US

Summary Indicators

Gross Domestic Product Industrial Production

Four-quarter percentage change Index, 1997=100
6 108
104
4
Q4 100
2 2.8
96
Feb
0 92 93.0
88
-2
84
-4
80
-6 76
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Unemployment Rate Consumer Price Index

Percent 12-Month Percentage Change
12 8

10 6
Feb
8.9 4
8
Feb
2 2.1
6
0
4 -2

2 -4
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 UNITED STATES
Output Indicators

GDP Growth Industrial Production

Annualized Percentage Change Annualized Percentage Change
12 15
10 8.1
8 7.2 6.7
4.4 4.5 5.2 5.6
5.4 5.0 5 4.1
2.4 1.7
3.7
4 3.2 3.7 1.1 0.9 0.3
3.0 2.9 3.1
1.5
2.3
1.6 1.7
2.6 0
0.9 0.6 -1.2
0.1
0 -5
-0.7 -0.7 -6.6
-10
-4 -4.0 -12 -11
-4.9
-15
-6.8 -16
-8
-20 -19

-12 -25
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

GDP Growth Industrial Production

Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
6 15

4 10
Q4 Feb
2.8 5 5.8
2
0
0
-5
-2
-10
-4 -15

-6 -20
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 UNITED STATES
Contribution to Change in GDP (1)

Personal Consumption Expenditures Investment and Inventories

4 4
3.1 3.0 2.9
2.8 2.8 2.7

2 1.5 1.7 1.6 1.4 1.3 1.5

1.7 2 1.5
1.2
1.8
1.1 1.2 1.0 1.1
0.7
0.1
0 0 -0.1
-0.5 -0.3 -0.5
-0.7
-1.1 -1.0 -1.2
-2 -2 -1.5 -1.5
-2.0 -2.0
-2.5 -2.3 -2.3
-2.6

-4 -4

-6 -6
-6.3
-6.8
-8 -8
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Net Exports of Goods and Services Government Consumption and Investment

4 3.3
4
3.2
2.9
1.9 1.9
2 1.5 1.5 2 1.2
0.9 0.8 1.0 0.8 0.6 0.7 0.7
1.0 0.8 0.8
0.4 0.2 0.4 0.3 0.3
0.0 0.0 0.1 0.1 0.2
0 -0.0
0 -0.1
-0.3 -0.3 -0.3 -0.3
-0.7 -0.6 -0.6
-1.4
-2 -1.7 -2

-4 -3.5 -4

-6 -6

-8 -8
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: All of the above are seasonally adjusted data at annual rates in real dollars.
Source: Haver Analytics
March 25, 2011
 UNITED STATES
Contribution to Change in GDP (2)

Fixed Investment Inventories

8 8
6 6
4 4
2.8 2.6
2.1
2 1.6 2 1.1
1.6
0.6 0.8 0.9 0.8
0.1 0.4 0.2 0.2
0 -0.2 -0.2 -0.1
0 -0.1 -0.1
-0.3 -0.5 -0.5 -0.3
-0.9 -0.9 -0.8 -1.0 -0.7 -1.1 -0.8 -0.5 -0.5 -1.1 -1.0
-1.3
-2 -1.8 -2
-2.3
-4 -4.0
-4 -3.4

-6 -5.7 -6
-8 -8
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Imports Exports
8 8
6.5
6 6
4.5
4 4
2.2 2.6
1.9 1.8
2 1.6 2 1.6 1.7
1.3 1.6 1.3 1.3 1.1
0.7 0.7 0.8 0.7 0.8 1.1
0.1 0.2 0.0 0.1
0 0 -0.1
-0.7 -0.8 -0.7 -0.8 -0.8 -0.6 -0.7 -0.7
-1.2
-2 -1.6 -2
-2.7 -2.5
-3.0
-4 -4 -3.6
-4.6
-6 -6
-8 -8
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: All of the above are seasonally adjusted data at annual rates in real dollars.
Source: Haver Analytics
March 25, 2011
 UNITED STATES
Growth Indicators

Leading Indicators Composite Index Institute for Supply Management (Manuf)

2004=100 PMI Composite Index
120 75

116
Feb 65
113.4 Feb
112 61.4
108 55

104 45
100
35
96

92 25
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Real Personal Disposable Income Real Personal Consumption Expenditures

Percent Change Over Year-Ago Level, Chained 2000 Dollars Percent Change Over Year-Ago Level
10 6

8
4
6 Jan
2.8
4 2
Jan
2 2.7
0
0
-2
-2

-4 -4
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver; Leading Indicators Composite Index Source: The Conference Board
March 25, 2011
 UNITED STATES
ISM Diffusion Index

General Conditions for Manufacturing Current Production/Activity

Diffusion Index Diffusion Index
75
Manu. (Feb: 66.3) Non-manu. (Feb: 66.9)
80
65
Feb 70
61.4
55 60

50
45
40
35
30

25 20
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

New Orders Employment

Diffusion Index Diffusion Index
Manu. (Feb: 68.0) Non-manu. (Feb: 64.4) Manu. (Feb: 64.5) Non-manu. (Feb: 55.6)
80 80
70 70
60
60
50
50
40
40
30
20 30

10 20
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 UNITED STATES
Manufacturers’ Shipments

Durable Goods Nondefense Captial Goods

Billions of dollars Billions of dollars
260
Total (Feb: 66.2) Excl. Aircraft (Feb: 62.1)
80
240 75
70
220
65
Feb
200 203.2 60
55
180
50
160 45
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Motor Vehicles and Parts Computer and Electronic Products

Billions of dollars Billions of dollars
50 38

45 36

40 34 Feb
33.2
35 32
Feb
30 31.5 30

25 28

20 26
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: Seasonally adjusted

Source: Haver
March 25, 2011
 UNITED STATES
Price and Cost Indicators

Consumer Prices Personal Consumption Expenditure

Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
Overall CPI (Feb: 2.1) Core CPI (Feb: 1.1) Overall PCE (Jan: 1.2) Core PCE (Jan: 0.8)
8 5

6 4
3
4
2
2
1
0
0
-2 -1
-4 -2
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Compensation per Hour and Unit Labor Cost Producer Prices, Except Food and Energy
Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level

Compensation (Q4: 1.8) Unit Labor Cost (Q4: -0.1) PPI, Fin. Goods (Feb: 1.9) PPI, Int. Goods (Feb: 5.4)
6 15

4 10

2 5

0 0

-2 -5

-4 -10
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: Unit Labor Cost and Compensation are from the Nonfarm Business Sector.
Source: Haver
March 25, 2011
 UNITED STATES
Consumer Price Index

Total (100%) Total excluding Food and Energy (77%)

Percent Change Over Year-Ago Level Percent Change over Year-Ago Level
8 8

6 6

4 4
Feb
2 2.1 2
Feb
1.1
0 0

-2 -2

-4 -4
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Commodities excluding Food and Energy (23%) Services excluding Energy (54%)
Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
8 8

6 6

4 4

2 2 Feb
1.5
0 Feb 0
0.0

-2 -2

-4 -4
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: Numbers in parentheses represent share of Total CPI.

Source: Haver
March 25, 2011
 UNITED STATES
Producer Price Index

Finished Goods Intermediate Goods

Percent Change Over Year-Ago Level Percent Change over Year-Ago Level
Total (Feb: 5.6) Core (Feb: 1.8) Total (Feb: 7.8) Core (Feb: 5.4)
20 20
15 15
10 10
5 5
0 0
-5 -5
-10 -10
-15 -15
-20 -20
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Finished Capital Goods Finished Consumer Goods

Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
20
Total (Feb: 7.3) Core (Feb: 2.6)
15 20

10 15
10
5
Feb 5
0 0.8
0
-5
-5
-10 -10
-15 -15
-20 -20
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: For all of the above, core excludes food and energy.
Source: Haver
March 25, 2011
 U.S. Import Prices for Manufactured Goods by Region
World Economies Canada and Latin America
Percent change over year-ago level Percent change over year-ago level

Industrialized (Feb: 3.2) Developing (Feb: 3.0) Canada (Feb: 6.5) Latin America (Feb: 3.2)
20 20
15 15
10 10
5 5
0 0
-5 -5
-10 -10
-15 -15
-20 -20
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

European Union 15 Japan and China*

Percent change over year-ago level Percent change over year-ago level
20
Japan (Feb: 3.1) China* (Feb: 2.0)
15 20

10 15
10
5
Feb 5
0 2.0
0
-5
-5
-10 -10
-15 -15
-20 -20
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: China import price data is available from December 2003 going forward and includes nonmanufactured goods, as well.
Source: Haver
March 25, 2011
 U.S. Import Prices by End-Use
Capital Goods Industrial Supplies, excl. Petroleum
Percent change over year-ago level Percent change over year-ago level
30
Excl. computers (Feb: 2.2) Computers (Feb: -3.6)
6
20
4
Feb
2 10 11.2
0 0
-2
-10
-4
-20
-6
-8 -30
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Automotive Vehicles, Parts and Engines Consumer Goods

Percent change over year-ago level Percent change over year-ago level
3.5
Durable (Feb: -1.9) Non-durable (Feb: 2.1)
3.0 6

2.5 4
2.0
Feb 2
1.5
1.4
1.0 0
0.5
-2
0.0
-0.5 -4
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: Computers include peripherals and semiconductors.

Source: Haver
March 25, 2011
 UNITED STATES
Employment

Unemployment Rate Unemployment, Whole Economy

Percent Percent Change Over Year-Ago Level
12 140
120
10 100
Feb
8.9 80
8
60
40
6
20
4 0 Feb
-8.0
-20
2 -40
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Non-Farm Payroll Employment Hours Worked: Private Non-Farm Payrolls

Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
6 8

4
4
Feb
2
Feb 2.3
1.0 0
0

-2 -4
-4
-8
-6

-8 -12
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 UNITED STATES
Corporate Profits

Corporate Profits Corporate Profits: Payments Abroad

Percent of Nominal GDP Percent of Nominal GDP
14

12 1.5 Q4
Q4 1.5
11.3 1.3
10
1.1
8
0.9
6 0.7

4 0.5
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Corporate Profits: Domestic Industries Corporate Profits: Receipts from Abroad

Percent of Nominal GDP Percent of Nominal GDP
12 4.6

10 4.3
Q4 Q4
8.8 4.0
8 4.0
3.7
6
3.4
4 3.1

2 2.8
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

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
 UNITED STATES
Trade Indicators

Goods and Services Current Account Balance

SA, Bil.$ SAAR, Bil.$
-225
Imports (Jan: 214.1) Exports (Jan: 167.7)
270 -300
-338
240 -375 -382 -390-404
210 -450 -435
-453
-491-502
180 -525
150 -600 -591
-630
120 -675
-684 -688 -690
-707
90 -750 -754 -767
-792-807 -791
60 -825
-858
30 -900
0 -975
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Trade Balance Net Export Contribution to Real GDP

SA, Bil.$ SAAR, percent
-10 6

-20 4
3.2 3.3
2.9
-30 1.9 1.9
2 1.5 1.5
0.9 0.8 1.0
-40 0.4
Jan 0 0.0 0.0
-0.0
-50 -46.3 -0.7 -0.6
-0.3

-1.4
-2 -1.7
-60
-3.5
-70 -4

-80 -6
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

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

March 25, 2011
 UNITED STATES
Financial Flows In and Out of United States (1)

Total Foreign Direct Investment

Billions of dollars Billions of dollars
Net Outflow (Q4: 241) Net Inflow (Q4: 274) Net Outflow (Q4: 92) Net Inflow (Q4: 56)
1000 175
800 150

600 125
100
400
75
200
50
0 25
-200 0
-400 -25
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Portfolio Banking and Other

Billions of dollars Billions of dollars
Net Outflow (Q4: 50) Net Inflow (Q4: 163) Net Outflow (Q4: 99) Net Inflow (Q4: 55)
525 600
450
375 400
300
225 200
150
0
75
0 -200
-75
-150 -400
-225
-300 -600
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

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

Source: Haver
March 25, 2011
 UNITED STATES
Financial Flows In and Out of United States (2)

Portfolio: Equity Securities Banking

Billions of dollars Billions of dollars
Net Outflow (Q4: 29) Net Inflow (Q4: 40) Net Outflow (Q4: 97) Net Inflow (Q4: 24)
150 375
120 300
90 225
60 150
75
30
0
0
-75
-30 -150
-60 -225
-90 -300
-120 -375
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Portfolio: Debt Securities Other

Billions of dollars Billions of dollars
Net Outflow (Q4: 21) Net Inflow (Q4: 123) Net Outflow (Q4: 2) Net Inflow (Q4: 31)
400 300

300 200
100
200
0
100
-100
0
-200
-100 -300
-200 -400
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

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

Source: Haver
March 25, 2011
 UNITED STATES
Financial Flows In and Out of United States By Region

Europe Canada
Billions of dollars Billions of dollars
Net Outflow (Q4: 12) Net Inflow (Q4: 25) Net Outflow (Q4: 51) Net Inflow (Q4: 35)
800 80
600 60
400
40
200
20
0
0
-200
-400 -20

-600 -40
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Asia, Africa, and Australia Latin America

Billions of dollars Billions of dollars
Net Outflow (Q4: 165) Net Inflow (Q4: 99) Net Outflow (Q4: 65) Net Inflow (Q4: 100)
250 300

200 200
150
100
100
0
50

0 -100

-50 -200
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: Data are from Financial Account and do not include flows affecting domestic reserves.
Source: Haver
March 25, 2011
 ALL FOREIGN COUNTRIES
Net Purchase of Long-Term US Securities

Treasury Bonds and Notes Agency Bonds

Jan: $46.471 Billion Jan: $11.274 Billion
150 150

100 100

50 50

0 0

-50 -50

-100 -100
2008 2009 2010 2011 2008 2009 2010 2011

Corporate Bonds Corporate Stocks

Jan: $0.655 Billion Jan: $15.930 Billion
150 150

100 100

50 50

0 0

-50 -50

-100 -100
2008 2009 2010 2011 2008 2009 2010 2011

Source: Haver
March 25, 2011
 NET PURCHASE OF LONG-TERM US SECURITIES
By Region

Asia Europe
Jan: $8.323 Billion Jan: $19.690 Billion
100 100
75 75
50 50
25 25
0 0
-25 -25
-50 -50
-75 -75
2008 2009 2010 2011 2008 2009 2010 2011

Latin America Caribbean

Jan: $20.746 Billion Jan: $10.616 Billion
100 100
75 75
50 50
25 25
0 0
-25 -25
-50 -50
-75 -75
2008 2009 2010 2011 2008 2009 2010 2011

NOTE: Categories not covered include: ’Other Countries’, Int’l and Reg. Organizations, and Africa.
Source: US Treasury Department
March 25, 2011
 UNITED STATES
Net Borrowing by Nonfinancial Corporations

Total Loans and Mortgages

Billions of Dollars, SAAR Billions of Dollars, SAAR
1200 1000
1000 800 694
838 870
800 698
735 600
591 413
600 566 530 400 344 345
493 472 288 260 236 260
244
400 369 200 178
318 103
273
206 180
200 0
13 2.8
0 -200 -188
-143

-122
-70 -287-255
-200 -400 -374-353

-400 -600
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Commercial Paper Bonds

Billions of Dollars, SAAR Billions of Dollars, SAAR
200 675
150 600 585

111
100 525
63 55 450 438
50 41 43
392 400
23 19 16 365
2.2 2.4 375 356
0 323
293
-23 -21 -21 300 281 283
-31
-50 227 229
225 210209
186 192
-77
-100 150 141
95
-150 -138-132 75
-200 0
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: Equity issues are not included.

Source: Board of Governors, Haver
September 22, 2010
 UNITED STATES
Gross Saving and Investment as a Percent of Nominal GDP

Private Saving (Q4: 18.1) Private Domestic Investment (Q4: 12.2) Saving (Q4: 11.7) Domestic Investment (Q4: 15.8)
20 24

18 22
20
16
18
14 16
14
12
12
10
10
8 8
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Government Saving (Q4: -6.4) Government Investment (Q4: 3.5) Saving Gap (Q4: -4.1) Net Foreign Investment (Q4: -3.2)
6 -1
4
-2
2
-3
0
-2 -4
-4
-5
-6
-6
-8
-10 -7
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

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
 JAPAN
Summary Indicators

Gross Domestic Product Industrial Production

Four-quarter percentage change Index, 2000=100
12 130

8 120

4 Q4 110
2.5
0 100 Jan
96.0
-4 90

-8 80

-12 70

-16 60
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Unemployment Rate Consumer Price Index

Percent 12-Month Percentage Change
6.0 4
3
5.5
2
5.0 Jan
4.9 1
Jan
4.5 0
0.0
-1
4.0
-2
3.5
-3
3.0 -4
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: National Sources

March 25, 2011
 JAPAN
Output Indicators

GDP Growth Industrial Production

Annualized Percentage Change Annualized Percentage Change
20 60

11
40 31
29
10 23 26
7.2 6.1
5.1 20
2.7 3.7 1.8 2.7 2.1
3.3 4.8 7.2 4.0 5.0 2.4
6.8 3.6
1.1
6.2
1.4 1.2
0 0 -1.7
-0.6 -0.9 -1.3 -4.8 -7.1 -6.1
-1.9 -12
-3.3
-5.0 -20
-10 -40
-11 -38

-60 -59
-20 -20
-80
-30 -100
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

GDP Growth Industrial Production

Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
12 60

8 40
20
4 Q4 Jan
2.5 0 1.8
0
-20
-4
-40
-8
-60
-12 -80
-16 -100
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 JAPAN
Contribution to GDP Growth (1)

Private Consumption Private Investment and Inventories

Annualized Rate Annualized Rate
10 10

5 5
3.2 3.2
2.4 2.0 2.4 2.0 2.0
1.6 1.6 1.2 1.2 1.2
0.4 0.4 0.4 0.4 0.0 0.0 0.4 0.4
0 0
-0.4 -0.8 -0.8
-2.4 -2.0 -2.0
-3.6 -4.0 -4.0 -4.0
-5 -4.4 -5

-10 -10

-14
-15 -15
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

Net Exports Government Consumption and Investment

Annualized Rate Annualized Rate
10 8.4
10

5 5
2.8 2.8
1.6 2.0 1.6 2.0
1.2 1.6 1.6 1.2 0.8 0.8 1.2 1.2
0.4 0.4 0.4 0.0 0.0
0 0
-0.8 -0.8 -0.4 -0.4 -0.4 -0.8 -0.4 -0.8 -0.4
-1.6

-5 -4.4 -5

-10 -10
-12

-15 -15
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

NOTE: Private Investment and Inventories includes Government Inventories. Contributions to GDP growth are updated five business days after most recent data release.
Source: BIS and BOJ
March 25, 2011
 JAPAN
Contribution to GDP Growth (2)

Private Fixed Investment Inventories

Annualized Rate Annualized Rate
15 15

10 10
6.0
5 5 2.8
2.0 1.6
0.8 0.8 0.8 1.2 1.2 1.2
0.0 0.4 0.4 0.0 0.4 0.0 0.0
0 -0.4
0 -0.4 -0.4 -0.4
-1.6 -0.8
-2.0 -2.0 -2.0 -2.0
-2.8
-5 -3.6 -5
-4.8 -4.0

-10 -10 -8.8

-15 -15

-20 -20
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

Imports Exports
Annualized Rate Annualized Rate
15 15
12
10 10
4.8 4.8
5 3.6 5 3.6 3.6 3.2
2.4 2.4 2.0 2.0 2.0
0.8 0.8
0.0 0.0 0.0
0 -0.4 -0.4 -0.4 -0.8
0 -0.4
-0.8 -0.8 -0.8
-1.6 -1.6 -2.0 -1.6
-3.2
-5 -5

-10 -10
-10

-15 -15
-16

-20 -20
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

NOTE: Contributions to GDP growth are updated five business days after most recent data release.
Source: BIS and BOJ
March 25, 2011
 JAPAN
Growth Indicators

Tankan Survey Manufacturing, Machinery and Equipment Shipments

Headline - Large Manufacturers Percent Change Over Year-Ago Level (SA)
40 60
40
20
20
Q4 Jan
0 5.0 0 2.5
-20
-20 -40
-60
-40
-80
-60 -100
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Core Machinery Orders Retail Sales

Percent Change Over Year-Ago Level (SA) Percent Change Over Year-Ago Level (SA)
40 6

20
Jan 4
0 6.0

-20 2

Jan
-40 0 0.3
-60
-2
-80

-100 -4
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: National Sources

March 25, 2011
 JAPAN
Tankan Survey Results

Business Conditions: Large, Manufacturing Business Conditions: Large, Non-Manufacturing

Net Percentage ’Favorable’ responses Net Percentage ’Favorable’ responses
Actual (Q4: 5.0) Forecast (Q1: -2.0) Actual (Q4: 1.0) Forecast (Q1: -1.0)
40 30
20
20
10
0 0

-20 -10
-20
-40
-30
-60 -40
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Corporate Finance: Financial Position, Large Lending Attitude: Large Financial Enterprises
Diffusion Index of ’Easy’ minus ’Tight’ Diffusion index of ’Accomodative’ minus ’Severe’
25 30

20 20
Q4 Q4
15
15.0 10 12.0
10
0
5

0 -10

-5 -20
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Source: National Sources

March 25, 2011
 JAPAN
Consumer Price Index

Total Core
Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
6
ex. Fresh Foods (Feb: -0.3) ex. Food and Energy (Feb: -0.6)
6
4
4
2
2
Feb
0 0.1 0
-2 -2

-4 -4

-6 -6
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Goods Services
Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
6 6

4 4

2 2
Jan
0.9
0 0
Jan
-0.8
-2 -2

-4 -4

-6 -6
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: National Sources

March 25, 2011
 JAPAN
Producer Price Index

Total Intermediate Goods

Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
15 15

10 10

5 5
Feb Feb
1.7 2.5
0 0

-5 -5

-10 -10

-15 -15
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Capital Goods Consumer Goods

Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
15 15

10 10

5 5
Feb
0 Feb 0 0.5
-0.7
-5 -5

-10 -10

-15 -15
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: National Sources

March 25, 2011
 JAPAN
Employment and Wages

Unemployment Rate Unemployment, Job Seekers

Percent Percent Change Over Year-Ago Level
6.0 50

5.5 40

30
5.0 Jan
4.9 20
4.5
10
4.0
0
Jan
3.5 -10 -6.9

3.0 -20
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Total Labor Force Monthly Wage

Percent Change Over Year-Ago Level (NSA) Percent Change Over Year-Ago Level
1.5 10

1.0 5
0.5 Jan
0 1.5
0.0
Jan -5
-0.5 -0.3

-1.0 -10

-1.5 -15
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: National Sources

March 25, 2011
 JAPAN
Trade Indicators

Trade and Current Account Balances Merchandise Imports

In Billions of Dollars, SAAR Percent Change Over Year-Ago Level
TB (Feb: 80.8) CAB (Jan: 158.2) Volumes (Feb: 2.1) Values (Feb: 19.8)
300 60
40
200
20
100 0
-20
0 -40
-60
-100
-80
-200 -100
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Merchandise Trade Merchandise Exports

In Billions of Dollars, SA Percent Change Over Year-Ago Level
Imports (Feb: 65.9) Exports (Feb: 72.7) Volumes (Feb: 10.8) Values (Feb: 19.1)
85 100
80
75 60
40
65
20
0
55
-20
45 -40
-60
35 -80
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 JAPAN
Financial Flows In and Out of Japan (1)

Total Foreign Direct Investment

Billions of dollars Billions of dollars
Net Outflow (Q4: 10) Net Inflow (Q4: -17) Net Outflow (Q4: 27) Net Inflow (Q4: -2)
300 100
80
200
60
100 40

0 20
0
-100
-20
-200 -40
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Portfolio Banking and Other

Billions of dollars Billions of dollars
Net Outflow (Q4: 18) Net Inflow (Q4: 24) Net Outflow (Q4: -35) Net Inflow (Q4: -40)
200 300
150
200
100
100
50
0 0
-50
-100
-100
-200
-150
-200 -300
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: Data are from Financial Account and do not include flows affecting domestic reserves.
Source: National Sources
March 25, 2011
 JAPAN
Financial Flows In and Out of Japan (2)

Portfolio: Equity Securities Banking

Billions of dollars Billions of dollars
Net Outflow (Q4: 1) Net Inflow (Q4: 42) Net Outflow (Q4: 29) Net Inflow (Q4: -7)
120 150
90 100
60 50
30
0
0
-50
-30
-60 -100

-90 -150
-120 -200
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Portfolio: Debt Securities Other

Billions of dollars Billions of dollars
Net Outflow (Q4: 17) Net Inflow (Q4: -18) Net Outflow (Q4: -64) Net Inflow (Q4: -33)
200 200
150
100
100
50 0
0
-50 -100

-100
-200
-150
-200 -300
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

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

Short-Term and Long-Term Interest Rates Money Growth

3-Month CD Rate, 10-year Government Bond Rate Percent change over year-ago levels
Short (Mar 25: 0.28) Long (Mar 25: 1.22) M2 + CD (Feb: 2.4) Base (Feb: 5.5)
2.5 20

2.0 10
1.5
0
1.0
-10
0.5

0.0 -20

-0.5 -30
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Monetary Policy Stock Market Index

Uncollateralized Overnight Call Rate Tokyo Stock Exchange Topix
0.7 2000
0.6 1800
0.5 1600
0.4 1400
0.3 1200
0.2 1000
Mar 25
0.1 Mar 22 800 857.4
0.08
0.0 600
-0.1 400
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Source: National Sources

March 25, 2011
 JAPAN
Exchange Rates

Yen per Dollar Yen per Euro

135 190

125 170
115
150
105
130
95
Mar 18
110 114.7
85 Mar 18
81.1
75 90
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Nominal Effective Exchange Rate Real Effective Exchange Rate

Narrow Index, 2000=100 Narrow Index, 2000=100
120 100
Mar 25 95
110 112.4
90 Feb
89.2
100 85
80
90 75
70
80
65
70 60
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Source: Haver
March 25, 2011
 EURO AREA
Summary Indicators

Gross Domestic Product Industrial Production

Four-quarter percentage change Index, 2000=100
6 120

4 115
Q4 110
2
2.0
105
0
Jan
100
-2 99.9
95
-4
90
-6 85
-8 80
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Harmonized Unemployment Rate Consumer Price Index

Percent 12-Month Percentage Change
11.5 6
5
10.5
4
Jan
9.9 3
9.5 Feb
2 2.4
8.5 1
0
7.5
-1
6.5 -2
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 EURO AREA
Output Indicators

GDP Growth Industrial Production

Annualized Quarterly Percentage Change Annualized Quarterly Percentage Change
9 30
6 20
4.0 12
3.4 10 9.9
2.8
3 1.6
2.3
1.7 1.6 1.6
10 7.4
1.4 1.1 4.6 4.6 4.2 4.4
0.7 2.3 1.4 3.2
0 0
-0.6
-1.7 -2.2 -4.5
-7.2 -6.6
-3 -10
-6 -20
-7.1
-25
-9 -30
-9.5 -32
-12 -40
-15 -50
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

GDP Growth Industrial Production

Quarterly Percent Change Over Year-Ago Level Monthly Percent Change Over Year-Ago Level
6 20

4
10
Q4 Jan
2 6.0
2.0
0 0

-2 -10
-4
-20
-6

-8 -30
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 EURO AREA
Contribution to Change in GDP (1)

Private Consumption Expenditures Investment and Inventories

SAAR, real euros SAAR, real euros
6 6
4 4
2.7 2.8
2 1.3 1.3
1.0
2 1.4
0.4
0.8 0.6 0.8 0.4 0.3 0.8
0.3
0.7
0.3
0.1
0 -0.1 -0.2
0
-0.5 -0.6 -0.7
-1.0 -1.1 -1.2 -1.2 -1.2
-2 -2 -1.8 -1.6

-4 -4 -3.9 -3.8

-6 -6 -6.1

-8 -8
-10 -10
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

Net Exports of Goods and Services Government Consumption Expenditures

SAAR, real euros SAAR, real euros
6 6
4 4
2.7
2 1.3 1.6 1.3 1.3 2
1.0 0.7 0.7
0.6 0.4 0.4 0.6 0.3 0.7 0.4 0.6 0.6 0.5 0.4 0.4 0.1
0.1 0.2 0.3 0.0 0.0 0.2
0 -0.1
0
-0.6
-1.3
-2 -2
-3.0 -3.1
-4 -4
-6 -6
-8 -8
-10 -10
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

NOTE: Contributions to growth may include errors due to rounding.

Source: Haver
March 25, 2011
 Euro Area
Contribution to Change in GDP (2)

Fixed Investment Inventories

SAAR, real euros SAAR, real euros
20 20
15 15
10 10
5 5
1.6 1.7 1.3 1.6 1.2
1.0 0.5 1.1 0.5 0.3 0.3 0.1
0 -0.1
0
-0.8 -0.1 -0.1 -0.5 -0.4 -0.8 -0.5 -0.7 -0.7 -0.6 -0.8
-1.3 -1.3 -1.9 -1.0 -1.7 -2.0
-3.2
-5 -4.4 -5
-10 -10
-15 -15
-20 -20
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

Imports Exports
SAAR, real euros SAAR, real euros
20 20
15 15
11
10 8.1 10
6.7
5 4.3 5 3.4 3.9 3.1 4.2 3.4 2.9
1.6 1.8 1.6 2.6 1.2
0.7
0 0
-0.8
-1.8 -1.0 -2.4 -2.6
-1.4 -2.1 -1.6
-1.2 -2.0 -1.6
-2.8
-5 -4.8 -5
-6.0
-10 -10
-11
-15 -15 -14

-20 -20
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

NOTE: Contributions to growth may include errors due to rounding.

Source: Haver
March 25, 2011
 EURO AREA
Growth Indicators

Consumer Confidence Business Climate Index

Percentage Balance Standard Deviation Points
10 3
2 Feb
0 1.5
1
Feb 0
-10
-10.0
-1
-20 -2
-3
-30
-4
-40 -5
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Economic Sentiment Index Business Confidence

Long-Term Average = 100 Percentage Balance
130
Industry (Feb: 6.5) Services (Feb: 11.1)
120 40

110 Feb 20
107.8
100 0

90 -20

80 -40
70 -60
60 -80
50 -100
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 EURO AREA
Industrial Confidence Indicators

Total Order Books

Percentage Balance Percentage Balance
20 40
Feb
0 6.5 20

-20 0 Feb
-1.4
-40 -20

-60 -40

-80 -60

-100 -80
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Stocks of Finished Products Production Expectations

Percentage Balance Percentage Balance
30 40
25 20 Feb
19.5
20
0
15
-20
10
-40
5
-60
0 Feb
-1.4
-5 -80

-10 -100
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 EURO AREA
Industrial New Orders

Total Manufacturing Machinery and Equipment

140
Total (Jan: 111.5) Excl. other transport (Jan: 112.2)
140
130
130
120 Jan
120
115.2
110
110
100 100

90 90

80 80

70 70
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Electrical Equipment Transport Equipment

135 160

125 140
Jan
120.3
115
120
105 Jan
100 103.9
95

85 80

75 60
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011
NOTE: Above charts are seasonally adjusted, 2005=100
Other transport includes ships, aircraft and railway.
Source: Haver
March 25, 2011
 EURO AREA
Price and Cost Indicators

Consumer Prices Producer Prices

Percent Change Over Year-Ago Level Percent Change over Year-Ago Level

Overall CPI (Feb: 2.4) Core CPI (Feb: 1.0) PPI (Jan: 6.0) PPI (Cons.Goods) (Jan: 2.2)
6 10
5
4 5
3
2 0
1
0 -5
-1
-2 -10
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Unit Labor Costs and Compensation Import Prices - Manufactured Products

Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
16
Unit Labor Cost (Q4: -0.1) Compensation (Q4: 1.7)
8
12
6 Nov
8 8.4

4 4

0
2
-4
0
-8

-2 -12
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: Core CPI excludes Energy, Food, Alcohol and Tobacco. Unit Labor Costs and Compensation are Per Employee.
Source: Haver, National Sources
March 25, 2011
 EURO AREA
Harmonized Index of Consumer Prices

Total HICP Total excluding Energy and Unprocessed Food

Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
5 5

4 4

3 3
Feb
2 2.4 2
Feb
1 1 1.1

0 0

-1 -1
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Goods excluding Energy, Food, Alcohol and Tobacco Services

Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
5 5

4 4

3 3

2 2 Feb
1.6
1 1
Feb
0 0.1 0

-1 -1
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 EURO AREA
Producer Price Index

Total Intermediate Goods

Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
10 10
Jan
Jan 8.1
5 6.0 5

0 0

-5 -5

-10 -10
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Capital Goods Consumer Goods

Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
10 10

5 5
Jan
Jan 2.2
0 1.3 0

-5 -5

-10 -10
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 EURO AREA
Employment and Wages

Harmonized Unemployment Rate Harmonized Unemployment, Whole Economy

Percent Percent Change Over Year-Ago Level
11.5 40

10.5 30
Jan
9.9 20
9.5
10
8.5 Jan
0 0.2
7.5 -10

6.5 -20
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Employment in the Whole Economy Total Labor Costs, Non-Agricultural Business

Percent Change Over Year-Ago Level Percent Change Over Year-Ago Level
4 5
3
4
2
1 3
Q4
0 0.4
-1 2

-2
1 Q3
-3 0.8
-4 0
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: Hourly Labor Costs exclude the agriculture, public administration, education and health sectors.
Source: Haver, National Sources
March 25, 2011
 EURO AREA
Trade Indicators

Trade and Current Account Balances Total Exports

In Billions of Dollars, SAAR Percent Change Over Year-Ago Level
TB (Jan: -52.9) CAB (Jan: -11.2) Volumes (Nov: 14.6) Values (Jan: 15.7)
200 40

100 20
0
0
-20
-100
-40
-200
-60
-300 -80
-400 -100
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Total Imports and Exports Total Imports

In Billions of Dollars, SA Percent Change Over Year-Ago Level
Exports (Jan: 186.2) Imports (Jan: 190.6) Volumes (Nov: 13.2) Values (Jan: 19.7)
260 40
240 20
220 0
200
-20
180
-40
160
140 -60

120 -80
100 -100
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 Gross Operating Surplus and Mixed Income
As a percent of nominal GDP

Euro Area Germany

0.42

0.40
0.41 Q4
0.38 0.39

0.40 Q4 0.36
0.40
0.34
0.39
0.32

0.38 0.30
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

France Italy
0.36 0.47

0.46
0.35
Q4
0.45 0.45
Q4
0.34 0.34
0.44

0.33 0.43
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 EURO AREA
Financial Flows In and Out of Euro Area (1)

Total Foreign Direct Investment

Billions of dollars Billions of dollars
Net Outflow (Q4: -22) Net Inflow (Q4: 2) Net Outflow (Q4: -53) Net Inflow (Q4: -13)
1500 300
1200
200
900
600 100
300
0 0

-300
-100
-600
-900 -200
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Portfolio Banking and Other

Billions of dollars Billions of dollars
Net Outflow (Q4: 32) Net Inflow (Q4: 127) Net Outflow (Q4: -2) Net Inflow (Q4: -112)
600 800
600
400
400
200 200

0 0
-200
-200
-400
-400 -600
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: Data are from Financial Account and do not include flows affecting domestic reserves.
Source: Haver
March 25, 2011
 EURO AREA
Financial Flows In and Out of Euro Area (2)

Portfolio: Equity Securities Banking (MFIs excluding Eurosystem)

Billions of dollars Billions of dollars
Net Outflow (Q4: 52) Net Inflow (Q4: 98) Net Outflow (Q4: -23) Net Inflow (Q4: -120)
200 800
150 600
100 400
50 200
0 0
-50 -200
-100 -400
-150 -600
-200 -800
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Portfolio: Debt Securities Other

Billions of dollars Billions of dollars
Net Outflow (Q4: -20) Net Inflow (Q4: 29) Net Outflow (Q4: 21) Net Inflow (Q4: 8)
400 375
300
300
225
200 150
100 75
0
0 -75
-100 -150
-225
-200
-300
-300 -375
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

NOTE: Data are from Financial Account and do not include flows affecting domestic reserves.
Source: Haver
March 25, 2011
 EURO AREA
Financial Indicators

Short-Term and Long-Term Interest Rates Money and Credit Growth

3-month Euro Market Rate, 10-year German Bond Yield Percent Change Over Year-Ago Level
Short (Mar 24: 1.18) Long (Mar 25: 3.26) M3 (Feb: 2.0) Loans (Feb: 2.6)
7 20
6
15
5
4 10
3
2 5
1
0
0
-1 -5
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Monetary Policy Stock Market Index

ECB Refinancing Rate Euro-Stoxx, Overall
5 500
450
4
400

3 350
300 Mar 23
2 279.6
250

Mar 200
1
1.00
150
0 100
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

NOTE: Loans are to euro area residents excluding MFIs and general government.
Source: National Sources, Haver
March 25, 2011
 EURO AREA
Exchange Rates

Euro-Dollar Exchange Rates Yen per Euro

190
Dollars per Euro (Mar 24: 1.41) Euros per Dollar (Mar 24: 0.71)

1.6 170

1.4
150
1.2
1.0 130

0.8 Mar 24
110 114.4
0.6
0.4 90
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Nominal Effective Exchange Rate Real Effective Exchange Rate

Narrow Index, 2000=100 Narrow Index, 2000=100
136 135

132 130

125
128
120
124
Mar 24 115
121.7 Dec
120 112.8
110
116 105

112 100
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Source: National Sources

March 25, 2011
 FRANCE
Summary Indicators

Gross Domestic Product Industrial Production

Four-quarter percentage change Index, 2000=100
4 110

2 105
Q4
1.5
100
0
Jan
95 95.1
-2
90
-4 85

-6 80
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Harmonized Unemployment Rate Consumer Price Index

Percent 12-Month Percentage Change
11.0 6
10.5 5
10.0 4
Jan
9.5 9.6 3
9.0 2 Feb
1.8
8.5 1
8.0 0
7.5 -1
7.0 -2
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 GERMANY
Summary Indicators

Gross Domestic Product Industrial Production

Four-quarter percentage change Index, 2000=100
12 130

8 120
4 Q4
4.0 Jan
110
0 108.4
100
-4

-8 90

-12 80
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Harmonized Unemployment Rate Consumer Price Index

Percent 12-Month Percentage Change
12 5

11 4

10 3
Feb
9 2 2.2

8 1

7 0
Jan
6.5
6 -1

5 -2
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 ITALY
Summary Indicators

Gross Domestic Product Industrial Production

Four-quarter percentage change Index, 2000=100
6 120
4
110
2 Q4
1.5
0 100
-2
-4 90 Jan
87.6
-6
80
-8
-10 70
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Harmonized Unemployment Rate Consumer Price Index

Percent 12-Month Percentage Change
10 6
5
9
Jan 4
8.6
8 3
Feb
2 2.1
7 1
0
6
-1
5 -2
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 UK
Summary Indicators

Gross Domestic Product Industrial Production

Four-quarter percentage change Index, 2000=100
6 105

4
100
2 Q4
1.5
0 95
Jan
-2 91.7
90
-4
85
-6

-8 80
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Harmonized Unemployment Rate Consumer Price Index

Percent 12-Month Percentage Change
8.5 7
8.0 Dec 6
7.9
7.5
5
7.0 Jan
4
4.0
6.5
3
6.0
2
5.5
5.0 1

4.5 0
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Haver
March 25, 2011
 CANADA
Summary Indicators

Gross Domestic Product Industrial Production

Four-quarter percentage change Percent change over year-ago level
8 20

6 15
10
4 Q4 Dec
3.2 5 5.9
2
0
0
-5
-2
-10
-4 -15
-6 -20
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Unemployment Rate Consumer Price Index

Percent 12-Month Percentage Change
10 5

4
9
3
8 Feb Feb
2 2.2
7.8
7 1

0
6
-1

5 -2
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: National Sources

March 25, 2011
 MEXICO
Summary Indicators

Gross Domestic Product Industrial Production

Four-quarter percentage change Index, 1993=100
12 120
Jan
8 117.0
Q4 115
4 4.4

0 110

-4
105
-8

-12 100
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Urban Unemployment Rate Consumer Price Index

Percent 12-Month Percentage Change
7 8

6 7
Jan
5.4 6
5
5
4
4
Feb
3 3.6
3

2 2
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: National Sources

March 25, 2011
 U.S. DOLLAR AGAINST FOREIGN CURRENCIES
Monthly Average Values

Yen per Dollar

135
Euros per Dollar (Mar 24: 0.71) Dollars per Euro (Mar 24: 1.41)

125
1.6
115 1.4

105 1.2
1.0
95
0.8
85 Mar 24 0.6
80.9
75 0.4
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Pound per Dollar Canadian Dollar per Dollar

0.75
1.3
0.70
0.65 1.2
Mar 24
0.60 0.62
0.55 1.1

0.50
1.0 Mar 24
0.45 0.98
0.40 0.9
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Source: National Sources

March 25, 2011
 EFFECTIVE EXCHANGE RATES
Index, 2000=100

U.S. dollar (nominal) U.S. dollar (real)

Major Currencies Index - 7 Currencies Major Currencies Index - 16 Currencies
90 92

86
87
82

78 82

74
77 Feb
76.8
70 Mar 24
69.1
66 72
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Euro area euro (nominal) Japanese yen (nominal)

ECB Narrow Index - 12 Currencies Major Currencies Index - 26 Currencies
136 130

132 120
Mar 22
110 110.4
128
100
124
Mar 24 90
121.7
120
80
116 70

112 60
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Source: Board of Governors, National Sources

March 25, 2011
 INTERNATIONAL LONG-TERM INTEREST RATES
Monthly Average Values, Percent

United States Euro Area

7 7

6 6

5 5

4 4
Mar 24 Mar 25
3 3.42 3 3.26

2 2

1 1

0 0
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Japan Canada
7 7

6 6

5 5

4 4
Mar 25
3 3 3.21

2 2
Mar 25
1 1.22 1

0 0
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

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

Source: National Sources, Board of Governors
March 25, 2011
 INTERNATIONAL SHORT-TERM INTEREST RATES
Monthly Average Values, Percent

United States Euro Area

8 8

6 6

4 4

2 2
Feb
Feb 1.09
0 0.13 0

-2 -2
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Japan Canada
8 8

6 6

4 4

2 2
Feb
Feb 1.19
0 0.28 0

-2 -2
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

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
 STOCK MARKET INDICES
Monthly Average

United States: SP500 EU: Euro-Stoxx, Overall

1800 500
450
1600
400
1400
Mar 24 350
1310
1200 300 Mar 23
280
250
1000
200
800
150
600 100
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

Japan: Topix Canada: TSE 300

2000 17100

1800
15100
1600 Mar 24
1400 14029
13100
1200
1000 11100
Mar 25
800 857
9100
600
400 7100
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

NOTE: Dots represent last reported daily close.

Source: National Sources
March 25, 2011