Monetary policy in the recovery process

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Monetary policy in the recovery process. Prof. Zvi Eckstein Deputy Governor, Bank of Israel YPO 2010 06.06.2010. 1. 1. Outline. The Israeli Macro Economic Monetary Policy Israel Industry Challenges. Growth rates Israel, US and Europe (Quarterly rates in annual terms). %. - PowerPoint PPT Presentation

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  • **Monetary policy in the recovery processProf. Zvi EcksteinDeputy Governor, Bank of Israel

    YPO 201006.06.2010

  • OutlineThe Israeli Macro Economic

    Monetary Policy

    Israel Industry

    Challenges

  • **%Source: OECDStat *Temporary forecast by the B.O.I and I.M.F Bear Sterns rescueLehman Brothers collapseCrisis beginsBack to growthForecastsThe growth is V shaped420113.041.79Growth rates Israel, US and Europe (Quarterly rates in annual terms)

    240510

    000

    3.28364060291.20596396745.8699135948

    1.84889848493.21674066025.5061407241

    2.64245705643.59487993894.7885101685

    1.96643441772.12160489996.0987150347

    2.9712600792-0.72387648355.6568196575

    -0.77125934091.45623925813.6052165936

    -1.6728480863-2.67707210170.6945323592

    -7.2076131922-5.3728171756-1.9856910616

    -9.418104245-6.4285552263-2.7122982666

    -1.1930992181-0.73758003421.2626323082

    1.72.2352928773.5630592257

    0.55.5541433084.7886275838

    1.22.44

    1.92.33.6

    1.233.6

    2.12.83.6

    1.793.044

    EU

    USA

    Israel

    Q growthhttp://stats.oecd.org/index.aspx1.41420491440.90130414840.1736330898-0.4964227654-0.67807456670.3156580770.89076480641.197156896

    USEUUSEU

    5.871.20596396743.28364060290.30013705240.81099110463/31/0703/2007

    5.513.21674066021.84889848490.79466255470.45905397816/30/0706/20070.99818537551.0073467899

    4.793.59487993892.64245705640.88685246890.65416720339/30/0709/20071.00362088440.9980662498

    6.102.12160489991.96643441770.52623281860.488024449112/31/07012/20070.99323906290.9957913856

    5.66-0.72387648352.9712600792-0.1814624530.74809465113/31/0803/20080.9862885190.981472389

    3.611.4562392581-0.77125934090.3620884423-0.18332562836/30/0806/20080.98352597420.975574301

    0.69-2.6770721017-1.6728480863-0.6760937139-0.49099714859/30/0809/20080.99815092760.9970038131

    -1.99-5.3728171756-7.2076131922-1.371148102-1.921038206412/31/08012/20081.00554199121.0042231718

    -2.71-6.4285552263-9.418104245-1.6474025826-2.44823370353/31/0903/20091.013605181.0012476631

    1.26-0.7375800342-1.1930992181-0.1849072369-0.25156379886/30/0906/2009

    3.562.2352928771.70000.55419912410.27615508789/30/0909/2009

    4.795.5541433080.51.36051799890.109926714212/31/09012/200920103.71.86167035071.7381745037

    4.002.41.20.59467437460.29865937273/31/1003/2010-0.05783029852.2022362288

    3.602.31.90.5701061290.4716526521* 30/06/201006/2010*

    3.6031.20.74170717780.2986593727* 30/09/201009/2010*

    3.602.82.10.69276778650.5209155512* 31/12/201012/2010*" -

    4.03.041.790.7514865020.4445271405* 31/03/20112011*

    4/12/101/3/10

    3/31/075.875.80

    6/30/075.515.60

    9/30/074.794.75

    12/31/076.106.65

    3/31/085.665.53

    6/30/083.613.45

    9/30/080.690.63

    12/31/08-1.99-1.58

    3/31/09-2.71-3.15

    6/30/091.261.12

    9/30/093.563.03

    12/31/094.794.29

    3/31/104.002.63

    6/30/103.603.24

    9/30/103.603.65

    12/31/103.604.06

    3/31/113.92

    6/30/114.12

    9/30/114.20

    12/31/114.32

    1.035998554

    Unem

    USEU

    4.57.72007-1YearJanFebMarQ_1AprMayJunQ_2JulAugSepQ_3OctNovDecQ_4

    4.57.52007-220004.04.14.04.03333333333.84.04.03.94.04.13.94.03.93.93.93.93.9512820513

    4.77.46666666672007-320014.24.24.34.23333333334.44.34.54.44.64.95.04.85.35.55.75.5

    4.87.33333333332007-420025.75.75.75.75.95.85.85.85.85.75.75.75.75.96.05.9

    4.97.23333333332008-120035.85.95.95.86666666676.06.16.36.16.26.16.16.16.05.85.75.8

    5.47.36666666672008-220045.75.65.85.75.65.65.65.65.55.45.45.45.55.45.45.4

    6.17.62008-320055.35.45.25.35.25.15.05.15.04.95.05.05.05.04.95.0

    6.98.03333333332008-420064.74.84.74.73333333334.74.64.64.64.74.74.54.64.44.54.44.4

    8.18.76666666672009-120074.64.54.44.54.54.44.64.54.64.64.74.64.74.75.04.8

    9.39.32009-220085.04.85.14.96666666675.05.45.55.35.86.16.26.06.66.97.47.0

    9.69.62009-320097.78.28.68.16666666678.99.49.59.39.49.79.89.610.110.010.010.0

    2009*20109.79.79.79.7

    2010*http://www.bls.gov/cps/

    US

    ISRAELOECDOECDUSA4.03333333332000 Q_1" -

    1.41388244270.74809465110.7092368410.3912873553-0.181462453Q1-20083.93333333332000 Q_2

    0.9015148226-0.1833256283-0.1852113495-0.06014495340.3620884423Q2-200842000 Q_34/12/101/3/10

    0.1685151392-0.4909971485-0.5006842657-0.579583697-0.6760937139Q3-20083.92000 Q_43/31/075.875.80

    -0.4932617118-1.9210382064-1.9859636439-1.8601975985-1.371148102Q4-20084.23333333332001 Q_16/30/075.515.60

    -0.6767640036-2.4482337035-2.5612418638-2.3167438694-1.6474025826Q1-20094.42001 Q_29/30/074.794.75

    0.3037935427-0.25156379880.15376503830.2290728881-0.1849072369Q2-20094.83333333332001 Q_312/31/076.106.65

    0.89726964040.27615508780.43040228990.57642929220.5541991241Q3-20095.52001 Q_43/31/085.665.53

    1.1771914980.10992671420.2973424290.8552795181.3605179989Q4-20095.72002 Q_16/30/083.613.45

    0.8000304194Q1-20100.75.83333333332002 Q_29/30/080.690.63

    -0.25.73333333332002 Q_312/31/08-1.99-1.58

    -0.55.86666666672002 Q_43/31/09-2.71-3.15

    -0.25.86666666672003 Q_16/30/091.261.12

    6.13333333332003 Q_29/30/093.563.03

    USAOECD6.13333333332003 Q_312/31/094.794.29

    20002.936725747811.2718535269USEU5.83333333332003 Q_43/31/104.002.63

    20013.03332534319.77685404765.875.805.81.20596396743.2836406029Q1-20075.72004 Q_16/30/103.603.24

    20023.8305639569.57212140545.515.605.63.21674066021.8488984849Q2-20075.62004 Q_29/30/103.603.65

    20034.43937079689.90619776054.794.7553.59487993892.6424570564Q3-20075.43333333332004 Q_312/31/103.604.06

    20044.53028333139.98197541296.106.656.32.12160489991.9664344177Q4-20075.43333333332004 Q_43/31/113.92

    20054.25637681169.94344366785.665.535.6-0.72387648353.2Q1-20085.32005 Q_16/30/114.12

    20063.88652006289.63901783083.613.453.61.5-1.2Q2-20085.12005 Q_29/30/114.20

    20073.88460490138.82359415510.690.630.8-2.6770721017-1.6728480863Q3-20084.96666666672005 Q_312/31/114.32

    20084.12964432317.5302965124-1.99-1.58-1.6-5.3728171756-7.5Q4-20084.96666666672005 Q_4

    -2.71-3.15-3.16-6.4285552263-9.6Q1-20094.73333333332006 Q_1

    1.261.121.205-0.7375800342-0.5Q2-20094.63333333332006 Q_2

    3.563.033.62.20001.7000Q3-20094.63333333332006 Q_3

    4.794.294.95.90.5Q4-20094.43333333332006 Q_4

    4.002.633.92.41.2Q1-20104.52007 Q_1OECD_TOECD_EEUUSA

    3.603.243.52.31.9Q2-20104.52007 Q_25.75592081967.27211259917.14166666674.62227292052007

    3.603.653.531.2Q3-20104.63333333332007 Q_36.10951345327.25623104127.00833333335.78258566482008

    3.604.063.52.82.1Q4-20104.82007 Q_46.10951345327.25623104127.00833333339.25032261972009

    3.924.96666666672008 Q_18.32782268239.15180067118.89.2704437454Q2-2009

    4.125.32008 Q_28.61190934729.43625921729.29.6575780629Q3-2009

    4.206.03333333332008 Q_38.70973769639.47990812399.410.03377953Q4-2009

    4.326.96666666672008 Q_49.7077239726Q1-2010

    8.16666666672009 Q_1

    9.26666666672009 Q_2

    9.63333333332009 Q_3

    10.03333333332009 Q_4

    9.72010 Q_1

    2010 Q_2

    2010 Q_3

    2010 Q_4

    Q_2

    240510

    4.57.77.7298730292

    4.57.57.5348131808

    4.63333333337.46666666677.257815449

    4.87.33333333336.7964174991

    4.96666666677.23333333336.1468857366

    5.37.36666666675.8955299868

    6.03333333337.66.0278416002

    6.96666666678.03333333336.5308588113

    8.16666666678.76666666677.5579263211

    9.26666666679.37.9195705092

    9.63333333339.67.6974054806

    10.03333333339.87.349115933

    9.710.57.1

    %

    "

    Unem

    03/045.64.2

    06/042.84.7

    09/045.94.5

    12/046.75.3

    03/054.44.9

    06/055.65.7

    09/054.55.3

    12/056.25.2

    03/066.45.7

    06/067.36.1

    09/06-1.84.5

    12/067.64.9

    03/076.04.8

    06/075.64.4

    US09/074.96.0

    EU4.03333333332000 Q_112/076.35.7

    3.93333333332000 Q_203/085.85.6

    42000 Q_306/083.75.1

    3.92000 Q_409/080.74.1

    4.23333333332001 Q_112/08-2.02.0

    4.42001 Q_203/09-2.7-0.1

    4.83333333332001 Q_306/091.2-0.7

    5.52001 Q_409/093.60.1

    5.72002 Q_112/094.81.7

    5.83333333332002 Q_203/103.33.2

    5.73333333332002 Q_320103.7

    5.86666666672002 Q_420114.0

    5.86666666672003 Q_1

    6.13333333332003 Q_2

    6.13333333332003 Q_3

    5.83333333332003 Q_4

    10.95.72004 Q_1

    10.55.62004 Q_2

    10.15.43333333332004 Q_3YearJanFebMarQ_1AprMayJunQ_2JulAugSepQ_3OctNovDecQ_4

    9.95.43333333332004 Q_420004.04.14.04.03333333333.84.04.03.94.04.13.94.03.93.93.93.93.9512820513

    9.25.32005 Q_120014.24.24.34.23333333334.44.34.54.44.64.95.04.85.35.55.75.5

    9.05.12005 Q_220025.75.75.75.75.95.85.85.85.85.75.75.75.75.96.05.9

    8.94.96666666672005 Q_320035.85.95.95.86666666676.06.16.36.16.26.16.16.16.05.85.75.8

    9.04.96666666672005 Q_420045.75.65.85.75.65.65.65.65.55.45.45.45.55.45.45.4

    8.84.73333333332006 Q_120055.35.45.25.35.25.15.05.15.04.95.05.05.05.04.95.0

    8.74.63333333332006 Q_220064.74.84.74.73333333334.74.64.64.64.74.74.54.64.44.54.44.4

    8.34.63333333332006 Q_320074.64.54.44.54.54.44.64.54.64.64.74.64.74.75.04.8

    7.94.43333333332006 Q_420085.04.85.14.96666666675.05.45.55.35.86.16.26.06.66.97.47.0

    7.77.74.52007 Q_1200720097.78.28.68.16666666678.99.49.59.39.49.79.89.610.110.010.010.0

    7.57.54.52007 Q_2200720109.79.79.79.7

    7.37.46666666674.63333333332007 Q_32007http://www.bls.gov/cps/

    6.87.33333333334.82007 Q_42007

    6.17.23333333334.96666666672008 Q_12008

    5.97.36666666675.32008 Q_22008" -

    6.07.66.03333333332008 Q_32008

    6.58.03333333336.96666666672008 Q_420084/12/101/3/10

    7.68.76666666678.16666666672009 Q_120093/31/075.875.80

    7.99.39.26666666672009 Q_220096/30/075.515.60

    7.79.69.63333333332009 Q_320099/30/074.794.75

    7.39.810.03333333332009 Q_4200912/31/076.106.65

    7.110.59.72010 Q_120103/31/085.665.53

    2010 Q_26/30/083.613.45

    2010 Q_39/30/080.690.63

    2010 Q_412/31/08-1.99-1.58

    3/31/09-2.71-3.15

    6/30/091.261.12

    9/30/093.563.03

    12/31/094.794.29

    3/31/104.002.63

    6/30/103.603.24

    9/30/103.603.65

    12/31/103.604.06

    3/31/113.92

    6/30/114.12

    9/30/114.20

    12/31/114.32

    OECD_TOECD_EEUUSA

    5.75592081967.27211259917.14166666674.62227292052007

    6.10951345327.25623104127.00833333335.78258566482008

    6.10951345327.25623104127.00833333339.25032261972009

    8.32782268239.15180067118.89.2704437454Q2-2009

    8.61190934729.43625921729.29.6575780629Q3-2009

    8.70973769639.47990812399.410.03377953Q4-2009

    9.7077239726Q1-2010

    SubjectHarmonised unemployment rate: all persons sa

    MeasureLevel, ratio or USD millions

    FrequencyAnnualQuarterlyMonthly

    Time2007200820092009201020092010

    Q2-2009Q3-2009Q4-2009Q1-2010Aug-2009Sep-2009Oct-2009Nov-2009Dec-2009Jan-2010Feb-2010Mar-2010

    Country

    United Statesi4.62227292055.78258566489.25032261979.27044374549.657578062910.033779539.70772397269.70885731689.848174784210.14728248869.97911801259.9745849649.68662270689.68719057799.7492040803

    European Union7.14166666677.00833333338.91666666678.89.29.4..9.29.39.49.49.49.59.6..

    OECD - Europei7.27211259917.25623104129.16659271689.15180067119.43625921729.4799081239..9.45195240579.52531467099.5044790699.47703270439.45830168719.55962799779.5702968883..

    OECD - Totali5.75592081966.10951345328.30433486238.32782268238.61190934728.7097376963..8.63770784588.68163716588.75072309638.69988108598.67862628268.65228556748.6288160872..

    OECD_TOECD_EEUUSA

    5.75592081967.27211259917.14166666674.62227292052007

    6.10951345327.25623104127.00833333335.78258566482008

    6.10951345327.25623104127.00833333339.25032261972009

    8.32782268239.15180067118.89.2704437454Q2-2009

    8.61190934729.43625921729.29.6575780629Q3-2009

    8.70973769639.47990812399.410.03377953Q4-2009

    9.7077239726Q1-2010

    Q_2

    240510

    5.2553.50.254.5

    5.255.253.50.254.25

    5.255.253.50.54

    5.255.253.750.54

    5.255.253.750.53.75

    5.255.53.750.53.5

    5.255.540.53.5

    5.255.7540.53.75

    5.255.7540.54

    4.755.7540.54

    4.55.7540.54

    4.55.7540.54

    4.255.540.54.25

    35.540.54.25

    35.2540.53.75

    2.255.2540.53.25

    2540.53.25

    2540.53.5

    2540.53.75

    254.250.54

    254.250.54.25

    254.250.54.25

    14.53.750.33.5

    133.250.32.5

    0.122.50.11.75

    0.11.520.11

    0.1120.10.75

    0.10.51.50.10.5

    0.10.51.250.10.5

    0.10.510.10.5

    0.10.510.10.5

    0.10.510.10.5

    0.10.510.10.75

    0.10.510.10.75

    0.10.510.11

    0.10.510.11.25

    0.10.510.11.25

    0.10.510.11.25

    0.10.510.11.25

    0.10.510.11.5

    0.10.510.11.5

    "

    USUKEUJapanIsrael

    Jan-075.2553.50.254.5

    Feb-075.255.253.50.254.25

    Mar-075.255.253.50.54

    Apr-075.255.253.750.54

    May-075.255.253.750.53.75

    Jun-075.255.53.750.53.5

    Jul-075.255.540.53.5

    Aug-075.255.7540.53.75

    Sep-075.255.7540.54

    Oct-074.755.7540.54

    Nov-074.55.7540.54

    Dec-074.55.7540.54

    Jan-084.255.540.54.25

    Feb-0835.540.54.25

    Mar-0835.2540.53.75

    Apr-082.255.2540.53.25

    May-082540.53.25

    Jun-082540.53.5

    Jul-082540.53.75

    Aug-08254.250.54

    Sep-08254.250.54.25

    Oct-08254.250.54.25

    Nov-0814.53.750.33.5

    Dec-08133.250.32.5

    Jan-090.122.50.11.75

    Feb-090.11.520.11

    Mar-090.1120.10.75

    Apr-090.10.51.50.10.5

    May-090.10.51.250.10.5

    Jun-090.10.510.10.5

    Jul-090.10.510.10.5

    Aug-090.10.510.10.5

    Sep-090.10.510.10.75

    Oct-090.10.510.10.75

    Nov-090.10.510.11

    12/31/090.10.510.11.25

    1/31/100.10.510.11.25

    2/28/100.10.510.11.25

    3/31/100.10.510.11.25

    4/30/100.10.510.11.5

    5/31/100.10.510.11.5

    J

    -10 Forecasters

    5/31/010.9727628191.6850.7134749462.53.5

    6/30/010.9355243911.8074389630.7292967712.53.5

    7/31/010.7441223352.0489472460.8434044342.53.5

    8/31/011.7442149672.4928109341.698704592.53.5

    9/30/012.7602593783.0903034022.4585023082.53.5http://www.bankisrael.gov.il/publheb/dataheb.htm

    10/31/011.6925280982.5684418771.9923905572.53.5

    11/30/010.5512977082.0148128061.4041535672.53.5

    12/31/010.6031819282.1505342571.3995414342.53.5

    1/31/022.2878030842.5446879963.064995235

    2/28/023.0338633342.628389733.94139685423

    3/31/022.1038721662.3933044114.22252221823

    4/30/022.4814561682.908275654.85061136123

    5/31/023.4189682753.5234273535.39629948923

    6/30/024.4637212014.2619800976.40448158723

    7/31/022.4363578593.4926091686.65644910823

    8/31/021.7027326633.319656555.99323407223

    9/30/022.3634158644.2040627536.16601163523

    10/31/023.0242081965.1668003946.71012170323

    11/30/022.8187945285.0852858946.47228699323

    12/31/022.2021429124.7032757776.29378312723

    1/31/032.720065695.0282624515.4034422082.920552.435733333

    2/28/033.7903113825.3614598265.020806806132.5562.810185714

    3/31/033.0484697514.8328172244.734956656132.6666666672.431744444

    4/30/031.8687489353.8787978773.012130949133.411.710733333

    5/31/031.3935800733.396747321.577731997133.371.279585714

    6/30/031.4549016993.129736738-0.320513095132.3914333331.40535

    7/31/032.4514710623.463695791-1.663436727131.949061.78856

    8/31/031.7153743713.848756021-1.09517185131.9650777782.19525

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    10/5/0992.4260253.760

    10/6/0992.1636183.7330

    10/7/0992.2276863.7340

    10/8/0992.4169093.7320

    10/9/0992.3367383.7370

    10/12/0992.1752813.7280

    10/13/0992.1537573.7140

    10/14/0992.2282423.7090

    10/15/0992.4575843.7180

    10/16/0992.3168163.7090

    10/19/0992.3008883.7080

    10/20/0992.2822013.70

    10/21/0992.0786893.7040

    10/22/0992.103053.6980

    10/23/0992.078023.6920

    10/26/0991.9269583.690

    10/27/0991.8800633.7090

    10/28/0992.3423673.7450

    10/29/0992.8738553.7640

    10/30/0992.7186013.7460.0019657687.1018443851

    11/2/0993.2285923.7750

    11/3/0993.5543213.8060

    11/4/0993.6657063.7930

    11/5/0993.9083733.7920

    11/6/0993.6013563.7710

    11/9/0993.3118493.7410

    11/10/0993.6522173.7590

    11/11/0993.7079043.7490

    11/12/0993.8856083.7690

    11/13/0993.914283.7740

    11/16/0993.639083.7530

    11/17/0993.9195113.7680

    11/18/0994.1306563.770

    11/19/0994.2699863.7930

    11/20/0994.7531153.8110

    11/23/0994.7748253.8010

    11/24/0994.1194553.7770

    11/25/0994.1570643.7620

    11/26/0994.3679763.7760

    11/27/0994.8985123.8260

    11/30/0994.5981593.7920.017133188.5941689952

    12/1/0994.4193683.7750

    12/2/0994.5590143.7770

    12/3/0994.5064393.7720

    12/4/0994.4314963.7740

    12/7/0994.4566153.8150

    12/8/0994.0201313.7970

    12/9/0994.0381823.8060

    12/10/0993.4054943.7810

    12/11/0993.2875223.7750

    12/14/0993.1585993.780

    12/15/0993.0086143.7870

    12/16/0992.9638773.7830

    12/17/0992.7458763.8030

    12/18/0992.5942373.7930

    12/21/0992.673223.8010

    12/22/0992.3757393.8010

    12/23/0992.4688533.8080

    12/24/0992.7325753.7970

    12/28/0992.6457773.7930

    12/29/0992.6496683.790

    12/30/0992.4163763.7890

    12/31/0992.3624973.775-0.0070985487.9652797428

    1/4/1092.2164723.7650

    1/5/1091.6706433.7360

    1/6/1091.560183.740

    1/7/1091.1907353.7270

    1/8/1091.0037023.7180

    1/11/1090.87023.6830

    1/12/1090.9826973.6910

    1/13/1090.6360533.6670

    1/14/1090.733943.6830

    1/15/1090.6009243.6820

    1/18/1090.6313663.6870

    1/19/1090.6496743.690

    LIBOR v.OIS

    12/3/090.2710.17750.10581105

    12/4/090.278750.17350.09956103.2222222222

    12/7/090.2830.17450.10856103.1111111111

    12/8/090.2740.1750.10544102.1111111111

    12/9/090.274250.175630.1076999.4444444444

    12/10/090.27450.168630.1042598.7777777778

    12/11/090.27750.161630.0946397.4444444444

    12/14/090.276750.166630.0877590.1111111111

    12/15/090.274250.160630.0719491.6666666667

    12/16/090.29150.168880.0867594

    12/17/090.288880.166880.0923898.1111111111

    12/18/090.27450.161380.0939598.1111111111

    12/21/090.2870.156630.0872598.2222222222

    12/22/090.281750.151630.0902597.2222222222

    12/23/090.279630.16050.0926396.5555555556

    12/24/090.283130.15850.0806396

    12/29/090.275630.1570.0836394.1111111111

    12/30/090.2650.16150.0771393.7777777778

    12/31/090.26850.160.0906393.7777777778

    1/4/100.266250.162880.0968890.6666666667

    1/5/100.274130.166880.09689.6666666667

    1/6/100.2730.166380.095589.2222222222

    1/7/100.277750.169380.1033888.3333333333

    1/8/100.278750.16950.1072587.2222222222

    1/11/100.25850.170.1067583.6666666667

    1/12/100.2650.1660.1142586.8888888889

    1/13/100.25950.17000.1057588.4444444444

  • **Unemployment rates Israel, US and Europe%Source: OECD Stat *Annual forecast by B.O.I

    240510

    000

    3.28364060291.20596396745.8699135948

    1.84889848493.21674066025.5061407241

    2.64245705643.59487993894.7885101685

    1.96643441772.12160489996.0987150347

    2.9712600792-0.72387648355.6568196575

    -0.77125934091.45623925813.6052165936

    -1.6728480863-2.67707210170.6945323592

    -7.2076131922-5.3728171756-1.9856910616

    -9.418104245-6.4285552263-2.7122982666

    -1.1930992181-0.73758003421.2626323082

    1.72.2352928773.5630592257

    0.55.5541433084.7886275838

    1.22.44

    1.92.33.6

    1.233.6

    2.12.83.6

    1.793.044

    EU

    USA

    ISREAL

    Q growthhttp://stats.oecd.org/index.aspx1.41420491440.90130414840.1736330898-0.4964227654-0.67807456670.3156580770.89076480641.197156896

    USEUUSEU

    5.871.20596396743.28364060290.30013705240.8109911046Q1-2007

    5.513.21674066021.84889848490.79466255470.4590539781Q2-20070.99818537551.0073467899

    4.793.59487993892.64245705640.88685246890.6541672033Q3-20071.00362088440.9980662498

    6.102.12160489991.96643441770.52623281860.4880244491Q4-20070.99323906290.9957913856

    5.66-0.72387648352.9712600792-0.1814624530.7480946511Q1-20080.9862885190.981472389

    3.611.4562392581-0.77125934090.3620884423-0.1833256283Q2-20080.98352597420.975574301

    0.69-2.6770721017-1.6728480863-0.6760937139-0.4909971485Q3-20080.99815092760.9970038131

    -1.99-5.3728171756-7.2076131922-1.371148102-1.9210382064Q4-20081.00554199121.0042231718

    -2.71-6.4285552263-9.418104245-1.6474025826-2.4482337035Q1-20091.013605181.0012476631

    1.26-0.7375800342-1.1930992181-0.1849072369-0.2515637988Q2-2009

    3.562.2352928771.70000.55419912410.2761550878Q3-2009

    4.795.5541433080.51.36051799890.1099267142Q4-200920103.71.86167035071.7381745037

    4.002.41.20.59467437460.2986593727Q1-2010-0.05783029852.2022362288

    3.602.31.90.5701061290.4716526521Q2-2010

    3.6031.20.74170717780.2986593727Q3-2010

    3.602.82.10.69276778650.5209155512Q4-2010" -

    4.03.041.790.7514865020.44452714052011

    4/12/101/3/10

    3/31/075.875.80

    6/30/075.515.60

    9/30/074.794.75

    12/31/076.106.65

    3/31/085.665.53

    6/30/083.613.45

    9/30/080.690.63

    12/31/08-1.99-1.58

    3/31/09-2.71-3.15

    6/30/091.261.12

    9/30/093.563.03

    12/31/094.794.29

    3/31/104.002.63

    6/30/103.603.24

    9/30/103.603.65

    12/31/103.604.06

    3/31/113.92

    6/30/114.12

    9/30/114.20

    12/31/114.32

    1.035998554

    Unem

    USEU

    4.57.72007-1YearJanFebMarQ_1AprMayJunQ_2JulAugSepQ_3OctNovDecQ_4

    4.57.52007-220004.04.14.04.03333333333.84.04.03.94.04.13.94.03.93.93.93.93.9512820513

    4.77.46666666672007-320014.24.24.34.23333333334.44.34.54.44.64.95.04.85.35.55.75.5

    4.87.33333333332007-420025.75.75.75.75.95.85.85.85.85.75.75.75.75.96.05.9

    4.97.23333333332008-120035.85.95.95.86666666676.06.16.36.16.26.16.16.16.05.85.75.8

    5.47.36666666672008-220045.75.65.85.75.65.65.65.65.55.45.45.45.55.45.45.4

    6.17.62008-320055.35.45.25.35.25.15.05.15.04.95.05.05.05.04.95.0

    6.98.03333333332008-420064.74.84.74.73333333334.74.64.64.64.74.74.54.64.44.54.44.4

    8.18.76666666672009-120074.64.54.44.54.54.44.64.54.64.64.74.64.74.75.04.8

    9.39.32009-220085.04.85.14.96666666675.05.45.55.35.86.16.26.06.66.97.47.0

    9.69.62009-320097.78.28.68.16666666678.99.49.59.39.49.79.89.610.110.010.010.0

    2009*20109.79.79.79.7

    2010*http://www.bls.gov/cps/

    US

    ISRAELOECDOECDUSA4.03333333332000 Q_1" -

    1.41388244270.74809465110.7092368410.3912873553-0.181462453Q1-20083.93333333332000 Q_2

    0.9015148226-0.1833256283-0.1852113495-0.06014495340.3620884423Q2-200842000 Q_34/12/101/3/10

    0.1685151392-0.4909971485-0.5006842657-0.579583697-0.6760937139Q3-20083.92000 Q_43/31/075.875.80

    -0.4932617118-1.9210382064-1.9859636439-1.8601975985-1.371148102Q4-20084.23333333332001 Q_16/30/075.515.60

    -0.6767640036-2.4482337035-2.5612418638-2.3167438694-1.6474025826Q1-20094.42001 Q_29/30/074.794.75

    0.3037935427-0.25156379880.15376503830.2290728881-0.1849072369Q2-20094.83333333332001 Q_312/31/076.106.65

    0.89726964040.27615508780.43040228990.57642929220.5541991241Q3-20095.52001 Q_43/31/085.665.53

    1.1771914980.10992671420.2973424290.8552795181.3605179989Q4-20095.72002 Q_16/30/083.613.45

    0.8000304194Q1-20100.75.83333333332002 Q_29/30/080.690.63

    -0.25.73333333332002 Q_312/31/08-1.99-1.58

    -0.55.86666666672002 Q_43/31/09-2.71-3.15

    -0.25.86666666672003 Q_16/30/091.261.12

    6.13333333332003 Q_29/30/093.563.03

    USAOECD6.13333333332003 Q_312/31/094.794.29

    20002.936725747811.2718535269USEU5.83333333332003 Q_43/31/104.002.63

    20013.03332534319.77685404765.875.805.81.20596396743.2836406029Q1-20075.72004 Q_16/30/103.603.24

    20023.8305639569.57212140545.515.605.63.21674066021.8488984849Q2-20075.62004 Q_29/30/103.603.65

    20034.43937079689.90619776054.794.7553.59487993892.6424570564Q3-20075.43333333332004 Q_312/31/103.604.06

    20044.53028333139.98197541296.106.656.32.12160489991.9664344177Q4-20075.43333333332004 Q_43/31/113.92

    20054.25637681169.94344366785.665.535.6-0.72387648353.2Q1-20085.32005 Q_16/30/114.12

    20063.88652006289.63901783083.613.453.61.5-1.2Q2-20085.12005 Q_29/30/114.20

    20073.88460490138.82359415510.690.630.8-2.6770721017-1.6728480863Q3-20084.96666666672005 Q_312/31/114.32

    20084.12964432317.5302965124-1.99-1.58-1.6-5.3728171756-7.5Q4-20084.96666666672005 Q_4

    -2.71-3.15-3.16-6.4285552263-9.6Q1-20094.73333333332006 Q_1

    1.261.121.205-0.7375800342-0.5Q2-20094.63333333332006 Q_2

    3.563.033.62.20001.7000Q3-20094.63333333332006 Q_3

    4.794.294.95.90.5Q4-20094.43333333332006 Q_4

    4.002.633.92.41.2Q1-20104.52007 Q_1OECD_TOECD_EEUUSA

    3.603.243.52.31.9Q2-20104.52007 Q_25.75592081967.27211259917.14166666674.62227292052007

    3.603.653.531.2Q3-20104.63333333332007 Q_36.10951345327.25623104127.00833333335.78258566482008

    3.604.063.52.82.1Q4-20104.82007 Q_46.10951345327.25623104127.00833333339.25032261972009

    3.924.96666666672008 Q_18.32782268239.15180067118.89.2704437454Q2-2009

    4.125.32008 Q_28.61190934729.43625921729.29.6575780629Q3-2009

    4.206.03333333332008 Q_38.70973769639.47990812399.410.03377953Q4-2009

    4.326.96666666672008 Q_49.7077239726Q1-2010

    8.16666666672009 Q_1

    9.26666666672009 Q_2

    9.63333333332009 Q_3

    10.03333333332009 Q_4

    9.72010 Q_1

    2010 Q_2

    2010 Q_3

    2010 Q_4

    Q_2

    240510

    4.57.77.7298730292

    4.57.57.5348131808

    4.63333333337.46666666677.257815449

    4.87.33333333336.7964174991

    4.96666666677.23333333336.1468857366

    5.37.36666666675.8955299868

    6.03333333337.66.0278416002

    6.96666666678.03333333336.5308588113

    8.16666666678.76666666677.5579263211

    9.26666666679.37.9195705092

    9.63333333339.67.6974054806

    10.03333333339.87.349115933

    9.710.57.1

    EU

    Israel

    US

    Unem

    03/045.64.2

    06/042.84.7

    09/045.94.5

    12/046.75.3

    03/054.44.9

    06/055.65.7

    09/054.55.3

    12/056.25.2

    03/066.45.7

    06/067.36.1

    09/06-1.84.5

    12/067.64.9

    03/076.04.8

    06/075.64.4

    US09/074.96.0

    EU4.03333333332000 Q_112/076.35.7

    3.93333333332000 Q_203/085.85.6

    42000 Q_306/083.75.1

    3.92000 Q_409/080.74.1

    4.23333333332001 Q_112/08-2.02.0

    4.42001 Q_203/09-2.7-0.1

    4.83333333332001 Q_306/091.2-0.7

    5.52001 Q_409/093.60.1

    5.72002 Q_112/094.81.7

    5.83333333332002 Q_203/103.33.2

    5.73333333332002 Q_320103.7

    5.86666666672002 Q_420114.0

    5.86666666672003 Q_1

    6.13333333332003 Q_2

    6.13333333332003 Q_3

    5.83333333332003 Q_4

    10.95.72004 Q_1

    10.55.62004 Q_2

    10.15.43333333332004 Q_3YearJanFebMarQ_1AprMayJunQ_2JulAugSepQ_3OctNovDecQ_4

    9.95.43333333332004 Q_420004.04.14.04.03333333333.84.04.03.94.04.13.94.03.93.93.93.93.9512820513

    9.25.32005 Q_120014.24.24.34.23333333334.44.34.54.44.64.95.04.85.35.55.75.5

    9.05.12005 Q_220025.75.75.75.75.95.85.85.85.85.75.75.75.75.96.05.9

    8.94.96666666672005 Q_320035.85.95.95.86666666676.06.16.36.16.26.16.16.16.05.85.75.8

    9.04.96666666672005 Q_420045.75.65.85.75.65.65.65.65.55.45.45.45.55.45.45.4

    8.84.73333333332006 Q_120055.35.45.25.35.25.15.05.15.04.95.05.05.05.04.95.0

    8.74.63333333332006 Q_220064.74.84.74.73333333334.74.64.64.64.74.74.54.64.44.54.44.4

    8.34.63333333332006 Q_320074.64.54.44.54.54.44.64.54.64.64.74.64.74.75.04.8

    7.94.43333333332006 Q_420085.04.85.14.96666666675.05.45.55.35.86.16.26.06.66.97.47.0

    7.77.74.53/31/07200720097.78.28.68.16666666678.99.49.59.39.49.79.89.610.110.010.010.0

    7.57.54.56/30/07200720109.79.79.79.7

    7.37.46666666674.63333333339/30/072007http://www.bls.gov/cps/

    6.87.33333333334.812/31/072007

    6.17.23333333334.96666666673/31/082008

    5.97.36666666675.36/30/082008" -

    6.07.66.03333333339/30/082008

    6.58.03333333336.966666666712/31/0820084/12/101/3/10

    7.68.76666666678.16666666673/31/0920093/31/075.875.80

    7.99.39.26666666676/30/0920096/30/075.515.60

    7.79.69.63333333339/30/0920099/30/074.794.75

    7.39.810.033333333312/31/09200912/31/076.106.65

    7.110.59.73/31/1020103/31/085.665.53

    6/30/106/30/083.613.45

    9/30/109/30/080.690.63

    12/31/1012/31/08-1.99-1.58

    3/31/113/31/09-2.71-3.15

    6/30/116/30/091.261.12

    9/30/119/30/093.563.03

    12/31/1112/31/094.794.29

    3/31/104.002.63

    6/30/103.603.24

    9/30/103.603.65

    12/31/103.604.06

    3/31/113.92

    6/30/114.12

    9/30/114.20

    12/31/114.32

    OECD_TOECD_EEUUSA

    5.75592081967.27211259917.14166666674.62227292052007

    6.10951345327.25623104127.00833333335.78258566482008

    6.10951345327.25623104127.00833333339.25032261972009

    8.32782268239.15180067118.89.2704437454Q2-2009

    8.61190934729.43625921729.29.6575780629Q3-2009

    8.70973769639.47990812399.410.03377953Q4-2009

    9.7077239726Q1-2010

    SubjectHarmonised unemployment rate: all persons sa

    MeasureLevel, ratio or USD millions

    FrequencyAnnualQuarterlyMonthly

    Time2007200820092009201020092010

    Q2-2009Q3-2009Q4-2009Q1-2010Aug-2009Sep-2009Oct-2009Nov-2009Dec-2009Jan-2010Feb-2010Mar-2010

    Country

    United Statesi4.62227292055.78258566489.25032261979.27044374549.657578062910.033779539.70772397269.70885731689.848174784210.14728248869.97911801259.9745849649.68662270689.68719057799.7492040803

    European Union7.14166666677.00833333338.91666666678.89.29.4..9.29.39.49.49.49.59.6..

    OECD - Europei7.27211259917.25623104129.16659271689.15180067119.43625921729.4799081239..9.45195240579.52531467099.5044790699.47703270439.45830168719.55962799779.5702968883..

    OECD - Totali5.75592081966.10951345328.30433486238.32782268238.61190934728.7097376963..8.63770784588.68163716588.75072309638.69988108598.67862628268.65228556748.6288160872..

    OECD_TOECD_EEUUSA

    5.75592081967.27211259917.14166666674.62227292052007

    6.10951345327.25623104127.00833333335.78258566482008

    6.10951345327.25623104127.00833333339.25032261972009

    8.32782268239.15180067118.89.2704437454Q2-2009

    8.61190934729.43625921729.29.6575780629Q3-2009

    8.70973769639.47990812399.410.03377953Q4-2009

    9.7077239726Q1-2010

    Q_2

    240510

    5.2553.50.254.5

    5.255.253.50.254.25

    5.255.253.50.54

    5.255.253.750.54

    5.255.253.750.53.75

    5.255.53.750.53.5

    5.255.540.53.5

    5.255.7540.53.75

    5.255.7540.54

    4.755.7540.54

    4.55.7540.54

    4.55.7540.54

    4.255.540.54.25

    35.540.54.25

    35.2540.53.75

    2.255.2540.53.25

    2540.53.25

    2540.53.5

    2540.53.75

    254.250.54

    254.250.54.25

    254.250.54.25

    14.53.750.33.5

    133.250.32.5

    0.122.50.11.75

    0.11.520.11

    0.1120.10.75

    0.10.51.50.10.5

    0.10.51.250.10.5

    0.10.510.10.5

    0.10.510.10.5

    0.10.510.10.5

    0.10.510.10.75

    0.10.510.10.75

    0.10.510.11

    0.10.510.11.25

    0.10.510.11.25

    0.10.510.11.25

    0.10.510.11.25

    0.10.510.11.5

    0.10.510.11.5

    "

    USUKEUJapanIsrael

    Jan-075.2553.50.254.5

    Feb-075.255.253.50.254.25

    Mar-075.255.253.50.54

    Apr-075.255.253.750.54

    May-075.255.253.750.53.75

    Jun-075.255.53.750.53.5

    Jul-075.255.540.53.5

    Aug-075.255.7540.53.75

    Sep-075.255.7540.54

    Oct-074.755.7540.54

    Nov-074.55.7540.54

    Dec-074.55.7540.54

    Jan-084.255.540.54.25

    Feb-0835.540.54.25

    Mar-0835.2540.53.75

    Apr-082.255.2540.53.25

    May-082540.53.25

    Jun-082540.53.5

    Jul-082540.53.75

    Aug-08254.250.54

    Sep-08254.250.54.25

    Oct-08254.250.54.25

    Nov-0814.53.750.33.5

    Dec-08133.250.32.5

    Jan-090.122.50.11.75

    Feb-090.11.520.11

    Mar-090.1120.10.75

    Apr-090.10.51.50.10.5

    May-090.10.51.250.10.5

    Jun-090.10.510.10.5

    Jul-090.10.510.10.5

    Aug-090.10.510.10.5

    Sep-090.10.510.10.75

    Oct-090.10.510.10.75

    Nov-090.10.510.11

    12/31/090.10.510.11.25

    1/31/100.10.510.11.25

    2/28/100.10.510.11.25

    3/31/100.10.510.11.25

    4/30/100.10.510.11.5

    5/31/100.10.510.11.5

    J

    -10 Forecasters

    5/31/010.9727628191.6850.7134749462.53.5

    6/30/010.9355243911.8074389630.7292967712.53.5

    7/31/010.7441223352.0489472460.8434044342.53.5

    8/31/011.7442149672.4928109341.698704592.53.5

    9/30/012.7602593783.0903034022.4585023082.53.5http://www.bankisrael.gov.il/publheb/dataheb.htm

    10/31/011.6925280982.5684418771.9923905572.53.5

    11/30/010.5512977082.0148128061.4041535672.53.5

    12/31/010.6031819282.1505342571.3995414342.53.5

    1/31/022.2878030842.5446879963.064995235

    2/28/023.0338633342.628389733.94139685423

    3/31/022.1038721662.3933044114.22252221823

    4/30/022.4814561682.908275654.85061136123

    5/31/023.4189682753.5234273535.39629948923

    6/30/024.4637212014.2619800976.40448158723

    7/31/022.4363578593.4926091686.65644910823

    8/31/021.7027326633.319656555.99323407223

    9/30/022.3634158644.2040627536.16601163523

    10/31/023.0242081965.1668003946.71012170323

    11/30/022.8187945285.0852858946.47228699323

    12/31/022.2021429124.7032757776.29378312723

    1/31/032.720065695.0282624515.4034422082.920552.435733333

    2/28/033.7903113825.3614598265.020806806132.5562.810185714

    3/31/033.0484697514.8328172244.734956656132.6666666672.431744444

    4/30/031.8687489353.8787978773.012130949133.411.710733333

    5/31/031.3935800733.396747321.577731997133.371.279585714

    6/30/031.4549016993.129736738-0.320513095132.3914333331.40535

    7/31/032.4514710623.463695791-1.663436727131.949061.78856

    8/31/031.7153743713.848756021-1.09517185131.9650777782.19525

    9/30/031.4903786593.693543695-1.963587027132.5081571432.553057143

    10/31/031.6901339933.289843085-2.605496613132.3952166671.882383333

    11/30/031.1142626773.075530436-1.980026786132.03431.8767875

    12/31/030.7442062492.892932149-1.904151221132.4357333331.536533333

    1/31/040.8828406083.027487319-2.292078418132.8101857141.479228571

    2/29/041.1069656883.2549934-2.483982657132.4317444441.63142

    3/31/041.1720158073.181037917-2.780715412131.7107333331.726966667

    4/30/041.5811881153.464903353-1.482973297131.2795857142.1905

    5/31/041.9625646733.385858554-0.593473552131.405352.5839375

    6/30/041.7482284363.3938903840131.788562.228581818

    7/31/041.4852014923.3767450970.5132.195252.0102

    8/31/041.8538625263.5036694490.499132.5530571432.37238

    9/30/041.9604709723.3735474250.802131.8823833332.5115875

    10/31/042.0386674593.2175520820.802131.87678752.3592

    11/30/041.8653888083.1240761020.904131.5365333332.140628571

    12/31/041.3821840563.1045891241.207131.4792285711.95173

    1/31/051.5619912642.8618486350.806131.631421.9930875

    2/28/052.0075075032.7906192580.805131.7269666672.22144

    3/31/052.1797497392.921246880.705132.19052.062222222

    4/30/051.981706082.9334253670.299132.58393752.113083333

    5/31/051.6879390262.6554717310.198132.2285818182.166666667

    6/30/051.8516843672.5496102290.298132.01021.987342857

    7/31/052.0762322472.5865390151.59132.372382.2507125

    8/31/052.0510222882.7172792911.587132.51158752.078914286

    9/30/052.4671367162.7349277461.889132.35921.939814286

    10/31/052.3509316912.7525258582.684132.1406285712.207933333

    11/30/052.1262409082.6481907382.687131.951732.199427273

    12/31/051.7279241442.5389151622.386131.99308751.776166667

    1/31/061.8779528352.5387780652.7132.221441.704842857

    2/28/062.2128874072.5281678523.094132.0622222222.122442857

    3/31/062.0567603382.5098473383.6132.1130833332.191542857

    4/30/061.8789282652.6103791073.774132.1666666672.182614286

    5/31/061.9798228052.4878766783.465131.9873428571.904375

    6/30/061.7973167972.4319311773.462132.25071251.767

    7/31/061.7506103282.4339033862.446132.0789142862.1989

    8/31/061.859437952.3781376432.246131.9398142862.06233

    9/30/061.8584018182.3475280471.268132.2079333331.921533333

    10/31/061.3800340512.24402357-0.194132.1994272731.432933333

    11/30/061.5020027522.136350934-0.291131.7761666671.817266667

    12/31/061.18916251.988052684-0.097131.7048428571.635336364

    1/31/071.0914211672.0689136670.06132.1224428571.763554.5

    2/28/071.3922993012.027909297-0.822132.1915428571.9118857144.25

    3/31/071.3448775541.90189577-0.909132.1826142862.0928428574

    4/30/070.465487621.797847327-1.266131.9043751.573074

    5/31/070.6650584451.88175424-1.266131.7671.2388888893.75

    6/30/071.7973947412.203927959-0.666132.19891.7983.5

    7/31/071.8774653712.3068703950.33132.062332.678583.5

    8/31/071.6717919422.2490532031.02131.9215333332.5626753.75

    9/30/071.1773747122.1979916971.4131.4329333331.6478166674

    10/31/071.2062.1368119752.189131.8172666671.6587714294

    11/30/071.3532.1091420372.791131.9574363644

    12/31/072.0692.4132969563.396132.511754

    1/31/082.5513884042.3903552883.777785214132.574284.25

    2/29/082.3945604462.4730014783.380043433132.3548254.25

    3/31/082.5901690192.5938653253.168581907132.5933333333.75

    4/30/082.6810486442.6219547464.619986196132.8118454553.25

    5/31/082.6862870752.6617211725.290165822133.1617166673.25

    6/30/083.0259261162.7819417964.683782908133.0983416673.5

    7/31/083.1962646872.7469729774.728328877133.75

    8/31/082.6559827212.527301854.883689423134

    9/30/082.0740350072.4187452335.37557433134.25

    10/31/080.3312.1324298595.37134.25

    11/30/08-0.148462.21755.37133.5

    12/31/08-0.731.884.415132.5

    1/31/090.62582.0123.202131.75

    2/28/090.7771.9943.298467661131

    3/31/090.7442.0253.501428519130.75

    4/30/090.7962.1973.034284145130.5

    5/31/092.1162.3392.755111859130.5

    6/30/092.41112.4623.533953857130.5

    7/31/092.3652.4643.454711764130.5

    8/31/092.3942.543.087360762130.5

    9/30/092.2762.3982.801237534130.75

    10/31/092.242.898130.75

    11/30/092.4593.746131

    12/31/092.4863.839131.25

    1/31/102.723.77131.25

    2/28/102.803.58131.25

    3/31/102.963.17131.25

    4/30/102.653.04131.5

    5/31/101.5

    http://www.bankisrael.gov.il/publheb/dataheb.htm

    "

    10/19/0911:05:30

    DATERER.M_EDATEMAT01.D

    1/31/07-0.2690949/17/093.75date/" /" "

    2/28/070.7025839/18/09.1/2/07100100.00001004.205100100

    3/31/070.6323289/19/09.1/3/0799.57193816999.08015.582399.17238414274.1870

    4/30/07-1.8429039/20/09.1/4/0799.97621878799.12875.536198.67438152734.2040

    5/31/07-1.2825049/21/093.7421/5/07100.7134363999.53005.508399.26195295854.2350

    6/30/073.645599/22/093.7291/8/07100.7847800299.66755.541198.81231750354.2380

    7/31/072.0284729/23/093.7321/9/07100.6896551799.43965.516098.74961933254.2340

    8/31/07-1.7461759/24/093.7331/10/07101.0463733799.56175.512598.86964154564.2490

    9/30/07-1.3794419/25/093.771/11/07100.7847800299.16235.519298.42000609074.2380

    10/31/070.3393399/26/09.1/12/07100.4756242699.06525.494197.74823997284.2250

    11/30/07-0.7466169/27/09.1/15/07100.4042806299.08235.456697.92379485164.2220

    12/31/07-1.2971219/28/09.1/16/07100.3329369898.92265.466498.04381706474.2190

    1/31/08-3.303629/29/093.7741/17/07100.546967999.24855.473197.82168640174.2280

    2/29/08-2.9462179/30/093.7581/18/07100.4042806299.17965.460797.73928309124.2220

    3/31/080.1705110/1/093.781/19/07100.3329369899.11405.456198.03306880684.2190100

    4/30/08-0.2570310/2/093.7661/22/07100.3567181999.03935.472597.90408971214.220

    5/31/08-4.69000810/3/09.1/23/07100.3804994199.33485.465398.51674041174.2210

    6/30/08-0.2214510/4/09.1/24/07100.4994054799.27635.499598.45225086434.2260

    7/31/080.28788110/5/093.761/25/07100.4756242699.02155.495998.32327176974.2250

    8/31/081.55412710/6/093.7331/26/07100.9036860999.34445.488798.23728570664.2430

    9/30/08-2.82317310/7/093.7341/29/07101.0939357999.63875.483998.37701305914.2510

    10/31/08-1.84745310/8/093.7321/30/07101.0939357999.75145.491798.68154703264.2510

    11/30/082.69510/9/093.7371/31/07101.30796671100.26285.508798.85172778254.26-0.0026909499.730906

    12/31/081.20048610/10/09.2/1/07100.8799048899.84885.518298.91621732984.2420

    1/31/090.63007910/11/09.2/2/07100.9988109499.74715.521899.05236192974.2470

    2/28/092.81685110/12/093.7282/5/07101.1652794399.85455.529498.49882664854.2540

    3/31/091.66630510/13/093.7142/6/07101.0225921599.96795.498598.51136628274.2480

    4/30/091.5102910/14/093.7092/7/07100.7609988199.73345.499298.575855834.2370

    5/31/09-0.38771810/15/093.7182/8/07100.6658739699.68255.502898.47912150914.2330

    6/30/09-2.36928410/16/093.7092/9/07100.4994054799.36135.497498.48986976694.2260

    7/31/09-2.15134110/17/09.2/12/07100.7847800299.42575.498098.34118553284.2380

    8/31/09-0.92051610/18/09.2/13/07100.8561236699.80875.489798.83560539564.2410

    9/30/09-0.21343410/19/093.7082/14/07100.5707491199.94075.517399.06848431654.2290

    10/31/090.19657610/20/093.72/15/07100.3567181999.79585.530399.28703222694.220

    10/21/093.7042/16/0799.95243757499.38795.542598.80156924574.2030

    10/22/093.6982/19/0799.47681331798.97315.515498.3877613174.1830

    10/23/093.6922/20/0799.5005945398.90845.492398.51136628274.1840

    10/24/09.2/21/0799.59571938298.98465.499298.5131576594.1880

    10/25/09.2/22/0799.47681331798.79055.499398.06531358044.1830

    10/26/093.692/23/0799.64328180799.14715.474398.41284058544.190

    10/27/093.7092/26/0799.85731272399.43035.493799.03803091924.1990

    10/28/093.7452/27/0799.97621878799.68075.528699.51811977144.2040

    10/29/093.7642/28/07100.1426872899.81485.555499.57006968454.2110.00702583100.4315983913

    10/30/093.7463/1/07100.3091557799.86205.558399.93909320534.2180

    10/31/09.3/2/07100.0951248599.58265.578999.24403919534.2090

    11