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REGIONAL ANALYSIS- ECONOMIC LANDSCAPE
The economy of the United States is the world's largest single national economy. ThUnited States' nominal GDP was estimated to be $16.6 trillion in June 2013. The UniteStates is currently implementing a monetary policy called quantitative easing; aiming reduce long-term interest rates and thus stimulate investments.
The services sector was the largest contributor to GDP in the economy (79.7%), followe by industry (19.2%) and agriculture (1.1%). For the greater part of the 20th century, th
US was the world's top manufacturer and provider of services. The USs services sector isthe largest in the world and its manufacturing sector is second only to China in size.
The U.S. current-account deficit decreased to $94.8 billion in the third quarter from $96 billion in the second quarter. The deficit decreased to 2.2 percent of current-dollar grodomestic product (GDP) from 2.3 percent in the second quarter. The decrease in tcurrent-account deficit was more than accounted for by an increase in the surplus income. A decrease in net outflows of unilateral current transfers and an increase in thsurplus on services also contributed to the decrease. These changes were partly offset ban increase in the deficit on goods.
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OUTLOOK
In the outlook for the US financial sector, investors would be the most impacted by theffects of tapering on the Fed Quantitative Easing policy. It is foreseen that tapering wiinduce an increase in interest rates. This would present investment opportunities for bondand stocks, since the yield for those assets will rise in tandem to interest rates. Wittapering, external debt is also forecasted to trend downwards. On the other hand, with risininterest rates, this could potentially present an overcrowding effect on investment.
With the intention of moving towards fiscal policies to support future growth and to reducunemployment, the US government recognizes the need to continue attracting FDIs. This especially since MNCs account for 14% of income tax, produces nearly 18% of all Uexports and provides nearly 5.6 million jobs. As such, the US government has approved
National Investment initiative to ensure the US remains attractive for FDI and to potentiallcounter the effects of rising interest rates caused by tapering.
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REGIONAL ANALYSIS-POLITICAL SITUATIO
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United StatesECONOMIC LANDSCAPE
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AGENDAEconomic performance and competitiveness
GDP composition by sector (agriculture, industry, services)Fiscal and monetary situationTrade and the current accountExternal debtFDI & portfolio investmentsForeign exchange reserves
Credit ratingEmploymentOutlook Industry structure and competitionFinancial sector Outlook
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FACTSMARKETS LAST PREVIOUS AVERAGE UNIT REFERENCE
STOCK MARKET 15879.11 16576.66 INDEX POINTS 1/24/2014
GOVERNMENT BOND 2.77 2.98 6.4 PERCENT 1/24/2014
GDP LAST PREVIOUS AVERAGE UNIT REFERENCE
GDP GROWTH RATE 4.1 2.5 3.24 PERCENT 9/30/2013
GDP ANNUAL
GROWTH RATE 2 1.6 3.21 PERCENT 9/30/2013
GDP CONSTANT PRICE 15839.3 15679.7 7747.52 USD BILLION 8/15/2013
GROSS FIXED CAPITAL 2494 2458.4 2158.3 USD BILLION 8/15/2013
GROSS NATIONAL
PRODUCT 16067.4 15893.9 7810.35 USD BILLION 8/15/2013
GDP PER CAPITA 45336 44439 30904.08 USD 12/31/2012
GDP PER CAPITA PPP 45336 44439 36571.42 USD 12/31/2012
GDP 15684.8 14991.3 5725.89 USD BILLION 12/31/2012
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Economic performance andcompetitiveness
Ranked No 1 in Doing Business report in the large populationcategory
ECONOMY EDBStartingBusiness Permits Credit
ProtectingInvestor
Tradacrobord
United States 4 6 12 3 3
Malaysia 6 4 15 1 1
Korea. Rep 7 13 6 6 19
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Economic performance
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GDP per Industry
Industry 2007 2008 2009 2010 2011 2012
Agriculture 346.9 380.5 341.9 372.8 431.2 445.5
Industry* 5355.0 5454.9 4465.5 4988.7 5573.3 5800.7
Services** 2639.0 2737.8 2596.0 2727.3 2889.3 3027.8
* Manufacturing (Durable goods, Nondurable goods)
** Professional, scientific, and technical services, Management of companies andenterprises, Administrative and waste management services
Figures in $ Billion
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Services80%
Industry19%
Agriculture1%
GDP composition by sector
Services sector(79.7%)-$12.5 trillion-The largest contributor to GDP in the economy-Employed 81.5% of the total population-Expanding sectors : wholesale and retail trade,restaurants and hotels, and financial services
Industry (19.2%)-$3.01 trillion-The world's the largest manufacturing countryuntil 2010, when it was surpassed by China- Attractive investment market especially inmanufacturing and Oil and gas
Agriculture (1.1%)-$168.6 billion-US is a net exporter of agriculture-US controls almost half of world grain exports
(vast tracts of temperate arable land,technologically advanced agribusiness,agricultural subsidies)-Major exported commodities: daily products,
corn
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Key Industry Sector
Industry as a Percentage of GDP (%) 2012
Real estate and rental and leasing 12.9 %
Manufacturing 12.5 %Health care and social assistance 7.1Professional, scientific, and technical services 7Wholesale trade 5.9Retail trade 5.7Information 4.8
Arts, entertainment, recreation, accommodation, food services 3.7Construction 3.6
Transportation and warehousing 2.9Mining 2.6Other services, except government 2.2Utilities 1.7
Agriculture, forestry, fishing, and hunting 1.2
[Source: US Bureau of Economic Analysis, January 23, 2014]
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Major Sector: Real estate
The housing sector is recovering, with the low mortgage & delinquency rate
With the Federal Reserve buying $40billion worth of mortgage-backedsecurities each month, mortgage rates hita historic low in December 2012 (3.35%)
House prices have also started to recoversince the second quarter of 2012
Delinquencies, which are followed byforeclosures of homes if borrowers do not patheir dues within a specified period, alsodeclined through the course of 2012(4.7%)
Fact and Figures [Source: Federal ReseCommerce and Federal]
These factors point to a recovery in the US housing market in the near future.
It will help to boost US economy
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Major Sector: Manufacturing
Reshoring in the USUSs efficient supply chain managementRising labor costs in China
: 37% of the executives in companies(over $1billion sales) are planning orconsidering the return of their production to the US from China.: Ford Motor Company, General Electric, Nissan and Yamaha have brought backsome of their manufacturing capacities back to the US.: Leading aircraft manufacturer, Airbus, is building its new assembly plant inAlabama (expected to 1,000 new jobs in 2018).
Fact and Figures [Source: Boston Consulting Group Survey ,February 2012 ]
Expected to bring back manufacturing jobs to the US, whichcould be a big positive to the US economy. Competitive investment climate: relative stability in wageinflation, enhanced productivity, availability of skilled labor
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New Growing Sector: Oil and GasThe shale gas boom could help in realizing the USs ambition of energy self-sufficie
in the long-runShrink the gap between energy production and consumption(19% in 2011 to 9% in 2040)
Economic consequences:Domestic job-creation (direct employment to 2.6 million , indirect 5.8 million in 2011)Partial correction of the US trade imbalance (net petroleum imports declined from $182 billion in
2011 to $157.7 billion in 2012)Fact and Figures [Source: US E
Administration]
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Monetary Policy
United States currently implementing an unconventional monetarypolicy called quantitative easing
Has 3 stages:
QE1 Mortgage-based securities
QE2 Treasury securities
QE3 Agency mortgage-backed securities
Federal Reserve is now reducing its monthly purchases of long-terminterest-bearing bonds. Stock market reacts positively
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Current Account- GoodsThe U.S. current-account deficit decreased to $94.8 billion in the thirdquarter from $96.6 billion in the second quarter
The deficit on goods increased to $178.6 billion in the third quarter from$175.7 billion in the second
Goods exports: $397.6 billion and the largest increases in exports were in
industrial supplies and materials and in foods, feeds, and beverages
Goods imports: $576.2 and the largest increase in imports was inautomotive vehicles, parts, and engines; much of that increase was intrucks, buses, and special purpose vehicles
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Services
The surplus on services increased to $57.9 billion in the third quarter from
$57.6 billion in the second
Services exports: $170.9 billion and the largest increases were in travel andin royalties and license fees
Services imports: $113.0 billion and the largest increases were in otherprivate services, primarily in business, professional, and technical services,and in other transportation, which includes freight and port services
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Income
The surplus on income increased to $60.0 billion in the third quarter from $56.0 billionin the second
Investment income
Income receipts on U.S.-owned assets abroad increased to $194.9 billion from $193.8 billion.
The increase was accounted for by increases in other private receipts, which consists of interestand dividends, and direct investment receipts. U.S. government receipts decreased
Income payments on foreign-owned assets in the United States decreased to $132.8 billion from$135.6 billion.
The decrease was more than accounted for by a decrease in direct investment payments. Otherprivate payments increased.
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External Debt
As of Dec 2013, public debt -> 17.226 Trillion ( >100% of GDP) 46% of public debt owned by foreign investors
China & Japan External debt forecasted to trend downward -> GDP can facilitate
growth without the need for external financing
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External Debt
With tapering this is setto fall
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External Debt - Outlook
CongressionalBudget Office
(CBO)2 Scenarios
ExtendedBaseline
ExtendedAlternative Fiscal
Lower tax revenue Higher spending Higher debt -> 199%
of GDP in 2037
Assume fiscal growth Higher tax revenue Lower spending projected public debt to be
53% of GDP in 2037
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External Debt Forecasted projections
ExtendedBaseline
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Credit rating
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Credit rating
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Credit rating
Credit rating agencies around the world have been downgrading
their credit ratings of the U.S. federal government, startingwith Standard & Poor's (S&P) from AAA (outstanding) to AA+(excellent) on August 5, 2011
The U.S. government enjoys the highest credit rating ("AAA"/"Aaa")from two of the Big Three CRAs
The U.S. enjoyed the "gold standard" of triple-A ratings from all threeagencies (Fitch, Moody's and S&P) from the time of their recognitionas standards by the SEC until the S&P downgrade in early August2011
Last summer Moody's raised its outlook for the U.S. sovereign creditrating to stable from negative, easing off the threat of a ratings cut.Moody's currently assigns the U.S. its top rating, "Aaa
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Credit rating
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CREDIT RATING
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Financial Account
Net financial inflows were $67.3 billion in the third quarter, up from$65.5 billion in the second.
U.S. owned assets abroad & foreign-owned assets in the UnitedStates both increased less than in the second quarter
Outflows of U.S.-owned assets abroad declined more than inflows offoreign-owned assets in the United States
Financial derivatives shifted to net outflows in the third quarter fromnet inflows in the second quarter
FDI
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FDI
In Q2 2013, three countries received 47% of global FDI inflows.1. China USD 61 billion, or 21% of total
2. United Kingdom , USD 41 billion
3. United States, USD 38 billion
FDI implications on economy:
FDI
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FDIInflows as a percentage of GDP Outflows as a percentage of GDP
FDI F t
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FDI - Future
National Investment InitiativeIntention to increase FDI by 1 Trillion over the next 5 years
IncreaseFDI
Innovationinvestment
zones
Supply chainpartnership
Improvedco-ordination
betweenSelect USA and
states Improveimmigration
policy highlyskilled workers
Tax reforms
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FOREX RESERVES
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Will the U.S. Dollar Be Replaced asthe Worlds Reserve Currency?
Why Might the U.S. Dollar Lose Reserve Currency Status?
What Does Not Being a Foreign Exchange Reserve Mean for theU.S.?
Why is being the Worlds Reserve Currency Important?
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UNEMPLOYEMENT
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UNEMPLOYEMENT
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UNEMPLOYEMENT
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UNEMPLOYEMENT
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UNEMPLOYEMENT
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INVESTMENT V/S UNEMPLOYEMENT
Fi i l S
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Financial Sector
Financial Sector
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Financial Sector
2014 &Beyond
Tapering
Rising
moneysupplyRisk
aversion ofbankingsector
Financial Sector - Tapering
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Financial Sector TaperingJan 2014 - Effects of tapering
Returns have declined BUT tapering will cause i/r to increase in thefuture. This represents an investment opportunity for all asset classes.
Financial Sector - Tapering
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p g
Jan 2014 - Effects of tapering on housing market
Mortgage rate closely tracks Treasury Yield Cost of borrowing is set to increase but maybe negligible ->
Consumption may decline for big ticket items
Financial Sector Rising Supply of money
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Growing money supply price inflation, including increasing asset prices such as stocks Depreciation of US dollar Bodes well for export based industry Real present value of money will decline - Invest more in commodities
S O ll O tl k
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Summary-Overall Outlook FDI investment most attractive in US
MANUFACTURING
TECHNOLOGY
OIL & GAS
Foreign Institutional InvestmentOptimistic outlook for investors due to opportunities
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APPENDICES
TECHNOLOGY
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TECHNOLOGY
Technology example
PATH Technology receiving funding from Indonesia, Asia
Enrollments in graduate programs at American colleges anduniversities have increased modestly, driven largely by a rise ininternational students
The number of international students in American graduateprograms went up by 8 percent from the fall of 2011 to the fall of2012
Manufacturing
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Manufacturing
Rising labor cost in china
Strikes are becoming more frequent in China
American wages are going down / political pressure in US
Transport costs are playing a big part in reshoring
Mexico
Income
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Income
Compensation of employees
Receipts for compensation of U.S. residents paid by nonresidents remained at $1.7 billion in thethird quarter.
Payments for compensation of foreign residents paid by U.S. residents remained at $3.8 billion inthe third quarter
Unilateral current transfers
Net unilateral current transfers to foreigners were $34.1 billion in the third quarter, down from $34
billion in the second.The decrease reflected decreases in private remittances and other transfers and in U.S.
government pensions and other transfers that more than offset an increase in U.S. governmentgrants.
ADDITIONAL FACTS
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ADDITIONAL FACTS
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ADDITIONAL FACTS
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ADDITIONAL FACTS
LA B OUR LA ST P R EVIO US A VER A GE T R EN D UN IT EF ER EN C E R EQUEN C Y
INITIAL JOBLESS CLAIMS 326 345 363.17 THOUSAND 1/18/2014 WEEKLY
NON FARM PAYROLLS 74 241 118.84 THOUSAND 12/31/2013 M ONTHLY
ADP EMPLOYMENT CHANGE 238.2 229 21.79 THOUSA NDS 12/15/2013 M ONTHLY
AVERAGE HOURLY EARNINGS 0.08 0.17 0.2 P ERCENT 12/15/2013 M ONTHLY
AVERAGE WEEKLY HOURS 34.4 34.5 34.36 HOURS 12/15/2013 M ONTHLY
CHALLENGER JOB CUTS 30623 45314 70261.88 12/15/2013 M ONTHLY
EMPLOYED PERSONS 144586 144443 101308.29 T HOUSA ND 12/ 15/ 2013 M ON TH LY
GOVERNMENT PAYROLLS -13 15 20.66 THOUSAND 12/15/2013 M ONTHLY
JOB VACANCIES 3574 4200 3633.89 THOUSAND 11/15/2013 M ONTHLY
LABOUR COSTS 102.84 102.84 57.7 INDEX P OINTS 8/15/2013 QUA RTERLY
LABOR FORCE PARTICIPATION RATE 62.6 62.9 63.01 P ERCENT 12/15/2013 M ONTHLY
LONG TERM UNEMPLOYMENT RATE 2.5 2.61 2.67 P ERCENT 12/31/2013 M ONTHLY
PRODUCTIVITY 106.42 105.72 63.72 IND EX P OIN TS 8/15/2013 QUA RTERLY
UNEMPLOYED PERSONS 10351 10841 6515.59 THOUSA ND 12/15/2013 M ONTHLY
WAGES 10.3 10.33 10.22 USD 12/15/2013 M ONTHLY
ADDITIONAL FACTS
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ADDITIONAL FACTS
WAGES IN MANUFACTURING 19.6 19.42 8.46 USD 12/15/2013 M ONTHLY
YOUTH UNEMPLOYMENT RATE 14.1 15.1 12.31 P ERCENT 11/15/2013 M ONTHLY
RETIREMENT AGE MEN 66 66 66 1/1/2013 YEARLY
RETIREMENT AGE WOMEN 66 66 65.97 1/1/2013 YEARLY
POPULATION 315.09 312.81 244.78 M ILLION 12/31/2012 YEARLY
UNEMPLOYMENT RATE 6.7 7 5.83 P ERCENT 12/31/2013 M ONTHLYP R IC ES LA ST P REVIO US A VER A GE T R EN D UN IT EF ER EN C E R EQUEN C Y
INFLATION RATE 1.5 1.2 3.34 P ERCENT 12/31/2013 M ONTHLY
CONSUMER PRICE INDEX (CPI) 234.58 233.89 101.77 IND EX P OIN TS 12/15/2013 M ON TH LY
CORE CONSUMER PRICES 235.5 235.24 114.35 IND EX P OIN TS 12/15/2013 M ON TH LY
EXPORT PRICES 132.2 131.7 106.06 IND EX P OIN TS 12/15/2013 M ON TH LY
GDP DEFLATOR 106.78 106.26 51.17 IND EX P OIN TS 8/15/2013 QUA RTERLY
IMPORT PRICES 137.6 137.6 105.46 INDEX P OINTS 12/15/2013 M ONTHLY
INFLATION RATE MOM 0.3 0.03 0.3 P ERCENT 12/15/2013 M ONTHLY
PRODUCER PRICES 198.2 197.4 90.87 INDEX P OINTS 12/15/2013 M ONTHLY
PRODUCER PRICES CHANGE 1.24 0.72 3.18 P ERCENT 12/15/2013 M ONTHLY
CORE INFLATION RATE 1.72 1.72 3.77 P ERCENT 12/15/2013 M ONTHLY
ADDITIONAL FACTS
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M ON EY LA S T P R EV IOUS A VER A GE T R EN D UN IT R EF ER EN C EF R EQUEN C Y
INTEREST RATE 0.25 0.25 6.09 P ERCENT 12/18/2013 M ONTHLY
CENTRAL BANK BALANCE SHEET 4 045 116 398 5589 1659 918 .01 US D M ILLIO N 1/ 22/ 20 14 WEE KLY
FOREIGN EXCHANGE RESERVES 145113 147086 50381.41 USD M ILLION 11/ 30/ 2013 M ON TH LY
LOANS TO PRIVATE SECTOR 7363.13 7347.3 1975.65 USD B ILLION 12/ 15/ 2013 M ONTH LY
MONEY SUPPLY M0 3109895 3004482 449844.98 USD M ILLION 5/ 15/ 2013 M ON TH LY
MONEY SUPPLY M1 2648.5 2610.9 778.83 USD B ILLION 12/15/2013 M ONTHLY
MONEY SUPPLY M2 10958.9 10933.6 3233.8 USD B ILLION 12/ 15/ 2013 M ONTH LY
T R A D E LA S T P R EV IOUS A VER A GE T R EN D UN IT R EF ER EN C EF R EQUEN C Y
EXPORTS 194857 193136 105518.32 USD M ILLION 11/ 30/ 2013 M ON TH LY
IMPORTS 229108 232464 137696.2 USD M ILLION 11/ 30/ 2013 M ON TH LY
CAPITAL FLOWS - 16633 188100 22914.16 M ILLION USD 11/ 15/ 2013 M ON TH LY
EXTERNAL DEBT - 41655 83 - 445 504 0 - 125 9217 .88 US D M ILLIO N 9/ 30/ 20 13 Y EA R LY
FOREIGN DIRECT INVESTMENT 44177 40556 17881.45 USD M ILLION 8/ 15/ 2013 QUA RTERLY
NET LONG-TERM TIC FLOWS -29293 28700 23120.84 USD M ILLION 11/ 15/ 2013 M ONTH LY
TERMS OF TRADE 98.07 98.04 113.8 INDEX P OINTS 8/15/2013 QUA RTERLY
CURRENT ACCOUNT TO GDP -3 -3.1 -2.69 P ERCENT 12/31/2012 YEARLY
CURRENT ACCOUNT - 94840 -96613 -43745.28 USD M ILLION 8/ 15/ 2013 QUA RT ER LY
BALANCE OF TRADE -34252 -39328 -32159.24 USD M ILLION 11/ 30/ 2013 M ONTH LY
ADDITIONAL FACTS
ADDITIONAL FACTS
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GOV ER N M EN T LA ST P REVIO US A VER A GE T R EN D UN IT E F ER EN C EF R EQ UEN C Y
GOVERNMENT BUDGET -4.1 -8.5 -3.03 P ERCENT OF G 9/30/2013 YEARLY
CREDIT RATING 96.89 M ONTH
GOVERNMENT BUDGET VALUE 53220 -135226 -15092.17 USD M ILLION 12/ 15/ 2013 MON TH LY
GOVERNMENT SPENDING 2907.4 2904.5 1840.59 USD B ILLION 8/ 15/ 2013 QUA RTER LY
GOVERNMENT DEBT TO GDP 101.6 99.4 60.28 P ERCENT 12/31/2012 YEARLY
B USIN ESS LA ST P R EVIO US A VER A GE T R EN D UN IT E F ER EN C EF R EQ UEN C Y
INDUSTRIAL PRODUCTION 3.7 3.2 3.9 P ERCENT 12/31/2013 M ONTHLY
BUSINESS CONFIDENCE 57 57.3 52.75 P ERCENT 12/15/2013 M ONTHLY
BANKRUPTCIES 34892 36061 48863.06 COM PA NIES 9/30/2013 QUA RTERLY
BUSINESS INVENTORIES 0.4 0.8 0.29 P ERCENT 11/30/2013 M ONTHLY
CAPACITY UTILIZATION 79.21 79.1 80.64 P ERCENT 12/15/2013 M ONTHLY
CAR REGISTRATIONS 559.8 620.9 712.02 THOUSA ND 10/15/2013 M ONTHLY
CHANGES IN INVENTORIES 115.7 56.6 24.87 USD B ILLION 8/15/2013 QUARTERLY
LA B OUR LA ST P R EVIO US A VER A GE T R EN D UN IT E FER EN C EF R EQ UEN C Y
CONTINUING JOBLESS CLAIMS 3056 2861 2731.39 THOUSA ND 1/11/2014 WEEKLY
B USIN ESS LA ST P R EVIO US A VER A GE T R EN D UN IT E F ER EN C EF R EQ UEN C Y
DURABLE GOODS ORDERS 3.45 -0.7 0.38 P ERCENT 11/15/2013 M ONTHLY
FACTORY ORDERS 1.8 -0.9 0.3 P ERCENT 11/15/2013 M ONTHLY
INDUSTRIAL PRODUCTION MOM 0.31 1 0.27 P ERCENT 12/15/2013 M ONTHLY
MANUFACTURING PMI 53.7 55 53.11 1/15/2014 M ONTHLY
MANUFACTURING PRODUCTION 2.6 2.9 3.26 P ERCENT 12/15/2013 M ONTHLY
NEW ORDERS 497882 489061 358197.34 USD M ILLION 11/ 15/ 2013 M ON TH LY
NFIB BUSINESS OPTIMISM INDEX 93.9 92.5 98.01 INDEX POINTS 12/15/2013 M ONTHLY
NY EMPIRE STATE MANUFACTURING INDEX 12.51 2.22 8.97 INDEX POINTS 1/15/2014 M ONTHLY
PHILADELPHIA FED MANUFACTURING INDEX 9.4 6.4 8.46 INDEX POINTS 1/15/2014 M ONTHLY
TOTAL VEHICLE SALES 15.4 16.41 15.21 M ILLIONS 12/15/2013 M ONTHLY
WHOLESALE INVENTORIES 0.5 1.3 0.38 P ERCENT 11/30/2013 M ONTHLY
ADDITIONAL FACTS
ADDITIONAL FACTS
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C O N S UM E R LA S T P R E V IO US A V E R A G E T R E N D UN IT E F E R E N C E R E Q UE N C
CONSUMER CONFIDENCE 80.4 82.5 70.96 1/31/2014 M
RETAIL SALES MOM 0.2 0.4 0.38 P ERCENT 12/31/2013 M O
BANK LENDING RATE 3.25 3.25 6.84 P ERCENT 12/15/2013 M ONCONSUMER CREDIT 12.3 17.9 4.01 USD B ILLIONS 11/15/2013 M ON
CONSUMER SPENDING 10744.2 10691.9 4995.65 USD B ILLION 8/ 15/2013 QUA RT E
DISPOSABLE PERSONAL INCOME 12625.1 12608.9 4409.88 USD B ILLION 11/15/ 2013 M ON TH
ECONOMIC OPTIMISM INDEX 45.2 43.1 49.41 1/31/2014 M
PERSONAL INCOME 0.21 -0.08 0.55 P ERCENT 11/15/2013 M ON
PERSONAL SAVINGS 4.2 4.5 6.84 P ERCENT 11/15/2013 M O
PERSONAL SPENDING 0.54 0.4 0.56 P ERCENT 11/15/2013 M O
REDBOOK INDEX 3.1 4.5 2.3 P ERCENT 1/18/2014 W
RETAIL SALES YOY 4.1 4.7 4.64 P ERCENT 12/31/2013 M OT A X E S LA S T P RE V IO US A V E R A G E T R E N D UN IT E F E R E N C E R E Q UE N
CORPORATE TAX RATE 35 35 35 P ERCENT 1/1/2013
PERSONAL INCOME TAX RATE 35 35 35 P ERCENT 1/1/2013
SOCIAL SECURITY RATE 19.35 19.55 20.95 P ERCENT 1/1/2012 YEA
SOCIAL SECURITY RATE FOR COMPANIES 13.7 13.9 13.63 P ERCENT 1/1/2012 YE
SOCIAL SECURITY RATE FOR EMPLOYEES 5.65 5.65 7.32 P ERCENT 1/1/2012 YE
SALES TAX RATE 0 0 P ERCENT 1/1/2013
ADDITIONAL FACTS