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USSummary Indicators

Source: HaverMarch 25, 2011

2006 2007 2008 2009 2010 2011-6

-4

-2

0

2

4

6

2.8Q4

Gross Domestic ProductFour-quarter percentage change

2006 2007 2008 2009 2010 201176

80

84

88

92

96

100

104

108

93.0Feb

Industrial ProductionIndex, 1997=100

2006 2007 2008 2009 2010 20112

4

6

8

10

12

8.9Feb

Unemployment RatePercent

2006 2007 2008 2009 2010 2011-4

-2

0

2

4

6

8

2.1

Feb

Consumer Price Index12-Month Percentage Change

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UNITED STATESOutput Indicators


2006 2007 2008 2009 2010 2011-12

-8

-4

0

4

8

12

5.4

1.5

0.1

3.0

0.9

3.22.3

2.9

-0.7

0.6

-4.0

-6.8

-4.9

-0.7

1.6

5.03.7

1.72.6

3.1

GDP GrowthAnnualized Percentage Change

2006 2007 2008 2009 2010 2011-25

-20

-15

-10

-5

0

5

10

15

4.12.4 1.7 1.1

4.4 4.5

0.9 0.3

-1.2

-6.6

-12

-16

-19

-11

5.2 5.6

8.17.2 6.7

3.7

Industrial ProductionAnnualized Percentage Change

2006 2007 2008 2009 2010 2011-6

-4

-2

0

2

4

6

2.8Q4

GDP GrowthPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-20

-15

-10

-5

0

5

10

15

5.8Feb

Industrial ProductionPercent Change Over Year-Ago Level

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UNITED STATESContribution to Change in GDP (1)

NOTE: All of the above are seasonally adjusted data at annual rates in real dollars.Source: Haver Analytics

March 25, 2011

2006 2007 2008 2009 2010 2011-8

-6

-4

-2

0

2

43.1

1.5 1.7

2.8

1.61.1 1.2 1.0

-0.5

0.1

-2.5-2.3

-0.3

-1.1

1.4

0.71.3 1.5

1.7

2.8

Personal Consumption Expenditures

2006 2007 2008 2009 2010 2011-8

-6

-4

-2

0

2

4

1.1

-0.1

-1.0

-2.0

-0.7

1.5

-0.5

-1.5-1.5-1.2

-2.0

-6.3-6.8

-2.3

1.2

2.73.0 2.9

1.8

-2.6

Investment and Inventories

2006 2007 2008 2009 2010 2011-8

-6

-4

-2

0

2

4

0.40.0

-0.7

1.9

-0.0

0.0

0.9

3.2

0.8 1.0

-0.6

1.5

2.9

1.5

-1.4

1.9

-0.3

-3.5

-1.7

3.3

Net Exports of Goods and Services

2006 2007 2008 2009 2010 2011-8

-6

-4

-2

0

2

4

0.8

0.1 0.1 0.2

-0.1

0.6 0.70.2 0.4

0.71.0

0.3

-0.6

1.2

0.3

-0.3-0.3

0.8 0.8

-0.3

Government Consumption and Investment

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UNITED STATESContribution to Change in GDP (2)

NOTE: All of the above are seasonally adjusted data at annual rates in real dollars.Source: Haver Analytics

March 25, 2011

2006 2007 2008 2009 2010 2011-8

-6

-4

-2

0

2

4

6

8

1.6

-0.3-0.9-0.9

-0.2

0.6

-0.2

-0.8-1.0-0.7-1.8

-4.0

-5.7

-1.3

0.1

-0.1

0.4

2.1

0.20.8

Fixed Investment

2006 2007 2008 2009 2010 2011-8

-6

-4

-2

0

2

4

6

8

-0.5

0.2

-0.1

-1.1-0.5

0.9

-0.3-0.8-0.5-0.5

-0.1

-2.3

-1.1-1.0

1.1

2.8 2.6

0.81.6

-3.4

Inventories

2006 2007 2008 2009 2010 2011-8

-6

-4

-20

2

4

6

8

-1.2-0.7-0.8

0.1

-0.7-0.8-0.8

1.9

0.2

-0.6

0.0

4.5

6.5

1.6

-2.7

-0.7

-1.6

-4.6

-2.5

2.2

Imports

2006 2007 2008 2009 2010 2011-8

-6

-4

-20

2

4

6

8

1.6

0.70.1

1.8

0.7 0.8

1.71.3

0.7

1.6

-0.7

-3.0-3.6

-0.1

1.3

2.6

1.3 1.1 0.8 1.1

Exports

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UNITED STATESGrowth Indicators

Source: Haver; Leading Indicators Composite Index Source: The Conference BoardMarch 25, 2011

2006 2007 2008 2009 2010 201192

96

100

104

108

112

116

120

113.4Feb

Leading Indicators Composite Index2004=100

2006 2007 2008 2009 2010 201125

35

45

55

65

75

61.4Feb

Institute for Supply Management (Manuf)PMI Composite Index

2006 2007 2008 2009 2010 2011-4

-2

0

2

4

6

8

10

2.7Jan

Real Personal Disposable IncomePercent Change Over Year-Ago Level, Chained 2000 Dollars

2006 2007 2008 2009 2010 2011-4

-2

0

2

4

6

2.8Jan

Real Personal Consumption ExpendituresPercent Change Over Year-Ago Level

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UNITED STATESISM Diffusion Index


2006 2007 2008 2009 2010 201125

35

45

55

65

75

61.4Feb

General Conditions for ManufacturingDiffusion Index

2006 2007 2008 2009 2010 201120

30

40

50

60

70

80Manu. (Feb: 66.3) Non-manu. (Feb: 66.9)

Current Production/ActivityDiffusion Index

2006 2007 2008 2009 2010 201110

20

30

40

50

60

70


New OrdersDiffusion Index

2006 2007 2008 2009 2010 201120

30

40

50

60

70


EmploymentDiffusion Index

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UNITED STATESManufacturers Shipments

NOTE: Seasonally adjustedSource: Haver

March 25, 2011

2006 2007 2008 2009 2010 2011160

180

200

220

240

260

203.2Feb

Durable GoodsBillions of dollars

2006 2007 2008 2009 2010 201145

50

55

60

65

70

75

80Total (Feb: 66.2) Excl. Aircraft (Feb: 62.1)

Nondefense Captial GoodsBillions of dollars

2006 2007 2008 2009 2010 201120

25

30

35

40

45

50

31.5Feb

Motor Vehicles and PartsBillions of dollars

2006 2007 2008 2009 2010 201126

28

30

32

34

36

38

33.2Feb

Computer and Electronic ProductsBillions of dollars

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UNITED STATESPrice and Cost Indicators

NOTE: Unit Labor Cost and Compensation are from the Nonfarm Business Sector.Source: Haver

March 25, 2011

2006 2007 2008 2009 2010 2011-4

-2

0

2

4

6

8Overall CPI (Feb: 2.1) Core CPI (Feb: 1.1)

Consumer PricesPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-2

-1

0

1

2

3

4

5Overall PCE (Jan: 1.2) Core PCE (Jan: 0.8)

Personal Consumption ExpenditurePercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-4

-2

0

2

4

6Compensation (Q4: 1.8) Unit Labor Cost (Q4: -0.1)

Compensation per Hour and Unit Labor CostPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-10

-5

0

5

10

15PPI, Fin. Goods (Feb: 1.9) PPI, Int. Goods (Feb: 5.4)

Producer Prices, Except Food and EnergyPercent Change Over Year-Ago Level

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UNITED STATESConsumer Price Index

NOTE: Numbers in parentheses represent share of Total CPI.Source: Haver

March 25, 2011

2006 2007 2008 2009 2010 2011-4

-2

0

2

4

6

8

2.1Feb

Total (100%)Percent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-4

-2

0

2

4

6

8

1.1Feb

Total excluding Food and Energy (77%)Percent Change over Year-Ago Level

2006 2007 2008 2009 2010 2011-4

-2

0

2

4

6

8

0.0Feb

Commodities excluding Food and Energy (23%)Percent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-4

-2

0

2

4

6

8

1.5Feb

Services excluding Energy (54%)Percent Change Over Year-Ago Level

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UNITED STATESProducer Price Index

NOTE: For all of the above, core excludes food and energy.Source: Haver

March 25, 2011

2006 2007 2008 2009 2010 2011-20

-15

-10

-50

5

10

15

20Total (Feb: 5.6) Core (Feb: 1.8)

Finished GoodsPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-20

-15

-10

-50

5

10

15


Intermediate GoodsPercent Change over Year-Ago Level

2006 2007 2008 2009 2010 2011-20

-15

-10

-50

5

10

15

20

0.8

Feb

Finished Capital GoodsPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-20

-15

-10

-5

0

5

10

15


Finished Consumer GoodsPercent Change Over Year-Ago Level

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U.S. Import Prices for Manufactured Goods by Region

NOTE: China import price data is available from December 2003 going forward and includes nonmanufactured goods, as well.Source: Haver

March 25, 2011

2006 2007 2008 2009 2010 2011-20

-15

-10

-5

0

5

10

15

20Industrialized (Feb: 3.2) Developing (Feb: 3.0)

World EconomiesPercent change over year-ago level

2006 2007 2008 2009 2010 2011-20

-15

-10

-5

0

5

10

15

20Canada (Feb: 6.5) Latin America (Feb: 3.2)

Canada and Latin AmericaPercent change over year-ago level

2006 2007 2008 2009 2010 2011-20

-15

-10

-50

5

10

15

20

2.0Feb

European Union 15Percent change over year-ago level

2006 2007 2008 2009 2010 2011-20

-15

-10

-5

0

5

10

15

20Japan (Feb: 3.1) China* (Feb: 2.0)

Japan and China*Percent change over year-ago level

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U.S. Import Prices by End-Use

NOTE: Computers include peripherals and semiconductors.Source: Haver

March 25, 2011

2006 2007 2008 2009 2010 2011-8

-6

-4

-2

0

2

4

6Excl. computers (Feb: 2.2) Computers (Feb: -3.6)

Capital GoodsPercent change over year-ago level

2006 2007 2008 2009 2010 2011-30

-20

-10

0

10

20

30

11.2Feb

Industrial Supplies, excl. PetroleumPercent change over year-ago level

2006 2007 2008 2009 2010 2011-0.5

0.0

0.5

1.01.5

2.0

2.5

3.0

3.5

1.4Feb

Automotive Vehicles, Parts and EnginesPercent change over year-ago level

2006 2007 2008 2009 2010 2011-4

-2

0

2

4

6Durable (Feb: -1.9) Non-durable (Feb: 2.1)

Consumer GoodsPercent change over year-ago level

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UNITED STATESCorporate Profits

NOTE: Corporate profits include inventory valuation and capital consumption adjustments. Total profits equal domestic industries plus receipts from abroad minus payments abroad.Source: Haver

March 25, 2011

2006 2007 2008 2009 2010 20114

6

8

10

12

14

11.3Q4

Corporate ProfitsPercent of Nominal GDP

2006 2007 2008 2009 2010 20110.5

0.7

0.9

1.1

1.3

1.51.5Q4

Corporate Profits: Payments AbroadPercent of Nominal GDP

2006 2007 2008 2009 2010 20112

4

6

8

10

12

8.8Q4

Corporate Profits: Domestic IndustriesPercent of Nominal GDP

2006 2007 2008 2009 2010 20112.8

3.1

3.4

3.7

4.0

4.3

4.6

4.0Q4

Corporate Profits: Receipts from AbroadPercent of Nominal GDP

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UNITED STATESTrade Indicators

Source: Haver, Bureau of Economic Analysis/U.S. Census.March 25, 2011

2006 2007 2008 2009 2010 20110

30

60

90120

150

180

210

240

270Imports (Jan: 214.1) Exports (Jan: 167.7)

Goods and ServicesSA, Bil.$

2006 2007 2008 2009 2010 2011-975

-900

-825

-750-675

-600

-525

-450

-375

-300

-225

-792-807

-858

-754-791

-767

-684

-630

-688-707

-690

-591

-382

-338

-390-404-435

-491-502

-453

Current Account BalanceSAAR, Bil.$

2006 2007 2008 2009 2010 2011-80

-70

-60

-50

-40

-30

-20

-10

-46.3

Jan

Trade BalanceSA, Bil.$

2006 2007 2008 2009 2010 2011-6

-4

-2

0

2

4

6

0.40.0

-0.7

1.9

-0.0

0.0

0.9

3.2

0.8 1.0

-0.6

1.5

2.9

1.5

-1.4

1.9

-0.3

-3.5

-1.7

3.3

Net Export Contribution to Real GDPSAAR, percent

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UNITED STATESFinancial Flows In and Out of United States (1)

NOTE: U.S. official outflows are in Other.Source: Haver

March 25, 2011

2006 2007 2008 2009 2010 2011-400

-200

0

200

400

600

800

1000Net Outflow (Q4: 241) Net Inflow (Q4: 274)

TotalBillions of dollars

2006 2007 2008 2009 2010 2011-25

0

25

50

75

100

125

150


Foreign Direct InvestmentBillions of dollars

2006 2007 2008 2009 2010 2011-300-225-150

-750

75150

225300375450525

Net Outflow (Q4: 50) Net Inflow (Q4: 163)

PortfolioBillions of dollars

2006 2007 2008 2009 2010 2011-600

-400

-200

0

200

400


Banking and OtherBillions of dollars

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UNITED STATESFinancial Flows In and Out of United States (2)

NOTE: U.S. official outflows are in Other.Source: Haver

March 25, 2011

2006 2007 2008 2009 2010 2011-120

-90

-60

-300

30

60

90

120


Portfolio: Equity Securities

Billions of dollars

2006 2007 2008 2009 2010 2011-375

-300

-225

-150

-75

0

75

150

225

300


Banking

Billions of dollars

2006 2007 2008 2009 2010 2011-200

-100

0

100

200

300


Portfolio: Debt SecuritiesBillions of dollars

2006 2007 2008 2009 2010 2011-400

-300

-200

-100

0

100

200


OtherBillions of dollars

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UNITED STATESFinancial Flows In and Out of United States By Region

NOTE: Data are from Financial Account and do not include flows affecting domestic reserves.Source: Haver

March 25, 2011

2006 2007 2008 2009 2010 2011-600

-400

-200

0

200

400

600


Europe

Billions of dollars

2006 2007 2008 2009 2010 2011-40

-20

0

20

40

60


Canada

Billions of dollars

2006 2007 2008 2009 2010 2011-50

0

50

100

150

200


Asia, Africa, and AustraliaBillions of dollars

2006 2007 2008 2009 2010 2011-200

-100

0

100

200


Latin AmericaBillions of dollars

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ALL FOREIGN COUNTRIESNet Purchase of Long-Term US Securities


2008 2009 2010 2011-100

-50

0

50

100

150Jan: $46.471 Billion

Treasury Bonds and Notes

2008 2009 2010 2011-100

-50

0

50

100


Agency Bonds

2008 2009 2010 2011-100

-50

0

50

100


Corporate Bonds

2008 2009 2010 2011-100

-50

0

50

100


Corporate Stocks

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NET PURCHASE OF LONG-TERM US SECURITIESBy Region

NOTE: Categories not covered include: Other Countries, Intl and Reg. Organizations, and Africa.Source: US Treasury Department

March 25, 2011

2008 2009 2010 2011-75

-50

-25

0

25

50

75


Asia

2008 2009 2010 2011-75

-50

-25

0

25

50

75


Europe

2008 2009 2010 2011-75

-50

-25

0

25

50

75


Latin America

2008 2009 2010 2011-75

-50

-25

0

25

50

75


Caribbean

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UNITED STATESNet Borrowing by Nonfinancial Corporations

NOTE: Equity issues are not included.Source: Board of Governors, Haver

September 22, 2010

2006 2007 2008 2009 2010 2011-400

-200

0

200

400

600

800

1000

1200

493472

206

698

566

838870

735

591530

318

13

180

2.8

-122-70

369

273

Total

Billions of Dollars, SAAR

2006 2007 2008 2009 2010 2011-600

-400

-200

0

200

400

600

800

1000

288244

103

260236

413

694

344345260

178

-188

-287-255

-374-353

-143

Loans and Mortgages

Billions of Dollars, SAAR

2006 2007 2008 2009 2010 2011-200

-150

-100

-50

0

50

100

150

200

-23

23

-21

111

19

41

-31

16

43

-77

63

2.2

-138-132

2.4

-21

55

Commercial PaperBillions of Dollars, SAAR

2006 2007 2008 2009 2010 20110

75

150

225

300

375

450

525

600

675

210209

141

323

293

392

227

365

186

356

95

192

585

400

281283

438

229

BondsBillions of Dollars, SAAR

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UNITED STATESGross Saving and Investment as a Percent of Nominal GDP

NOTE: The saving gap (S-I) and Net Foreign Investment differ by a statistical discrepancy. NFI plus some small adjustment factors equals the Current Account.Source: Haver

March 25, 2011

2006 2007 2008 2009 2010 20118

10

12

14

16

18

20Private Saving (Q4: 18.1) Private Domestic Investment (Q4: 12.2)

2006 2007 2008 2009 2010 20118

10

12

14

16

18

20

22

24Saving (Q4: 11.7) Domestic Investment (Q4: 15.8)

2006 2007 2008 2009 2010 2011-10

-8

-6

-4-2

0

2

4

6Government Saving (Q4: -6.4) Government Investment (Q4: 3.5)

2006 2007 2008 2009 2010 2011-7

-6

-5

-4

-3

-2

-1Saving Gap (Q4: -4.1) Net Foreign Investment (Q4: -3.2)

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JAPANSummary Indicators

Source: National SourcesMarch 25, 2011

2006 2007 2008 2009 2010 2011-16

-12

-8

-4

0

4

8

12

2.5Q4

Gross Domestic Product

Four-quarter percentage change

2006 2007 2008 2009 2010 201160

70

80

90

100

110

120

130

96.0Jan

Industrial Production

Index, 2000=100

2006 2007 2008 2009 2010 20113.0

3.5

4.0

4.5

5.0

5.5

6.0

4.9Jan

Unemployment RatePercent

2006 2007 2008 2009 2010 2011-4

-3

-2

-1

0

1

2

3

4

0.0

Jan


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JAPANOutput Indicators


2006 2007 2008 2009 2010 2011-30

-20

-10

0

10

20

-0.6

5.1

1.42.7 3.7 1.8

-0.9

2.71.2

-3.3-5.0

-11

-20

11

-1.9

7.2 6.1

2.13.3

-1.3

GDP Growth

Annualized Percentage Change

2006 2007 2008 2009 2010 2011-100

-80

-60

-40

-20

0

20

40

60

4.8 7.2 4.0 5.0

-1.7

2.46.8 3.6 1.1

-4.8-12

-38

-59

2923 26

31

6.2

-7.1-6.1

Industrial Production

Annualized Percentage Change

2006 2007 2008 2009 2010 2011-16

-12

-8

-4

0

4

8

12

2.5Q4

GDP GrowthPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-100

-80

-60

-40

-20

0

20

40

60

1.8Jan

Industrial ProductionPercent Change Over Year-Ago Level

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JAPANContribution to GDP Growth (2)

NOTE: Contributions to GDP growth are updated five business days after most recent data release.Source: BIS and BOJMarch 25, 2011

2007 2008 2009 2010 2011-20

-15

-10

-5

0

5

10

15

0.0

-1.6-0.4

0.82.0

-0.8-2.0

-3.6

-4.8

-4.0

-2.0

0.4 0.41.6

0.8 0.8

Private Fixed Investment

Annualized Rate

2007 2008 2009 2010 2011-20

-15

-10

-5

0

5

10

15

0.0

-0.4 -0.4

0.4

-2.8

1.2

-2.0

6.0

-8.8

0.0

-2.0

0.0

2.8

-0.4

1.2 1.2

Inventories

Annualized Rate

2007 2008 2009 2010 2011-20

-15

-10

-5

0

5

10

15

-0.4 -0.4

0.0

-0.4 -0.8

2.4

-0.8-1.6

12

3.6

-3.2

-0.8-1.6 -2.0 -1.6

0.0

ImportsAnnualized Rate

2007 2008 2009 2010 2011-20

-15

-10

-5

0

5

10

15

2.40.8

2.0 2.0 2.0

-0.8

0.0

-10

-16

4.8 4.83.6 3.6 3.2

0.8

-0.4

ExportsAnnualized Rate

JAPAN

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JAPANGrowth Indicators


2006 2007 2008 2009 2010 2011-60

-40

-20

0

20

40

5.0Q4

Tankan Survey

Headline - Large Manufacturers

2006 2007 2008 2009 2010 2011-100

-80

-60

-40

-20

0

20

40

60

2.5Jan

Manufacturing, Machinery and Equipment ShipmentsPercent Change Over Year-Ago Level (SA)

2006 2007 2008 2009 2010 2011-100

-80

-60

-40

-20

0

20

40

6.0Jan

Core Machinery OrdersPercent Change Over Year-Ago Level (SA)

2006 2007 2008 2009 2010 2011-4

-2

0

2

4

6

0.3Jan

Retail SalesPercent Change Over Year-Ago Level (SA)

JAPAN

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JAPANTankan Survey Results


2006 2007 2008 2009 2010 2011 2012-60

-40

-20

0

20

40Actual (Q4: 5.0) Forecast (Q1: -2.0)

Business Conditions: Large, Manufacturing

Net Percentage Favorable responses

2006 2007 2008 2009 2010 2011 2012-40

-30

-20

-10

0

10

20

30Actual (Q4: 1.0) Forecast (Q1: -1.0)

Business Conditions: Large, Non-Manufacturing

Net Percentage Favorable responses

2006 2007 2008 2009 2010 2011 2012-5

0

5

10

15

20

25

15.0Q4

Corporate Finance: Financial Position, LargeDiffusion Index of Easy minus Tight

2006 2007 2008 2009 2010 2011 2012-20

-10

0

10

20

30

12.0Q4

Lending Attitude: Large Financial EnterprisesDiffusion index of Accomodative minus Severe

JAPAN

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JAPANConsumer Price Index


2006 2007 2008 2009 2010 2011-6

-4

-2

0

2

4

6

0.1Feb

Total

Percent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-6

-4

-2

0

2

4

6ex. Fresh Foods (Feb: -0.3) ex. Food and Energy (Feb: -0.6)

CorePercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-6

-4

-2

0

2

4

6

0.9Jan

GoodsPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-6

-4

-2

0

2

4

6

-0.8Jan

ServicesPercent Change Over Year-Ago Level

JAPAN

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30/64

JAPANProducer Price Index


2006 2007 2008 2009 2010 2011-15

-10

-5

0

5

10

15

1.7Feb

Total


2006 2007 2008 2009 2010 2011-15

-10

-5

0

5

10

15

2.5Feb

Intermediate Goods


2006 2007 2008 2009 2010 2011-15

-10

-5

0

5

10

15

-0.7

Feb

Capital GoodsPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-15

-10

-5

0

5

10

15

0.5Feb

Consumer GoodsPercent Change Over Year-Ago Level

JAPAN

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31/64

JAPANEmployment and Wages


2006 2007 2008 2009 2010 20113.0

3.5

4.0

4.5

5.0

5.5

6.0

4.9Jan

Unemployment Rate

Percent

2006 2007 2008 2009 2010 2011-20

-10

0

10

20

30

40

50

-6.9Jan

Unemployment, Job Seekers


2006 2007 2008 2009 2010 2011-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

-0.3Jan

Total Labor ForcePercent Change Over Year-Ago Level (NSA)

2006 2007 2008 2009 2010 2011-15

-10

-5

0

5

10

1.5Jan

Monthly WagePercent Change Over Year-Ago Level

JAPAN

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32/64

JAPANTrade Indicators


2006 2007 2008 2009 2010 2011-200

-100

0

100

200

300TB (Feb: 80.8) CAB (Jan: 158.2)

Trade and Current Account Balances

In Billions of Dollars, SAAR

2006 2007 2008 2009 2010 2011-100

-80

-60

-40

-20

0

20

40

60Volumes (Feb: 2.1) Values (Feb: 19.8)

Merchandise Imports


2006 2007 2008 2009 2010 201135

45

55

65

75

85Imports (Feb: 65.9) Exports (Feb: 72.7)

Merchandise TradeIn Billions of Dollars, SA

2006 2007 2008 2009 2010 2011-80

-60

-40

-20

0

20

40

60

80

100Volumes (Feb: 10.8) Values (Feb: 19.1)

Merchandise ExportsPercent Change Over Year-Ago Level

JAPAN

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JAPANFinancial Flows In and Out of Japan (1)

NOTE: Data are from Financial Account and do not include flows affecting domestic reserves.Source: National SourcesMarch 25, 2011

2006 2007 2008 2009 2010 2011-200

-100

0

100

200

300Net Outflow (Q4: 10) Net Inflow (Q4: -17)

Total

Billions of dollars

2006 2007 2008 2009 2010 2011-40

-20

0

20

40

60

80


Foreign Direct Investment

Billions of dollars

2006 2007 2008 2009 2010 2011-200

-150

-100

-500

50

100

150



2006 2007 2008 2009 2010 2011-300

-200

-100

0

100

200

300Net Outflow (Q4: -35) Net Inflow (Q4: -40)


JAPAN

8/6/2019 Global All

34/64

JAPANFinancial Flows In and Out of Japan (2)

NOTE: Data are from Financial Account and do not include flows affecting domestic reserves.Source: National SourcesMarch 25, 2011

2006 2007 2008 2009 2010 2011-120

-90

-60

-30

0

30

60

90


Portfolio: Equity Securities

Billions of dollars

2006 2007 2008 2009 2010 2011-200

-150

-100

-50

0

50

100


BankingBillions of dollars

2006 2007 2008 2009 2010 2011-200

-150

-100

-500

50

100

150



2006 2007 2008 2009 2010 2011-300

-200

-100

0

100


OtherBillions of dollars

JAPAN

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35/64

JAPANFinancial Indicators


2006 2007 2008 2009 2010 2011 2012-0.5

0.0

0.5

1.0

1.5

2.0

2.5Short (Mar 25: 0.28) Long (Mar 25: 1.22)

Short-Term and Long-Term Interest Rates3-Month CD Rate, 10-year Government Bond Rate

2006 2007 2008 2009 2010 2011 2012-30

-20

-10

0

10

20M2 + CD (Feb: 2.4) Base (Feb: 5.5)

Money GrowthPercent change over year-ago levels

2006 2007 2008 2009 2010 2011 2012-0.1

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.08Mar 22

Monetary PolicyUncollateralized Overnight Call Rate

2006 2007 2008 2009 2010 2011 2012400

600

800

1000

1200

1400

1600

1800

2000

857.4Mar 25

Stock Market IndexTokyo Stock Exchange Topix

JAPAN

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36/64

JAPANExchange Rates


2006 2007 2008 2009 2010 2011 201275

85

95

105

115

125

135

81.1Mar 18

Yen per Dollar

2006 2007 2008 2009 2010 2011 201290

110

130

150

170

190

114.7Mar 18

Yen per Euro

2006 2007 2008 2009 2010 2011 201270

80

90

100

110

120

112.4Mar 25

Nominal Effective Exchange RateNarrow Index, 2000=100

2006 2007 2008 2009 2010 2011 201260

65

70

75

80

85

90

95

100

89.2Feb

Real Effective Exchange RateNarrow Index, 2000=100

EURO AREA

8/6/2019 Global All

37/64

EURO AREASummary Indicators


2006 2007 2008 2009 2010 2011-8

-6

-4

-2

0

2

4

6

2.0Q4


2006 2007 2008 2009 2010 201180

85

90

95

100

105

110

115

120

99.9Jan


2006 2007 2008 2009 2010 20116.5

7.5

8.5

9.5

10.5

11.5

9.9Jan

Harmonized Unemployment RatePercent

2006 2007 2008 2009 2010 2011-2

-1

0

1

2

3

4

5

6

2.4Feb


EURO AREA

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Output Indicators


2007 2008 2009 2010 2011-15

-12

-9

-6

-3

0

3

6

9

3.4

1.62.3

1.72.8

-1.7 -2.2

-7.1

-9.5

-0.6

1.60.7

1.6

4.0

1.4 1.1

GDP GrowthAnnualized Quarterly Percentage Change

2007 2008 2009 2010 2011-50

-40

-30

-20

-10

0

10

20

30

4.62.3

4.61.4 3.2

-4.5-7.2

-25

-32

-6.6

12

4.2

10 9.9

4.47.4

Industrial ProductionAnnualized Quarterly Percentage Change

2007 2008 2009 2010 2011-8

-6

-4

-2

0

2

4

6

2.0Q4

GDP GrowthQuarterly Percent Change Over Year-Ago Level

2007 2008 2009 2010 2011-30

-20

-10

0

10

20

6.0Jan

Industrial ProductionMonthly Percent Change Over Year-Ago Level

EURO AREA

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Contribution to Change in GDP (1)

NOTE: Contributions to growth may include errors due to rounding.Source: HaverMarch 25, 2011

2007 2008 2009 2010 2011-10

-8

-6-4

-2

0

2

4

6

-0.1

1.3 1.3

0.40.8

-1.0-0.2

-1.1 -1.2

0.1

-0.5

0.6 0.8 0.4 0.31.0

Private Consumption ExpendituresSAAR, real euros

2007 2008 2009 2010 2011-10

-8

-6-4

-2

0

2

4

6

2.7

-0.6

0.80.3

0.7

-1.8-1.2

-3.9

-6.1

-3.8

0.3

-1.6

1.4

2.8

-0.7-1.2

Investment and InventoriesSAAR, real euros

2007 2008 2009 2010 2011-10

-8

-6

-4

-2

0

2

4

6

0.10.6

-0.1

0.41.0

0.4

-1.3

-3.0 -3.1

2.7

1.3 1.6

-0.6

0.71.3 1.3

Net Exports of Goods and ServicesSAAR, real euros

2007 2008 2009 2010 2011-10

-8

-6

-4

-2

0

2

4

6

0.70.2 0.3

0.6 0.30.7 0.4 0.6 0.6 0.5 0.4

0.0 0.0 0.20.4 0.1

Government Consumption ExpendituresSAAR, real euros

Euro Area

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Contribution to Change in GDP (2)

NOTE: Contributions to growth may include errors due to rounding.Source: HaverMarch 25, 2011

2007 2008 2009 2010 2011-20

-15

-10-5

0

5

10

15

20

1.0

-0.1

0.5 1.1 0.5

-1.3 -1.3-3.2

-4.4

-1.9-1.0 -0.8 -0.1

1.6

-0.1 -0.5

Fixed InvestmentSAAR, real euros

2007 2008 2009 2010 2011-20

-15

-10-5

0

5

10

15

20

1.7

-0.4

0.3

-0.8

0.3

-0.5

0.1

-0.7-1.7 -2.0

1.3

-0.7

1.6 1.2

-0.6 -0.8

InventoriesSAAR, real euros

2007 2008 2009 2010 2011-20

-15

-10

-5

0

5

10

15

20

-1.8-1.0

-2.8-0.8

-2.4

1.60.7

8.1

11

4.3

-2.6 -1.4-4.8

-6.0

-2.1 -1.6

ImportsSAAR, real euros

2007 2008 2009 2010 2011-20

-15

-10

-5

0

5

10

15

20

1.8 1.62.6

1.2

3.4

-1.2 -2.0

-11

-14

-1.6

3.9 3.14.2

6.7

3.4 2.9

ExportsSAAR, real euros

EURO AREAG h I di

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Growth Indicators


2006 2007 2008 2009 2010 2011-40

-30

-20

-10

0

10

-10.0Feb

Consumer ConfidencePercentage Balance

2006 2007 2008 2009 2010 2011-5

-4

-3-2

-1

0

1

2

3

1.5Feb

Business Climate IndexStandard Deviation Points

2006 2007 2008 2009 2010 201150

60

70

80

90

100

110

120

130

107.8Feb

Economic Sentiment IndexLong-Term Average = 100

2006 2007 2008 2009 2010 2011-100

-80

-60

-40

-20

0

20

40Industry (Feb: 6.5) Services (Feb: 11.1)

Business ConfidencePercentage Balance

EURO AREAI d t i l C fid I di t

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Industrial Confidence Indicators


2006 2007 2008 2009 2010 2011-100

-80

-60

-40

-20

0

20

6.5Feb

TotalPercentage Balance

2006 2007 2008 2009 2010 2011-80

-60

-40

-20

0

20

40

-1.4Feb

Order BooksPercentage Balance

2006 2007 2008 2009 2010 2011-10

-5

0

5

10

15

20

25

30

-1.4Feb

Stocks of Finished ProductsPercentage Balance

2006 2007 2008 2009 2010 2011-100

-80

-60

-40

-20

0

20

40

19.5Feb

Production ExpectationsPercentage Balance

EURO AREAIndustrial New Orders

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Industrial New Orders

NOTE: Above charts are seasonally adjusted, 2005=100

Other transport includes ships, aircraft and railway.Source: Haver

March 25, 2011

2006 2007 2008 2009 2010 201170

80

90

100

110

120

130

140Total (Jan: 111.5) Excl. other transport (Jan: 112.2)

Total Manufacturing

2006 2007 2008 2009 2010 201170

80

90

100

110

120

130

140

115.2Jan

Machinery and Equipment

2006 2007 2008 2009 2010 201175

85

95

105

115

125

135

120.3Jan

Electrical Equipment

2006 2007 2008 2009 2010 201160

80

100

120

140

160

103.9

Jan

Transport Equipment

8/6/2019 Global All

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EURO AREAHarmonized Index of Consumer Prices

8/6/2019 Global All

45/64

Harmonized Index of Consumer Prices

Source: Haver March 25, 2011

2006 2007 2008 2009 2010 2011-1

0

1

2

3

4

5

2.4Feb

Total HICPPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-1

0

1

2

3

4

5

1.1Feb

Total excluding Energy and Unprocessed FoodPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-1

0

1

2

3

4

5

0.1Feb

Goods excluding Energy, Food, Alcohol and TobaccoPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-1

0

1

2

3

4

5

1.6

Feb

ServicesPercent Change Over Year-Ago Level

EURO AREAProducer Price Index

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Producer Price Index


2006 2007 2008 2009 2010 2011-10

-5

0

5

10

6.0Jan

TotalPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-10

-5

0

5

10

8.1Jan

Intermediate GoodsPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-10

-5

0

5

10

1.3Jan

Capital GoodsPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-10

-5

0

5

10

2.2Jan

Consumer GoodsPercent Change Over Year-Ago Level

EURO AREAEmployment and Wages

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Employment and Wages

NOTE: Hourly Labor Costs exclude the agriculture, public administration, education and health sectors.Source: Haver, National Sources

March 25, 2011

2006 2007 2008 2009 2010 20116.5

7.5

8.5

9.5

10.5

11.5

9.9Jan

Harmonized Unemployment RatePercent

2006 2007 2008 2009 2010 2011-20

-10

0

10

20

30

40

0.2Jan

Harmonized Unemployment, Whole EconomyPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011-4

-3

-2

-1

0

1

2

3

4

0.4Q4

Employment in the Whole EconomyPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 20110

1

2

3

4

5

0.8Q3

Total Labor Costs, Non-Agricultural BusinessPercent Change Over Year-Ago Level

EURO AREATrade Indicators

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48/64


2006 2007 2008 2009 2010 2011-400

-300

-200

-100

0

100

200TB (Jan: -52.9) CAB (Jan: -11.2)

Trade and Current Account BalancesIn Billions of Dollars, SAAR

2006 2007 2008 2009 2010 2011-100

-80

-60-40

-20

0

20

40Volumes (Nov: 14.6) Values (Jan: 15.7)

Total ExportsPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011100

120

140

160

180

200

220

240

260Exports (Jan: 186.2) Imports (Jan: 190.6)

Total Imports and ExportsIn Billions of Dollars, SA

2006 2007 2008 2009 2010 2011-100

-80

-60

-40

-20

0

20

40Volumes (Nov: 13.2) Values (Jan: 19.7)

Total ImportsPercent Change Over Year-Ago Level

Gross Operating Surplus and Mixed IncomeAs a percent of nominal GDP

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p


2006 2007 2008 2009 2010 20110.38

0.39

0.40

0.41

0.42

0.40Q4

Euro Area

2006 2007 2008 2009 2010 20110.30

0.32

0.34

0.36

0.38

0.40

0.39Q4

Germany

2006 2007 2008 2009 2010 20110.33

0.34

0.35

0.36

0.34Q4

France

2006 2007 2008 2009 2010 20110.43

0.44

0.45

0.46

0.47

0.45Q4

Italy

EURO AREAFinancial Flows In and Out of Euro Area (1)

8/6/2019 Global All

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March 25, 2011

2006 2007 2008 2009 2010 2011-900

-600

-300

0

300

600

900

1200

1500Net Outflow (Q4: -22) Net Inflow (Q4: 2)

TotalBillions of dollars

2006 2007 2008 2009 2010 2011-200

-100

0

100

200


Foreign Direct InvestmentBillions of dollars

2006 2007 2008 2009 2010 2011-400

-200

0

200

400



2006 2007 2008 2009 2010 2011-600

-400

-200

0

200

400

600



EURO AREAFinancial Flows In and Out of Euro Area (2)

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March 25, 2011

2006 2007 2008 2009 2010 2011-200

-150

-100

-50

0

50

100

150


Portfolio: Equity SecuritiesBillions of dollars

2006 2007 2008 2009 2010 2011-800

-600

-400

-200

0

200

400

600


Banking (MFIs excluding Eurosystem)Billions of dollars

2006 2007 2008 2009 2010 2011-300

-200

-100

0

100

200

300

400Net Outflow (Q4: -20) Net Inflow (Q4: 29)


2006 2007 2008 2009 2010 2011-375

-300

-225

-150

-75

0

75

150

225

300


Other

Billions of dollars

EURO AREAFinancial Indicators

8/6/2019 Global All

52/64

NOTE: Loans are to euro area residents excluding MFIs and general government.Source: National Sources, Haver

March 25, 2011

2006 2007 2008 2009 2010 2011 2012-1

0

1

2

3

4

5

6

7Short (Mar 24: 1.18) Long (Mar 25: 3.26)

Short-Term and Long-Term Interest Rates3-month Euro Market Rate, 10-year German Bond Yield

2006 2007 2008 2009 2010 2011 2012-5

0

5

10

15

20M3 (Feb: 2.0) Loans (Feb: 2.6)

Money and Credit GrowthPercent Change Over Year-Ago Level

2006 2007 2008 2009 2010 2011 20120

1

2

3

4

5

1.00Mar

Monetary Policy

ECB Refinancing Rate

2006 2007 2008 2009 2010 2011 2012100

150

200

250

300

350

400

450

500

279.6

Mar 23

Stock Market Index

Euro-Stoxx, Overall

EURO AREAExchange Rates

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Source: National Sources March 25, 2011

2006 2007 2008 2009 2010 2011 20120.4

0.6

0.8

1.0

1.2

1.4

1.6

Dollars per Euro (Mar 24: 1.41) Euros per Dollar (Mar 24: 0.71)

Euro-Dollar Exchange Rates

2006 2007 2008 2009 2010 2011 201290

110

130

150

170

190

114.4Mar 24

Yen per Euro

2006 2007 2008 2009 2010 2011 2012112

116

120

124

128

132

136

121.7Mar 24

Nominal Effective Exchange Rate

Narrow Index, 2000=100

2006 2007 2008 2009 2010 2011 2012100

105

110115

120

125

130

135

112.8Dec

Real Effective Exchange Rate

Narrow Index, 2000=100

FRANCESummary Indicators

8/6/2019 Global All

54/64


2006 2007 2008 2009 2010 2011-6

-4

-2

0

2

4

1.5Q4


2006 2007 2008 2009 2010 201180

85

90

95

100

105

110

95.1Jan


2006 2007 2008 2009 2010 20117.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

9.6Jan

Harmonized Unemployment Rate

Percent

2006 2007 2008 2009 2010 2011-2

-1

0

1

2

3

4

5

6

1.8Feb

Consumer Price Index

12-Month Percentage Change

GERMANYSummary Indicators

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2006 2007 2008 2009 2010 2011-12

-8

-4

0

4

8

12

4.0Q4


2006 2007 2008 2009 2010 201180

90

100

110

120

130

108.4Jan


2006 2007 2008 2009 2010 20115

6

78

9

10

11

12

6.5Jan


Percent

2006 2007 2008 2009 2010 2011-2

-1

01

2

3

4

5

2.2Feb



ITALYSummary Indicators

8/6/2019 Global All

56/64


2006 2007 2008 2009 2010 2011-10

-8

-6

-4

-2

0

2

4

6

1.5Q4


2006 2007 2008 2009 2010 201170

80

90

100

110

120

87.6

Jan


2006 2007 2008 2009 2010 20115

6

7

8

9

10

8.6Jan


Percent

2006 2007 2008 2009 2010 2011-2

-1

0

1

2

3

4

5

6

2.1Feb



UKSummary Indicators

8/6/2019 Global All

57/64


2006 2007 2008 2009 2010 2011-8

-6

-4

-2

0

2

4

6

1.5Q4


2006 2007 2008 2009 2010 201180

85

90

95

100

105

91.7Jan


2006 2007 2008 2009 2010 20114.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

7.9Dec


Percent

2006 2007 2008 2009 2010 20110

1

2

3

4

5

6

7

4.0Jan



CANADASummary Indicators

8/6/2019 Global All

58/64


2006 2007 2008 2009 2010 2011-6

-4

-2

0

2

4

6

8

3.2Q4


2006 2007 2008 2009 2010 2011-20

-15

-10

-5

0

5

10

1520

5.9Dec

Industrial ProductionPercent change over year-ago level

2006 2007 2008 2009 2010 20115

6

7

8

9

10

7.8Feb

Unemployment Rate

Percent

2006 2007 2008 2009 2010 2011-2

-1

0

1

2

3

4

5

2.2Feb



MEXICOSummary Indicators

8/6/2019 Global All

59/64


2006 2007 2008 2009 2010 2011-12

-8

-4

0

4

8

12

4.4Q4


2006 2007 2008 2009 2010 2011100

105

110

115

120

117.0Jan


2006 2007 2008 2009 2010 20112

3

4

5

6

7

5.4Jan

Urban Unemployment Rate

Percent

2006 2007 2008 2009 2010 20112

3

4

5

6

7

8

3.6Feb



U.S. DOLLAR AGAINST FOREIGN CURRENCIESMonthly Average Values

8/6/2019 Global All

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2006 2007 2008 2009 2010 2011 201275

85

95

105

115

125

135

80.9Mar 24

Yen per Dollar

2006 2007 2008 2009 2010 2011 20120.4

0.6

0.8

1.0

1.2

1.4

1.6

Euros per Dollar (Mar 24: 0.71) Dollars per Euro (Mar 24: 1.41)

2006 2007 2008 2009 2010 2011 20120.40

0.45

0.50

0.55

0.60

0.65

0.70

0.75

0.62Mar 24

Pound per Dollar

2006 2007 2008 2009 2010 2011 20120.9

1.0

1.1

1.2

1.3

0.98Mar 24

Canadian Dollar per Dollar

EFFECTIVE EXCHANGE RATESIndex, 2000=100

U S d ll ( i l) U S d ll ( l)

8/6/2019 Global All

61/64

Source: Board of Governors, National Sources March 25, 2011

2006 2007 2008 2009 2010 2011 201266

70

74

78

82

86

90

69.1Mar 24

U.S. dollar (nominal)Major Currencies Index - 7 Currencies

2006 2007 2008 2009 2010 2011 201272

77

82

87

92

76.8Feb

U.S. dollar (real)Major Currencies Index - 16 Currencies

2006 2007 2008 2009 2010 2011 2012112

116

120

124

128

132

136

121.7

Mar 24

Euro area euro (nominal)

ECB Narrow Index - 12 Currencies

2006 2007 2008 2009 2010 2011 201260

70

80

90

100

110

120

130

110.4Mar 22

Japanese yen (nominal)

Major Currencies Index - 26 Currencies

INTERNATIONAL LONG-TERM INTEREST RATESMonthly Average Values, Percent

8/6/2019 Global All

62/64

NOTE: Yields on government bonds with maturities of ten years or longer.

Source: National Sources, Board of GovernorsMarch 25, 2011

2006 2007 2008 2009 2010 2011 20120

1

2

3

4

5

6

7

3.42Mar 24

United States

2006 2007 2008 2009 2010 2011 20120

1

2

3

4

5

6

7

3.26Mar 25

Euro Area

2006 2007 2008 2009 2010 2011 20120

1

2

3

4

5

6

7

1.22Mar 25

Japan

2006 2007 2008 2009 2010 2011 20120

1

2

3

4

5

6

7

3.21Mar 25

Canada

INTERNATIONAL SHORT-TERM INTEREST RATESMonthly Average Values, Percent

8/6/2019 Global All

63/64

NOTE: 3-month Treasury Bill Rate; EU - 3-month euribor; JP - 3-month Yen rate; CA - 3-month finance paper rate.

Source: National Sources, Board of Governers. March 25, 2011

2006 2007 2008 2009 2010 2011-2

0

2

4

6

8

0.13Feb

United States

2006 2007 2008 2009 2010 2011-2

0

2

4

6

8

1.09Feb

Euro Area

2006 2007 2008 2009 2010 2011-2

0

2

4

6

8

0.28Feb

Japan

2006 2007 2008 2009 2010 2011-2

0

2

4

6

8

1.19Feb

Canada

STOCK MARKET INDICESMonthly Average

8/6/2019 Global All

64/64

NOTE: Dots represent last reported daily close.


2006 2007 2008 2009 2010 2011 2012600

800

1000

1200

1400

1600

1800

1310Mar 24

United States: SP500

2006 2007 2008 2009 2010 2011 2012100

150

200

250

300

350

400

450500

280Mar 23

EU: Euro-Stoxx, Overall

2006 2007 2008 2009 2010 2011 2012400

600

800

1000

1200

1400

1600

1800

2000

857Mar 25

Japan: Topix

2006 2007 2008 2009 2010 2011 20127100

9100

11100

13100

15100

17100

14029Mar 24

Canada: TSE 300

Documents

Global All