4
2
0
-2
Employment*
-4
-6
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Inflation
Percent change from year ago
8
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
6
3
215
Budget Balance
(left scale)
185
155
-3
125
-6
95
Gross Debt
(right scale)
-9
65
35
-12
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Research Division
Federal Reserve Bank of St. Louis
33
Japan
16
Exports
12
Imports
4
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
34
Japan
Adjusted Monetary Base
Percent change from year ago
40
30
20
10
0
-10
-20
-30
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Monetary Aggregates
Percent change from year ago
40
30
20
M1
10
0
M2
-10
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Interest Rates
Percent
5
4
3-Month CDs
1
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
125
100
75
50
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
35
United Kingdom
Real GDP
Employment
2
0
0
-1
-2
-2
-4
-3
-6
-8
-4
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Unemployment Rate
Percent
9.0
8.5
4
8.0
7.5
7.0
2
6.5
6.0
1
5.5
0
5.0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
Weekly Earnings
Percent of GDP
10
2010
11
2011
12
0
6
-1
-2
-3
2
-4
-5
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
36
United Kingdom
Notes and Coins in Circulation
Interest Rates
Percent
|
|
|
5
7
4
6
3
5
2
0
07
2007
08
2008
09
2009
10
2010
11
2011
12
M2
07
2007
08
2008
09
2009
10
2010
11
2011
12
Pounds/US$
10
Percent
0.71
30.0
Exchange Rate
(left scale)
0.66
22.5
0.61
15.0
0.56
7.5
4
0.51
0.0
Foreign/US Inflation
Differential (right scale)
0.46
2
07
2007
08
2008
09
2009
10
2010
11
2011
-7.5
2007
12
M4
2008
2009
2010
2011
20
105
15
100
10
95
5
90
0
85
-5
80
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
Federal Reserve Bank of St. Louis
37
United Kingdom
GDP
Percent change from year ago
12
Nominal
8
4
Real
0
-4
-8
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Industrial Production
Percent change from year ago
10
5
0
-5
-10
-15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Retail Sales
Percent change from year ago
10
-5
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Capacity Utilization
Percent
90
85
80
75
70
65
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
38
United Kingdom
Weekly Earnings and Output per Worker
Percent change from year ago
8
Weekly Earnings
4
-8
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Unemployment Rate
8
Employment*
-4
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Inflation
Percent change from year ago
15
10
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
16
90
70
50
Gross Debt
(right scale)
-8
Budget Balance
(left scale)
30
-16
10
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Research Division
Federal Reserve Bank of St. Louis
39
United Kingdom
34
Imports
30
26
Exports
22
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
-2
-4
-6
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
40
United Kingdom
Notes and Coins in Circulation
Percent change from year ago
12
10
8
6
4
2
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Monetary Aggregates
Percent change from year ago
20
15
M4
M2
10
5
0
-5
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Interest Rates
Percent
12
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
41
United States
Real GDP
Employment
2
1
0
-1
-2
-3
-4
-6
-5
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
Unemployment Rate
Percent
2009
10
2010
11
2011
12
11
10
9
8
2
7
6
5
-2
4
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
Hourly Earnings
Percent of GDP
10
2010
11
2011
12
-2
3
-4
2
-6
-8
1
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
42
United States
Adjusted Monetary Base
Interest Rates
Percent
120
Composite of Long-Term
Government Bonds
100
|
|
80
4
60
3
40
3-Month CDs
2
20
1
0
-20
0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
MZM
18
87
Percent
6
Foreign/US Inflation
Differential (right scale)
|
|
15
82
12
12
9
77
-6
72
-12
6
3
Exchange Rate
(left scale)
0
-3
67
07
2007
08
2008
09
2009
10
2010
11
2011
-18
2007
12
M2
2008
2009
2010
2011
10
105
100
95
90
85
80
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
Federal Reserve Bank of St. Louis
43
United States
GDP
Percent change from year ago
9
Nominal
6
3
Real
0
-3
-6
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Industrial Production
Percent change from year ago
10
5
0
-5
-10
-15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Retail Sales
Percent change from year ago
10
-5
-10
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Capacity Utilization
Percent
85
80
75
70
65
60
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
44
United States
Hourly Earnings and Output per Worker
Percent change from year ago
6
Hourly Earnings
4
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Unemployment Rate
6
3
0
Employment*
-3
-6
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Inflation
Percent change from year ago
12
8
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
12
90
Budget Balance
(left scale)
70
50
-6
Gross Debt
(right scale)
30
-12
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Research Division
Federal Reserve Bank of St. Louis
45
United States
18
Imports
15
12
Exports
9
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
50
40
30
20
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
46
United States
Adjusted Monetary Base
Percent change from year ago
120
100
80
60
40
20
0
-20
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Monetary Aggregates
Percent change from year ago
25
20
MZM
15
10
5
M2
0
-5
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Interest Rates
Percent
10
3-Month CDs
2
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
47
Brazil
Real GDP
Employment
12
4
6
3
3
2
0
-3
0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
Unemployment Rate
Percent
10
2009
10
2010
11
2011
12
6
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
Monthly Earnings
Percent of GDP
14
12
10
-1
-2
10
2010
11
2011
12
-3
4
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
48
Brazil
Reserve Money
Interest Rates
Percent
140
18
120
15
100
31-Day T-Bill
80
12
60
9
40
20
6
0
-20
3
07
2007
08
2008
09
2009
10
2010
11
2011
12
M1
07
2007
08
2008
09
2009
10
2010
11
2011
12
Reias/US$
35
2.5
Percent
18.2
30
2.3
9.1
25
20
2.1
0.0
1.9
-9.1
1.7
-18.2
15
10
5
0
Exchange Rate
(left scale)
-5
1.5
07
2007
08
2008
09
2009
10
2010
11
2011
-27.3
2007
12
M3
2008
2009
2010
2011
20
19
150
18
140
17
130
16
120
15
110
14
13
100
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
Federal Reserve Bank of St. Louis
49
Brazil
GDP
Percent change from year ago
30
Nominal
20
10
Real
-10
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Industrial Production
Percent change from year ago
20
15
10
5
0
-5
-10
-15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Retail Sales
Percent change from year ago
15
10
5
0
-5
-10
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Capacity Utilization
Percent
90
86
82
78
74
70
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
50
Brazil
Monthly Earnings and Output per Worker
Percent change from year ago
60
Monthly Earnings
40
20
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Unemployment Rate
16
12
8
Employment*
4
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Inflation
Percent change from year ago
50
40
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Percent of GDP
64
62
-2
60
-4
58
Budget Balance
(left scale)
-6
56
Gross Debt
(right scale)
-8
54
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Research Division
Federal Reserve Bank of St. Louis
51
Brazil
Imports
11
8
Exports
5
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
52
Brazil
Monetary Base
Percent change from year ago
150
120
90
60
30
0
-30
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Monetary Aggregates
Percent change from year ago
75
M1
60
M3
45
30
15
0
-15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Interest Rates
Percent
75
31-Day T-Bill
60
45
30
15
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
53
China
Real GDP
Industrial Production
15
25
12
20
15
10
0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
Unemployment Rate
Percent
10
2009
10
2010
11
2011
12
8
5
6
2
3
0
-2
2
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
Monthly Earnings
22
12
20
10
18
16
14
12
10
10
2010
11
2011
12
0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
54
China
Adjusted Monetary Base
Interest Rates
Percent
40
4
30
3
20
2
10
1
3-Month Bill
0
0
07
2007
08
2008
09
2009
10
2010
11
2011
12
M1
2007
07
08
2008
09
2009
10
2010
11
2011
12
Yen/US$
35
8.2
Percent
7.7
30
7.8
0.0
25
20
15
7.4
-7.7
7.0
-15.4
10
6.6
-23.1
Exchange Rate
(left scale)
6.2
07
2007
08
2008
09
2009
10
2010
11
2011
-30.8
2007
12
M2
2008
2009
2010
2011
30
130
27
125
24
120
21
115
18
110
15
105
100
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
Federal Reserve Bank of St. Louis
55
China
GDP
Percent change from year ago
25
Nominal
20
15
10
Real*
5
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
* Annual data.
Industrial Production
Percent change from year ago
30
25
20
15
10
5
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Retail Sales
Percent change from year ago
40
32
24
16
8
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Capacity Utilization
Percent
90
87
84
81
78
75
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
56
China
Monthly Earnings and Output per Worker
Percent change from year ago
35
Monthly Earnings
30
25
20
15
10
5
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Unemployment Rate
4.5
4.0
3.5
3.0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Inflation
Percent change from year ago
30
10
-10
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
* Annual data.
6
3
21
Budget Balance
(left scale)
18
15
-3
12
-6
Gross Debt
(right scale)
-9
6
3
-12
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Research Division
Federal Reserve Bank of St. Louis
57
China
Exports
16
12
Imports
8
4
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
58
China
Adjusted Monetary Base
Percent change from year ago
50
40
30
20
10
0
-10
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Monetary Aggregates
Percent change from year ago
40
30
M1
20
10
M2
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Interest Rates
Percent
5
4
3
2
3-Month Bill
1
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
59
India
Real GDP
Industrial Production
15
20
16
12
12
9
8
6
4
0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
18
10
2009
10
2010
11
2011
12
15
6
12
4
9
2
6
-2
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
300
10
2010
11
2011
12
250
-1
200
150
-2
100
-3
50
-4
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
60
India
Reserve Money
Interest Rates
Percent
40
40
30
30
20
10
10
0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
M1
Rupee/US$
25
62
12
Percent
42
Foreign/US
Infl. Differential
(right scale)
20
56
28
15
50
14
44
10
Exchange Rate
(left scale)
0
38
07
2007
08
2008
09
2009
10
2010
11
2011
-14
2007
12
M3
2008
2009
2010
2011
25
120
22
115
19
110
16
105
13
100
10
95
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
Federal Reserve Bank of St. Louis
61
India
GDP
Percent change from year ago
25
20
Nominal
15
10
5
Real
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Industrial Production
Percent change from year ago
20
16
12
8
4
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Inflation
Percent change from year ago
20
15
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
85
-3
80
-6
75
-9
70
Budget Balance
(left scale)
-12
65
Gross Debt
(right scale)
-15
94
95
96
97
98
99
60
00
01
02
03
04
05
06
07
08
09
10
11
Research Division
62
India
Imports
15
10
Exports
5
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
300
200
100
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
63
India
Monetary Base
Percent change from year ago
40
30
20
10
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Monetary Aggregates
Percent change from year ago
30
25
M3
20
15
10
M1
5
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
64
Korea
Real GDP
Employment
1.5
1.0
3
0.5
0
0.0
-3
-0.5
-6
-1.0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Unemployment Rate
Percent
4.50
4.25
4.00
4
3.75
3
3.50
2
3.25
3.00
1
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
Monthly Earnings
Percent of GDP
16
12
-4
-2
-8
10
2010
11
2011
12
-4
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
65
Korea
Reserve Money
Interest Rates
Percent
50
40
30
5
20
4
10
3
91-Day CDs
-10
2
07
2007
08
2008
09
2009
10
2010
11
2011
12
M1
07
2007
08
2008
09
2009
10
2010
11
2011
12
Won/US$
20
Percent
1540
43.2
Exchange Rate
(left scale)
15
1390
32.4
1240
21.6
1090
10.8
10
5
0
-5
940
0.0
-10
Foreign/US Inflation
Differential (right scale)
-15
790
07
2007
08
2008
09
2009
10
2010
11
2011
-10.8
2007
12
M3
2008
2009
2010
2011
18
110
15
100
12
90
9
80
6
70
60
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
Federal Reserve Bank of St. Louis
66
Korea
GDP
Percent change from year ago
20
Nominal
15
10
5
0
-5
Real
-10
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Industrial Production
Percent change from year ago
40
30
20
10
0
-10
-20
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Retail Sales
Percent change from year ago
20
15
10
5
0
-5
-10
-15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Capacity Utilization
Percent
105
100
95
90
85
80
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
67
Korea
Monthly Earnings and Output per Worker
Percent change from year ago
25
Monthly Earnings
20
15
10
5
0
-5
-10
-15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Unemployment Rate
6
3
0
-3
Employment*
-6
-9
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Inflation
Percent change from year ago
20
15
10
5
0
-5
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
40
Budget Balance
(left scale)
35
30
25
-2
20
Gross Debt*
(right scale)
-4
94
95
96
97
98
99
00
01
02
03
04
15
05
06
07
08
09
10
11
Research Division
Federal Reserve Bank of St. Louis
68
Korea
Exports
50
40
30
Imports
20
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
12
-6
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
69
Korea
Monetary Base
Percent change from year ago
50
40
30
20
10
0
-10
-20
-30
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Monetary Aggregates
Percent change from year ago
50
40
M1
30
M2
20
10
0
-10
-20
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Interest Rates
Percent
24
91-Day CDs
20
16
12
8
4
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
70
Mexico
Real GDP
Employment
5
6
4
3
3
0
2
1
-3
0
-6
-1
-9
-2
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Unemployment Rate
Percent
6.0
5.5
6
5.0
4.5
4.0
4
3.5
3.0
07
2007
08
2008
09
2009
10
2010
11
2011
12
Monthly Earnings
07
2007
08
2008
09
2009
10
2010
11
2011
12
Percent of GDP
0.5
0.0
-0.5
1
-1.0
0
-1.5
-1
-2.0
-2
-2.5
-3
-3.0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
71
Mexico
Reserve Money
Interest Rates
Percent
20
10
90-Day CDs
9
8
15
7
6
10
Composite of Long-Term
Government Bonds
5
5
4
3
2
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
M1
Peso/US$
20
15
12
Percent
28.4
Exchange Rate
(left scale)
14
21.3
13
14.2
12
7.1
15
10
Foreign/US Inflation
Differential (right scale)
0.0
11
10
07
2007
08
2008
09
2009
10
2010
11
2011
-7.1
2007
12
M3
2008
2009
2010
2011
20
110
105
15
100
10
95
90
5
85
80
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
Federal Reserve Bank of St. Louis
72
Mexico
GDP
Percent change from year ago
40
30
20
Nominal
10
0
Real
-10
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Industrial Production
Percent change from year ago
15
10
5
0
-5
-10
-15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Retail Sales
Percent change from year ago
15
10
5
0
-5
-10
-15
-20
-25
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Capacity Utilization
Percent
75
73
71
69
67
65
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
73
Mexico
Hourly Earnings and Output per Worker
Percent change from year ago
20
Hourly Earnings
10
0
-10
95
95
96
96
97
97
98
98
99
99
00
01
00
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Unemployment Rate
6
4
2
Employment*
0
-2
94
94
95
95
96
96
97
97
98
98
99
99
00
01
00
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Inflation
Percent change from year ago
70
60
95
95
96
96
97
97
98
98
99
99
00
01
00
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Percent of GDP
140
Budget Balance
(left scale)
120
100
-3
80
||
-6
60
Gross Debt
(right scale)
-9
40
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Research Division
Federal Reserve Bank of St. Louis
74
Mexico
Imports
30
20
Exports
10
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
75
Mexico
Monetary Base
Percent change from year ago
20
17
14
11
8
5
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Monetary Aggregates
Percent change from year ago
50
40
M1
30
M3
20
10
0
-10
-20
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Interest Rates
Percent
40
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
2005 = 100
300
250
200
150
100
50
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
76
Russia
Real GDP
Employment
12
8
2
4
-4
-2
-8
-12
-4
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
Unemployment Rate
Percent
2009
10
2010
11
2011
12
15
13
8
11
7
9
6
7
5
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
Monthly Earnings
Percent of GDP
36
12
10
2010
11
2011
12
10
30
8
24
6
18
4
12
0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
77
Russia
Reserve Money
Interest Rates
Percent
60
25
50
20
40
3-Month Interbank
30
15
20
10
10
0
-10
-20
0
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
M1
Roubles/US$
42
42
12
Percent
42.0
36
30
38
31.5
34
21.0
30
10.5
26
0.0
24
18
12
6
0
-6
Exchange Rate
(left scale)
-12
-10.5
22
07
2007
08
2008
09
2009
10
2010
11
2011
2007
12
M2
2008
2009
2010
2011
60
135
50
130
40
125
30
20
120
10
115
0
110
-10
-20
105
07
2007
08
2008
09
2009
10
2010
11
2011
12
07
2007
08
2008
09
2009
10
2010
11
2011
12
Research Division
Federal Reserve Bank of St. Louis
78
Russia
GDP
Percent change from year ago
40
Nominal
30
20
10
0
Real
-10
-20
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Industrial Production
Percent change from year ago
20
10
0
-10
-20
-30
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Retail Sales
Percent change from year ago
20
15
10
5
0
-5
-10
-15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Capacity Utilization
Percent
65
60
55
50
45
40
35
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
79
Russia
Monthly Earnings and Output per Worker
Percent change from year ago
60
Monthly Earnings
40
20
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Unemployment Rate
12
8
4
0
Employment*
-4
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Inflation
Percent change from year ago
125
50
25
0
-25
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Percent of GDP
15
60
10
50
Budget Balance
(left scale)
40
30
-5
20
Gross Debt
(right scale)
-10
10
-15
0
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Research Division
Federal Reserve Bank of St. Louis
80
Russia
Exports
35
30
Imports
25
20
15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
81
Russia
Monetary Base
Percent change from year ago
60
45
30
15
0
-15
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Monetary Aggregates
Percent change from year ago
120
100
80
M1
60
40
20
M2
0
-20
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Interest Rates
Percent
100
3-Month Interbank
0
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
11
10
10
11
12
Research Division
Federal Reserve Bank of St. Louis
82
Notes
Euro-Area Data: Euro-area countries are Austria, Belgium, Cyprus, Estonia,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the
Netherlands, Portugal, Slovenia, Slovakia, and Spain. Data series are break
adjusted and include all euro area countries for the full sample, with these
exceptions: Series for interest rates are not break adjusted.
Euro-area interest rates prior to December 1998 are calculated on the basis of
national government yields weighted by GDP. Starting in 1999, short-term rates
are euro interbank offered rates. Long-term rates are calculated on the basis
of national government bond yields weighted by the nominal outstanding
amounts of government bonds in each maturity band.
The euro/dollar exchange rate used in the chart on page 14 is a synthetic rate
prior to January 1999. This is constructed by calculating a weighted average of
the exchange rates of the euro-area countries, excluding Greece and Luxembourg,
against the dollar. The weights are based on 1997 GDP shares.
German Data: As a result of reunification, data for all of Germany are now
incorporated in the statistical series. The starting periods for unified German
data are listed below. Care should be exercised when interpreting the data
around these break periods.
First quarter 1995: hourly earnings.
Capacity Utilization covers the manufacturing sector for Canada, China,
France, Japan, Korea, Mexico, Russia, the United Kingdom, the United States,
and the euro area; manufacturing excluding food, beverage, and tobacco for
Germany; mining and manufacturing for Italy; installed capacity utilization
for Brazil.
Consumer Price Index is for all items. The current index is based on goods
and services consumed by all individuals for Brazil, Canada, India, Mexico,
and Russia; all multi-person households excluding those mainly engaged in
agriculture, forestry, and fisheries for Japan; all households except pensioners
dependent on state pension and high income households for the United
Kingdom; all households except farming and fishing for Korea; all urban
households for the United States; all urban and rural residents for China. Data
for the euro area, France, Germany, and Italy are based on the harmonized
index of consumer prices.
Current Account Balance is the sum of merchandise and service exports and
income receipts on domestic assets abroad minus the sum of merchandise and
service imports and income payments from foreign assets in the domestic
economy plus net unilateral transfers.
Earnings are based on hourly earnings in manufacturing for Canada,
Germany, the United States, and the euro area; hourly earnings in manufacturing excluding construction for France, hourly earnings in industry for Italy;
hourly earnings for Mexico; monthly earnings in manufacturing for Brazil,
China, Japan, and Russia; monthly earnings for wage earners in manufacturing
for Korea, and weekly earnings in manufacturing for the United Kingdom.
German real earnings data prior to 2007 are not strictly comparable with the
new figures: Before 2007, gross hourly earnings covered full-time wage earners
only. Since the first quarter of 2007, the data refer to the index of gross hourly
earnings (excluding extra payments) of full-time wage earners and salaried
employees.
The Exchange Rate for all countries except the United States is expressed as
units of local currency per U.S. dollar. For the United States the trade-weighted
exchange rate, TWEX, is used. This is a weighted average of the exchange
value of the U.S. dollar relative to the major international currenciesthe euro,
Canadian dollar, Japanese yen, British pound, Swiss franc, Australian dollar,
and Swedish kronor. Prior to 1999, the currencies of the euro-area countries
(with the exception of Greece) are used instead of the euro.
Real Effective Exchange Rate uses normalized unit labor costs in manufacturing. The weighting scheme used to construct the rates, for all except the euro
area, is based on disaggregated data for trade among 21 industrial countries
in manufactured goods for 2005. For the euro area the weights relate to the
trade of the euro area with the other countries. The weights reflect the relative
importance of a countrys trading partners in its direct bilateral trade relations
and competition in third markets. Normalized unit labor costs in manufacturing
are calculated by dividing an index of actual hourly compensation per worker
by a five-year moving average index of output per man-hour.
Research Division
Federal Reserve Bank of St. Louis
Q3
J
P2002
Q
1
inflationdifferential = 100 US
1
P2006Q 3
US
P2002
Q1
J
is the Japanese CPI in the third quarter of 2006. For the U.S. chart
where P2006Q3
on page 41, foreign CPI is calculated as the weighted average of the CPIs of
countries whose currencies are used in the major currency trade-weighted
exchange rate index. Starting in 1999, the euro-area harmonized consumer
price index is used for the euro area. Prior to 1999, the price levels for the
individual euro area countries (excluding Greece and Luxembourg) are used.
The cumulative inflation differential is shown because the theory of purchasing
power parity states that exchange rate changes should be systematically positively related to this variable.
83
84
Sources
Abbreviations
Board of Governors of the Federal Reserve System (BOG)
Bureau of Economic Analysis, U.S. Department of Commerce (BEA)
Bureau of Labor Statistics, U.S. Department of Labor (BLS)
International Monetary Fund,
International Financial Statistics (IMF)
World Economic Outlook (WEO)
Organization for Economic Cooperation and Development,
Economic Outlook (OECD1)
Main Economic Indicators (OECD2)
National Accounts Quarterly (OECD3)
Canada
Bank of Canada: M1B and M2.
BOG: exchange rate.
IMF: foreign exchange reserves, merchandise and service trade, real effective
exchange rate, and reserve money.
OECD1: gross government debt and budget balance.
OECD2: capacity utilization, consumer price index, current account balance,
GDP, hourly earnings, industrial production, interest rates, producer price
index, retail sales, stock exchange index, and unemployment rate.
Statistics Canada: employment.
Euro Area
European Central Bank: current account balance and employment .
Eurostat: capacity utilization, consumer price index, GDP, interest rates,
merchandise trade, producer price index, and retail sales.
Haver Analytics: synthetic euro exchange rate.
IMF: real effective exchange rate.
OECD1: gross government debt and budget balance.
OECD2: hourly earnings, industrial production, M1, M3, stock exchange index,
and unemployment.
France
BOG: exchange rate.
Eurostat: capacity utilization, consumer price index, and producer price index.
IMF: foreign exchange reserves, merchandise and service trade, and real
effective exchange rate.
Institut National de la Statistique et des Etudes Economiques: employment.
OECD1: gross government debt and budget balance.
OECD2: current account balance, GDP, hourly earnings, industrial production,
retail sales, interest rates, stock exchange index, and unemployment.
Germany
BOG: exchange rate.
Bundesanstalt Fur Arbeit: employment.
Eurostat: capacity utilization, consumer price index, and producer price index.
IMF: foreign exchange reserves, merchandise and service trade, and real
effective exchange rate.
OECD1: gross government debt and budget balance.
OECD2: current account balance, GDP, hourly earnings, industrial production,
M1, M3, retail sales, interest rates, stock exchange index, and unemployment.
Italy
BOG: exchange rate.
Eurostat: capacity utilization, consumer price index, and producer price index.
IMF: foreign exchange reserves, merchandise and service trade, and real
effective exchange rate.
Instituto Nazionale di Statistica: employment.
OECD1: gross government debt and budget balance.
OECD2: current account balance, GDP, hourly earnings, industrial production,
long-term interest rates, retail sales, stock exchange index, and unemployment.
Research Division
Federal Reserve Bank of St. Louis
China
IMF: foreign exchange reserves and reserve money.
OECD1: budget balance.
OECD2: capacity utilization, consumer price index, exchange rate, industrial
production, M1, M2, merchandise trade, monthly earnings, nominal GDP,
producer price index, real effective exchange rate, retail sales, short-term
interest rate, stock exchange index, and unemployment.
WEO: current account as a percentage of GDP, government debt, and real GDP.
Research Division
Federal Reserve Bank of St. Louis
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