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October 2008 Greenbook Part 2 Tables and Charts


International Developments

Trade in Goods and Services

2007 Annual rate Monthly rate
2008 2008
Q1 Q2 Q3e June July Aug.
Percent change
Nominal BOP
Exports 14.5 15.7 22.2 22.2 3.7 3.3 -2.0
Imports 9.7 13.4 18.0 15.8 2.1 3.5 -2.4
Real NIPA
Exports 8.9 5.1 12.3 n.a.
Imports 1.1 -.8 -7.3 n.a.
Billions of dollars
Nominal BOP
Net exports -700.3 -708.4 -722.2 -722.7 -58.8 -61.3 -59.1
Goods, net -819.4 -844.1 -865.3 -870.1 -71.3 -74.1 -70.9
Services, net 119.1 135.7 143.1 147.4 12.4 12.8 11.8

Note: The August 2008 value is about $710 billion at an annual rate

e Estimate as BOP data are two months at an annual rate.  Return to table

n.a. Not available.

… Not applicable.

BOP Balance of Payments.  Return to table

NIPA National Income and Product Accounts.  Return to table

Source: U.S. Department of Commerce, Bureau of Economic Analysis (BEA); Census Bureau.


U.S. International Trade In Goods and Services

(Quarterly)

Figure: Trade Balance
Period Billions of dollars, annual rate
1999:Q1 -214.37
1999:Q2 -253.70
1999:Q3 -285.91
1999:Q4 -305.80
2000:Q1 -359.85
2000:Q2 -363.60
2000:Q3 -388.54
2000:Q4 -406.98
2001:Q1 -392.27
2001:Q2 -356.45
2001:Q3 -360.52
2001:Q4 -352.05
2002:Q1 -374.18
2002:Q2 -415.79
2002:Q3 -431.61
2002:Q4 -472.60
2003:Q1 -499.35
2003:Q2 -494.75
2003:Q3 -493.33
2003:Q4 -501.14
2004:Q1 -540.89
2004:Q2 -598.85
2004:Q3 -621.54
2004:Q4 -669.38
2005:Q1 -663.10
2005:Q2 -682.80
2005:Q3 -720.75
2005:Q4 -778.16
2006:Q1 -756.64
2006:Q2 -767.52
2006:Q3 -790.15
2006:Q4 -699.72
2007:Q1 -718.59
2007:Q2 -715.25
2007:Q3 -672.53
2007:Q4 -694.87
2008:Q1 -707.80
2008:Q2 -722.21
2008:Q3 -722.65

As shown in the figure, the value for August 2008 is about -$710 billion.


Figure: Contribution of Net Exports to Growth of Real Gross Domestic Product
Period Percentage points, annual rate
1999:Q1 -1.67
1999:Q2 -1.35
1999:Q3 -0.75
1999:Q4 0.01
2000:Q1 -1.53
2000:Q2 -0.98
2000:Q3 -0.87
2000:Q4 -0.07
2001:Q1 -0.04
2001:Q2 0.49
2001:Q3 -0.56
2001:Q4 -0.66
2002:Q1 -0.97
2002:Q2 -0.62
2002:Q3 -0.49
2002:Q4 -1.52
2003:Q1 0.21
2003:Q2 -0.73
2003:Q3 0.51
2003:Q4 -0.47
2004:Q1 -0.75
2004:Q2 -1.50
2004:Q3 -0.42
2004:Q4 -1.07
2005:Q1 0.28
2005:Q2 0.79
2005:Q3 -0.07
2005:Q4 -1.26
2006:Q1 0.09
2006:Q2 0.59
2006:Q3 -0.12
2006:Q4 1.33
2007:Q1 -1.20
2007:Q2 1.66
2007:Q3 2.03
2007:Q4 0.94
2008:Q1 0.77
2008:Q2 2.93

Figure: Selected Exports
Billions of dollars, annual rate
Period Aircraft Consumer goods Industrial supplies Capital goods ex. aircraft
1999:Q1 56.75 78.76 127.09 245.36
1999:Q2 49.91 79.41 130.95 251.10
1999:Q3 52.49 81.01 135.15 262.71
1999:Q4 52.66 84.46 146.67 272.41
2000:Q1 43.99 87.61 151.80 285.57
2000:Q2 51.75 88.73 154.67 304.40
2000:Q3 48.69 91.55 162.62 325.50
2000:Q4 47.96 89.55 162.18 319.91
2001:Q1 56.10 92.64 156.31 307.84
2001:Q2 54.89 91.56 148.25 277.00
2001:Q3 50.95 85.15 141.09 251.25
2001:Q4 48.31 84.03 136.34 240.49
2002:Q1 49.56 82.59 135.34 235.71
2002:Q2 50.43 84.31 145.35 243.03
2002:Q3 53.68 85.54 147.53 243.47
2002:Q4 48.11 84.95 148.76 237.75
2003:Q1 45.71 86.93 157.86 236.88
2003:Q2 43.54 87.79 155.39 239.60
2003:Q3 45.66 91.05 155.15 247.42
2003:Q4 51.60 93.88 162.37 263.81
2004:Q1 49.10 97.69 175.26 274.07
2004:Q2 47.76 102.66 184.22 281.86
2004:Q3 51.12 104.22 190.43 283.62
2004:Q4 51.96 108.39 201.30 286.36
2005:Q1 54.61 111.56 209.25 290.33
2005:Q2 64.82 114.17 219.83 298.15
2005:Q3 58.81 115.99 216.19 303.76
2005:Q4 65.05 119.38 218.29 317.91
2006:Q1 72.40 123.47 235.60 328.55
2006:Q2 72.70 127.01 254.25 339.18
2006:Q3 73.18 130.68 261.60 342.64
2006:Q4 82.17 135.19 266.14 348.88
2007:Q1 81.17 140.92 267.44 348.98
2007:Q2 80.36 143.46 282.69 352.98
2007:Q3 91.47 149.59 295.17 366.24
2007:Q4 96.29 150.54 310.40 372.59
2008:Q1 91.13 156.85 332.39 374.90
2008:Q2 91.32 163.90 378.95 389.19
2008:Q3 102.55 173.31 418.36 400.40

Figure: Selected Imports
Billions of dollars, annual rate
Period Oil Industrial supplies Consumer goods Capital goods
1999:Q1 42.21 140.96 229.77 278.81
1999:Q2 63.80 145.79 234.39 291.60
1999:Q3 79.56 153.15 246.43 300.83
1999:Q4 85.73 162.22 256.78 311.50
2000:Q1 107.78 168.43 266.57 320.46
2000:Q2 117.88 173.09 279.78 346.19
2000:Q3 127.99 179.81 286.81 362.05
2000:Q4 127.35 182.82 294.15 359.33
2001:Q1 125.26 189.64 291.95 339.57
2001:Q2 108.55 170.98 286.39 299.80
2001:Q3 97.14 160.40 282.19 280.07
2001:Q4 83.36 152.03 277.03 272.76
2002:Q1 81.57 151.42 287.10 277.53
2002:Q2 104.06 160.33 305.80 285.46
2002:Q3 106.87 164.33 317.60 285.35
2002:Q4 121.69 170.70 320.53 284.85
2003:Q1 142.13 174.38 326.24 285.88
2003:Q2 125.86 174.40 327.78 292.06
2003:Q3 131.23 180.71 333.74 294.03
2003:Q4 133.13 181.82 347.83 311.57
2004:Q1 160.79 199.50 355.69 324.33
2004:Q2 166.50 224.93 376.34 340.41
2004:Q3 177.91 240.23 372.21 349.84
2004:Q4 216.38 248.51 387.63 359.78
2005:Q1 214.05 255.78 403.85 363.30
2005:Q2 229.98 257.77 409.29 381.21
2005:Q3 266.51 259.93 404.57 381.52
2005:Q4 296.38 296.33 410.64 391.26
2006:Q1 292.81 288.60 425.15 404.26
2006:Q2 313.87 291.75 435.74 415.41
2006:Q3 333.35 303.59 448.49 426.26
2006:Q4 269.73 291.83 461.35 427.47
2007:Q1 284.09 289.01 476.06 435.43
2007:Q2 312.57 304.93 472.65 439.71
2007:Q3 332.02 305.09 470.64 449.62
2007:Q4 396.00 297.44 480.02 453.06
2008:Q1 448.56 303.39 477.92 454.29
2008:Q2 494.17 331.02 493.55 469.43
2008:Q3 567.91 347.34 506.63 463.54

Source: Bureau of Economic Analysis; Census Bureau.


U.S. Exports and Imports of Goods and Services

(Billions of dollars; annual rate, Balance of Payments basis)
Levels Change1
2008 2008 2008 2008
Q2 Q3e July Aug. Q2 Q3e July Aug.
Exports of Goods and Services 1899.3 1996.8 2017.1 1976.6 92.7 97.6 63.6 -40.5
Goods exports 1349.2 1430.9 1450.0 1411.7 78.0 81.6 54.9 -38.3
Gold 19.0 16.7 22.2 11.3 -5.6 -2.3 8.9 -10.9
Other goods 1330.2 1414.1 1427.8 1400.4 83.6 83.9 46.0 -27.4
Capital goods 480.6 503.0 498.0 507.9 14.4 22.4 10.8 9.9
Aircraft & parts 91.3 102.6 94.1 111.0 .0 11.2 3.0 16.8
Computers & accessories 47.2 48.7 50.7 46.6 3.9 1.5 3.9 -4.1
Semiconductors 51.3 53.4 53.3 53.5 -1.0 2.1 -.1 .2
Other capital goods 290.8 298.4 299.9 296.8 11.5 7.5 4.0 -3.0
  
Automotive 124.2 135.8 145.9 125.7 1.8 11.6 16.4 -20.2
Ind. supplies (ex. ag., gold) 379.0 418.4 420.6 416.1 46.4 39.4 10.8 -4.5
Consumer goods 163.9 173.3 178.6 168.0 7.0 9.4 9.0 -10.6
Agricultural 129.8 133.0 133.8 132.1 12.0 3.1 -1.9 -1.7
All other goods 52.7 50.7 50.9 50.5 1.9 -2.0 10.7 -.3
  
Services exports 550.0 566.0 567.1 564.9 14.7 15.9 8.7 -2.2
Imports of Goods and Services 2621.5 2719.5 2752.7 2686.2 106.5 98.0 93.2 -66.5
Goods imports 2214.6 2301.0 2339.4 2262.5 99.2 86.4 89.1 -76.9
Oil 494.5 567.9 611.9 523.9 45.8 73.4 69.1 -87.9
Gold 12.6 10.2 13.5 6.9 -5.3 -2.4 4.1 -6.6
Other goods 1707.5 1722.8 1714.0 1731.6 58.7 15.3 15.9 17.6
Capital goods 469.3 463.5 468.1 458.9 14.9 -5.8 6.9 -9.2
Aircraft & parts 38.1 33.9 35.2 32.7 1.1 -4.2 -4.2 -2.4
Computers & accessories 109.4 105.4 107.3 103.5 5.1 -4.0 1.0 -3.8
Semiconductors 26.8 26.1 27.0 25.1 .6 -.8 1.3 -1.9
Other capital goods 295.0 298.1 298.7 297.6 8.2 3.1 8.7 -1.1
  
Automotive 249.9 237.9 245.3 230.5 -7.4 -12.0 -1.0 -14.8
Ind. supplies (ex. oil, gold) 331.0 347.3 340.1 354.6 27.4 16.3 8.5 14.4
Consumer goods 493.5 506.6 492.9 520.4 15.2 13.2 -3.1 27.5
Foods, feeds, beverages 90.1 92.0 90.5 93.4 4.7 1.9 .5 2.9
All other goods 73.7 75.4 77.0 73.8 3.8 1.7 4.1 -3.2
  
Services imports 406.9 418.5 413.3 423.7 7.3 11.6 4.1 10.4
Memo:
Oil quantity (mb/d) 12.47 12.76 13.44 12.08 -1.59 .28 .91 -1.35
Oil import price ($/bbl) 108.65 121.69 124.67 118.71 21.06 13.04 6.05 -5.96

1. Change from previous quarter or month.  Return to table

e Estimate based on average of two months.  Return to table

Source: U.S. Department of Commerce, Bureau of Economic Analysis; Census Bureau.


Prices of U.S. Imports and Exports

(Percentage change from previous period)
Annual rate Monthly rate
2008 2008
Q1 Q2 Q3 July Aug. Sept.
BLS prices
Merchandise imports 15.4 36.6 6.7 1.4 -2.6 -3.0
Oil 44.3 152.1 14.8 3.4 -8.2 -9.0
Non-oil 8.4 12.9 3.6 .7 -.5 -.9
Core goods1 9.6 13.3 6.3 .8 .2 -.5
Finished goods 4.2 5.3 2.3 .3 .1 -.0
Cap. goods ex. comp. & semi. 4.1 8.7 4.9 .7 .2 .2
Automotive products 3.9 2.3 .7 .1 .1 -.1
Consumer goods 4.5 4.9 1.4 .2 .1 -.1
Material-intensive goods 21.8 31.4 14.3 1.7 .3 -1.5
Foods, feeds, beverages 17.7 19.1 12.1 1.5 .6 -1.7
Industrial supplies ex. fuels 23.1 35.0 14.9 1.7 .3 -1.5
  
Computers -10.6 -3.9 -9.9 -.5 -1.4 -1.1
Semiconductors -7.3 -4.9 -8.0 -1.6 .3 -.4
Natural gas 88.2 149.9 -15.8 5.3 -18.8 -15.6
  
Merchandise exports 12.6 10.2 3.3 1.5 -1.7 -1.0
Core goods2 15.8 12.5 4.7 1.9 -2.0 -1.0
Finished goods 4.3 3.2 2.5 .4 .2 .0
Cap. goods ex. comp. & semi. 5.8 4.0 3.4 .4 .3 .1
Automotive products 1.6 1.8 1.2 .3 .1 .1
Consumer goods 2.8 2.1 1.4 .4 .0 -.3
Material-intensive goods 30.1 23.2 6.9 3.5 -4.2 -2.1
Agricultural products 58.1 14.4 4.7 6.5 -9.6 -.3
Industrial supples ex. ag. 21.9 26.8 7.9 2.6 -2.3 -2.7
  
Computers -10.3 -9.1 -9.9 -.8 -.9 -1.5
Semiconductors .6 -.8 -5.2 -2.5 -.4 .0
NIPA prices
Chain price index
Imports of goods & services 12.8 28.8 n.a.
Non-oil merchandise 8.0 11.2 n.a.
Core goods1 8.5 10.6 n.a.
Exports of goods & services 9.1 10.8 n.a.
Total merchandise 10.0 12.3 n.a.
Core goods2 12.0 13.9 n.a.

1. Excludes computers, semiconductors, and natural gas.  Return to table

2. Excludes computers and semiconductors.  Return to table

n.a. Not available.

… Not applicable.

BLS Bureau of Labor Statistics.  Return to table

NIPA National Income and Product Accounts.

Source: Bureau of Economic Analysis; Bureau of Labor Statistics.


Prices of U.S. Imports and Exports

Figure: Merchandise Imports
12-month percent change
Period Core goods Non-oil goods
January 1999 -1.71 -2.64
February 1999 -1.48 -2.26
March 1999 -1.49 -2.37
April 1999 -1.39 -2.27
May 1999 -1.08 -1.88
June 1999 -0.91 -1.69
July 1999 -0.56 -1.40
August 1999 -0.13 -0.90
September 1999 0.18 -0.50
October 1999 0.03 -0.50
November 1999 0.22 -0.20
December 1999 0.57 0.00
January 2000 0.54 -0.10
February 2000 0.85 0.30
March 2000 1.40 1.01
April 2000 1.61 1.32
May 2000 1.28 0.91
June 2000 1.22 1.11
July 2000 1.63 1.62
August 2000 1.66 1.62
September 2000 1.11 1.11
October 2000 1.02 1.01
November 2000 0.44 0.50
December 2000 0.70 1.31
January 2001 1.14 2.21
February 2001 0.60 1.10
March 2001 -0.08 0.00
April 2001 -0.62 -0.60
May 2001 -0.71 -0.70
June 2001 -0.63 -1.00
July 2001 -1.82 -2.40
August 2001 -2.21 -2.79
September 2001 -1.90 -2.70
October 2001 -2.21 -3.20
November 2001 -2.39 -3.30
December 2001 -3.02 -4.47
January 2002 -3.64 -5.41
February 2002 -3.68 -5.06
March 2002 -3.36 -4.20
April 2002 -2.65 -3.22
May 2002 -2.50 -3.02
June 2002 -2.39 -2.73
July 2002 -1.29 -1.64
August 2002 -0.80 -1.23
September 2002 -0.69 -0.92
October 2002 -0.26 -0.41
November 2002 -0.06 -0.31
December 2002 0.49 0.31
January 2003 0.73 0.73
February 2003 1.29 1.46
March 2003 1.74 2.40
April 2003 1.15 0.83
May 2003 1.10 0.73
June 2003 1.40 1.14
July 2003 1.35 1.14
August 2003 1.01 0.73
September 2003 1.20 0.93
October 2003 1.26 0.83
November 2003 1.69 1.14
December 2003 1.81 1.24
January 2004 2.29 1.76
February 2004 2.51 1.85
March 2004 2.55 1.02
April 2004 3.33 2.37
May 2004 3.60 2.79
June 2004 3.30 2.47
July 2004 3.30 2.47
August 2004 3.84 3.09
September 2004 3.98 2.88
October 2004 3.75 2.88
November 2004 3.87 3.59
December 2004 4.01 3.68
January 2005 4.00 3.15
February 2005 3.75 2.83
March 2005 3.62 2.93
April 2005 3.33 3.02
May 2005 3.06 2.61
June 2005 2.99 2.31
July 2005 2.59 2.11
August 2005 2.22 1.90
September 2005 2.25 2.70
October 2005 2.70 3.80
November 2005 2.20 2.78
December 2005 1.91 2.37
January 2006 1.76 2.36
February 2006 1.57 1.57
March 2006 1.20 0.98
April 2006 1.24 0.68
May 2006 2.16 1.57
June 2006 2.81 2.16
July 2006 3.07 2.36
August 2006 3.44 2.75
September 2006 3.26 1.95
October 2006 2.66 0.39
November 2006 3.21 1.45
December 2006 3.32 1.93
January 2007 3.27 1.54
February 2007 3.18 2.23
March 2007 3.46 2.82
April 2007 3.71 3.01
May 2007 3.45 2.89
June 2007 3.17 2.78
July 2007 3.42 2.88
August 2007 3.34 2.39
September 2007 3.10 2.19
October 2007 3.82 3.36
November 2007 3.86 3.14
December 2007 3.98 3.03
January 2008 4.60 3.88
February 2008 5.37 4.55
March 2008 6.38 5.38
April 2008 7.40 6.50
May 2008 7.44 6.65
June 2008 8.02 7.28
July 2008 8.57 7.93
August 2008 8.47 7.37
September 2008 7.89 6.54

Figure: Categories of Core Imports
12-month percent change
Period Finished goods Material-intensive goods
January 1999 -0.56 -4.50
February 1999 -0.38 -4.24
March 1999 -0.43 -4.14
April 1999 -0.40 -4.09
May 1999 -0.31 -3.19
June 1999 -0.34 -2.48
July 1999 -0.19 -1.32
August 1999 0.00 -0.30
September 1999 0.38 -0.07
October 1999 -0.12 0.62
November 1999 -0.36 2.07
December 1999 -0.36 3.26
January 2000 -0.45 3.41
February 2000 -0.65 4.77
March 2000 -0.53 6.68
April 2000 -0.28 6.75
May 2000 -0.21 5.36
June 2000 -0.28 5.45
July 2000 0.04 5.74
August 2000 -0.14 6.40
September 2000 -0.48 5.24
October 2000 -0.43 4.92
November 2000 -0.55 3.00
December 2000 -0.52 3.81
January 2001 -0.51 5.04
February 2001 -0.51 3.45
March 2001 -0.15 0.17
April 2001 -0.49 -0.72
May 2001 -0.65 -0.73
June 2001 -0.45 -1.16
July 2001 -0.79 -4.02
August 2001 -0.73 -5.91
September 2001 -0.52 -5.14
October 2001 -0.42 -6.56
November 2001 -0.56 -7.02
December 2001 -0.52 -9.17
January 2002 -0.87 -10.10
February 2002 -0.98 -10.07
March 2002 -1.40 -8.05
April 2002 -1.17 -6.12
May 2002 -1.10 -5.48
June 2002 -0.96 -5.23
July 2002 -0.73 -2.19
August 2002 -0.55 -0.75
September 2002 -0.73 0.22
October 2002 -0.71 1.64
November 2002 -0.75 2.85
December 2002 -0.56 4.09
January 2003 -0.25 4.31
February 2003 -0.05 6.11
March 2003 0.27 6.52
April 2003 0.30 4.38
May 2003 0.40 3.55
June 2003 0.52 4.21
July 2003 0.46 4.03
August 2003 0.23 3.87
September 2003 0.18 4.04
October 2003 0.33 4.31
November 2003 0.78 4.96
December 2003 0.67 5.60
January 2004 1.10 6.18
February 2004 1.11 7.19
March 2004 1.18 7.81
April 2004 1.14 10.67
May 2004 1.09 12.78
June 2004 0.73 11.62
July 2004 1.10 11.46
August 2004 1.33 13.19
September 2004 1.54 13.41
October 2004 1.45 12.50
November 2004 1.48 12.43
December 2004 2.01 12.62
January 2005 2.04 12.18
February 2005 2.23 10.41
March 2005 2.05 10.25
April 2005 2.13 8.83
May 2005 2.20 6.90
June 2005 2.37 7.02
July 2005 1.80 6.21
August 2005 1.65 4.77
September 2005 1.74 4.64
October 2005 1.59 6.38
November 2005 1.23 5.88
December 2005 0.67 5.61
January 2006 0.35 6.13
February 2006 0.24 6.12
March 2006 0.17 4.99
April 2006 0.13 5.03
May 2006 0.25 8.69
June 2006 0.45 10.82
July 2006 0.95 10.44
August 2006 1.05 11.28
September 2006 0.97 11.11
October 2006 1.11 9.00
November 2006 1.26 9.65
December 2006 1.47 9.51
January 2007 1.57 8.80
February 2007 1.46 8.13
March 2007 1.67 8.33
April 2007 1.77 9.10
May 2007 1.68 7.76
June 2007 1.66 6.54
July 2007 1.58 7.61
August 2007 1.78 7.09
September 2007 1.81 5.80
October 2007 1.93 7.75
November 2007 2.16 7.90
December 2007 2.30 7.90
January 2008 2.43 9.62
February 2008 2.72 11.49
March 2008 3.02 14.04
April 2008 3.67 15.73
May 2008 3.77 15.47
June 2008 3.70 17.41
July 2008 3.76 19.03
August 2008 3.65 18.93
September 2008 3.52 17.43

Figure: Oil
Dollars per barrel
Period Spot West Texas Intermediate Import unit value
January 1999 12.47 9.88
February 1999 12.01 10.05
March 1999 14.66 11.20
April 1999 17.34 13.67
May 1999 17.75 15.25
June 1999 17.89 15.11
July 1999 20.07 16.80
August 1999 21.26 18.70
September 1999 23.88 20.49
October 1999 22.64 21.35
November 1999 24.86 21.74
December 1999 26.13 23.31
January 2000 27.27 24.02
February 2000 29.35 26.17
March 2000 29.89 27.43
April 2000 25.74 25.19
May 2000 28.78 25.35
June 2000 31.86 27.41
July 2000 29.72 28.35
August 2000 31.22 27.16
September 2000 33.88 29.74
October 2000 33.08 29.33
November 2000 34.40 29.41
December 2000 28.46 27.49
January 2001 29.58 25.54
February 2001 29.61 25.55
March 2001 27.24 24.02
April 2001 27.41 23.54
May 2001 28.64 24.47
June 2001 27.60 24.17
July 2001 26.45 23.01
August 2001 27.47 23.06
September 2001 25.88 23.94
October 2001 22.21 20.47
November 2001 19.67 17.83
December 2001 19.33 16.31
January 2002 19.67 17.14
February 2002 20.74 17.48
March 2002 24.42 20.41
April 2002 26.27 23.39
May 2002 27.02 24.49
June 2002 25.52 24.12
July 2002 26.94 24.62
August 2002 28.38 25.41
September 2002 29.67 26.31
October 2002 28.85 27.14
November 2002 26.27 25.01
December 2002 29.42 25.06
January 2003 32.94 28.26
February 2003 35.87 31.53
March 2003 33.55 31.79
April 2003 28.25 27.23
May 2003 28.14 25.08
June 2003 30.72 26.32
July 2003 30.76 27.55
August 2003 31.59 28.56
September 2003 28.29 27.28
October 2003 30.33 27.12
November 2003 31.05 27.42
December 2003 32.15 28.08
January 2004 34.24 29.80
February 2004 34.74 30.45
March 2004 36.76 32.03
April 2004 36.69 32.60
May 2004 40.29 35.04
June 2004 38.04 35.37
July 2004 40.80 35.19
August 2004 44.94 37.91
September 2004 45.95 39.17
October 2004 53.13 43.42
November 2004 48.46 41.12
December 2004 43.33 37.67
January 2005 46.84 37.13
February 2005 47.97 39.04
March 2005 54.22 43.36
April 2005 53.04 46.78
May 2005 49.83 45.17
June 2005 56.40 46.72
July 2005 58.70 50.75
August 2005 64.97 54.89
September 2005 65.57 60.25
October 2005 62.36 59.55
November 2005 58.30 54.38
December 2005 59.43 51.82
January 2006 65.51 54.70
February 2006 61.63 55.39
March 2006 62.87 54.78
April 2006 69.69 60.32
May 2006 70.94 65.50
June 2006 70.96 65.03
July 2006 74.41 68.19
August 2006 73.05 68.04
September 2006 63.87 63.03
October 2006 58.89 56.51
November 2006 59.15 53.77
December 2006 62.06 55.60
January 2007 54.23 53.25
February 2007 59.26 52.74
March 2007 60.56 56.35
April 2007 63.96 61.11
May 2007 63.46 64.30
June 2007 67.48 65.55
July 2007 74.12 69.28
August 2007 72.39 70.44
September 2007 79.93 70.64
October 2007 85.93 74.88
November 2007 94.62 82.19
December 2007 91.70 84.25
January 2008 92.95 85.41
February 2008 95.36 85.66
March 2008 105.42 91.57
April 2008 112.33 98.89
May 2008 125.39 108.44
June 2008 133.93 118.62
July 2008 133.44 124.67
August 2008 116.70 118.71
September 2008 103.88 ND
October 2008 82.42 ND

Figure: Natural Gas
Period Import price index (2000 = 100) Spot Henry Hub (Dollars per million Btu)
January 1999 57.90 1.84
February 1999 53.90 1.77
March 1999 48.40 1.80
April 1999 49.30 2.16
May 1999 56.40 2.26
June 1999 53.10 2.30
July 1999 60.50 2.32
August 1999 64.30 2.80
September 1999 68.80 2.52
October 1999 70.10 2.74
November 1999 80.40 2.33
December 1999 73.20 2.36
January 2000 67.40 2.44
February 2000 74.80 2.65
March 2000 76.20 2.79
April 2000 80.30 3.03
May 2000 78.80 3.58
June 2000 95.60 4.27
July 2000 100.50 3.96
August 2000 102.30 4.41
September 2000 108.30 5.07
October 2000 119.00 5.02
November 2000 123.60 5.54
December 2000 173.20 8.95
January 2001 215.50 8.17
February 2001 166.30 5.66
March 2001 123.80 5.16
April 2001 126.60 5.17
May 2001 120.50 4.21
June 2001 101.90 3.71
July 2001 81.90 3.10
August 2001 80.80 2.94
September 2001 77.30 2.15
October 2001 61.10 2.45
November 2001 74.30 2.37
December 2001 67.90 2.39
January 2002 69.70 2.25
February 2002 58.00 2.31
March 2002 64.90 3.03
April 2002 86.20 3.42
May 2002 84.50 3.49
June 2002 85.10 3.22
July 2002 80.00 2.98
August 2002 76.60 3.09
September 2002 84.00 3.55
October 2002 90.70 4.12
November 2002 93.60 4.03
December 2002 98.80 4.72
January 2003 121.20 5.44
February 2003 132.10 7.79
March 2003 190.70 5.95
April 2003 124.70 5.27
May 2003 123.20 5.81
June 2003 134.60 5.82
July 2003 125.10 5.03
August 2003 112.00 4.97
September 2003 117.80 4.62
October 2003 109.30 4.65
November 2003 109.50 4.49
December 2003 117.40 6.15
January 2004 142.50 6.17
February 2004 141.40 5.39
March 2004 123.60 5.38
April 2004 125.40 5.71
May 2004 131.80 6.30
June 2004 143.70 6.29
July 2004 137.10 5.93
August 2004 137.20 5.44
September 2004 120.50 5.11
October 2004 121.80 6.39
November 2004 169.90 6.16
December 2004 167.30 6.62
January 2005 153.30 6.13
February 2005 147.00 6.13
March 2005 148.20 6.92
April 2005 166.40 7.20
May 2005 163.00 6.48
June 2005 151.20 7.16
July 2005 161.70 7.64
August 2005 168.20 9.46
September 2005 217.00 11.88
October 2005 270.80 13.42
November 2005 274.00 10.28
December 2005 259.20 13.05
January 2006 254.60 8.65
February 2006 193.90 7.54
March 2006 169.20 6.90
April 2006 164.00 7.16
May 2006 164.20 6.23
June 2006 150.80 6.14
July 2006 149.10 6.22
August 2006 161.40 7.14
September 2006 152.80 4.90
October 2006 117.70 5.84
November 2006 168.50 7.36
December 2006 185.70 6.73
January 2007 161.20 6.59
February 2007 169.00 7.92
March 2007 177.10 7.10
April 2007 172.50 7.59
May 2007 175.80 7.62
June 2007 174.70 7.35
July 2007 160.70 6.21
August 2007 140.40 6.23
September 2007 136.40 6.08
October 2007 151.40 6.78
November 2007 175.90 7.15
December 2007 178.40 7.13
January 2008 182.40 7.98
February 2008 198.30 8.54
March 2008 211.60 9.44
April 2008 225.70 10.13
May 2008 247.70 11.28
June 2008 271.30 12.68
July 2008 285.60 11.06
August 2008 231.90 8.25
September 2008 195.80 7.67
October 2008 ND 6.85

Figure: Merchandise Exports
12-month percent change
Period Core goods Total goods
January 1999 -2.09 -2.76
February 1999 -2.00 -2.67
March 1999 -2.16 -2.78
April 1999 -1.61 -2.19
May 1999 -1.52 -2.19
June 1999 -1.12 -1.70
July 1999 -0.83 -1.41
August 1999 0.05 -0.61
September 1999 0.74 0.00
October 1999 1.18 0.41
November 1999 1.16 0.41
December 1999 1.29 0.51
January 2000 1.42 0.71
February 2000 2.20 1.32
March 2000 3.04 2.15
April 2000 2.85 1.94
May 2000 2.84 2.04
June 2000 2.70 1.93
July 2000 2.60 1.94
August 2000 2.04 1.42
September 2000 2.56 1.93
October 2000 2.13 1.52
November 2000 1.89 1.31
December 2000 1.63 1.11
January 2001 1.65 1.11
February 2001 0.97 0.60
March 2001 0.29 0.00
April 2001 0.22 -0.10
May 2001 -0.26 -0.60
June 2001 -0.38 -0.70
July 2001 -0.63 -1.00
August 2001 -0.63 -1.00
September 2001 -1.08 -1.39
October 2001 -1.58 -1.99
November 2001 -2.10 -2.49
December 2001 -2.04 -2.50
January 2002 -2.19 -2.79
February 2002 -2.38 -2.89
March 2002 -1.90 -2.40
April 2002 -1.34 -1.90
May 2002 -0.97 -1.61
June 2002 -0.56 -1.41
July 2002 0.26 -0.71
August 2002 0.68 -0.30
September 2002 0.90 -0.20
October 2002 1.42 0.41
November 2002 2.16 1.02
December 2002 2.07 1.02
January 2003 2.39 1.44
February 2003 3.33 2.26
March 2003 3.27 2.15
April 2003 2.63 1.63
May 2003 2.64 1.73
June 2003 2.54 1.53
July 2003 1.95 1.12
August 2003 1.71 0.91
September 2003 1.84 1.01
October 2003 2.26 1.32
November 2003 2.67 1.72
December 2003 3.21 2.23
January 2004 3.66 2.63
February 2004 3.72 2.71
March 2004 4.34 3.31
April 2004 5.23 4.12
May 2004 5.54 4.41
June 2004 4.73 3.92
July 2004 5.45 4.53
August 2004 4.91 4.02
September 2004 4.82 4.01
October 2004 5.20 4.40
November 2004 4.96 4.18
December 2004 4.79 3.97
January 2005 4.87 4.04
February 2005 4.28 3.42
March 2005 4.25 3.30
April 2005 4.13 3.09
May 2005 3.50 2.50
June 2005 4.11 3.19
July 2005 3.80 2.79
August 2005 4.31 3.09
September 2005 4.86 3.56
October 2005 5.03 3.74
November 2005 3.96 2.77
December 2005 3.97 2.77
January 2006 3.85 2.75
February 2006 3.92 2.74
March 2006 3.32 2.26
April 2006 3.59 2.53
May 2006 4.64 3.47
June 2006 5.55 4.22
July 2006 5.76 4.49
August 2006 6.44 5.16
September 2006 4.94 3.91
October 2006 3.74 2.86
November 2006 4.88 3.90
December 2006 5.50 4.46
January 2007 5.28 4.15
February 2007 6.13 4.88
March 2007 6.87 5.42
April 2007 6.46 5.11
May 2007 5.94 4.62
June 2007 5.53 4.32
July 2007 5.11 4.03
August 2007 4.73 3.75
September 2007 5.62 4.48
October 2007 6.92 5.57
November 2007 7.55 6.17
December 2007 7.36 6.04
January 2008 8.34 6.81
February 2008 8.46 6.94
March 2008 9.74 7.93
April 2008 9.73 7.99
May 2008 9.89 8.05
June 2008 10.61 8.71
July 2008 12.67 10.25
August 2008 10.12 8.17
September 2008 8.54 6.77

Figure: Categories of Core Exports
12-month percent change
Period Finished goods Material-intensive goods
January 1999 0.33 -5.85
February 1999 0.36 -5.74
March 1999 0.33 -5.88
April 1999 0.46 -4.73
May 1999 0.37 -4.44
June 1999 0.57 -3.60
July 1999 0.50 -3.07
August 1999 0.62 -0.79
September 1999 0.56 1.16
October 1999 0.70 2.22
November 1999 0.80 1.95
December 1999 0.71 2.40
January 2000 0.61 2.86
February 2000 0.67 5.06
March 2000 0.74 7.24
April 2000 0.76 6.42
May 2000 0.89 6.64
June 2000 0.80 5.97
July 2000 1.04 5.64
August 2000 1.06 3.84
September 2000 1.02 5.26
October 2000 0.78 4.24
November 2000 0.74 3.84
December 2000 0.91 3.16
January 2001 0.98 2.95
February 2001 0.90 0.90
March 2001 1.00 -0.86
April 2001 1.01 -0.94
May 2001 0.91 -2.23
June 2001 0.94 -2.37
July 2001 0.86 -3.03
August 2001 0.71 -2.64
September 2001 0.74 -3.96
October 2001 0.83 -5.28
November 2001 0.81 -6.56
December 2001 0.71 -6.63
January 2002 0.55 -6.48
February 2002 0.43 -6.73
March 2002 0.35 -5.63
April 2002 0.36 -3.98
May 2002 0.32 -3.03
June 2002 0.32 -1.68
July 2002 0.21 0.68
August 2002 0.38 1.40
September 2002 0.41 2.24
October 2002 0.37 3.81
November 2002 0.38 5.51
December 2002 0.29 5.71
January 2003 0.43 6.39
February 2003 0.64 8.76
March 2003 0.45 9.25
April 2003 0.39 7.40
May 2003 0.42 7.20
June 2003 0.51 6.69
July 2003 0.64 4.73
August 2003 0.52 4.33
September 2003 0.46 4.61
October 2003 0.51 5.75
November 2003 0.55 7.01
December 2003 0.73 8.16
January 2004 0.77 9.24
February 2004 0.72 9.28
March 2004 0.91 10.48
April 2004 1.05 12.54
May 2004 1.06 13.36
June 2004 0.97 11.24
July 2004 1.03 13.14
August 2004 1.21 11.46
September 2004 1.25 11.06
October 2004 1.42 11.63
November 2004 1.54 10.85
December 2004 1.69 10.12
January 2005 1.88 9.46
February 2005 1.87 8.20
March 2005 1.83 7.87
April 2005 1.91 7.48
May 2005 1.88 6.07
June 2005 1.80 7.67
July 2005 1.58 7.09
August 2005 1.48 8.67
September 2005 1.63 9.85
October 2005 1.55 10.05
November 2005 1.37 7.41
December 2005 1.28 7.49
January 2006 1.26 7.47
February 2006 1.38 7.50
March 2006 1.44 5.95
April 2006 1.60 6.31
May 2006 1.79 8.61
June 2006 2.04 10.65
July 2006 2.36 10.64
August 2006 2.44 12.12
September 2006 2.40 8.58
October 2006 2.35 5.61
November 2006 2.48 8.66
December 2006 2.52 9.91
January 2007 2.74 8.99
February 2007 2.62 11.05
March 2007 2.68 12.68
April 2007 2.63 11.79
May 2007 2.59 10.51
June 2007 2.53 9.36
July 2007 2.49 8.51
August 2007 2.52 7.54
September 2007 2.42 9.67
October 2007 2.54 12.81
November 2007 2.61 13.80
December 2007 2.83 13.16
January 2008 2.64 15.61
February 2008 2.87 15.41
March 2008 3.00 17.92
April 2008 3.04 17.83
May 2008 3.02 18.16
June 2008 2.98 19.71
July 2008 3.14 24.07
August 2008 3.16 18.43
September 2008 3.11 14.97

Source: Bureau of Labor Statistics; Wall Street Journal; Commodity Research Bureau.


U.S. Current Account

(Billions of dollars, seasonally adjusted annual rate)
Period Goods and
services,
net
Investment
income,
net
Other income
and transfers,
net
Current
account
balance
Annual
2006 -753.3 63.8 -98.6 -788.1
2007 -700.3 88.8 -119.7 -731.2
Quarterly
2007: Q3 -672.5 98.9 -118.3 -691.8
Q4 -695.1 152.6 -126.4 -669.0
2008: Q1 -708.4 140.0 -134.2 -702.6
Q2 -722.2 116.5 -126.9 -732.6
Change
Q3-Q2 42.8 53.1 -11.4 84.6
Q4-Q3 -22.7 53.7 -8.2 22.8
Q1-Q4 -13.3 -12.6 -7.7 -33.6
Q2-Q1 -13.8 -23.5 7.3 -30.0

Source: U.S. Department of Commerce, Bureau of Economic Analysis.


Figure: Foreign Official Balances Held at the Federal Reserve Bank of New York

A line chart shows two series, "Treasury securities", and "Agency securities", from May 2008 through October 2008. Data is daily, for selected instruments. Unit is billions of dollars. The "Treasury securities" series begins at about 1320 in May 2008, and generally increases to end at about 1490 in October 2008. The "Agency securities" series begins at about 940 in May 2008, generally increases to about 990 by July 2008, and generally decreases to end at about 920 in October 2008.

Last data point is October 21, 2008.

Source: Federal Reserve Bank of New York.



Summary of U.S. International Transactions

(Billions of dollars; not seasonally adjusted except as noted)
2006 2007 2007 2008
Q3 Q4 Q1 Q2 July Aug.
Official financial flows 487.2 362.9 6.3 115.8 176.2 101.4 43.6 14.5
1. Change in foreign official assets in the U.S. (increase, +) 484.8 387.0 6.3 139.8 173.5 143.6 43.5 14.5
a. G-10 countries + ECB 26.1 36.8 3.3 11.8 -1.5 0.2 -1.8 -1.5
b. OPEC 45.2 30.9 2.8 16.3 18.1 16.7 6.7 8.6
c. All other countries 413.5 319.3 0.2 111.7 156.9 126.7 38.6 7.4
2. Change in U.S. official assets (decrease, +)1 2.4 -24.1 -0.1 -24.0 2.7 -42.3 0.0 0.0
Private financial flows 351.9 411.5 95.7 97.6 14.2 35.4
Banks
3. Change in net foreign positions of banking offices in the U.S.2 111.5 -75.8 -9.9 -53.7 -140.5 -142.1 -52.2 -18.9
Securities3
4. Foreign net purchases (+) of U.S. securities 634.2 751.0 32.5 191.4 42.5 85.5 -35.7 -14.7
a. Treasury securities -58.2 157.1 60.5 67.2 62.9 66.9 22.7 28.8
b. Agency bonds 25.8 19.4 -2.6 16.4 -19.6 -33.3 -44.4 -28.8
c. Corporate and municipal bonds 517.8 383.5 -7.3 49.4 -11.9 50.2 -7.3 -15.1
d. Corporate stocks4 148.9 191.1 -18.1 58.4 11.1 1.6 -6.6 0.4
5. U.S. net acquisitions (-) of foreign securities -362.4 -287.2 -99.2 -4.7 -35.2 -32.3 32.5 21.0
a. Bonds -224.5 -168.0 -42.6 -13.6 -7.8 -10.4 16.6 19.0
b. Stock purchases -119.1 -107.9 -52.1 11.5 -26.7 -19.9 15.8 2.0
c. Stock swaps4 -18.8 -11.3 -4.5 -2.6 -0.8 -2.0 0.0 0.0
Other flows5
6. U.S. direct investment (-) abroad -241.2 -333.3 -62.0 -110.9 -89.1 -65.5
7. Foreign direct investment in the U.S. 242.0 237.5 105.9 55.7 80.4 93.8
8. Net derivatives (inflow, +) 29.7 6.5 5.9 -13.5 -8.0 -2.5
9. Foreign acquisitions of U.S. currency 2.2 -10.7 0.7 -3.5 -0.9 0.2
10. Other (inflow, +)6 -64.2 123.4 121.8 36.8 165.0 98.4
U.S. current account balance7 -788.1 -731.2 -173.0 -167.2 -175.6 -183.1
Capital account balance8 -3.9 -1.8 -0.6 -0.6 -0.6 -0.7
Statistical discrepancy7 -47.1 -41.3 71.6 -45.6 -14.1 47.1

Note: Data in lines 1 through 5 differ in timing and coverage from the balance of payments data published by the Department of Commerce. Details may not sum to totals because of rounding.

1. Includes changes in U.S. official reserve assets and in outstanding reciprocal currency swaps with certain foreign central banks.  Return to table

2. Changes in dollar-denominated positions of all depository institutions and bank holding companies plus certain transactions between broker-dealers and unaffiliated foreigners (particularly borrowing and lending under repurchase agreements). Includes changes in custody liabilities other than U.S. Treasury bills.  Return to table

3. Includes commissions on securities transactions and therefore does not match exactly the data on U.S. international transactions published by the Department of Commerce.  Return to table

4. Includes (4d) or represents (5c) stocks acquired through nonmarket means such as mergers and reincorporations.  Return to table

5. Quarterly data; seasonally adjusted.  Return to table

6. Transactions by nonbanking concerns and other banking and official transactions not shown elsewhere plus amounts resulting from adjustments made by the Department of Commerce and revisions (in lines 1 through 5 and 8) since publication of the quarterly data in the Survey of Current Business.  Return to table

7. Seasonally adjusted.  Return to table

8. Seasonally adjusted; consists of transactions in nonproduced nonfinancial assets and capital transfers.  Return to table

G-10 Group of Ten (Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kindom, United States).  Return to table

ECB European Central Bank.  Return to table

OPEC Organization of the Petroleum Exporting Countries.  Return to table

… Not applicable.

Source: U.S. Department of Commerce, Bureau of Economic Analysis; U.S. Treasury International Capital reports with staff adjustments.


Foreign Official Financial Inflows (+) through August 2008

(Billions of dollars; monthly rate, not seasonally adjusted)

Figure: Total
Monthly rate, not seasonally adjusted
Billions of dollars
Period Total 6-month moving average
January 2003 9.67 7.41
February 2003 28.52 12.09
March 2003 8.23 13.05
April 2003 -4.13 11.75
May 2003 53.42 17.60
June 2003 14.70 18.40
July 2003 7.50 18.04
August 2003 19.39 16.52
September 2003 34.29 20.86
October 2003 28.77 26.34
November 2003 37.07 23.62
December 2003 30.69 26.28
January 2004 58.17 34.73
February 2004 38.07 37.84
March 2004 51.37 40.69
April 2004 20.41 39.30
May 2004 14.99 35.62
June 2004 44.25 37.88
July 2004 24.03 32.19
August 2004 19.14 29.03
September 2004 33.55 26.06
October 2004 34.16 28.35
November 2004 26.12 30.21
December 2004 33.27 28.38
January 2005 17.75 27.33
February 2005 3.45 24.72
March 2005 4.51 19.88
April 2005 38.45 20.59
May 2005 22.36 19.96
June 2005 20.03 17.76
July 2005 26.57 19.23
August 2005 26.11 23.00
September 2005 2.68 22.70
October 2005 35.24 22.16
November 2005 37.67 24.72
December 2005 25.27 25.59
January 2006 54.29 30.21
February 2006 45.57 33.45
March 2006 30.56 38.10
April 2006 44.15 39.59
May 2006 43.97 40.64
June 2006 39.18 42.95
July 2006 64.39 44.64
August 2006 34.70 42.83
September 2006 21.94 41.39
October 2006 23.70 37.98
November 2006 27.87 35.30
December 2006 54.49 37.85
January 2007 47.72 35.07
February 2007 63.17 39.81
March 2007 48.30 44.21
April 2007 40.73 47.05
May 2007 8.80 43.87
June 2007 32.14 40.14
July 2007 43.96 39.52
August 2007 -31.73 23.70
September 2007 -5.89 14.67
October 2007 39.54 14.47
November 2007 59.46 22.91
December 2007 40.80 24.36
January 2008 106.61 34.80
February 2008 16.58 42.85
March 2008 50.27 52.21
April 2008 45.90 53.27
May 2008 44.81 50.83
June 2008 52.88 52.84
July 2008 43.64 42.34
August 2008 15.73 42.20

Figure: Group of Ten + European Central Bank
Monthly rate, not seasonally adjusted
Billions of dollars
Period G-10 + ECB 6-month moving average
January 2003 6.59 1.47
February 2003 6.31 4.02
March 2003 14.18 5.46
April 2003 -6.95 4.84
May 2003 25.41 8.04
June 2003 6.61 8.69
July 2003 3.46 8.17
August 2003 1.50 7.37
September 2003 8.12 6.36
October 2003 17.92 10.50
November 2003 19.56 9.53
December 2003 8.65 9.87
January 2004 39.50 15.88
February 2004 26.12 19.98
March 2004 36.94 24.78
April 2004 6.32 22.85
May 2004 15.99 22.25
June 2004 21.83 24.45
July 2004 3.38 18.43
August 2004 17.75 17.03
September 2004 -0.76 10.75
October 2004 1.64 9.97
November 2004 2.15 7.66
December 2004 -6.87 2.88
January 2005 -0.01 2.32
February 2005 3.77 -0.01
March 2005 3.67 0.72
April 2005 -1.89 0.14
May 2005 -5.72 -1.18
June 2005 -10.72 -1.82
July 2005 9.52 -0.23
August 2005 7.17 0.34
September 2005 -2.91 -0.76
October 2005 7.96 0.88
November 2005 11.01 3.67
December 2005 -6.23 4.42
January 2006 5.52 3.75
February 2006 2.33 2.95
March 2006 -0.51 3.35
April 2006 -3.44 1.45
May 2006 3.38 0.18
June 2006 0.40 1.28
July 2006 5.31 1.25
August 2006 0.25 0.90
September 2006 0.41 1.05
October 2006 9.55 3.22
November 2006 1.18 2.85
December 2006 1.67 3.06
January 2007 4.92 3.00
February 2007 -1.64 2.68
March 2007 9.03 4.12
April 2007 5.50 3.44
May 2007 1.20 3.45
June 2007 2.64 3.61
July 2007 4.47 3.53
August 2007 -4.98 2.98
September 2007 3.80 2.11
October 2007 9.15 2.72
November 2007 1.63 2.79
December 2007 1.04 2.52
January 2008 2.87 2.25
February 2008 -7.34 1.86
March 2008 2.92 1.71
April 2008 3.25 0.73
May 2008 -10.42 -1.28
June 2008 7.38 -0.22
July 2008 -1.84 -1.01
August 2008 -1.51 -0.04

Figure: Organization of the Petroleum Exporting Countries
Monthly rate, not seasonally adjusted
Billions of dollars
Period OPEC 6-month moving average
January 2003 -2.23 -0.49
February 2003 -3.62 -1.12
March 2003 -1.80 -1.16
April 2003 -1.60 -1.65
May 2003 1.88 -1.47
June 2003 0.28 -1.18
July 2003 -0.44 -0.88
August 2003 1.01 -0.11
September 2003 1.46 0.43
October 2003 4.70 1.48
November 2003 2.54 1.59
December 2003 3.69 2.16
January 2004 1.57 2.49
February 2004 1.80 2.63
March 2004 0.45 2.46
April 2004 2.06 2.02
May 2004 -0.20 1.56
June 2004 -3.94 0.29
July 2004 2.66 0.47
August 2004 -6.22 -0.87
September 2004 7.08 0.24
October 2004 4.42 0.63
November 2004 1.93 0.99
December 2004 0.48 1.73
January 2005 3.41 1.85
February 2005 -1.31 2.67
March 2005 -5.95 0.50
April 2005 1.85 0.07
May 2005 2.78 0.21
June 2005 -0.23 0.09
July 2005 -3.44 -1.05
August 2005 1.35 -0.61
September 2005 -0.09 0.37
October 2005 10.41 1.80
November 2005 6.79 2.46
December 2005 -1.52 2.25
January 2006 10.03 4.49
February 2006 4.84 5.08
March 2006 2.39 5.49
April 2006 7.50 5.00
May 2006 6.25 4.92
June 2006 7.87 6.48
July 2006 5.13 5.66
August 2006 5.58 5.79
September 2006 2.42 5.79
October 2006 -4.37 3.81
November 2006 -0.41 2.70
December 2006 -1.98 1.06
January 2007 6.78 1.34
February 2007 -0.40 0.34
March 2007 5.00 0.77
April 2007 -0.92 1.35
May 2007 2.72 1.87
June 2007 -1.40 1.96
July 2007 -0.45 0.76
August 2007 2.21 1.19
September 2007 1.03 0.53
October 2007 9.05 2.19
November 2007 -3.74 1.12
December 2007 11.01 3.19
January 2008 9.71 4.88
February 2008 8.30 5.89
March 2008 0.09 5.74
April 2008 1.44 4.47
May 2008 10.14 6.78
June 2008 5.10 5.80
July 2008 6.72 5.30
August 2008 9.47 5.49

Figure: All other countries
Monthly rate, not seasonally adjusted
Billions of dollars
Period All other countries 6-month moving average
January 2003 5.32 6.42
February 2003 25.83 9.19
March 2003 -4.16 8.75
April 2003 4.42 8.56
May 2003 26.13 11.03
June 2003 7.82 10.89
July 2003 4.49 10.76
August 2003 16.88 9.26
September 2003 24.71 14.07
October 2003 6.14 14.36
November 2003 14.96 12.50
December 2003 18.36 14.26
January 2004 17.10 16.36
February 2004 10.15 15.24
March 2004 13.98 13.45
April 2004 12.03 14.43
May 2004 -0.79 11.80
June 2004 26.36 13.14
July 2004 18.00 13.29
August 2004 7.61 12.86
September 2004 27.23 15.07
October 2004 28.09 17.75
November 2004 22.05 21.56
December 2004 39.65 23.77
January 2005 14.35 23.16
February 2005 0.99 22.06
March 2005 6.79 18.65
April 2005 38.49 20.39
May 2005 25.30 20.93
June 2005 30.98 19.48
July 2005 20.50 20.51
August 2005 17.59 23.27
September 2005 5.68 23.09
October 2005 16.87 19.49
November 2005 19.88 18.58
December 2005 33.02 18.92
January 2006 38.74 21.96
February 2006 38.40 25.43
March 2006 28.69 29.27
April 2006 40.08 33.13
May 2006 34.34 35.55
June 2006 30.91 35.19
July 2006 53.96 37.73
August 2006 28.87 36.14
September 2006 19.12 34.55
October 2006 18.51 30.95
November 2006 27.10 29.74
December 2006 54.79 33.72
January 2007 36.03 30.74
February 2007 61.22 36.13
March 2007 34.27 38.65
April 2007 40.14 42.26
May 2007 4.88 38.55
June 2007 30.90 34.57
July 2007 39.93 35.22
August 2007 -28.97 20.19
September 2007 -10.73 12.69
October 2007 21.34 9.56
November 2007 61.57 19.01
December 2007 28.74 18.65
January 2008 94.03 27.67
February 2008 15.62 35.10
March 2008 47.25 44.76
April 2008 41.21 48.07
May 2008 45.09 45.33
June 2008 40.40 47.27
July 2008 38.76 38.05
August 2008 7.76 36.74

Source: For all figures, U.S. Treasury International Capital reports with staff adjustments.


Private Securities Flows through August 2008

(Billions of dollars; monthly rate, not seasonally adjusted)

Foreign Net Purchases (+) of U.S. Securities

Figure: Total
Monthly rate, not seasonally adjusted
Billions of dollars
Period Total 6-month moving average
January 2003 17.44 27.34
February 2003 -13.44 20.48
March 2003 58.86 24.56
April 2003 31.60 26.82
May 2003 63.00 30.64
June 2003 40.14 32.93
July 2003 48.05 38.03
August 2003 24.53 44.36
September 2003 -16.76 31.76
October 2003 -4.57 25.73
November 2003 40.01 21.90
December 2003 37.18 21.41
January 2004 37.03 19.57
February 2004 30.45 20.56
March 2004 13.70 25.63
April 2004 56.80 35.86
May 2004 28.82 34.00
June 2004 65.31 38.69
July 2004 38.63 38.95
August 2004 12.37 35.94
September 2004 31.49 38.90
October 2004 33.85 35.08
November 2004 76.09 42.96
December 2004 55.16 41.27
January 2005 47.78 42.79
February 2005 50.94 49.22
March 2005 56.63 53.41
April 2005 43.86 55.08
May 2005 8.82 43.86
June 2005 43.12 41.86
July 2005 46.50 41.65
August 2005 39.79 39.79
September 2005 80.81 43.82
October 2005 66.37 47.57
November 2005 73.45 58.34
December 2005 28.73 55.94
January 2006 34.86 54.00
February 2006 46.19 55.07
March 2006 62.28 51.98
April 2006 1.63 41.19
May 2006 69.35 40.51
June 2006 47.46 43.63
July 2006 21.36 41.38
August 2006 81.57 47.28
September 2006 75.04 49.40
October 2006 69.63 60.74
November 2006 107.26 67.06
December 2006 17.59 62.08
January 2007 94.33 74.24
February 2007 48.36 68.70
March 2007 85.52 70.45
April 2007 61.41 69.08
May 2007 153.01 76.70
June 2007 84.49 87.85
July 2007 11.13 73.98
August 2007 1.91 66.24
September 2007 19.48 55.24
October 2007 107.05 62.84
November 2007 45.79 44.98
December 2007 38.52 37.31
January 2008 -12.80 33.33
February 2008 48.61 41.11
March 2008 6.65 38.97
April 2008 32.23 26.50
May 2008 56.68 28.31
June 2008 -4.04 21.22
July 2008 ND 19.07
August 2008 ND 11.26

Note: The Total series is at about -36 in July 2008 and increases to about -16 in August 2008.


Figure: Treasury Securities
Monthly rate, not seasonally adjusted
Billions of dollars
Period Treasury Securities 6-month moving average
January 2003 -6.51 6.81
February 2003 -13.68 4.03
March 2003 30.12 4.50
April 2003 6.34 6.37
May 2003 24.86 8.73
June 2003 21.18 10.39
July 2003 35.62 17.41
August 2003 12.62 21.79
September 2003 -8.51 15.35
October 2003 -19.38 11.07
November 2003 10.99 8.75
December 2003 8.14 6.58
January 2004 10.08 2.32
February 2004 4.70 1.00
March 2004 17.47 5.33
April 2004 18.69 11.68
May 2004 11.12 11.70
June 2004 32.86 15.82
July 2004 3.21 14.68
August 2004 -6.67 12.78
September 2004 -1.51 9.62
October 2004 -1.17 6.31
November 2004 7.20 5.65
December 2004 -1.09 -0.00
January 2005 11.66 1.40
February 2005 22.70 6.30
March 2005 44.17 13.91
April 2005 18.04 17.11
May 2005 -19.60 12.65
June 2005 -11.44 10.92
July 2005 3.66 9.59
August 2005 9.32 7.36
September 2005 11.33 1.88
October 2005 9.91 0.53
November 2005 39.64 10.40
December 2005 -7.10 11.13
January 2006 -17.81 7.55
February 2006 -10.97 4.17
March 2006 2.87 2.76
April 2006 -39.13 -5.42
May 2006 1.86 -11.71
June 2006 13.26 -8.32
July 2006 -11.35 -7.24
August 2006 8.81 -3.95
September 2006 -19.05 -7.60
October 2006 -3.96 -1.74
November 2006 24.46 2.03
December 2006 -7.19 -1.38
January 2007 7.28 1.73
February 2007 4.86 1.07
March 2007 30.75 9.37
April 2007 -29.77 5.07
May 2007 12.81 3.12
June 2007 3.48 4.90
July 2007 5.58 4.62
August 2007 47.65 11.75
September 2007 7.27 7.84
October 2007 49.56 21.06
November 2007 21.40 22.49
December 2007 -3.79 21.28
January 2008 -2.81 19.88
February 2008 26.52 16.36
March 2008 39.16 21.67
April 2008 50.01 21.75
May 2008 11.99 20.18
June 2008 4.36 21.54
July 2008 23.01 25.84
August 2008 ND 27.71

Note: The "Treasury Securities" series increases to about 29 in August 2008.


Figure: Agency Bonds
Monthly rate, not seasonally adjusted
Billions of dollars
Period Agency Bonds 6-month moving average
January 2003 6.75 7.71
February 2003 -7.35 5.05
March 2003 1.85 3.35
April 2003 1.76 1.48
May 2003 7.08 1.98
June 2003 -7.12 0.49
July 2003 -0.68 -0.74
August 2003 -13.12 -1.70
September 2003 -18.19 -5.05
October 2003 -1.71 -5.62
November 2003 -4.22 -7.51
December 2003 -1.87 -6.63
January 2004 8.77 -5.06
February 2004 4.73 -2.08
March 2004 -15.43 -1.62
April 2004 14.02 1.00
May 2004 6.78 2.83
June 2004 4.08 3.83
July 2004 4.40 3.10
August 2004 1.07 2.49
September 2004 -4.34 4.34
October 2004 15.77 4.63
November 2004 13.88 5.81
December 2004 13.65 7.41
January 2005 9.85 8.31
February 2005 -1.17 7.94
March 2005 -7.57 7.40
April 2005 3.31 5.33
May 2005 10.80 4.81
June 2005 4.83 3.34
July 2005 16.47 4.45
August 2005 -1.86 4.33
September 2005 9.02 7.10
October 2005 16.75 9.33
November 2005 -6.06 6.52
December 2005 -4.61 4.95
January 2006 5.74 3.16
February 2006 8.46 4.88
March 2006 -3.46 2.80
April 2006 -2.20 -0.36
May 2006 16.71 3.44
June 2006 2.96 4.70
July 2006 -7.84 2.44
August 2006 10.96 2.85
September 2006 6.00 4.43
October 2006 -4.16 4.10
November 2006 0.30 1.37
December 2006 -7.68 -0.40
January 2007 3.87 1.55
February 2007 -22.30 -4.00
March 2007 -12.30 -7.05
April 2007 12.89 -4.20
May 2007 9.87 -2.61
June 2007 13.53 0.93
July 2007 -4.47 -0.47
August 2007 1.07 3.43
September 2007 0.85 5.62
October 2007 8.79 4.94
November 2007 13.60 5.56
December 2007 -6.03 2.30
January 2008 -6.32 1.99
February 2008 16.75 4.61
March 2008 -30.06 -0.55
April 2008 -16.61 -4.78
May 2008 -12.95 -9.20
June 2008 -3.70 -8.82
July 2008 -34.59 -13.53

Note: The "Agency Bonds" series ends at about $ -30 billion in August 2008. The "6-month moving average" series ends at about $ -22 billion in August 2008.


Figure: Corporate and Municipal Bonds
Monthly rate, not seasonally adjusted
Billions of dollars
Period Corporate and Municipal Bonds 6-month moving average
January 2003 20.06 11.35
February 2003 9.68 11.05
March 2003 24.11 14.85
April 2003 19.02 16.97
May 2003 24.35 17.90
June 2003 16.87 19.01
July 2003 22.64 19.45
August 2003 13.45 20.07
September 2003 16.04 18.73
October 2003 16.29 18.28
November 2003 24.31 18.27
December 2003 16.98 18.29
January 2004 6.40 15.58
February 2004 16.32 16.06
March 2004 21.74 17.01
April 2004 13.96 16.62
May 2004 16.59 15.33
June 2004 24.18 16.53
July 2004 23.71 19.42
August 2004 20.39 20.10
September 2004 40.67 23.25
October 2004 15.61 23.53
November 2004 20.18 24.12
December 2004 35.28 25.97
January 2005 13.12 24.21
February 2005 24.84 24.95
March 2005 17.07 21.01
April 2005 15.98 21.08
May 2005 15.52 20.30
June 2005 44.91 21.91
July 2005 18.59 22.82
August 2005 30.77 23.81
September 2005 38.43 27.37
October 2005 30.10 29.72
November 2005 33.26 32.68
December 2005 30.12 30.21
January 2006 22.63 30.89
February 2006 30.20 30.79
March 2006 41.66 31.33
April 2006 33.97 31.97
May 2006 36.92 32.58
June 2006 34.05 33.24
July 2006 27.89 34.11
August 2006 53.93 38.07
September 2006 72.70 43.24
October 2006 49.04 45.75
November 2006 71.30 51.48
December 2006 43.51 53.06
January 2007 60.22 58.45
February 2007 53.63 58.40
March 2007 58.00 55.95
April 2007 42.67 54.89
May 2007 87.62 57.61
June 2007 39.25 56.90
July 2007 -8.35 45.47
August 2007 -7.81 35.23
September 2007 8.84 27.04
October 2007 16.60 22.69
November 2007 6.52 9.18
December 2007 26.29 7.02
January 2008 -7.50 7.16
February 2008 9.00 9.96
March 2008 -13.41 6.25
April 2008 10.83 5.29
May 2008 41.70 11.15
June 2008 -2.36 6.38
July 2008 -7.29 6.41
August 2008 -15.11 2.39

Figure: Corporate Stocks
Monthly rate, not seasonally adjusted
Billions of dollars
Period Corporate Stocks 6-month moving average
January 2003 -2.87 1.48
February 2003 -2.08 0.35
March 2003 2.78 1.86
April 2003 4.49 2.00
May 2003 6.70 2.03
June 2003 9.20 3.04
July 2003 -9.53 1.93
August 2003 11.57 4.20
September 2003 -6.10 2.72
October 2003 0.23 2.01
November 2003 8.92 2.38
December 2003 13.94 3.17
January 2004 11.78 6.72
February 2004 4.70 5.58
March 2004 -10.08 4.91
April 2004 10.12 6.56
May 2004 -5.68 4.13
June 2004 4.19 2.50
July 2004 7.31 1.76
August 2004 -2.42 0.57
September 2004 -3.33 1.70
October 2004 3.65 0.62
November 2004 34.83 7.37
December 2004 7.31 7.89
January 2005 13.15 8.86
February 2005 4.58 10.03
March 2005 2.96 11.08
April 2005 6.53 11.56
May 2005 2.10 6.10
June 2005 4.82 5.69
July 2005 7.78 4.79
August 2005 1.56 4.29
September 2005 22.03 7.47
October 2005 9.60 7.98
November 2005 6.61 8.73
December 2005 10.32 9.65
January 2006 24.31 12.41
February 2006 18.50 15.23
March 2006 21.22 15.09
April 2006 8.99 14.99
May 2006 13.86 16.20
June 2006 -2.80 14.01
July 2006 12.67 12.07
August 2006 7.88 10.30
September 2006 15.38 9.33
October 2006 28.71 12.62
November 2006 11.20 12.17
December 2006 -11.05 10.80
January 2007 22.95 12.51
February 2007 12.17 13.23
March 2007 9.07 12.17
April 2007 35.61 13.33
May 2007 42.72 18.58
June 2007 28.22 25.12
July 2007 18.38 24.36
August 2007 -39.01 15.83
September 2007 2.52 14.74
October 2007 32.11 14.16
November 2007 4.27 7.75
December 2007 22.06 6.72
January 2008 3.84 4.30
February 2008 -3.66 10.19
March 2008 10.96 11.60
April 2008 -12.01 4.24
May 2008 15.94 6.19
June 2008 -2.34 2.12
July 2008 -6.85 0.34
August 2008 0.64 1.06


U.S. Net Acquisitions (-) of Foreign Securities

Figure: Total
Monthly rate, not seasonally adjusted
Billions of dollars
Period Total 6-month moving average
January 2003 -7.54 -6.94
February 2003 1.74 -5.87
March 2003 -25.80 -9.23
April 2003 -0.34 -8.40
May 2003 -14.56 -10.03
June 2003 -17.95 -10.74
July 2003 -3.12 -10.01
August 2003 -17.69 -13.24
September 2003 -6.94 -10.10
October 2003 -28.21 -14.75
November 2003 -16.51 -15.07
December 2003 -9.66 -13.69
January 2004 -17.42 -16.07
February 2004 -17.62 -16.06
March 2004 -0.94 -15.06
April 2004 -20.27 -13.74
May 2004 -11.47 -12.90
June 2004 -13.05 -13.46
July 2004 -17.60 -13.49
August 2004 -7.65 -11.83
September 2004 -28.62 -16.44
October 2004 -19.51 -16.32
November 2004 10.02 -12.73
December 2004 -26.10 -14.91
January 2005 -11.50 -13.89
February 2005 -19.81 -15.92
March 2005 -28.21 -15.85
April 2005 -14.95 -15.09
May 2005 -20.33 -20.15
June 2005 -21.87 -19.44
July 2005 -25.69 -21.81
August 2005 -8.38 -19.90
September 2005 -32.13 -20.56
October 2005 -11.73 -20.02
November 2005 -25.76 -20.92
December 2005 -30.04 -22.29
January 2006 -27.07 -22.52
February 2006 -19.25 -24.33
March 2006 -28.99 -23.81
April 2006 -26.92 -26.34
May 2006 -34.42 -27.78
June 2006 -18.43 -25.85
July 2006 -27.77 -25.96
August 2006 -11.64 -24.69
September 2006 -31.45 -25.10
October 2006 -24.55 -24.71
November 2006 -53.00 -27.81
December 2006 -58.88 -34.55
January 2007 -21.61 -33.52
February 2007 -25.48 -35.83
March 2007 -52.09 -39.26
April 2007 -20.90 -38.66
May 2007 -41.24 -36.70
June 2007 -21.99 -30.55
July 2007 -15.78 -29.58
August 2007 -36.87 -31.48
September 2007 -46.60 -30.56
October 2007 -8.33 -28.47
November 2007 18.85 -18.45
December 2007 -15.18 -17.32
January 2008 -20.03 -18.02
February 2008 -13.45 -14.12
March 2008 -1.76 -6.65
April 2008 8.77 -3.80
May 2008 -28.13 -11.63
June 2008 -13.67 -11.38
July 2008 32.46 -2.63
August 2008 20.83 3.08

Figure: Bonds
Monthly rate, not seasonally adjusted
Billions of dollars
Period Bonds 6-month moving average
January 2003 0.29 -3.55
February 2003 6.86 -1.28
March 2003 -5.16 -1.48
April 2003 -1.56 -2.05
May 2003 -1.74 -1.88
June 2003 -10.68 -2.00
July 2003 6.47 -0.97
August 2003 -2.17 -2.47
September 2003 6.92 -0.46
October 2003 -15.53 -2.79
November 2003 -12.52 -4.59
December 2003 0.87 -2.66
January 2004 -6.22 -4.77
February 2004 -10.86 -6.22
March 2004 -1.83 -7.68
April 2004 3.36 -4.53
May 2004 -3.97 -3.11
June 2004 -3.74 -3.87
July 2004 -7.43 -4.08
August 2004 -5.25 -3.14
September 2004 -23.08 -6.68
October 2004 -8.26 -8.62
November 2004 -6.66 -9.07
December 2004 -10.96 -10.27
January 2005 -3.21 -9.57
February 2005 -1.88 -9.01
March 2005 -8.20 -6.53
April 2005 -7.70 -6.44
May 2005 -12.77 -7.45
June 2005 -6.54 -6.72
July 2005 -10.38 -7.91
August 2005 15.10 -5.08
September 2005 -19.32 -6.93
October 2005 0.75 -5.53
November 2005 -1.84 -3.70
December 2005 -7.12 -3.80
January 2006 -10.65 -3.85
February 2006 -6.62 -7.47
March 2006 -15.17 -6.77
April 2006 -14.32 -9.29
May 2006 -25.44 -13.22
June 2006 -17.70 -14.98
July 2006 -24.17 -17.23
August 2006 -16.82 -18.93
September 2006 -21.82 -20.04
October 2006 -15.67 -20.27
November 2006 -17.85 -19.01
December 2006 -38.23 -22.43
January 2007 -6.36 -19.46
February 2007 -9.97 -18.32
March 2007 -38.55 -21.11
April 2007 -16.86 -21.30
May 2007 -27.61 -22.93
June 2007 -12.49 -18.64
July 2007 0.16 -17.55
August 2007 -23.03 -19.73
September 2007 -19.75 -16.59
October 2007 -9.73 -15.41
November 2007 10.28 -9.09
December 2007 -14.13 -9.36
January 2008 -16.64 -12.16
February 2008 6.68 -7.21
March 2008 2.21 -3.55
April 2008 10.06 -0.26
May 2008 -8.97 -3.46
June 2008 -12.18 -3.14
July 2008 16.61 2.40
August 2008 19.03 4.46

Figure: Stock Purchases & Swaps
Monthly rate, not seasonally adjusted
Billions of dollars
Period Stock Purchases & Swaps 6-month moving average
January 2003 -7.83 -3.40
February 2003 -5.13 -4.59
March 2003 -20.65 -7.75
April 2003 1.22 -6.35
May 2003 -12.82 -8.15
June 2003 -7.27 -8.75
July 2003 -9.58 -9.04
August 2003 -15.51 -10.77
September 2003 -13.86 -9.64
October 2003 -12.69 -11.95
November 2003 -3.98 -10.48
December 2003 -10.53 -11.03
January 2004 -11.21 -11.30
February 2004 -6.77 -9.84
March 2004 0.89 -7.38
April 2004 -23.63 -9.21
May 2004 -7.51 -9.79
June 2004 -9.31 -9.59
July 2004 -10.17 -9.41
August 2004 -2.40 -8.69
September 2004 -5.55 -9.76
October 2004 -11.25 -7.70
November 2004 16.69 -3.66
December 2004 -15.14 -4.64
January 2005 -8.29 -4.32
February 2005 -17.93 -6.91
March 2005 -20.01 -9.32
April 2005 -7.25 -8.65
May 2005 -7.56 -12.70
June 2005 -15.33 -12.73
July 2005 -15.31 -13.90
August 2005 -23.48 -14.82
September 2005 -12.81 -13.62
October 2005 -12.48 -14.49
November 2005 -23.92 -17.22
December 2005 -22.92 -18.49
January 2006 -16.42 -18.67
February 2006 -12.63 -16.86
March 2006 -13.82 -17.03
April 2006 -12.60 -17.05
May 2006 -8.99 -14.56
June 2006 -0.73 -10.86
July 2006 -3.60 -8.73
August 2006 5.18 -5.76
September 2006 -9.63 -5.06
October 2006 -8.87 -4.44
November 2006 -35.15 -8.80
December 2006 -20.64 -12.12
January 2007 -15.25 -14.06
February 2007 -15.51 -17.51
March 2007 -13.54 -18.16
April 2007 -4.04 -17.35
May 2007 -13.64 -13.77
June 2007 -9.49 -11.91
July 2007 -15.94 -12.03
August 2007 -13.84 -11.75
September 2007 -26.85 -13.97
October 2007 1.40 -13.06
November 2007 8.57 -9.36
December 2007 -1.05 -7.95
January 2008 -3.39 -5.86
February 2008 -20.12 -6.91
March 2008 -3.97 -3.09
April 2008 -1.30 -3.54
May 2008 -19.16 -8.16
June 2008 -1.49 -8.24
July 2008 15.84 -5.03
August 2008 1.80 -1.38

Source: For all figures, U.S. Treasury International Capital reports with staff adjustments.


Exchange Value of the Dollar and Stock Market Indexes

Latest Percent change since
September Greenbook
Exchange rates*
Euro ($/euro) 1.2884 8.8
Yen (¥/$) 99.0 -8.2
Sterling ($/£) 1.6441 6.7
Canadian dollar (C$/$) 1.2507 16.5
Nominal dollar indexes*
Broad index 109.9 8.7
Major currencies index 82.8 7.7
OITP index 138.5 9.7
Stock market indexes
DJ Euro Stoxx 229.3 -25.2
TOPIX 889.2 -25.4
FTSE 100 4086.8 -23.8
S&P 500 946.5 -22.7

* Positive percent change denotes appreciation of U.S. dollar.  Return to table


Figure: Exchange Value of the Dollar
Weekly
January 5, 2004 = 100
Period Major currencies index Euro Yen
9 January 2004 99.71 99.46 100.13
16 January 2004 100.17 100.25 100.24
23 January 2004 ND ND ND
30 January 2004 101.31 101.19 99.75
6 February 2004 101.43 100.89 99.45
13 February 2004 100.30 99.41 99.46
20 February 2004 ND ND ND
27 February 2004 102.03 101.20 102.58
5 March 2004 103.33 103.33 103.98
12 March 2004 103.29 103.11 104.82
19 March 2004 103.01 103.30 102.01
26 March 2004 102.62 103.67 100.22
2 April 2004 101.86 103.76 98.69
9 April 2004 102.66 104.86 99.72
16 April 2004 104.10 105.89 101.27
23 April 2004 105.19 106.65 102.87
30 April 2004 105.41 106.50 103.34
7 May 2004 105.36 105.40 103.82
14 May 2004 107.25 107.02 107.34
21 May 2004 106.26 105.78 106.73
28 May 2004 104.91 104.49 105.09
4 June 2004 ND ND ND
11 June 2004 104.09 104.26 103.40
18 June 2004 104.86 105.00 103.52
25 June 2004 104.06 104.60 102.00
2 July 2004 103.46 104.00 102.24
9 July 2004 ND ND ND
16 July 2004 102.24 102.41 102.74
23 July 2004 102.58 103.21 103.03
30 July 2004 104.21 105.07 104.85
6 August 2004 103.73 104.85 104.53
13 August 2004 103.07 103.31 104.42
20 August 2004 102.35 102.83 103.50
27 August 2004 103.39 104.80 103.43
3 September 2004 103.35 104.57 103.38
10 September 2004 ND ND ND
17 September 2004 102.88 103.94 103.60
24 September 2004 102.40 103.50 103.95
1 October 2004 101.77 102.69 104.46
8 October 2004 101.72 102.93 104.48
15 October 2004 ND ND ND
22 October 2004 99.85 100.75 101.90
29 October 2004 98.29 99.41 100.29
5 November 2004 97.78 98.98 100.00
12 November 2004 ND ND ND
19 November 2004 96.38 97.54 98.41
26 November 2004 ND ND ND
3 December 2004 94.74 95.32 96.91
10 December 2004 95.61 95.17 98.12
17 December 2004 96.00 95.19 98.57
24 December 2004 95.65 94.35 97.95
31 December 2004 94.59 93.26 97.28
7 January 2005 96.24 95.61 98.18
14 January 2005 95.92 96.25 97.09
21 January 2005 ND ND ND
28 January 2005 96.98 97.32 97.33
4 February 2005 97.39 97.58 97.98
11 February 2005 98.37 98.90 99.46
18 February 2005 97.23 97.35 99.17
25 February 2005 ND ND ND
4 March 2005 96.58 96.11 98.55
11 March 2005 95.41 94.90 98.34
18 March 2005 95.31 94.95 98.57
25 March 2005 96.72 97.10 99.61
1 April 2005 97.53 98.14 101.19
8 April 2005 98.01 98.49 102.18
15 April 2005 98.20 98.27 101.64
22 April 2005 97.47 97.07 100.65
29 April 2005 97.81 97.95 99.58
6 May 2005 97.95 98.36 98.84
13 May 2005 98.59 99.26 100.02
20 May 2005 99.91 100.44 101.19
27 May 2005 100.10 100.87 101.55
3 June 2005 ND ND ND
10 June 2005 100.66 103.58 101.10
17 June 2005 101.44 104.78 102.96
24 June 2005 101.00 104.71 102.70
1 July 2005 101.49 104.99 104.08
8 July 2005 ND ND ND
15 July 2005 101.37 104.82 105.42
22 July 2005 101.79 105.11 105.46
29 July 2005 102.03 105.03 105.71
5 August 2005 100.65 103.17 105.13
12 August 2005 99.95 102.39 104.44
19 August 2005 100.15 103.39 103.60
26 August 2005 99.89 103.38 103.62
2 September 2005 99.50 102.65 104.18
9 September 2005 ND ND ND
16 September 2005 99.57 103.48 104.22
23 September 2005 99.78 104.32 105.18
30 September 2005 100.72 105.41 106.58
7 October 2005 100.94 105.55 107.37
14 October 2005 ND ND ND
21 October 2005 101.51 105.82 108.85
28 October 2005 100.96 104.93 108.66
4 November 2005 101.82 105.91 110.30
11 November 2005 ND ND ND
18 November 2005 103.64 108.40 112.16
25 November 2005 ND ND ND
2 December 2005 102.80 107.85 113.06
9 December 2005 102.39 107.55 113.74
16 December 2005 101.09 105.81 111.06
23 December 2005 101.83 106.73 109.96
30 December 2005 ND ND ND
6 January 2006 ND ND ND
13 January 2006 100.48 104.96 107.82
20 January 2006 ND ND ND
27 January 2006 99.74 103.63 109.02
3 February 2006 100.42 104.85 111.12
10 February 2006 101.31 106.08 111.58
17 February 2006 101.62 106.60 111.09
24 February 2006 ND ND ND
3 March 2006 100.64 106.17 109.43
10 March 2006 101.55 106.35 111.24
17 March 2006 101.01 105.03 110.59
24 March 2006 101.26 105.03 110.33
31 March 2006 101.41 104.97 110.56
7 April 2006 100.81 103.97 111.00
14 April 2006 100.86 104.72 111.75
21 April 2006 99.60 103.00 110.73
28 April 2006 98.17 101.60 107.88
5 May 2006 96.58 100.14 106.63
12 May 2006 95.55 99.04 104.46
19 May 2006 95.90 99.20 104.34
26 May 2006 96.11 99.12 105.61
2 June 2006 ND ND ND
9 June 2006 96.35 99.27 106.77
16 June 2006 97.15 100.58 108.25
23 June 2006 97.54 100.77 108.81
30 June 2006 97.72 100.65 109.28
7 July 2006 ND ND ND
14 July 2006 97.41 99.80 108.45
21 July 2006 98.21 100.77 110.23
28 July 2006 97.84 100.13 109.54
4 August 2006 96.79 99.04 108.09
11 August 2006 96.55 98.88 108.72
18 August 2006 96.70 98.95 109.22
25 August 2006 96.60 99.00 109.82
1 September 2006 96.59 99.05 110.41
8 September 2006 ND ND ND
15 September 2006 97.38 99.86 110.85
22 September 2006 97.26 99.71 110.48
29 September 2006 97.18 99.81 110.64
6 October 2006 97.62 99.92 111.23
13 October 2006 ND ND ND
20 October 2006 98.42 100.94 111.98
27 October 2006 97.91 100.48 111.96
3 November 2006 97.25 99.45 110.54
10 November 2006 97.18 99.07 111.02
17 November 2006 97.54 98.96 111.17
24 November 2006 ND ND ND
1 December 2006 95.68 96.05 109.22
8 December 2006 95.53 95.37 108.72
15 December 2006 96.39 96.14 110.66
22 December 2006 96.66 96.41 111.52
29 December 2006 ND ND ND
5 January 2007 ND ND ND
12 January 2007 98.11 97.85 112.78
19 January 2007 ND ND ND
26 January 2007 98.28 97.78 114.30
2 February 2007 98.34 97.71 114.27
9 February 2007 98.26 97.59 113.88
16 February 2007 97.66 96.95 113.58
23 February 2007 ND ND ND
2 March 2007 96.96 96.07 111.61
9 March 2007 97.36 96.64 110.16
16 March 2007 96.86 95.81 110.24
23 March 2007 96.36 95.25 110.90
30 March 2007 96.09 95.00 110.80
6 April 2007 96.02 94.75 111.82
13 April 2007 95.61 94.28 112.34
20 April 2007 94.62 93.37 112.02
27 April 2007 94.32 93.14 112.10
4 May 2007 94.23 93.21 113.05
11 May 2007 94.39 93.60 113.14
18 May 2007 94.36 93.68 113.80
25 May 2007 94.26 94.22 114.56
1 June 2007 ND ND ND
8 June 2007 93.54 94.17 114.47
15 June 2007 94.28 95.11 115.44
22 June 2007 94.19 94.51 116.57
29 June 2007 93.91 94.15 116.16
6 July 2007 ND ND ND
13 July 2007 92.43 92.34 115.39
20 July 2007 91.86 91.85 114.85
27 July 2007 91.85 92.24 113.08
3 August 2007 92.23 92.48 111.98
10 August 2007 91.97 92.24 111.78
17 August 2007 92.83 93.81 109.65
24 August 2007 92.40 93.66 108.54
31 August 2007 92.06 92.91 108.94
7 September 2007 91.78 92.70 108.59
14 September 2007 90.77 91.52 107.88
21 September 2007 89.94 90.77 108.70
28 September 2007 89.00 89.67 108.54
5 October 2007 88.81 89.53 109.69
12 October 2007 88.50 89.54 110.50
19 October 2007 88.03 89.11 109.59
26 October 2007 87.54 88.90 107.59
2 November 2007 86.47 87.79 108.25
9 November 2007 85.18 86.79 106.67
16 November 2007 ND ND ND
23 November 2007 86.08 85.75 102.80
30 November 2007 86.35 85.81 103.33
7 December 2007 87.25 86.39 104.38
14 December 2007 87.76 86.68 105.81
21 December 2007 88.45 88.27 106.83
28 December 2007 ND ND ND
4 January 2008 ND ND ND
11 January 2008 87.22 86.15 102.97
18 January 2008 87.28 86.06 101.10
25 January 2008 ND ND ND
1 February 2008 86.24 85.63 100.66
8 February 2008 86.85 86.71 100.77
15 February 2008 86.90 86.87 101.39
22 February 2008 ND ND ND
29 February 2008 85.11 84.31 100.25
7 March 2008 84.25 83.01 97.27
14 March 2008 83.52 81.93 95.73
21 March 2008 83.38 81.23 92.86
28 March 2008 83.72 80.96 94.16
4 April 2008 83.97 80.82 95.82
11 April 2008 83.89 80.49 96.10
18 April 2008 83.55 79.97 96.21
25 April 2008 83.83 80.16 97.64
2 May 2008 84.63 81.58 98.32
9 May 2008 84.70 82.05 98.36
16 May 2008 84.39 81.70 98.38
23 May 2008 83.53 80.82 97.79
30 May 2008 ND ND ND
6 June 2008 84.67 81.54 99.16
13 June 2008 85.38 81.76 101.01
20 June 2008 85.31 81.67 101.72
27 June 2008 84.85 81.13 101.32
4 July 2008 ND ND ND
11 July 2008 84.54 80.54 100.88
18 July 2008 83.66 79.84 99.56
25 July 2008 84.42 80.51 101.23
1 August 2008 85.27 81.23 101.70
8 August 2008 86.80 82.52 102.80
15 August 2008 88.76 85.32 103.45
22 August 2008 88.79 85.84 103.29
29 August 2008 89.01 86.25 103.09
5 September 2008 ND ND ND
12 September 2008 91.14 90.02 101.23
19 September 2008 90.17 88.90 99.44
26 September 2008 88.19 86.45 100.04
3 October 2008 90.79 90.34 99.56
10 October 2008 93.43 93.29 94.89

Figure: Exchange Value of the Dollar
Daily
September 10, 2008 = 100
Date Major currencies index Euro Yen
1 July 2008 92.26 88.86 98.03
2 July 2008 91.80 88.35 98.16
3 July 2008 92.57 89.25 99.01
4 July 2008 ND ND ND
7 July 2008 92.83 89.61 99.71
8 July 2008 92.88 89.57 99.53
9 July 2008 92.30 89.05 99.31
10 July 2008 92.22 88.90 99.23
11 July 2008 91.70 88.19 98.41
14 July 2008 91.55 88.10 98.44
15 July 2008 91.10 88.05 97.14
16 July 2008 91.30 88.47 97.01
17 July 2008 91.44 88.39 98.11
18 July 2008 91.72 88.43 98.97
21 July 2008 91.58 88.30 98.96
22 July 2008 92.00 88.67 99.30
23 July 2008 92.33 89.25 99.83
24 July 2008 92.60 89.54 99.78
25 July 2008 92.72 89.37 100.03
28 July 2008 92.63 89.03 99.66
29 July 2008 93.30 89.94 100.31
30 July 2008 93.32 90.11 100.29
31 July 2008 93.31 89.94 100.22
1 August 2008 93.30 90.06 99.75
4 August 2008 93.76 90.05 100.34
5 August 2008 94.25 90.64 100.32
6 August 2008 94.75 90.99 101.42
7 August 2008 95.04 91.39 101.46
8 August 2008 96.48 93.17 102.07
11 August 2008 96.72 93.73 102.06
12 August 2008 96.81 94.06 101.78
13 August 2008 96.87 94.13 100.79
14 August 2008 97.01 94.37 101.75
15 August 2008 97.53 95.41 102.43
18 August 2008 97.34 95.18 102.05
19 August 2008 97.26 95.08 101.69
20 August 2008 97.52 95.37 101.97
21 August 2008 96.21 94.25 100.45
22 August 2008 96.79 94.73 101.87
25 August 2008 96.66 94.71 101.16
26 August 2008 97.33 95.63 101.83
27 August 2008 97.29 95.48 101.72
28 August 2008 97.39 95.47 101.58
29 August 2008 97.65 95.58 100.77
1 September 2008 ND ND ND
2 September 2008 98.46 96.54 100.92
3 September 2008 98.21 96.76 100.30
4 September 2008 98.62 97.63 99.91
5 September 2008 98.75 98.23 99.17
8 September 2008 99.56 99.25 100.05
9 September 2008 99.21 98.92 99.30
10 September 2008 100.00 100.00 100.00
11 September 2008 100.24 100.58 98.89
12 September 2008 98.96 98.93 99.68
15 September 2008 98.83 98.91 97.97
16 September 2008 99.07 99.05 97.45
17 September 2008 99.00 98.63 97.08
18 September 2008 98.08 97.48 97.21
19 September 2008 97.70 97.47 99.37
22 September 2008 96.35 95.39 98.60
23 September 2008 96.08 95.13 98.09
24 September 2008 96.36 95.67 98.30
25 September 2008 96.46 95.75 98.72
26 September 2008 96.58 96.05 98.33
29 September 2008 97.31 97.49 97.44
30 September 2008 99.04 99.57 98.22
1 October 2008 99.13 99.73 98.33
2 October 2008 100.15 101.20 97.63
3 October 2008 100.42 101.48 98.05
6 October 2008 101.48 103.79 93.88
7 October 2008 101.19 102.72 94.85
8 October 2008 101.48 102.49 92.46
9 October 2008 102.34 102.74 93.33
10 October 2008 103.99 104.08 92.19
13 October 2008 ND ND ND
14 October 2008 102.79 102.65 94.72
15 October 2008 103.62 103.34 94.08
16 October 2008 104.41 104.50 93.14
17 October 2008 103.98 104.15 94.01
20 October 2008 105.01 105.30 94.33
21 October 2008 106.26 107.01 93.11
22 October 2008 107.71 108.82 91.81

As shown in the figure, a vertical line marks the September 2008 Greenbook.


Figure: Stock Market Indexes
Weekly
January 5, 2004 = 100
Period DJ Euro Stoxx TOPIX S&P 500
9 January 2004 99.93 99.88 101.51
16 January 2004 100.82 ND 101.96
23 January 2004 102.65 101.41 ND
30 January 2004 102.34 99.87 102.72
6 February 2004 101.06 97.63 102.29
13 February 2004 102.63 ND 103.58
20 February 2004 103.49 99.55 ND
27 February 2004 102.93 100.20 103.09
5 March 2004 104.73 105.61 104.07
12 March 2004 103.29 106.19 101.74
19 March 2004 99.34 107.11 100.52
26 March 2004 97.89 108.52 99.20
2 April 2004 101.01 111.30 101.94
9 April 2004 ND 113.58 ND
16 April 2004 ND 113.92 102.23
23 April 2004 103.41 113.44 102.10
30 April 2004 102.58 ND 101.35
7 May 2004 100.88 ND 100.52
14 May 2004 97.64 103.57 98.73
21 May 2004 97.50 103.24 98.28
28 May 2004 98.68 106.57 100.41
4 June 2004 ND 107.00 ND
11 June 2004 101.06 109.25 ND
18 June 2004 100.85 109.42 102.08
25 June 2004 101.25 110.01 102.55
2 July 2004 101.84 111.90 102.21
9 July 2004 100.28 108.17 ND
16 July 2004 99.20 109.20 100.12
23 July 2004 97.97 ND 98.99
30 July 2004 97.67 106.37 98.81
6 August 2004 97.57 105.79 98.33
13 August 2004 94.71 104.66 96.49
20 August 2004 95.60 103.62 98.26
27 August 2004 97.48 106.28 99.41
3 September 2004 98.43 107.00 99.98
10 September 2004 99.87 107.49 ND
17 September 2004 100.99 106.70 101.52
24 September 2004 100.68 ND 100.74
1 October 2004 100.22 103.76 100.58
8 October 2004 102.90 107.82 102.20
15 October 2004 101.62 ND 100.52
22 October 2004 101.41 103.49 99.65
29 October 2004 101.23 101.95 100.84
5 November 2004 103.81 ND 103.42
12 November 2004 105.03 103.85 105.54
19 November 2004 105.67 105.35 106.36
26 November 2004 105.35 ND ND
3 December 2004 106.00 103.98 106.91
10 December 2004 106.11 103.28 106.95
17 December 2004 106.80 103.86 108.35
24 December 2004 ND ND ND
31 December 2004 ND ND 109.29
7 January 2005 108.81 ND 107.32
14 January 2005 108.37 ND 106.87
21 January 2005 108.81 107.75 ND
28 January 2005 108.97 107.74 105.59
4 February 2005 111.00 108.40 107.48
11 February 2005 112.74 ND 108.23
18 February 2005 113.66 110.11 108.78
25 February 2005 112.62 109.67 ND
4 March 2005 113.74 111.89 109.28
11 March 2005 113.64 113.15 109.36
18 March 2005 112.52 112.98 107.76
25 March 2005 ND ND ND
1 April 2005 ND 111.57 105.99
8 April 2005 113.51 112.70 106.70
15 April 2005 113.31 110.76 105.50
22 April 2005 109.48 106.18 103.72
29 April 2005 109.12 ND 104.11
6 May 2005 109.98 ND 105.42
13 May 2005 110.37 108.08 105.18
20 May 2005 111.55 105.87 106.55
27 May 2005 113.23 106.79 107.79
3 June 2005 114.63 108.26 ND
10 June 2005 115.39 108.08 108.05
17 June 2005 116.74 109.37 108.96
24 June 2005 117.27 110.68 108.90
1 July 2005 117.23 110.80 107.86
8 July 2005 118.40 111.63 ND
15 July 2005 120.14 112.21 110.41
22 July 2005 121.58 ND 110.90
29 July 2005 122.32 113.03 111.41
5 August 2005 122.80 113.81 111.63
12 August 2005 123.47 115.49 111.00
19 August 2005 122.50 118.12 110.28
26 August 2005 121.76 120.08 109.45
2 September 2005 121.24 120.18 109.71
9 September 2005 124.02 121.52 ND
16 September 2005 124.36 124.53 111.23
23 September 2005 124.35 ND 109.92
30 September 2005 126.47 132.30 110.14
7 October 2005 126.98 131.95 108.71
14 October 2005 124.92 ND 106.69
21 October 2005 122.34 130.98 106.84
28 October 2005 121.50 132.61 107.62
4 November 2005 123.70 ND 109.42
11 November 2005 125.12 140.96 110.56
18 November 2005 126.45 141.29 111.60
25 November 2005 128.11 ND ND
2 December 2005 128.77 146.70 113.56
9 December 2005 130.17 150.10 113.64
16 December 2005 130.84 151.28 114.37
23 December 2005 132.44 ND 114.01
30 December 2005 ND 155.89 ND
6 January 2006 135.05 ND ND
13 January 2006 136.15 ND 116.33
20 January 2006 134.61 153.37 ND
27 January 2006 135.12 153.97 114.62
3 February 2006 138.54 161.06 115.16
10 February 2006 139.12 159.39 113.96
17 February 2006 140.83 153.25 115.38
24 February 2006 143.08 152.64 ND
3 March 2006 142.95 154.83 116.24
10 March 2006 142.06 153.70 115.23
17 March 2006 145.10 157.06 117.23
24 March 2006 146.38 ND 117.49
31 March 2006 145.92 161.53 117.15
7 April 2006 146.99 166.38 117.64
14 April 2006 ND 165.79 ND
21 April 2006 ND 164.54 117.74
28 April 2006 147.43 162.41 117.92
5 May 2006 ND ND 118.44
12 May 2006 147.43 162.93 118.54
19 May 2006 139.51 155.89 115.22
26 May 2006 136.74 151.08 114.22
2 June 2006 138.16 151.08 ND
9 June 2006 134.28 144.98 113.59
16 June 2006 130.95 140.81 111.83
23 June 2006 133.82 144.25 112.27
30 June 2006 135.15 146.57 113.29
7 July 2006 138.56 149.79 ND
14 July 2006 136.62 147.62 113.25
21 July 2006 134.38 ND 112.24
28 July 2006 138.41 144.87 114.39
4 August 2006 139.66 148.25 115.22
11 August 2006 139.37 148.10 114.60
18 August 2006 142.54 153.14 116.36
25 August 2006 142.99 153.90 116.93
1 September 2006 144.57 152.91 117.73
8 September 2006 144.01 154.43 ND
15 September 2006 144.32 150.29 118.48
22 September 2006 145.59 ND 119.04
29 September 2006 147.55 149.45 120.42
6 October 2006 149.07 153.21 121.22
13 October 2006 151.49 ND 122.37
20 October 2006 152.24 154.91 123.32
27 October 2006 153.66 156.58 124.55
3 November 2006 153.07 ND 123.69
10 November 2006 155.60 151.11 124.63
17 November 2006 156.81 149.44 125.85
24 November 2006 156.76 ND ND
1 December 2006 153.19 149.13 125.68
8 December 2006 154.54 152.24 127.27
15 December 2006 157.95 155.11 127.93
22 December 2006 158.86 157.15 128.11
29 December 2006 ND 158.16 ND
5 January 2007 ND ND ND
12 January 2007 160.58 ND 128.00
19 January 2007 162.07 161.37 ND
26 January 2007 162.38 163.50 128.77
2 February 2007 163.76 163.71 129.58
9 February 2007 165.59 163.22 130.47
16 February 2007 166.22 ND 130.72
23 February 2007 166.93 169.36 ND
2 March 2007 161.41 167.00 127.12
9 March 2007 158.76 160.46 125.69
16 March 2007 157.64 160.78 125.41
23 March 2007 162.50 ND 128.44
30 March 2007 164.23 162.43 128.59
6 April 2007 ND 161.57 ND
13 April 2007 ND 163.26 130.49
20 April 2007 171.72 162.22 132.93
27 April 2007 172.23 160.60 134.33
4 May 2007 ND ND 134.83
11 May 2007 173.21 163.76 135.81
18 May 2007 173.86 161.63 136.29
25 May 2007 175.55 163.10 137.03
1 June 2007 ND 164.68 ND
8 June 2007 174.40 167.40 136.87
15 June 2007 174.25 165.97 136.65
22 June 2007 176.56 168.46 137.17
29 June 2007 174.14 166.15 135.43
6 July 2007 176.38 168.32 ND
13 July 2007 176.46 168.00 138.22
20 July 2007 176.34 ND 139.51
27 July 2007 170.39 164.58 135.54
3 August 2007 166.64 159.07 131.72
10 August 2007 165.55 157.04 132.59
17 August 2007 161.75 149.43 128.89
24 August 2007 163.18 147.23 131.69
31 August 2007 164.73 149.32 131.61
7 September 2007 165.90 149.15 ND
14 September 2007 163.15 144.54 132.85
21 September 2007 166.60 ND 136.58
28 September 2007 168.82 ND 137.46
5 October 2007 171.94 155.47 139.54
12 October 2007 173.81 ND 140.67
19 October 2007 172.41 152.83 138.37
26 October 2007 170.88 147.68 136.97
2 November 2007 172.96 152.40 137.84
9 November 2007 169.32 145.76 133.99
16 November 2007 166.31 139.37 131.72
23 November 2007 161.84 ND ND
30 November 2007 164.86 141.04 130.91
7 December 2007 168.16 145.20 134.10
14 December 2007 169.30 145.42 134.18
21 December 2007 164.90 138.36 131.68
28 December 2007 ND ND ND
4 January 2008 ND ND ND
11 January 2008 160.66 132.18 126.96
18 January 2008 154.42 ND 123.21
25 January 2008 142.47 120.73 ND
1 February 2008 146.35 125.12 123.52
8 February 2008 144.27 124.85 121.10
15 February 2008 144.75 ND 121.86
22 February 2008 145.85 125.35 ND
29 February 2008 146.99 127.38 123.26
7 March 2008 140.77 119.66 118.89
14 March 2008 138.76 115.65 117.39
21 March 2008 ND ND ND
28 March 2008 ND 116.62 120.62
4 April 2008 144.37 119.25 122.69
11 April 2008 144.98 120.45 122.44
18 April 2008 143.63 120.33 122.39
25 April 2008 145.55 124.74 125.05
2 May 2008 ND ND 126.23
9 May 2008 149.35 ND 126.38
16 May 2008 149.47 129.64 127.46
23 May 2008 148.18 130.89 126.32
30 May 2008 145.77 129.37 ND
6 June 2008 144.19 134.38 124.59
13 June 2008 138.69 130.42 121.89
20 June 2008 136.44 131.18 121.06
27 June 2008 131.71 126.70 117.56
4 July 2008 127.38 123.46 ND
11 July 2008 125.66 121.97 113.01
18 July 2008 123.04 118.97 112.04
25 July 2008 127.85 ND 114.20
1 August 2008 126.53 122.04 113.84
8 August 2008 128.20 118.83 115.21
15 August 2008 129.42 118.68 116.77
22 August 2008 126.20 116.59 115.29
29 August 2008 127.16 116.46 115.54
5 September 2008 127.22 114.00 ND
12 September 2008 124.42 112.19 112.32
19 September 2008 118.48 ND 108.69
26 September 2008 119.91 ND 108.32
3 October 2008 114.05 102.76 101.89
10 October 2008 100.17 87.28 87.46
17 October 2008 96.82 ND 86.54

Figure: Stock Market Indexes
Daily
September 10, 2008 = 100
Date DJ Euro Stoxx TOPIX S&P 500
1 July 2008 102.68 110.71 104.93
2 July 2008 102.20 109.12 103.02
3 July 2008 103.11 108.86 103.14
4 July 2008 101.50 108.85 ND
7 July 2008 103.13 110.10 102.27
8 July 2008 101.43 107.64 104.02
9 July 2008 103.22 107.81 101.65
10 July 2008 101.24 108.25 102.36
11 July 2008 98.43 107.84 101.22
14 July 2008 99.14 107.41 100.31
15 July 2008 96.74 105.09 99.22
16 July 2008 97.87 104.77 101.70
17 July 2008 100.66 105.98 102.92
18 July 2008 102.45 105.04 102.95
21 July 2008 103.10 ND 102.90
22 July 2008 102.61 108.00 104.29
23 July 2008 104.60 109.31 104.71
24 July 2008 103.04 111.76 102.29
25 July 2008 102.94 108.88 102.72
28 July 2008 101.62 109.09 100.81
29 July 2008 101.85 107.49 103.16
30 July 2008 103.09 109.28 104.88
31 July 2008 103.02 109.33 103.50
1 August 2008 101.39 106.76 102.92
4 August 2008 100.66 104.69 102.00
5 August 2008 103.45 104.64 104.93
6 August 2008 104.56 107.12 105.28
7 August 2008 104.21 105.57 103.39
8 August 2008 104.83 105.67 105.86
11 August 2008 106.15 107.35 106.60
12 August 2008 105.80 106.63 105.31
13 August 2008 103.26 104.54 105.01
14 August 2008 103.44 103.90 105.59
15 August 2008 104.00 104.61 106.02
18 August 2008 103.90 105.99 104.42
19 August 2008 101.24 103.62 103.44
20 August 2008 101.68 103.44 104.09
21 August 2008 100.39 102.70 104.35
22 August 2008 102.44 102.02 105.53
25 August 2008 101.52 103.93 103.46
26 August 2008 101.98 103.10 103.84
27 August 2008 102.04 102.63 104.67
28 August 2008 103.77 102.28 106.22
29 August 2008 104.19 105.23 104.76
1 September 2008 104.07 103.21 ND
2 September 2008 105.64 101.68 104.33
3 September 2008 104.25 102.36 104.12
4 September 2008 101.23 100.78 101.01
5 September 2008 98.56 98.19 101.45
8 September 2008 101.63 102.02 103.53
9 September 2008 100.72 99.93 100.00
10 September 2008 100.00 100.00 100.61
11 September 2008 99.24 97.51 102.00
12 September 2008 100.86 98.73 102.22
15 September 2008 97.29 ND 97.40
16 September 2008 95.51 93.73 99.11
17 September 2008 93.15 94.05 94.44
18 September 2008 92.43 92.06 98.53
19 September 2008 100.08 96.37 102.50
22 September 2008 98.04 98.01 98.58
23 September 2008 96.36 ND 97.04
24 September 2008 95.76 97.95 96.84
25 September 2008 97.91 96.78 98.75
26 September 2008 96.15 96.27 99.06
29 September 2008 91.07 94.59 90.35
30 September 2008 92.18 91.20 95.25
1 October 2008 92.70 92.35 94.82
2 October 2008 91.08 90.32 91.00
3 October 2008 93.55 87.89 89.77
6 October 2008 86.14 83.79 86.31
7 October 2008 85.62 81.99 81.36
8 October 2008 80.57 75.40 80.44
9 October 2008 79.00 75.91 74.31
10 October 2008 73.19 70.52 73.44
13 October 2008 80.85 ND 81.94
14 October 2008 82.98 80.20 81.50
15 October 2008 77.77 80.13 74.14
16 October 2008 73.51 72.50 77.29
17 October 2008 75.86 75.00 76.81
20 October 2008 78.04 77.77 80.47
21 October 2008 77.87 80.23 77.99
22 October 2008 74.78 74.58 77.30

As shown in the figure, a vertical line marks the September 2008 Greenbook.


Industrial Countries: Nominal and Real Interest Rates

Percent
3-month Libor 10-year nominal 10-year indexed
Latest Change since
Sep. Greenbook
Latest Change since
Sep. Greenbook
Latest Change since
Sep. Greenbook
Germany 4.93 -0.03 3.85 -0.21 2.48 0.54
Japan 1.03 0.13 1.52 0.02 2.65 1.33
United Kingdom 6.04 0.32 4.52 0.07 2.30 1.11
Canada 3.11 -0.34 3.67 0.21
United States 3.54 0.72 3.76 0.14 2.86 1.12

… Not applicable.

Libor London interbank offered rate.  Return to table


Figure: Nominal 10-Year Government Bond Yields
Weekly
Percent
Period Germany Japan United States
2 January 2004 ND 1.36 ND
9 January 2004 4.25 1.38 4.27
16 January 2004 4.15 ND 4.04
23 January 2004 4.15 1.32 ND
30 January 2004 4.19 1.32 4.17
6 February 2004 4.19 1.29 4.16
13 February 2004 4.13 1.25 4.08
20 February 2004 4.10 1.24 ND
27 February 2004 4.09 1.22 4.03
5 March 2004 4.06 1.37 4.00
12 March 2004 3.91 1.32 3.75
19 March 2004 3.89 1.32 3.75
26 March 2004 3.87 1.34 3.76
2 April 2004 3.97 1.44 3.95
9 April 2004 4.08 1.49 ND
16 April 2004 4.13 1.52 4.36
23 April 2004 4.16 1.53 4.43
30 April 2004 4.18 1.52 4.49
7 May 2004 4.19 ND 4.62
14 May 2004 4.30 1.51 4.81
21 May 2004 4.31 1.46 4.74
28 May 2004 4.31 1.47 4.68
4 June 2004 4.38 1.56 ND
11 June 2004 4.39 1.74 ND
18 June 2004 4.39 1.85 4.75
25 June 2004 4.34 1.88 4.69
2 July 2004 4.33 1.84 4.63
9 July 2004 4.24 1.79 ND
16 July 2004 4.24 1.77 4.47
23 July 2004 4.24 1.78 4.46
30 July 2004 4.27 1.83 4.56
6 August 2004 4.16 1.78 4.41
13 August 2004 4.07 1.62 4.28
20 August 2004 4.07 1.55 4.23
27 August 2004 4.09 1.58 4.25
3 September 2004 4.07 1.52 4.19
10 September 2004 4.12 1.58 ND
17 September 2004 4.06 1.50 4.14
24 September 2004 3.99 ND 4.04
1 October 2004 3.98 1.42 4.10
8 October 2004 4.01 1.57 4.20
15 October 2004 3.92 1.48 ND
22 October 2004 3.89 1.46 4.03
29 October 2004 3.85 1.44 4.05
5 November 2004 3.88 ND 4.12
12 November 2004 3.86 1.49 ND
19 November 2004 3.77 1.46 4.17
26 November 2004 3.76 ND ND
3 December 2004 3.79 1.44 4.35
10 December 2004 3.67 1.42 4.19
17 December 2004 3.59 1.37 4.16
24 December 2004 3.61 ND ND
31 December 2004 3.66 ND 4.29
7 January 2005 3.64 ND 4.28
14 January 2005 3.58 ND 4.25
21 January 2005 3.55 1.36 ND
28 January 2005 3.56 1.34 4.19
4 February 2005 3.53 1.31 4.14
11 February 2005 3.46 ND 4.06
18 February 2005 3.55 1.42 4.16
25 February 2005 3.69 1.41 ND
4 March 2005 3.74 1.49 4.37
11 March 2005 3.74 1.49 4.45
18 March 2005 3.72 1.46 4.51
25 March 2005 3.71 ND ND
1 April 2005 3.66 1.35 4.55
8 April 2005 3.59 1.36 4.48
15 April 2005 3.53 1.33 4.37
22 April 2005 3.47 1.27 4.26
29 April 2005 3.42 ND 4.24
6 May 2005 3.40 ND 4.22
13 May 2005 3.36 1.28 4.21
20 May 2005 3.32 1.28 4.11
27 May 2005 3.33 1.26 4.07
3 June 2005 3.26 1.23 ND
10 June 2005 3.16 1.23 3.97
17 June 2005 3.26 1.26 4.10
24 June 2005 3.19 1.25 4.00
1 July 2005 3.14 1.18 3.97
8 July 2005 3.20 1.23 ND
15 July 2005 3.26 1.26 4.16
22 July 2005 3.27 1.26 4.22
29 July 2005 3.23 1.28 4.25
5 August 2005 3.33 1.36 4.34
12 August 2005 3.34 1.43 4.36
19 August 2005 3.24 ND 4.24
26 August 2005 3.17 1.43 4.20
2 September 2005 3.12 1.34 4.09
9 September 2005 3.06 1.33 ND
16 September 2005 3.11 1.36 4.19
23 September 2005 3.06 ND 4.23
30 September 2005 3.13 1.44 4.30
7 October 2005 3.18 1.51 4.37
14 October 2005 3.21 ND ND
21 October 2005 3.27 1.53 4.46
28 October 2005 3.35 1.52 4.55
4 November 2005 3.45 ND 4.61
11 November 2005 3.50 1.59 ND
18 November 2005 3.48 1.48 4.52
25 November 2005 3.46 ND ND
2 December 2005 3.42 1.46 4.48
9 December 2005 3.41 1.55 4.52
16 December 2005 3.38 1.55 4.49
23 December 2005 3.35 ND 4.45
30 December 2005 ND ND ND
6 January 2006 3.30 ND ND
13 January 2006 3.28 ND 4.41
20 January 2006 ND ND ND
27 January 2006 3.43 1.48 4.46
3 February 2006 3.49 1.56 4.55
10 February 2006 3.49 1.56 4.56
17 February 2006 3.49 1.55 4.59
24 February 2006 3.45 1.54 ND
3 March 2006 3.54 1.61 4.61
10 March 2006 3.63 1.63 4.74
17 March 2006 3.68 1.71 4.71
24 March 2006 3.66 1.73 4.69
31 March 2006 3.74 1.75 4.80
7 April 2006 3.86 1.86 4.89
14 April 2006 3.91 1.91 ND
21 April 2006 3.95 1.93 5.02
28 April 2006 3.97 1.94 5.07
5 May 2006 4.00 ND 5.14
12 May 2006 4.04 1.98 5.14
19 May 2006 4.02 1.95 5.11
26 May 2006 3.90 1.84 5.05
2 June 2006 3.95 1.88 ND
9 June 2006 3.97 1.87 5.01
16 June 2006 3.91 1.80 5.05
23 June 2006 4.03 1.85 5.18
30 June 2006 4.08 1.91 5.22
7 July 2006 4.10 1.96 ND
14 July 2006 4.05 1.93 5.10
21 July 2006 3.99 ND 5.07
28 July 2006 3.95 1.88 5.05
4 August 2006 3.93 1.90 4.96
11 August 2006 3.93 1.86 4.94
18 August 2006 3.95 1.85 4.90
25 August 2006 3.82 1.79 4.81
1 September 2006 3.79 1.67 4.76
8 September 2006 3.79 1.71 ND
15 September 2006 3.80 1.67 4.79
22 September 2006 3.77 ND 4.71
29 September 2006 3.68 1.64 4.60
6 October 2006 3.72 1.71 4.62
13 October 2006 3.80 ND ND
20 October 2006 3.83 1.79 4.78
27 October 2006 3.86 1.78 4.77
3 November 2006 3.75 ND 4.64
10 November 2006 3.75 1.73 4.64
17 November 2006 3.73 1.70 4.61
24 November 2006 3.72 ND ND
1 December 2006 3.70 1.65 4.49
8 December 2006 3.70 1.65 4.48
15 December 2006 3.76 1.64 4.56
22 December 2006 3.86 1.63 4.60
29 December 2006 3.92 1.63 ND
5 January 2007 3.95 ND ND
12 January 2007 4.02 ND 4.70
19 January 2007 4.05 1.71 ND
26 January 2007 4.05 1.66 4.83
2 February 2007 4.10 1.71 4.86
9 February 2007 4.05 ND 4.77
16 February 2007 4.09 ND 4.75
23 February 2007 4.06 1.69 ND
2 March 2007 3.96 1.65 4.55
9 March 2007 3.93 1.62 4.53
16 March 2007 3.91 1.60 4.54
23 March 2007 3.94 1.58 4.58
30 March 2007 4.03 1.65 4.63
6 April 2007 4.09 1.67 4.68
13 April 2007 4.16 1.67 4.74
20 April 2007 4.19 1.69 4.69
27 April 2007 4.19 ND 4.67
4 May 2007 4.19 ND 4.65
11 May 2007 4.21 1.65 4.65
18 May 2007 4.30 1.65 4.74
25 May 2007 4.36 1.68 4.84
1 June 2007 4.42 ND ND
8 June 2007 4.51 1.84 5.02
15 June 2007 4.62 1.92 5.20
22 June 2007 4.64 1.90 5.14
29 June 2007 4.58 1.87 5.09
6 July 2007 4.60 1.89 ND
13 July 2007 4.61 1.92 5.10
20 July 2007 4.54 ND 5.03
27 July 2007 4.39 1.84 4.88
3 August 2007 4.34 1.79 4.77
10 August 2007 4.37 1.75 4.79
17 August 2007 4.32 ND 4.70
24 August 2007 4.27 1.59 4.62
31 August 2007 4.24 1.61 4.55
7 September 2007 4.22 1.62 ND
14 September 2007 4.13 1.54 4.42
21 September 2007 4.27 ND 4.57
28 September 2007 4.36 ND 4.61
5 October 2007 4.32 1.69 4.57
12 October 2007 4.37 ND ND
19 October 2007 4.36 1.66 4.57
26 October 2007 4.17 1.60 4.39
2 November 2007 4.20 1.62 4.39
9 November 2007 4.14 1.56 4.32
16 November 2007 4.12 1.51 ND
23 November 2007 4.04 ND ND
30 November 2007 4.07 1.49 3.94
7 December 2007 4.08 1.50 3.97
14 December 2007 4.28 1.54 4.12
21 December 2007 4.28 1.52 4.12
28 December 2007 4.31 ND ND
4 January 2008 4.23 ND ND
11 January 2008 4.11 1.45 3.85
18 January 2008 4.00 ND 3.72
25 January 2008 3.95 1.38 ND
1 February 2008 3.96 1.44 3.67
8 February 2008 3.88 1.44 3.66
15 February 2008 3.94 ND 3.72
22 February 2008 4.01 1.46 ND
29 February 2008 4.02 1.44 3.78
7 March 2008 3.82 1.36 3.61
14 March 2008 3.76 1.31 3.51
21 March 2008 3.74 ND ND
28 March 2008 3.88 1.27 3.52
4 April 2008 3.96 1.34 3.55
11 April 2008 3.99 1.34 3.54
18 April 2008 4.02 1.35 3.67
25 April 2008 4.15 1.49 3.81
2 May 2008 4.16 ND 3.83
9 May 2008 4.11 ND 3.85
16 May 2008 4.13 1.65 3.86
23 May 2008 4.25 1.67 3.84
30 May 2008 4.36 1.78 ND
6 June 2008 4.41 1.75 3.98
13 June 2008 4.56 1.80 4.15
20 June 2008 4.63 1.81 4.20
27 June 2008 4.57 1.68 4.09
4 July 2008 4.59 1.66 ND
11 July 2008 4.42 1.62 3.90
18 July 2008 4.44 1.58 3.98
25 July 2008 4.62 ND 4.11
1 August 2008 4.42 1.54 4.04
8 August 2008 4.30 1.51 3.99
15 August 2008 4.22 1.45 3.91
22 August 2008 4.17 1.44 3.83
29 August 2008 4.15 1.42 3.79
5 September 2008 4.10 1.47 ND
12 September 2008 4.09 1.51 3.66
19 September 2008 4.06 ND 3.54
26 September 2008 4.21 1.48 3.84
3 October 2008 3.97 1.49 3.70
10 October 2008 3.84 1.44 3.69
17 October 2008 4.08 ND ND

Figure: Nominal 10-Year Government Bond Yields
Daily
Percent
Date Germany Japan United States
1 July 2008 4.61 1.68 4.01
2 July 2008 4.65 1.66 3.99
3 July 2008 4.56 1.66 3.99
4 July 2008 4.50 1.65 ND
7 July 2008 4.43 1.69 3.95
8 July 2008 4.41 1.62 3.91
9 July 2008 4.41 1.62 3.85
10 July 2008 4.40 1.58 3.83
11 July 2008 4.43 1.60 3.96
14 July 2008 4.40 1.59 3.90
15 July 2008 4.39 1.55 3.87
16 July 2008 4.39 1.58 3.97
17 July 2008 4.44 1.60 4.07
18 July 2008 4.57 1.58 4.11
21 July 2008 4.64 ND 4.09
22 July 2008 4.64 1.62 4.14
23 July 2008 4.66 1.65 4.16
24 July 2008 4.57 1.65 4.03
25 July 2008 4.60 1.58 4.13
28 July 2008 4.53 1.57 4.06
29 July 2008 4.48 1.55 4.09
30 July 2008 4.42 1.54 4.07
31 July 2008 4.36 1.54 3.99
1 August 2008 4.35 1.52 3.97
4 August 2008 4.33 1.51 3.98
5 August 2008 4.31 1.55 4.04
6 August 2008 4.34 1.52 4.06
7 August 2008 4.26 1.51 3.92
8 August 2008 4.26 1.47 3.94
11 August 2008 4.27 1.45 3.99
12 August 2008 4.23 1.46 3.91
13 August 2008 4.21 1.45 3.94
14 August 2008 4.20 1.44 3.89
15 August 2008 4.17 1.46 3.84
18 August 2008 4.14 1.44 3.82
19 August 2008 4.17 1.43 3.83
20 August 2008 4.12 1.44 3.79
21 August 2008 4.18 1.42 3.84
22 August 2008 4.22 1.45 3.87
25 August 2008 4.12 1.43 3.79
26 August 2008 4.11 1.42 3.79
27 August 2008 4.17 1.43 3.77
28 August 2008 4.18 1.42 3.79
29 August 2008 4.18 1.41 3.83
1 September 2008 4.13 1.47 ND
2 September 2008 4.14 1.46 3.74
3 September 2008 4.14 1.46 3.71
4 September 2008 4.07 1.50 3.64
5 September 2008 4.00 1.44 3.66
8 September 2008 4.06 1.52 3.66
9 September 2008 4.04 1.50 3.62
10 September 2008 4.07 1.50 3.65
11 September 2008 4.08 1.50 3.64
12 September 2008 4.19 1.53 3.74
15 September 2008 4.05 ND 3.47
16 September 2008 4.00 1.47 3.48
17 September 2008 4.02 1.49 3.41
18 September 2008 4.04 1.49 3.54
19 September 2008 4.21 1.47 3.78
22 September 2008 4.26 1.48 3.83
23 September 2008 4.24 1.48 3.85
24 September 2008 4.16 1.48 3.80
25 September 2008 4.23 1.48 3.88
26 September 2008 4.16 1.46 3.85
29 September 2008 3.97 1.49 3.61
30 September 2008 4.02 1.48 3.85
1 October 2008 4.00 1.50 3.77
2 October 2008 3.93 1.52 3.66
3 October 2008 3.92 1.45 3.63
6 October 2008 3.75 1.38 3.48
7 October 2008 3.75 1.44 3.50
8 October 2008 3.80 1.39 3.72
9 October 2008 3.88 1.47 3.84
10 October 2008 4.00 1.52 3.89
13 October 2008 4.07 ND ND
14 October 2008 4.12 1.58 4.08
15 October 2008 4.12 1.58 4.04
16 October 2008 4.07 1.58 3.99
17 October 2008 4.01 1.57 3.98
20 October 2008 4.01 1.58 3.91
21 October 2008 3.94 1.57 3.76
22 October 2008 3.85 1.52 ND

As shown in the figure, a vertical line marks the September 2008 Greenbook.


Figure: Inflation-Indexed 10-Year Government Bond Yields
Weekly
Percent
Period France Japan* United States
2 January 2004 2.04 ND ND
9 January 2004 1.99 ND 1.99
16 January 2004 1.95 ND 1.88
23 January 2004 1.91 ND 1.84
30 January 2004 1.94 ND 1.90
6 February 2004 1.95 ND 1.85
13 February 2004 1.89 ND 1.80
20 February 2004 1.85 ND 1.80
27 February 2004 1.83 ND 1.73
5 March 2004 1.81 ND 1.58
12 March 2004 1.64 ND 1.49
19 March 2004 1.62 ND 1.44
26 March 2004 1.57 ND 1.45
2 April 2004 1.64 ND 1.55
9 April 2004 1.76 ND ND
16 April 2004 1.82 ND 1.89
23 April 2004 1.84 1.13 1.98
30 April 2004 1.88 ND 2.10
7 May 2004 1.87 ND 2.18
14 May 2004 1.93 1.10 2.23
21 May 2004 1.89 1.06 2.08
28 May 2004 1.84 1.06 2.03
4 June 2004 1.80 1.09 ND
11 June 2004 1.87 1.11 ND
18 June 2004 1.87 1.18 2.19
25 June 2004 1.89 1.18 2.16
2 July 2004 1.86 1.13 2.11
9 July 2004 1.77 1.06 ND
16 July 2004 1.77 1.01 2.02
23 July 2004 1.80 ND 2.04
30 July 2004 1.83 0.98 2.10
6 August 2004 1.75 0.86 1.97
13 August 2004 1.68 0.69 1.85
20 August 2004 1.67 0.64 1.83
27 August 2004 1.67 0.66 1.89
3 September 2004 1.67 0.67 1.84
10 September 2004 1.70 0.75 ND
17 September 2004 1.65 0.71 1.85
24 September 2004 1.58 ND 1.80
1 October 2004 1.53 0.63 1.78
8 October 2004 1.53 0.69 1.87
15 October 2004 1.46 ND ND
22 October 2004 1.44 0.59 1.70
29 October 2004 1.38 0.58 1.68
5 November 2004 1.40 ND 1.67
12 November 2004 1.33 0.58 ND
19 November 2004 1.47 0.57 1.66
26 November 2004 1.56 ND ND
3 December 2004 1.56 0.59 1.75
10 December 2004 1.44 0.58 1.65
17 December 2004 1.37 0.57 1.61
24 December 2004 1.40 ND ND
31 December 2004 1.46 ND 1.66
7 January 2005 1.41 ND 1.75
14 January 2005 1.40 ND 1.74
21 January 2005 1.38 0.54 ND
28 January 2005 1.39 0.52 1.70
4 February 2005 1.38 0.49 1.68
11 February 2005 1.31 ND 1.57
18 February 2005 1.40 0.61 1.62
25 February 2005 1.59 0.60 ND
4 March 2005 1.60 0.68 1.68
11 March 2005 1.56 0.65 1.72
18 March 2005 1.56 0.61 1.77
25 March 2005 1.54 ND ND
1 April 2005 1.49 0.44 1.84
8 April 2005 1.40 0.42 1.80
15 April 2005 1.40 0.39 1.73
22 April 2005 1.38 0.35 1.62
29 April 2005 1.36 ND 1.62
6 May 2005 1.37 ND 1.64
13 May 2005 1.31 0.35 1.66
20 May 2005 1.30 0.35 1.66
27 May 2005 1.29 0.33 1.65
3 June 2005 1.27 0.32 ND
10 June 2005 1.16 0.52 1.64
17 June 2005 1.28 0.65 1.76
24 June 2005 1.21 0.65 1.70
1 July 2005 1.18 0.58 1.69
8 July 2005 1.21 0.67 ND
15 July 2005 1.26 0.73 1.89
22 July 2005 1.26 ND 1.94
29 July 2005 1.20 0.78 1.92
5 August 2005 1.26 0.82 1.97
12 August 2005 1.27 0.94 1.99
19 August 2005 1.20 0.91 1.88
26 August 2005 1.13 0.95 1.82
2 September 2005 1.06 0.89 1.68
9 September 2005 0.99 0.84 ND
16 September 2005 1.04 0.83 1.70
23 September 2005 0.97 ND 1.71
30 September 2005 1.00 0.83 1.75
7 October 2005 1.03 0.86 1.86
14 October 2005 1.08 ND ND
21 October 2005 1.14 0.83 1.92
28 October 2005 1.23 0.85 2.01
4 November 2005 1.30 ND 2.03
11 November 2005 1.39 0.92 ND
18 November 2005 1.42 0.85 2.12
25 November 2005 1.40 ND ND
2 December 2005 1.33 0.89 2.15
9 December 2005 1.29 0.88 2.19
16 December 2005 1.29 0.88 2.17
23 December 2005 1.28 ND 2.14
30 December 2005 1.24 ND ND
6 January 2006 1.19 ND ND
13 January 2006 1.18 ND 2.07
20 January 2006 1.21 0.66 ND
27 January 2006 1.30 0.69 2.03
3 February 2006 1.35 0.73 2.03
10 February 2006 1.35 0.75 2.06
17 February 2006 1.37 0.75 2.10
24 February 2006 1.35 0.75 ND
3 March 2006 1.43 0.76 2.05
10 March 2006 1.50 0.78 2.20
17 March 2006 1.53 0.81 2.18
24 March 2006 1.51 ND 2.22
31 March 2006 1.56 0.80 2.32
7 April 2006 1.70 0.88 2.39
14 April 2006 1.76 0.94 ND
21 April 2006 1.81 0.98 2.40
28 April 2006 1.79 0.94 2.43
5 May 2006 1.77 ND 2.45
12 May 2006 1.79 0.99 2.44
19 May 2006 1.75 0.98 2.45
26 May 2006 1.67 0.92 2.44
2 June 2006 1.71 0.96 ND
9 June 2006 1.75 1.01 2.46
16 June 2006 1.71 0.97 2.50
23 June 2006 1.83 1.01 2.61
30 June 2006 1.86 1.04 2.63
7 July 2006 1.83 1.13 ND
14 July 2006 1.80 1.06 2.54
21 July 2006 1.76 ND 2.51
28 July 2006 1.75 1.06 2.47
4 August 2006 1.71 1.08 2.39
11 August 2006 1.67 1.02 2.32
18 August 2006 1.71 1.01 2.33
25 August 2006 1.62 0.97 2.27
1 September 2006 1.59 1.02 2.29
8 September 2006 1.62 1.07 ND
15 September 2006 1.62 1.02 2.39
22 September 2006 1.62 1.06 2.37
29 September 2006 1.58 1.07 2.29
6 October 2006 1.59 1.14 2.33
13 October 2006 1.65 ND ND
20 October 2006 1.71 1.17 2.49
27 October 2006 1.71 1.17 2.46
3 November 2006 1.60 ND 2.36
10 November 2006 1.58 1.13 2.31
17 November 2006 1.59 1.16 2.32
24 November 2006 1.57 ND ND
1 December 2006 1.54 1.14 2.20
8 December 2006 1.57 1.13 2.16
15 December 2006 1.65 1.10 2.23
22 December 2006 1.71 1.11 2.34
29 December 2006 1.76 1.14 ND
5 January 2007 1.79 1.17 ND
12 January 2007 1.88 1.21 2.46
19 January 2007 1.92 1.21 ND
26 January 2007 1.89 1.17 2.46
2 February 2007 1.94 1.24 2.45
9 February 2007 1.90 1.26 2.42
16 February 2007 1.94 1.28 2.43
23 February 2007 1.93 1.26 ND
2 March 2007 1.83 1.22 2.20
9 March 2007 1.81 1.21 2.21
16 March 2007 1.79 1.17 2.20
23 March 2007 1.81 1.11 2.19
30 March 2007 1.85 1.19 2.19
6 April 2007 1.90 1.20 2.26
13 April 2007 1.98 1.20 2.31
20 April 2007 2.01 1.19 2.30
27 April 2007 2.00 1.15 2.26
4 May 2007 1.99 1.11 2.25
11 May 2007 2.02 1.12 2.29
18 May 2007 2.12 1.13 2.40
25 May 2007 2.16 1.15 2.49
1 June 2007 2.22 1.18 ND
8 June 2007 2.31 1.25 2.63
15 June 2007 2.41 1.30 2.76
22 June 2007 2.45 1.27 2.71
29 June 2007 2.42 1.24 2.69
6 July 2007 2.43 1.30 ND
13 July 2007 2.44 1.33 2.73
20 July 2007 2.39 1.34 2.69
27 July 2007 2.28 1.32 2.57
3 August 2007 2.24 1.27 2.49
10 August 2007 2.28 1.25 2.57
17 August 2007 2.21 1.20 2.51
24 August 2007 2.15 1.17 2.45
31 August 2007 2.13 1.20 2.40
7 September 2007 2.10 1.19 ND
14 September 2007 2.01 1.12 2.22
21 September 2007 2.11 1.16 2.27
28 September 2007 2.14 1.24 2.34
5 October 2007 2.08 1.28 2.29
12 October 2007 2.12 1.29 ND
19 October 2007 2.12 1.25 2.27
26 October 2007 1.96 1.19 2.10
2 November 2007 1.92 1.16 2.06
9 November 2007 1.82 1.10 1.93
16 November 2007 1.81 1.05 ND
23 November 2007 1.74 1.06 ND
30 November 2007 1.77 1.10 1.68
7 December 2007 1.80 1.11 1.79
14 December 2007 1.99 1.18 1.92
21 December 2007 1.99 1.13 1.87
28 December 2007 2.02 ND ND
4 January 2008 1.92 1.04 ND
11 January 2008 1.83 1.00 1.66
18 January 2008 1.70 0.98 1.52
25 January 2008 1.70 0.98 ND
1 February 2008 1.70 1.06 1.40
8 February 2008 1.62 1.10 1.44
15 February 2008 1.62 1.12 1.49
22 February 2008 1.64 1.11 ND
29 February 2008 1.60 1.10 1.43
7 March 2008 1.42 1.07 1.20
14 March 2008 1.34 1.12 1.10
21 March 2008 1.43 1.16 ND
28 March 2008 1.60 1.19 1.32
4 April 2008 1.61 1.21 1.30
11 April 2008 1.63 1.17 1.30
18 April 2008 1.68 1.18 1.41
25 April 2008 1.77 1.25 1.53
2 May 2008 1.82 1.29 1.58
9 May 2008 1.73 1.32 1.55
16 May 2008 1.77 1.28 1.52
23 May 2008 1.88 1.27 1.43
30 May 2008 1.89 1.36 ND
6 June 2008 1.96 1.33 1.61
13 June 2008 2.14 1.34 1.72
20 June 2008 2.23 1.32 1.78
27 June 2008 2.10 1.18 1.67
4 July 2008 1.95 1.07 ND
11 July 2008 1.89 1.05 1.46
18 July 2008 1.99 1.04 1.55
25 July 2008 2.21 1.21 1.77
1 August 2008 2.11 1.18 1.75
8 August 2008 2.01 1.16 1.79
15 August 2008 1.92 1.18 1.80
22 August 2008 1.89 1.16 1.73
29 August 2008 1.93 1.21 1.71
5 September 2008 1.99 1.33 ND
12 September 2008 1.98 1.32 1.77
19 September 2008 2.04 1.52 1.88
26 September 2008 2.10 1.70 2.10
3 October 2008 2.11 1.86 2.27
10 October 2008 2.23 2.46 2.60
17 October 2008 2.59 3.30 ND

* Japan first issued inflation-indexed debt in March 2004.  Return to table


Figure: Inflation-Indexed 10-Year Government Bond Yields
Daily
Percent
Date France Japan United States
1 July 2008 2.00 1.12 1.53
2 July 2008 2.00 1.10 1.46
3 July 2008 1.88 1.06 1.47
4 July 2008 1.84 0.99 ND
7 July 2008 1.84 1.04 1.47
8 July 2008 1.91 1.03 1.47
9 July 2008 1.92 1.07 1.43
10 July 2008 1.90 1.05 1.42
11 July 2008 1.87 1.06 1.52
14 July 2008 1.84 1.03 1.48
15 July 2008 1.92 0.98 1.45
16 July 2008 2.01 1.01 1.52
17 July 2008 2.04 1.05 1.63
18 July 2008 2.14 1.12 1.68
21 July 2008 2.18 1.12 1.70
22 July 2008 2.19 1.16 1.74
23 July 2008 2.25 1.24 1.85
24 July 2008 2.16 1.30 1.74
25 July 2008 2.25 1.23 1.83
28 July 2008 2.15 1.23 1.74
29 July 2008 2.16 1.21 1.79
30 July 2008 2.12 1.16 1.78
31 July 2008 2.08 1.16 1.74
1 August 2008 2.04 1.15 1.69
4 August 2008 2.03 1.14 1.72
5 August 2008 2.05 1.19 1.81
6 August 2008 2.08 1.17 1.88
7 August 2008 1.95 1.16 1.75
8 August 2008 1.96 1.13 1.78
11 August 2008 1.98 1.21 1.87
12 August 2008 1.94 1.21 1.81
13 August 2008 1.90 1.19 1.82
14 August 2008 1.90 1.13 1.76
15 August 2008 1.88 1.15 1.74
18 August 2008 1.86 1.16 1.74
19 August 2008 1.89 1.16 1.76
20 August 2008 1.86 1.18 1.70
21 August 2008 1.90 1.15 1.70
22 August 2008 1.94 1.17 1.75
25 August 2008 1.83 1.17 1.71
26 August 2008 1.86 1.20 1.70
27 August 2008 1.96 1.25 1.66
28 August 2008 1.99 1.22 1.70
29 August 2008 2.02 1.24 1.75
1 September 2008 2.00 1.31 ND
2 September 2008 2.04 1.36 1.77
3 September 2008 2.02 1.33 1.78
4 September 2008 1.95 1.35 1.79
5 September 2008 1.93 1.29 1.79
8 September 2008 1.97 1.32 1.76
9 September 2008 1.96 1.28 1.74
10 September 2008 1.96 1.31 1.75
11 September 2008 1.98 1.33 1.73
12 September 2008 2.05 1.35 1.85
15 September 2008 1.98 1.32 1.78
16 September 2008 2.00 1.49 1.90
17 September 2008 1.99 1.53 1.86
18 September 2008 2.05 1.69 1.94
19 September 2008 2.19 1.60 1.93
22 September 2008 2.16 1.62 1.95
23 September 2008 2.09 1.62 2.11
24 September 2008 2.04 1.70 2.11
25 September 2008 2.13 1.78 2.16
26 September 2008 2.06 1.78 2.18
29 September 2008 1.99 1.78 2.13
30 September 2008 2.08 1.80 2.37
1 October 2008 2.15 1.82 2.36
2 October 2008 2.16 1.91 2.25
3 October 2008 2.18 1.97 2.24
6 October 2008 2.10 2.07 2.20
7 October 2008 2.09 2.31 2.38
8 October 2008 2.21 2.32 2.71
9 October 2008 2.24 2.66 2.79
10 October 2008 2.49 2.94 2.93
13 October 2008 2.51 2.94 ND
14 October 2008 2.50 3.27 2.95
15 October 2008 2.56 3.36 2.97
16 October 2008 2.60 3.47 3.01
17 October 2008 2.76 3.46 3.00
20 October 2008 2.73 3.32 2.94
21 October 2008 2.64 2.90 2.86
22 October 2008 2.56 2.65 ND

As shown in the figure, a vertical line marks the September 2008 Greenbook.


Measures of Market Volatility

Figure: Dollar-Euro Options-Implied Volatility*
Weekly
Percent
Period 1-month 3-month
2 January 2004 10.62 11.10
9 January 2004 10.98 11.06
16 January 2004 11.11 10.81
23 January 2004 11.17 10.91
30 January 2004 11.49 10.99
6 February 2004 11.73 11.11
13 February 2004 11.23 10.97
20 February 2004 11.18 10.95
27 February 2004 11.16 10.91
5 March 2004 11.89 11.26
12 March 2004 11.65 11.23
19 March 2004 11.59 11.35
26 March 2004 11.45 11.25
2 April 2004 11.59 11.39
9 April 2004 11.27 11.28
16 April 2004 11.65 11.47
23 April 2004 11.48 11.34
30 April 2004 11.15 11.19
7 May 2004 11.37 11.27
14 May 2004 11.17 11.09
21 May 2004 10.64 10.76
28 May 2004 10.74 10.99
4 June 2004 11.27 11.12
11 June 2004 10.50 10.70
18 June 2004 10.56 10.64
25 June 2004 10.24 10.47
2 July 2004 10.16 10.31
9 July 2004 9.89 10.24
16 July 2004 9.56 10.04
23 July 2004 9.12 9.74
30 July 2004 9.51 9.92
6 August 2004 9.61 9.91
13 August 2004 9.26 9.90
20 August 2004 9.19 9.98
27 August 2004 9.52 10.20
3 September 2004 9.69 10.25
10 September 2004 9.51 10.00
17 September 2004 9.06 9.74
24 September 2004 8.45 9.38
1 October 2004 8.74 9.31
8 October 2004 8.42 8.94
15 October 2004 8.42 8.87
22 October 2004 9.21 9.53
29 October 2004 10.05 10.20
5 November 2004 10.13 10.27
12 November 2004 9.69 10.18
19 November 2004 9.25 9.88
26 November 2004 9.42 9.95
3 December 2004 9.41 9.98
10 December 2004 9.73 10.23
17 December 2004 9.54 9.98
24 December 2004 9.50 9.96
31 December 2004 10.10 10.37
7 January 2005 10.51 10.23
14 January 2005 9.47 9.54
21 January 2005 9.49 9.55
28 January 2005 9.37 9.46
4 February 2005 8.89 9.23
11 February 2005 8.74 9.06
18 February 2005 8.81 9.08
25 February 2005 8.67 9.01
4 March 2005 8.48 8.84
11 March 2005 8.49 8.94
18 March 2005 8.46 8.93
25 March 2005 8.47 8.83
1 April 2005 8.48 8.83
8 April 2005 8.18 8.60
15 April 2005 8.28 8.67
22 April 2005 8.57 8.91
29 April 2005 8.32 8.72
6 May 2005 8.26 8.59
13 May 2005 8.33 8.60
20 May 2005 8.33 8.61
27 May 2005 8.35 8.60
3 June 2005 9.08 9.18
10 June 2005 8.82 9.13
17 June 2005 9.39 9.47
24 June 2005 9.45 9.46
1 July 2005 9.14 9.22
8 July 2005 9.37 9.40
15 July 2005 8.97 9.05
22 July 2005 8.80 8.88
29 July 2005 8.61 8.79
5 August 2005 8.62 8.69
12 August 2005 8.27 8.60
19 August 2005 8.38 8.67
26 August 2005 8.39 8.72
2 September 2005 8.77 9.08
9 September 2005 8.94 9.14
16 September 2005 8.77 9.04
23 September 2005 8.83 9.03
30 September 2005 8.88 9.03
7 October 2005 8.95 8.93
14 October 2005 8.88 8.92
21 October 2005 8.98 9.04
28 October 2005 8.80 8.99
4 November 2005 8.89 8.98
11 November 2005 9.20 9.30
18 November 2005 9.19 9.24
25 November 2005 9.27 9.30
2 December 2005 8.99 9.25
9 December 2005 8.48 9.07
16 December 2005 8.86 9.19
23 December 2005 8.73 9.19
30 December 2005 8.97 9.27
6 January 2006 9.20 9.35
13 January 2006 9.03 9.15
20 January 2006 8.89 8.97
27 January 2006 8.87 8.93
3 February 2006 8.70 8.83
10 February 2006 8.57 8.75
17 February 2006 8.52 8.67
24 February 2006 8.02 8.46
3 March 2006 7.80 8.23
10 March 2006 7.85 8.29
17 March 2006 7.68 8.27
24 March 2006 7.44 8.13
31 March 2006 7.51 8.18
7 April 2006 8.09 8.46
14 April 2006 7.67 8.17
21 April 2006 8.24 8.50
28 April 2006 8.33 8.58
5 May 2006 8.70 8.82
12 May 2006 9.05 9.08
19 May 2006 9.29 9.32
26 May 2006 9.36 9.28
2 June 2006 9.12 9.13
9 June 2006 8.74 8.80
16 June 2006 8.45 8.54
23 June 2006 7.91 8.24
30 June 2006 8.07 8.29
7 July 2006 8.21 8.40
14 July 2006 7.79 8.10
21 July 2006 7.68 8.02
28 July 2006 7.50 7.93
4 August 2006 8.10 8.24
11 August 2006 7.67 8.05
18 August 2006 7.48 7.97
25 August 2006 7.76 8.03
1 September 2006 7.78 8.13
8 September 2006 7.62 8.06
15 September 2006 7.31 7.92
22 September 2006 6.93 7.60
29 September 2006 6.59 7.05
6 October 2006 6.45 6.78
13 October 2006 6.84 7.13
20 October 2006 6.40 6.82
27 October 2006 5.78 6.29
3 November 2006 5.91 6.30
10 November 2006 5.98 6.37
17 November 2006 6.14 6.41
24 November 2006 6.18 6.48
1 December 2006 7.33 7.63
8 December 2006 7.48 7.78
15 December 2006 7.21 7.27
22 December 2006 6.67 6.77
29 December 2006 6.76 6.80
5 January 2007 6.90 6.86
12 January 2007 6.33 6.35
19 January 2007 6.29 6.27
26 January 2007 6.08 6.16
2 February 2007 6.04 6.18
9 February 2007 5.88 6.03
16 February 2007 5.90 5.95
23 February 2007 5.53 5.69
2 March 2007 5.95 5.98
9 March 2007 5.97 6.05
16 March 2007 6.13 6.26
23 March 2007 6.24 6.36
30 March 2007 5.83 6.06
6 April 2007 5.79 6.04
13 April 2007 5.90 6.03
20 April 2007 5.95 6.07
27 April 2007 5.60 5.71
4 May 2007 5.58 5.61
11 May 2007 5.36 5.40
18 May 2007 5.30 5.39
25 May 2007 5.27 5.42
1 June 2007 5.08 5.24
8 June 2007 4.91 5.11
15 June 2007 5.03 5.24
22 June 2007 4.75 5.06
29 June 2007 4.87 5.15
6 July 2007 5.13 5.34
13 July 2007 5.44 5.56
20 July 2007 5.30 5.48
27 July 2007 5.38 5.55
3 August 2007 5.60 5.86
10 August 2007 6.02 6.25
17 August 2007 7.14 7.17
24 August 2007 6.66 6.66
31 August 2007 6.48 6.50
7 September 2007 6.87 6.78
14 September 2007 7.12 7.02
21 September 2007 6.76 6.72
28 September 2007 6.66 6.65
5 October 2007 7.13 6.75
12 October 2007 6.75 6.45
19 October 2007 6.81 6.50
26 October 2007 7.36 6.99
2 November 2007 7.45 7.12
9 November 2007 8.40 7.95
16 November 2007 9.04 8.21
23 November 2007 9.54 8.52
30 November 2007 9.22 8.74
7 December 2007 9.01 8.63
14 December 2007 8.40 8.17
21 December 2007 9.26 8.91
28 December 2007 9.26 8.81
4 January 2008 9.51 9.05
11 January 2008 9.17 8.93
18 January 2008 9.68 9.20
25 January 2008 9.64 9.26
1 February 2008 9.12 8.84
8 February 2008 9.56 9.28
15 February 2008 9.21 9.16
22 February 2008 8.84 8.89
29 February 2008 9.12 9.06
7 March 2008 9.91 9.73
14 March 2008 10.63 10.20
21 March 2008 12.35 11.53
28 March 2008 11.76 11.22
4 April 2008 11.22 10.83
11 April 2008 10.52 10.27
18 April 2008 10.72 10.48
25 April 2008 10.57 10.49
2 May 2008 10.13 10.18
9 May 2008 9.97 10.15
16 May 2008 9.72 9.92
23 May 2008 9.65 9.75
30 May 2008 9.42 9.67
6 June 2008 9.50 9.72
13 June 2008 10.54 10.55
20 June 2008 9.67 10.11
27 June 2008 9.38 9.90
4 July 2008 9.58 10.11
11 July 2008 9.32 9.88
18 July 2008 9.97 10.32
25 July 2008 8.97 9.58
1 August 2008 8.29 9.07
8 August 2008 8.78 9.38
15 August 2008 10.53 10.51
22 August 2008 10.28 10.25
29 August 2008 10.33 10.32
5 September 2008 11.17 10.82
12 September 2008 12.69 11.58
19 September 2008 14.27 12.64
26 September 2008 14.42 12.95
3 October 2008 16.88 14.65
10 October 2008 19.78 17.37
17 October 2008 18.77 16.22

* Derived from at-the-money options.  Return to table


Figure: Dollar-Euro Options-Implied Volatility*
Daily
Percent
Date 1-month 3-month
1 July 2008 9.63 10.13
2 July 2008 9.90 10.58
3 July 2008 9.53 9.98
4 July 2008 9.10 9.73
7 July 2008 9.13 9.63
8 July 2008 9.33 9.85
9 July 2008 9.33 9.90
10 July 2008 9.18 9.88
11 July 2008 9.63 10.15
14 July 2008 10.23 10.38
15 July 2008 10.68 10.83
16 July 2008 10.23 10.48
17 July 2008 9.53 10.18
18 July 2008 9.20 9.73
21 July 2008 9.21 9.79
22 July 2008 9.43 9.83
23 July 2008 9.05 9.58
24 July 2008 8.68 9.43
25 July 2008 8.48 9.26
28 July 2008 8.48 9.19
29 July 2008 8.46 9.08
30 July 2008 8.40 9.12
31 July 2008 8.06 9.02
1 August 2008 8.03 8.94
4 August 2008 8.11 8.88
5 August 2008 8.27 9.04
6 August 2008 8.40 9.11
7 August 2008 8.73 9.35
8 August 2008 10.40 10.51
11 August 2008 10.66 10.65
12 August 2008 10.41 10.44
13 August 2008 10.55 10.55
14 August 2008 10.39 10.40
15 August 2008 10.65 10.52
18 August 2008 10.37 10.30
19 August 2008 10.44 10.32
20 August 2008 10.26 10.22
21 August 2008 10.32 10.33
22 August 2008 10.03 10.08
25 August 2008 10.30 10.23
26 August 2008 10.37 10.40
27 August 2008 10.46 10.34
28 August 2008 10.36 10.38
29 August 2008 10.16 10.27
1 September 2008 10.65 10.49
2 September 2008 10.99 10.68
3 September 2008 11.20 10.78
4 September 2008 11.23 10.84
5 September 2008 11.77 11.32
8 September 2008 12.88 11.69
9 September 2008 12.67 11.55
10 September 2008 12.64 11.44
11 September 2008 12.90 11.78
12 September 2008 12.39 11.46
15 September 2008 14.16 12.46
16 September 2008 14.16 12.39
17 September 2008 14.10 12.49
18 September 2008 14.75 13.09
19 September 2008 14.18 12.78
22 September 2008 14.88 13.18
23 September 2008 14.58 12.92
24 September 2008 14.00 12.70
25 September 2008 14.00 12.93
26 September 2008 14.63 13.03
29 September 2008 16.03 13.92
30 September 2008 17.23 14.65
1 October 2008 17.10 14.53
2 October 2008 17.28 15.25
3 October 2008 16.75 14.90
6 October 2008 19.38 17.05
7 October 2008 18.88 16.78
8 October 2008 19.13 17.25
9 October 2008 19.01 16.55
10 October 2008 22.50 19.25
13 October 2008 20.08 18.08
14 October 2008 18.33 15.38
15 October 2008 18.25 15.55
16 October 2008 19.50 16.50
17 October 2008 17.70 15.60
20 October 2008 17.10 15.00
21 October 2008 18.50 16.25
22 October 2008 22.01 18.75

As shown in the figure, a vertical line marks the September 2008 Greenbook.

* Derived from at-the-money options.  Return to table


Figure: Yen-Dollar Options-Implied Volatility*
Weekly
Percent
Period 1-month 3-month
2 January 2004 8.64 9.17
9 January 2004 8.65 9.08
16 January 2004 8.72 8.87
23 January 2004 9.45 9.20
30 January 2004 10.08 9.59
6 February 2004 10.71 9.80
13 February 2004 8.00 8.47
20 February 2004 7.87 8.16
27 February 2004 8.44 8.36
5 March 2004 8.81 8.53
12 March 2004 9.08 8.60
19 March 2004 10.30 9.56
26 March 2004 10.62 9.85
2 April 2004 11.64 10.44
9 April 2004 10.41 9.98
16 April 2004 10.90 10.13
23 April 2004 10.56 9.95
30 April 2004 10.73 10.06
7 May 2004 11.02 10.22
14 May 2004 11.47 10.51
21 May 2004 11.62 10.71
28 May 2004 11.59 10.78
4 June 2004 11.90 10.96
11 June 2004 11.19 10.66
18 June 2004 11.30 10.77
25 June 2004 11.31 10.75
2 July 2004 10.75 10.23
9 July 2004 10.20 9.76
16 July 2004 9.82 9.45
23 July 2004 9.37 9.23
30 July 2004 9.59 9.36
6 August 2004 9.50 9.32
13 August 2004 8.70 8.87
20 August 2004 8.95 9.23
27 August 2004 9.06 9.28
3 September 2004 9.11 9.26
10 September 2004 8.71 9.09
17 September 2004 8.44 8.82
24 September 2004 8.31 8.58
1 October 2004 8.77 8.63
8 October 2004 8.19 8.18
15 October 2004 8.19 8.27
22 October 2004 8.83 8.73
29 October 2004 9.61 9.31
5 November 2004 9.31 9.16
12 November 2004 8.74 8.85
19 November 2004 9.57 9.43
26 November 2004 9.84 9.83
3 December 2004 9.76 9.83
10 December 2004 9.78 9.75
17 December 2004 9.65 9.51
24 December 2004 9.60 9.58
31 December 2004 10.22 9.93
7 January 2005 10.37 9.92
14 January 2005 10.25 9.80
21 January 2005 10.67 10.04
28 January 2005 10.22 9.71
4 February 2005 9.36 9.24
11 February 2005 9.32 9.03
18 February 2005 9.27 9.06
25 February 2005 8.93 9.03
4 March 2005 9.02 9.07
11 March 2005 8.90 9.00
18 March 2005 8.88 9.01
25 March 2005 8.67 8.87
1 April 2005 8.75 8.85
8 April 2005 8.06 8.40
15 April 2005 8.26 8.50
22 April 2005 8.36 8.63
29 April 2005 8.34 8.64
6 May 2005 8.68 8.81
13 May 2005 8.22 8.44
20 May 2005 8.36 8.52
27 May 2005 7.92 8.20
3 June 2005 7.86 8.08
10 June 2005 7.77 8.11
17 June 2005 7.75 8.01
24 June 2005 7.65 7.93
1 July 2005 7.74 7.82
8 July 2005 8.03 8.03
15 July 2005 7.74 7.91
22 July 2005 8.10 8.10
29 July 2005 8.12 8.12
5 August 2005 8.31 8.23
12 August 2005 8.24 8.23
19 August 2005 8.13 8.19
26 August 2005 8.07 8.18
2 September 2005 8.36 8.36
9 September 2005 8.23 8.32
16 September 2005 8.24 8.23
23 September 2005 8.00 8.15
30 September 2005 8.15 8.15
7 October 2005 8.15 8.09
14 October 2005 8.04 8.05
21 October 2005 8.10 8.09
28 October 2005 7.88 8.06
4 November 2005 7.88 8.06
11 November 2005 7.75 8.02
18 November 2005 7.85 8.00
25 November 2005 7.79 7.90
2 December 2005 7.77 7.99
9 December 2005 7.84 8.13
16 December 2005 8.63 8.54
23 December 2005 8.48 8.47
30 December 2005 8.50 8.45
6 January 2006 8.89 8.63
13 January 2006 9.28 9.02
20 January 2006 9.00 8.83
27 January 2006 8.89 8.74
3 February 2006 8.89 8.70
10 February 2006 9.05 8.81
17 February 2006 9.11 8.85
24 February 2006 8.84 8.75
3 March 2006 9.11 8.90
10 March 2006 8.94 8.78
17 March 2006 8.86 8.77
24 March 2006 8.87 8.84
31 March 2006 9.02 8.92
7 April 2006 8.70 8.78
14 April 2006 8.11 8.44
21 April 2006 8.49 8.55
28 April 2006 9.25 9.19
5 May 2006 9.63 9.37
12 May 2006 10.66 10.20
19 May 2006 10.78 10.33
26 May 2006 10.84 10.24
2 June 2006 10.24 9.95
9 June 2006 9.29 9.19
16 June 2006 8.80 8.86
23 June 2006 8.48 8.58
30 June 2006 8.70 8.72
7 July 2006 8.89 8.83
14 July 2006 8.94 8.73
21 July 2006 8.43 8.47
28 July 2006 8.24 8.40
4 August 2006 8.73 8.70
11 August 2006 8.30 8.45
18 August 2006 8.05 8.33
25 August 2006 8.03 8.25
1 September 2006 7.92 8.17
8 September 2006 7.98 8.21
15 September 2006 7.88 8.08
22 September 2006 7.50 7.84
29 September 2006 6.99 7.28
6 October 2006 6.80 6.99
13 October 2006 7.27 7.34
20 October 2006 7.08 7.31
27 October 2006 6.66 6.98
3 November 2006 6.96 7.13
10 November 2006 6.59 6.87
17 November 2006 6.73 6.88
24 November 2006 6.74 6.72
1 December 2006 7.36 7.40
8 December 2006 7.79 7.70
15 December 2006 7.02 7.11
22 December 2006 6.40 6.59
29 December 2006 6.26 6.48
5 January 2007 6.56 6.65
12 January 2007 6.56 6.56
19 January 2007 6.61 6.64
26 January 2007 6.89 6.85
2 February 2007 7.46 7.26
9 February 2007 7.62 7.23
16 February 2007 7.33 7.12
23 February 2007 7.05 6.92
2 March 2007 8.21 7.66
9 March 2007 9.08 8.16
16 March 2007 9.41 8.27
23 March 2007 8.97 8.09
30 March 2007 8.78 7.90
6 April 2007 8.48 7.81
13 April 2007 7.70 7.43
20 April 2007 7.71 7.40
27 April 2007 7.30 7.21
4 May 2007 7.10 7.04
11 May 2007 6.76 6.80
18 May 2007 6.45 6.52
25 May 2007 6.36 6.49
1 June 2007 6.36 6.55
8 June 2007 6.24 6.41
15 June 2007 6.35 6.51
22 June 2007 6.09 6.42
29 June 2007 7.07 6.96
6 July 2007 6.84 6.91
13 July 2007 7.02 6.96
20 July 2007 7.08 7.11
27 July 2007 8.09 7.71
3 August 2007 9.30 8.58
10 August 2007 10.02 9.11
17 August 2007 13.52 11.55
24 August 2007 13.49 10.99
31 August 2007 13.41 10.86
7 September 2007 13.39 11.22
14 September 2007 12.47 10.71
21 September 2007 10.67 9.54
28 September 2007 9.62 9.02
5 October 2007 9.42 8.57
12 October 2007 7.97 7.48
19 October 2007 9.19 8.33
26 October 2007 10.35 9.01
2 November 2007 9.26 8.59
9 November 2007 11.70 9.80
16 November 2007 13.98 11.56
23 November 2007 14.29 12.04
30 November 2007 13.36 11.25
7 December 2007 11.05 10.25
14 December 2007 10.30 10.08
21 December 2007 10.08 9.75
28 December 2007 9.73 9.47
4 January 2008 12.54 11.14
11 January 2008 12.32 11.28
18 January 2008 13.79 12.22
25 January 2008 14.26 12.69
1 February 2008 13.04 11.87
8 February 2008 11.77 10.96
15 February 2008 11.42 10.75
22 February 2008 11.18 10.48
29 February 2008 11.55 10.83
7 March 2008 14.40 12.99
14 March 2008 15.66 13.55
21 March 2008 17.77 15.82
28 March 2008 16.52 14.38
4 April 2008 15.47 13.80
11 April 2008 14.04 12.89
18 April 2008 14.26 13.26
25 April 2008 13.27 12.28
2 May 2008 12.00 11.69
9 May 2008 11.48 11.32
16 May 2008 11.52 11.11
23 May 2008 12.01 11.49
30 May 2008 11.51 11.12
6 June 2008 11.59 11.14
13 June 2008 11.86 11.38
20 June 2008 10.58 10.58
27 June 2008 10.81 10.74
4 July 2008 11.39 11.24
11 July 2008 10.64 10.56
18 July 2008 12.05 11.61
25 July 2008 10.99 10.94
1 August 2008 10.09 10.36
8 August 2008 9.72 9.95
15 August 2008 10.32 10.21
22 August 2008 10.18 10.08
29 August 2008 10.36 10.22
5 September 2008 11.43 10.85
12 September 2008 12.80 11.42
19 September 2008 17.15 14.17
26 September 2008 16.49 14.00
3 October 2008 17.20 14.50
10 October 2008 24.33 18.73
17 October 2008 22.04 17.34

* Derived from at-the-money options.  Return to table


Figure: Yen-Dollar Options-Implied Volatility*
Daily
Percent
Date 1-month 3-month
1 July 2008 11.95 11.78
2 July 2008 11.65 11.48
3 July 2008 11.10 10.88
4 July 2008 10.40 10.48
7 July 2008 10.55 10.58
8 July 2008 10.60 10.55
9 July 2008 10.50 10.40
10 July 2008 10.45 10.43
11 July 2008 11.10 10.83
14 July 2008 11.40 10.88
15 July 2008 13.05 12.38
16 July 2008 12.58 12.18
17 July 2008 11.85 11.33
18 July 2008 11.35 11.28
21 July 2008 11.53 11.25
22 July 2008 11.15 11.18
23 July 2008 10.80 10.74
24 July 2008 10.75 10.75
25 July 2008 10.75 10.80
28 July 2008 10.45 10.61
29 July 2008 10.13 10.42
30 July 2008 10.07 10.26
31 July 2008 9.96 10.27
1 August 2008 9.86 10.22
4 August 2008 9.85 10.15
5 August 2008 9.85 10.18
6 August 2008 9.62 9.87
7 August 2008 9.54 9.74
8 August 2008 9.76 9.82
11 August 2008 9.95 9.96
12 August 2008 10.08 9.98
13 August 2008 10.91 10.66
14 August 2008 10.43 10.42
15 August 2008 10.23 10.05
18 August 2008 9.97 9.89
19 August 2008 10.19 10.03
20 August 2008 10.00 9.96
21 August 2008 10.75 10.52
22 August 2008 10.01 10.00
25 August 2008 10.20 10.11
26 August 2008 10.32 10.16
27 August 2008 10.45 10.20
28 August 2008 10.33 10.25
29 August 2008 10.51 10.40
1 September 2008 11.26 10.66
2 September 2008 10.85 10.39
3 September 2008 10.84 10.43
4 September 2008 11.35 10.88
5 September 2008 12.83 11.92
8 September 2008 12.20 10.91
9 September 2008 13.13 11.56
10 September 2008 12.85 11.30
11 September 2008 13.18 11.90
12 September 2008 12.67 11.44
15 September 2008 17.24 14.09
16 September 2008 17.70 14.35
17 September 2008 16.82 13.90
18 September 2008 17.84 14.94
19 September 2008 16.15 13.58
22 September 2008 16.50 14.18
23 September 2008 17.33 14.25
24 September 2008 16.30 13.55
25 September 2008 15.80 13.60
26 September 2008 16.50 14.40
29 September 2008 18.00 15.15
30 September 2008 17.50 14.58
1 October 2008 17.00 14.10
2 October 2008 17.26 14.70
3 October 2008 16.25 13.95
6 October 2008 23.25 19.53
7 October 2008 21.00 16.75
8 October 2008 26.00 19.25
9 October 2008 22.00 16.75
10 October 2008 29.40 21.39
13 October 2008 22.25 17.73
14 October 2008 19.75 16.00
15 October 2008 25.00 18.13
16 October 2008 22.75 18.13
17 October 2008 20.45 16.71
20 October 2008 17.65 15.50
21 October 2008 19.00 15.80
22 October 2008 22.21 17.85

As shown in the figure, a vertical line marks the September 2008 Greenbook.

* Derived from at-the-money options.  Return to table


Figure: Realized Stock Market Volatility*
Weekly
Percent
Period DJ Euro Stoxx TOPIX S&P 500
2 January 2004 12.61 24.25 10.70
9 January 2004 12.33 24.16 10.93
16 January 2004 12.11 22.92 10.63
23 January 2004 11.68 20.96 10.33
30 January 2004 11.05 20.17 10.95
6 February 2004 11.00 18.98 11.04
13 February 2004 9.79 16.58 10.81
20 February 2004 9.37 15.96 10.55
27 February 2004 9.42 15.83 10.25
5 March 2004 9.38 15.88 9.96
12 March 2004 10.40 14.06 10.46
19 March 2004 13.23 14.38 11.76
26 March 2004 14.31 14.37 12.10
2 April 2004 14.69 14.27 12.30
9 April 2004 15.17 14.21 12.30
16 April 2004 15.39 14.54 12.41
23 April 2004 15.50 15.18 12.34
30 April 2004 15.64 14.71 12.60
7 May 2004 15.90 14.80 12.59
14 May 2004 17.33 20.79 12.78
21 May 2004 17.85 23.30 12.98
28 May 2004 18.03 23.16 13.20
4 June 2004 17.90 23.38 13.00
11 June 2004 16.23 23.52 12.47
18 June 2004 15.22 23.39 11.95
25 June 2004 14.73 23.58 11.43
2 July 2004 14.08 23.51 11.32
9 July 2004 13.73 23.34 11.18
16 July 2004 13.56 23.13 10.58
23 July 2004 13.56 23.51 10.26
30 July 2004 13.67 23.08 10.18
6 August 2004 12.16 18.70 9.92
13 August 2004 12.16 15.51 10.84
20 August 2004 11.79 15.02 11.20
27 August 2004 11.76 14.76 11.11
3 September 2004 11.67 13.81 10.62
10 September 2004 11.48 14.12 10.68
17 September 2004 11.54 13.80 10.66
24 September 2004 11.50 13.74 10.89
1 October 2004 11.76 13.50 10.94
8 October 2004 12.44 13.95 11.34
15 October 2004 12.12 13.78 11.34
22 October 2004 11.63 13.46 11.27
29 October 2004 11.87 13.43 11.49
5 November 2004 10.83 13.51 10.86
12 November 2004 10.67 13.01 10.56
19 November 2004 10.75 13.57 10.68
26 November 2004 10.77 14.08 10.77
3 December 2004 10.82 13.98 10.84
10 December 2004 10.73 14.15 11.13
17 December 2004 10.68 14.13 10.89
24 December 2004 10.45 13.97 10.68
31 December 2004 9.69 13.14 10.41
7 January 2005 9.67 13.24 10.41
14 January 2005 9.56 13.10 10.20
21 January 2005 8.34 12.49 10.00
28 January 2005 8.01 11.96 9.77
4 February 2005 8.23 11.45 9.53
11 February 2005 7.93 10.55 9.47
18 February 2005 7.77 9.70 9.27
25 February 2005 7.72 9.02 9.14
4 March 2005 7.80 8.30 9.09
11 March 2005 7.82 7.75 9.17
18 March 2005 8.09 7.62 9.39
25 March 2005 8.37 7.88 9.44
1 April 2005 8.42 8.34 9.59
8 April 2005 8.27 8.41 9.71
15 April 2005 8.41 8.71 9.82
22 April 2005 10.22 12.34 10.91
29 April 2005 10.25 12.49 11.75
6 May 2005 10.38 12.73 12.05
13 May 2005 10.35 12.75 12.31
20 May 2005 10.56 13.25 12.51
27 May 2005 10.57 13.57 12.30
3 June 2005 10.70 13.73 12.34
10 June 2005 10.62 13.74 12.13
17 June 2005 10.43 13.62 11.88
24 June 2005 10.30 13.30 11.50
1 July 2005 10.57 13.25 11.60
8 July 2005 10.74 12.92 11.44
15 July 2005 9.76 9.13 10.36
22 July 2005 9.49 9.04 9.29
29 July 2005 9.17 8.98 8.80
5 August 2005 9.12 9.01 8.50
12 August 2005 9.29 9.13 8.17
19 August 2005 9.42 8.75 8.46
26 August 2005 9.54 8.95 8.31
2 September 2005 9.57 9.37 8.47
9 September 2005 9.71 9.29 8.68
16 September 2005 9.71 9.73 8.78
23 September 2005 9.59 9.60 8.77
30 September 2005 10.00 10.50 8.54
7 October 2005 9.63 12.20 8.70
14 October 2005 9.90 13.30 8.92
21 October 2005 10.53 13.42 9.53
28 October 2005 11.20 13.72 10.62
4 November 2005 12.01 14.00 11.20
11 November 2005 11.95 14.06 11.04
18 November 2005 11.79 14.31 11.11
25 November 2005 11.57 14.48 11.09
2 December 2005 11.53 14.79 11.25
9 December 2005 11.66 15.26 11.23
16 December 2005 11.36 16.20 10.89
23 December 2005 10.72 16.09 10.87
30 December 2005 10.48 15.31 10.45
6 January 2006 10.31 14.63 10.17
13 January 2006 9.66 14.62 9.45
20 January 2006 9.29 17.12 8.28
27 January 2006 8.55 19.24 8.20
3 February 2006 9.16 19.89 8.34
10 February 2006 9.35 20.16 8.60
17 February 2006 9.59 21.30 8.68
24 February 2006 9.41 22.34 8.50
3 March 2006 9.82 22.29 8.65
10 March 2006 10.41 21.93 8.88
17 March 2006 10.60 22.11 9.10
24 March 2006 10.37 22.23 9.12
31 March 2006 10.41 21.85 9.08
7 April 2006 10.49 21.73 9.09
14 April 2006 10.52 20.27 9.05
21 April 2006 10.39 18.48 8.92
28 April 2006 10.06 18.32 8.82
5 May 2006 10.13 18.05 8.56
12 May 2006 10.31 17.08 8.67
19 May 2006 12.61 16.31 9.35
26 May 2006 15.34 17.18 9.50
2 June 2006 16.56 17.70 9.84
9 June 2006 17.52 18.37 10.55
16 June 2006 19.27 20.31 11.33
23 June 2006 19.92 21.92 12.06
30 June 2006 20.04 22.26 12.48
7 July 2006 20.58 22.84 13.05
14 July 2006 20.31 22.87 12.80
21 July 2006 20.84 23.38 13.36
28 July 2006 21.28 24.18 14.15
4 August 2006 21.35 23.84 14.11
11 August 2006 20.65 23.76 13.52
18 August 2006 18.80 23.04 13.44
25 August 2006 17.69 22.54 13.08
1 September 2006 16.41 21.42 12.29
8 September 2006 14.45 19.06 11.71
15 September 2006 13.96 17.90 11.14
22 September 2006 13.85 17.45 10.56
29 September 2006 13.39 17.33 9.99
6 October 2006 12.75 17.41 9.67
13 October 2006 11.30 16.52 8.82
20 October 2006 10.46 15.37 7.62
27 October 2006 9.94 15.12 7.30
3 November 2006 8.99 14.88 7.47
10 November 2006 8.87 14.59 7.37
17 November 2006 8.72 14.67 7.23
24 November 2006 8.77 15.46 7.18
1 December 2006 9.68 15.73 7.63
8 December 2006 9.92 15.47 7.53
15 December 2006 9.70 15.08 7.48
22 December 2006 9.31 14.39 7.30
29 December 2006 9.50 13.60 7.30
5 January 2007 9.58 13.23 7.33
12 January 2007 9.57 13.93 7.33
19 January 2007 9.90 14.57 7.38
26 January 2007 10.16 13.86 7.48
2 February 2007 10.02 13.53 7.50
9 February 2007 10.08 13.49 7.48
16 February 2007 10.28 12.12 7.83
23 February 2007 9.14 11.48 7.12
2 March 2007 10.70 12.57 9.80
9 March 2007 11.77 16.19 11.37
16 March 2007 13.07 17.22 12.19
23 March 2007 14.35 18.20 12.75
30 March 2007 14.62 18.02 12.73
6 April 2007 14.61 17.86 12.79
13 April 2007 14.66 17.64 12.83
20 April 2007 14.81 18.01 12.86
27 April 2007 15.07 18.22 12.79
4 May 2007 15.25 18.26 12.94
11 May 2007 15.26 18.16 12.95
18 May 2007 15.33 18.19 13.11
25 May 2007 13.87 17.60 11.18
1 June 2007 13.15 14.96 10.15
8 June 2007 12.41 13.55 9.72
15 June 2007 11.75 12.59 10.19
22 June 2007 11.81 12.54 10.46
29 June 2007 11.84 11.78 10.91
6 July 2007 11.90 11.61 10.98
13 July 2007 11.94 11.11 11.42
20 July 2007 12.03 11.25 11.80
27 July 2007 13.24 11.54 12.95
3 August 2007 14.61 12.56 14.46
10 August 2007 15.96 12.97 16.63
17 August 2007 18.24 15.28 17.92
24 August 2007 19.21 20.46 18.43
31 August 2007 19.19 21.24 19.27
7 September 2007 19.29 21.95 19.57
14 September 2007 19.73 22.20 19.76
21 September 2007 20.61 23.46 20.38
28 September 2007 20.93 24.53 20.33
5 October 2007 20.82 25.15 20.04
12 October 2007 20.54 25.15 19.87
19 October 2007 19.79 25.46 19.32
26 October 2007 19.07 25.59 18.86
2 November 2007 18.17 26.05 17.49
9 November 2007 16.03 25.20 17.57
16 November 2007 14.86 22.58 18.43
23 November 2007 15.49 22.65 18.25
30 November 2007 15.75 22.71 19.08
7 December 2007 15.43 22.93 19.36
14 December 2007 14.62 22.06 19.40
21 December 2007 14.85 21.57 19.76
28 December 2007 15.25 21.18 20.19
4 January 2008 15.53 21.36 20.63
11 January 2008 15.84 21.61 21.46
18 January 2008 16.37 22.69 22.09
25 January 2008 24.01 27.44 22.87
1 February 2008 26.98 31.79 22.86
8 February 2008 28.31 32.09 22.75
15 February 2008 28.97 32.99 22.44
22 February 2008 29.03 33.40 21.38
29 February 2008 29.07 34.14 21.26
7 March 2008 29.49 35.36 21.17
14 March 2008 29.81 36.22 22.53
21 March 2008 30.78 37.56 24.61
28 March 2008 31.00 37.31 25.39
4 April 2008 31.57 37.71 25.54
11 April 2008 31.46 37.26 24.69
18 April 2008 26.18 34.42 24.02
25 April 2008 24.10 31.44 23.62
2 May 2008 22.68 31.00 22.51
9 May 2008 21.53 30.75 22.44
16 May 2008 20.74 30.17 22.13
23 May 2008 20.37 29.18 21.85
30 May 2008 19.46 28.25 21.55
6 June 2008 18.82 27.32 20.13
13 June 2008 16.26 25.23 18.36
20 June 2008 16.10 25.40 17.40
27 June 2008 15.71 24.10 16.71
4 July 2008 16.28 22.96 17.18
11 July 2008 17.25 21.91 17.36
18 July 2008 18.63 21.37 17.81
25 July 2008 19.92 21.05 18.51
1 August 2008 20.14 21.24 19.60
8 August 2008 20.98 21.65 20.70
15 August 2008 21.39 21.97 21.49
22 August 2008 21.89 21.28 21.29
29 August 2008 22.26 20.58 21.48
5 September 2008 22.59 21.27 21.25
12 September 2008 24.27 22.92 22.91
19 September 2008 26.35 23.96 27.09
26 September 2008 30.50 26.37 30.64
3 October 2008 32.25 27.43 37.25
10 October 2008 37.43 33.13 41.03
17 October 2008 47.07 39.18 51.44

* Annualized standard deviation of 60-day window of daily returns.  Return to table


Figure: Realized Stock Market Volatility*
Daily
Percent
Date DJ Euro Stoxx TOPIX S&P 500
1 July 2008 16.31 23.09 17.07
2 July 2008 16.28 23.05 17.39
3 July 2008 16.45 22.91 17.35
4 July 2008 16.54 22.32 17.02
7 July 2008 16.93 21.73 17.16
8 July 2008 17.15 22.24 17.55
9 July 2008 17.15 22.08 17.44
10 July 2008 17.50 21.79 17.53
11 July 2008 17.53 21.73 17.13
14 July 2008 17.62 21.24 17.19
15 July 2008 18.16 21.49 17.24
16 July 2008 18.27 21.49 18.13
17 July 2008 19.41 21.63 18.28
18 July 2008 19.71 20.99 18.20
21 July 2008 19.72 20.83 18.20
22 July 2008 19.71 20.83 18.48
23 July 2008 20.12 20.84 18.51
24 July 2008 20.11 21.37 18.66
25 July 2008 19.94 21.40 18.67
28 July 2008 20.04 21.21 19.00
29 July 2008 20.06 21.20 19.64
30 July 2008 20.17 21.37 19.71
31 July 2008 20.17 21.19 19.84
1 August 2008 20.25 21.23 19.83
4 August 2008 20.23 21.56 19.69
5 August 2008 21.14 21.34 20.72
6 August 2008 21.17 21.86 20.71
7 August 2008 21.17 21.75 20.84
8 August 2008 21.21 21.74 21.53
11 August 2008 21.34 22.00 21.60
12 August 2008 21.09 22.02 21.65
13 August 2008 21.55 21.96 21.43
14 August 2008 21.56 21.89 21.46
15 August 2008 21.39 21.97 21.33
18 August 2008 21.39 21.71 21.35
19 August 2008 21.95 21.75 21.23
20 August 2008 21.85 21.60 21.26
21 August 2008 21.93 20.94 21.23
22 August 2008 22.33 20.41 21.38
25 August 2008 22.24 20.67 21.65
26 August 2008 22.23 20.60 21.65
27 August 2008 22.18 20.20 21.74
28 August 2008 22.52 20.20 21.57
29 August 2008 22.13 21.22 20.78
1 September 2008 22.13 21.13 20.96
2 September 2008 22.34 21.23 21.14
3 September 2008 22.21 21.26 20.86
4 September 2008 22.87 21.14 21.77
5 September 2008 23.41 21.60 21.53
8 September 2008 24.34 22.69 22.01
9 September 2008 24.34 22.98 23.12
10 September 2008 24.19 22.92 23.10
11 September 2008 24.20 22.95 23.30
12 September 2008 24.26 23.07 22.99
15 September 2008 25.29 23.26 25.11
16 September 2008 25.48 23.46 25.43
17 September 2008 25.64 23.50 27.27
18 September 2008 25.15 23.82 28.20
19 September 2008 30.19 25.77 29.46
22 September 2008 30.45 26.08 30.59
23 September 2008 30.34 26.31 30.74
24 September 2008 30.35 26.41 30.51
25 September 2008 30.66 26.51 30.81
26 September 2008 30.71 26.52 30.55
29 September 2008 32.40 26.57 35.79
30 September 2008 32.38 27.24 37.37
1 October 2008 32.17 27.42 37.10
2 October 2008 32.13 27.71 37.98
3 October 2008 32.17 28.21 38.01
6 October 2008 36.21 29.80 38.77
7 October 2008 35.93 29.80 40.49
8 October 2008 37.77 34.41 40.08
9 October 2008 37.35 34.31 42.89
10 October 2008 39.90 37.32 42.89
13 October 2008 45.31 37.32 49.17
14 October 2008 45.72 37.32 49.03
15 October 2008 47.16 37.11 52.49
16 October 2008 48.28 41.64 53.28
17 October 2008 48.87 42.50 53.25
20 October 2008 49.32 43.53 54.23
21 October 2008 49.30 44.29 54.22
22 October 2008 49.72 46.24 54.04

As shown in the figure, a vertical line marks the September 2008 Greenbook.

* Annualized standard deviation of 60-day window of daily returns.  Return to table


Figure: Realized 10-Year Bond Volatility*
Weekly
Percent
Period Germany Japan United States
2 January 2004 4.51 5.65 7.77
9 January 2004 4.69 5.33 7.93
16 January 2004 4.81 5.06 8.18
23 January 2004 4.82 4.84 7.96
30 January 2004 4.82 4.81 8.14
6 February 2004 4.75 4.29 7.99
13 February 2004 4.62 3.95 7.79
20 February 2004 4.63 3.93 7.67
27 February 2004 4.64 3.45 7.45
5 March 2004 4.64 3.69 7.24
12 March 2004 5.16 3.86 7.91
19 March 2004 5.16 3.92 7.74
26 March 2004 5.00 4.10 7.54
2 April 2004 5.07 4.57 7.70
9 April 2004 5.17 4.65 8.35
16 April 2004 5.18 4.78 8.39
23 April 2004 5.20 5.02 8.08
30 April 2004 5.11 5.24 8.04
7 May 2004 5.12 5.32 7.91
14 May 2004 5.21 5.34 8.01
21 May 2004 5.24 5.44 8.20
28 May 2004 5.19 5.16 8.14
4 June 2004 4.66 4.83 7.58
11 June 2004 4.62 5.00 7.50
18 June 2004 4.67 5.06 8.14
25 June 2004 4.43 4.91 7.95
2 July 2004 4.19 5.26 7.25
9 July 2004 4.23 5.48 7.28
16 July 2004 4.11 5.43 7.20
23 July 2004 4.19 5.24 7.34
30 July 2004 4.18 5.16 7.51
6 August 2004 4.08 5.39 7.34
13 August 2004 4.15 5.55 7.67
20 August 2004 4.07 5.82 7.61
27 August 2004 3.93 5.82 7.39
3 September 2004 3.97 5.57 7.39
10 September 2004 4.17 5.64 7.12
17 September 2004 4.20 5.55 7.13
24 September 2004 4.11 5.30 7.03
1 October 2004 4.17 5.00 6.93
8 October 2004 4.21 5.10 7.10
15 October 2004 4.25 5.35 7.09
22 October 2004 4.20 5.48 6.76
29 October 2004 4.19 5.52 6.56
5 November 2004 4.14 5.45 6.09
12 November 2004 4.14 5.24 6.22
19 November 2004 4.13 5.20 6.33
26 November 2004 4.14 5.22 6.31
3 December 2004 3.97 4.82 6.23
10 December 2004 3.99 4.66 6.48
17 December 2004 4.04 4.57 6.35
24 December 2004 4.04 4.62 6.38
31 December 2004 4.08 4.45 6.26
7 January 2005 4.07 4.13 5.95
14 January 2005 4.09 3.93 5.85
21 January 2005 4.06 3.39 5.80
28 January 2005 4.10 3.11 5.61
4 February 2005 4.11 2.98 5.45
11 February 2005 4.14 3.07 5.56
18 February 2005 4.27 3.08 5.58
25 February 2005 4.50 3.12 5.41
4 March 2005 4.44 3.16 5.11
11 March 2005 4.50 3.10 5.37
18 March 2005 4.47 3.06 5.62
25 March 2005 4.46 3.04 5.75
1 April 2005 4.41 3.08 5.86
8 April 2005 4.41 3.19 5.97
15 April 2005 4.34 3.19 6.07
22 April 2005 4.24 3.30 6.35
29 April 2005 4.13 3.27 6.49
6 May 2005 4.08 3.20 6.32
13 May 2005 4.03 3.32 6.36
20 May 2005 3.77 3.22 6.22
27 May 2005 3.89 3.14 6.13
3 June 2005 3.73 3.21 5.84
10 June 2005 3.84 3.13 5.73
17 June 2005 4.04 3.13 5.68
24 June 2005 4.48 3.24 5.71
1 July 2005 4.60 3.15 5.95
8 July 2005 4.73 3.30 6.23
15 July 2005 4.77 3.32 6.00
22 July 2005 4.87 3.30 5.92
29 July 2005 4.86 3.29 6.15
5 August 2005 4.93 3.17 6.18
12 August 2005 4.86 3.27 6.24
19 August 2005 4.71 3.48 6.43
26 August 2005 4.60 3.66 6.26
2 September 2005 4.40 3.84 6.25
9 September 2005 4.22 3.78 6.41
16 September 2005 3.83 3.63 6.30
23 September 2005 3.72 3.57 6.10
30 September 2005 3.78 3.58 5.83
7 October 2005 3.71 3.94 5.84
14 October 2005 3.65 4.16 5.79
21 October 2005 3.74 4.37 5.53
28 October 2005 3.91 4.64 5.63
4 November 2005 4.01 4.65 5.47
11 November 2005 3.91 4.49 5.41
18 November 2005 4.06 4.53 5.75
25 November 2005 4.48 4.49 5.58
2 December 2005 4.51 4.57 5.40
9 December 2005 4.52 4.84 5.55
16 December 2005 4.59 4.92 5.71
23 December 2005 4.53 4.88 5.64
30 December 2005 4.65 4.64 5.73
6 January 2006 4.66 4.55 5.69
13 January 2006 4.56 4.38 5.70
20 January 2006 4.31 4.14 5.46
27 January 2006 4.39 4.21 5.57
3 February 2006 4.54 4.15 5.37
10 February 2006 4.40 3.81 4.91
17 February 2006 3.88 4.11 4.76
24 February 2006 3.94 4.28 4.76
3 March 2006 4.06 4.11 4.54
10 March 2006 3.98 4.07 4.30
17 March 2006 4.05 4.31 4.29
24 March 2006 4.01 4.21 4.32
31 March 2006 4.18 4.24 4.57
7 April 2006 4.25 4.52 4.61
14 April 2006 4.21 4.48 4.64
21 April 2006 4.12 4.54 4.66
28 April 2006 4.04 4.71 4.77
5 May 2006 4.03 5.00 4.92
12 May 2006 4.13 4.94 4.87
19 May 2006 4.48 4.92 4.96
26 May 2006 4.75 5.24 5.10
2 June 2006 4.76 5.26 5.15
9 June 2006 4.86 5.38 5.29
16 June 2006 4.97 5.48 5.18
23 June 2006 4.84 5.38 4.99
30 June 2006 4.73 5.05 4.97
7 July 2006 4.75 5.04 4.93
14 July 2006 4.89 4.88 4.82
21 July 2006 4.98 4.83 4.74
28 July 2006 4.95 4.56 4.63
4 August 2006 4.88 4.41 4.71
11 August 2006 4.54 4.36 4.49
18 August 2006 4.26 4.11 4.49
25 August 2006 4.27 4.03 4.36
1 September 2006 4.04 3.83 4.06
8 September 2006 3.92 3.79 3.91
15 September 2006 3.88 3.93 3.69
22 September 2006 4.04 4.00 3.67
29 September 2006 4.03 4.11 3.75
6 October 2006 3.95 4.24 3.87
13 October 2006 3.95 4.18 4.10
20 October 2006 3.97 4.11 3.97
27 October 2006 3.97 4.10 3.97
3 November 2006 3.97 4.00 4.25
10 November 2006 4.00 3.85 4.53
17 November 2006 3.94 3.92 4.62
24 November 2006 3.88 3.73 4.77
1 December 2006 3.85 3.70 4.78
8 December 2006 3.73 3.66 4.88
15 December 2006 3.50 3.67 5.04
22 December 2006 3.39 3.60 4.96
29 December 2006 3.31 3.61 5.15
5 January 2007 3.22 3.72 4.99
12 January 2007 3.27 3.76 5.07
19 January 2007 3.26 3.70 5.14
26 January 2007 3.03 3.77 4.90
2 February 2007 2.83 3.79 4.53
9 February 2007 2.80 3.66 4.49
16 February 2007 2.88 3.67 4.58
23 February 2007 2.87 3.57 4.66
2 March 2007 3.09 3.33 5.22
9 March 2007 3.11 3.26 5.13
16 March 2007 3.12 3.07 5.26
23 March 2007 3.12 2.87 5.06
30 March 2007 3.16 3.07 5.01
6 April 2007 3.06 3.09 4.94
13 April 2007 3.06 3.13 4.91
20 April 2007 3.20 3.11 4.82
27 April 2007 3.24 3.09 4.76
4 May 2007 3.47 3.13 4.90
11 May 2007 3.45 3.08 4.73
18 May 2007 3.44 3.02 4.62
25 May 2007 3.20 3.03 4.07
1 June 2007 3.18 2.99 3.87
8 June 2007 3.24 3.05 3.88
15 June 2007 3.40 3.03 4.52
22 June 2007 3.44 2.95 4.83
29 June 2007 3.60 3.06 4.99
6 July 2007 3.87 3.25 5.18
13 July 2007 4.00 3.43 5.60
20 July 2007 4.19 3.55 5.87
27 July 2007 4.42 3.55 6.03
3 August 2007 4.53 3.74 6.28
10 August 2007 4.67 3.91 6.41
17 August 2007 4.87 4.14 6.54
24 August 2007 5.12 4.31 6.69
31 August 2007 5.01 4.31 6.53
7 September 2007 4.87 4.30 6.18
14 September 2007 5.08 4.40 6.41
21 September 2007 5.30 4.65 6.74
28 September 2007 5.30 4.82 6.92
5 October 2007 5.20 4.77 6.60
12 October 2007 5.18 4.69 6.70
19 October 2007 5.03 4.74 6.64
26 October 2007 5.23 4.69 6.70
2 November 2007 5.11 4.74 6.78
9 November 2007 4.97 4.78 6.92
16 November 2007 4.77 4.58 6.92
23 November 2007 4.81 4.51 7.11
30 November 2007 4.87 4.49 7.95
7 December 2007 4.97 4.44 8.03
14 December 2007 5.30 4.34 8.66
21 December 2007 5.18 4.12 8.92
28 December 2007 5.14 4.11 9.44
4 January 2008 5.15 4.16 9.49
11 January 2008 5.19 4.11 9.49
18 January 2008 4.96 4.07 9.61
25 January 2008 5.43 4.16 9.88
1 February 2008 5.83 4.78 10.32
8 February 2008 6.06 4.96 10.50
15 February 2008 6.21 5.08 10.72
22 February 2008 6.28 5.13 10.45
29 February 2008 6.13 5.17 10.81
7 March 2008 6.07 5.12 10.84
14 March 2008 6.19 5.01 11.07
21 March 2008 6.27 5.03 11.34
28 March 2008 6.49 4.96 11.32
4 April 2008 6.57 5.09 11.52
11 April 2008 6.65 5.02 11.62
18 April 2008 6.44 4.86 11.51
25 April 2008 6.17 4.47 11.16
2 May 2008 5.99 5.15 10.97
9 May 2008 6.12 5.25 10.77
16 May 2008 6.41 5.63 10.44
23 May 2008 6.50 5.73 9.99
30 May 2008 6.14 5.80 9.64
6 June 2008 6.25 5.90 9.21
13 June 2008 6.32 6.05 8.77
20 June 2008 6.17 6.12 8.67
27 June 2008 6.20 6.20 8.58
4 July 2008 6.47 6.30 8.31
11 July 2008 6.59 6.47 8.17
18 July 2008 6.57 6.33 8.50
25 July 2008 6.86 5.78 8.59
1 August 2008 6.95 5.69 8.74
8 August 2008 6.67 5.26 8.64
15 August 2008 6.54 4.98 8.74
22 August 2008 6.44 4.60 8.39
29 August 2008 6.39 4.50 8.15
5 September 2008 6.15 4.24 7.62
12 September 2008 6.30 4.48 7.39
19 September 2008 6.87 4.47 9.06
26 September 2008 7.18 4.28 10.05
3 October 2008 7.82 4.03 11.45
10 October 2008 8.37 4.57 12.11
17 October 2008 8.44 4.78 12.43

* Annualized standard deviation of 60-day window of daily returns.  Return to table


Figure: Realized 10-Year Bond Volatility*
Daily
Percent
Date Germany Japan United States
1 July 2008 6.39 6.31 8.43
2 July 2008 6.40 6.33 8.27
3 July 2008 6.61 6.33 8.22
4 July 2008 6.57 6.32 8.21
7 July 2008 6.69 6.29 8.26
8 July 2008 6.65 6.50 8.22
9 July 2008 6.56 6.50 8.03
10 July 2008 6.54 6.53 8.02
11 July 2008 6.49 6.52 8.33
14 July 2008 6.51 6.46 8.39
15 July 2008 6.50 6.49 8.41
16 July 2008 6.49 6.49 8.57
17 July 2008 6.52 6.48 8.56
18 July 2008 6.82 5.75 8.56
21 July 2008 6.88 5.78 8.52
22 July 2008 6.78 5.78 8.55
23 July 2008 6.77 5.76 8.42
24 July 2008 6.98 5.76 8.75
25 July 2008 6.89 5.84 8.71
28 July 2008 6.99 5.78 8.80
29 July 2008 7.02 5.75 8.77
30 July 2008 7.08 5.70 8.71
31 July 2008 6.89 5.70 8.71
1 August 2008 6.78 5.51 8.71
4 August 2008 6.78 5.48 8.71
5 August 2008 6.70 5.53 8.52
6 August 2008 6.56 5.09 8.52
7 August 2008 6.68 5.07 8.72
8 August 2008 6.66 5.13 8.72
11 August 2008 6.61 5.11 8.76
12 August 2008 6.63 5.09 8.83
13 August 2008 6.50 5.08 8.83
14 August 2008 6.47 4.95 8.66
15 August 2008 6.48 4.65 8.62
18 August 2008 6.47 4.66 8.55
19 August 2008 6.48 4.56 8.47
20 August 2008 6.47 4.57 8.31
21 August 2008 6.38 4.57 8.31
22 August 2008 6.42 4.63 8.33
25 August 2008 6.55 4.59 8.33
26 August 2008 6.40 4.55 8.27
27 August 2008 6.46 4.50 8.21
28 August 2008 6.29 4.50 8.09
29 August 2008 6.25 4.38 7.87
1 September 2008 6.17 4.43 7.81
2 September 2008 6.15 4.18 7.71
3 September 2008 6.12 4.13 7.72
4 September 2008 6.15 4.20 7.44
5 September 2008 6.16 4.26 7.41
8 September 2008 6.29 4.54 7.41
9 September 2008 6.29 4.50 7.43
10 September 2008 6.31 4.44 7.38
11 September 2008 6.19 4.44 7.29
12 September 2008 6.43 4.48 7.47
15 September 2008 6.76 4.44 8.81
16 September 2008 6.80 4.48 8.70
17 September 2008 6.81 4.50 8.75
18 September 2008 6.67 4.48 9.07
19 September 2008 7.31 4.42 9.96
22 September 2008 7.17 4.44 10.00
23 September 2008 7.17 4.26 10.00
24 September 2008 7.21 4.24 10.03
25 September 2008 7.16 4.24 10.13
26 September 2008 7.17 4.24 10.06
29 September 2008 7.76 4.19 10.80
30 September 2008 7.81 3.94 11.57
1 October 2008 7.81 3.96 11.61
2 October 2008 7.87 3.91 11.76
3 October 2008 7.85 4.13 11.54
6 October 2008 8.31 4.32 11.78
7 October 2008 8.32 4.43 11.78
8 October 2008 8.38 4.49 12.28
9 October 2008 8.44 4.76 12.34
10 October 2008 8.41 4.84 12.35
13 October 2008 8.45 4.84 12.46
14 October 2008 8.49 4.84 12.54
15 October 2008 8.48 4.81 12.55
16 October 2008 8.40 4.81 12.38
17 October 2008 8.40 4.59 12.25
20 October 2008 8.32 4.60 12.25
21 October 2008 8.36 4.57 12.49
22 October 2008 8.42 4.66 ND

As shown in the figure, a vertical line marks the September 2008 Greenbook.

* Annualized standard deviation of 60-day window of daily returns.  Return to table


Emerging Markets: Exchange Rates and Stock Market Indexes

Exchange value of the dollar Stock market index
Latest Percent change since
Sep. Greenbook*
Latest Percent change since
Sep. Greenbook
Mexico 13.5435 27.7 20203 -21.2
Brazil 2.3418 31.4 37105 -23.4
Venezuela 2.14 -0.0 36152 -11.0
China 6.8345 -0.0 1896 -11.9
Hong Kong 7.7511 -0.6 14267 -28.7
Korea 1407.5 29.0 1135 -22.6
Taiwan 33.10 3.6 4960 -23.2
Thailand 34.43 -0.5 465 -29.0

* Positive percent change denotes appreciation of U.S. dollar.  Return to table


Figure: Exchange Value of the Dollar
Weekly
January 5, 2004 = 100
Period Mexico Brazil Korea China
9 January 2004 99.28 99.93 99.48 100.00
16 January 2004 98.46 98.48 99.14 100.00
23 January 2004 ND ND ND ND
30 January 2004 99.66 101.17 98.65 100.00
6 February 2004 100.86 102.62 98.02 100.00
13 February 2004 100.25 102.11 97.48 100.00
20 February 2004 ND ND ND ND
27 February 2004 100.38 103.04 98.78 100.00
5 March 2004 99.82 101.11 98.57 100.00
12 March 2004 99.64 101.17 98.49 100.00
19 March 2004 100.22 101.77 97.79 100.00
26 March 2004 100.03 102.45 97.18 100.00
2 April 2004 101.67 101.86 96.33 100.00
9 April 2004 101.76 100.75 96.08 100.00
16 April 2004 102.32 101.49 96.61 100.00
23 April 2004 102.83 102.23 97.04 100.00
30 April 2004 103.21 102.69 97.49 100.00
7 May 2004 104.04 104.78 98.18 100.00
14 May 2004 105.60 108.67 99.57 100.00
21 May 2004 104.87 110.27 98.93 100.00
28 May 2004 104.35 110.48 98.54 100.00
4 June 2004 ND ND ND ND
11 June 2004 103.33 109.25 97.28 100.00
18 June 2004 103.50 109.91 97.36 100.00
25 June 2004 102.89 109.21 97.01 100.00
2 July 2004 104.47 108.37 96.79 100.00
9 July 2004 ND ND ND ND
16 July 2004 104.34 105.95 96.91 100.00
23 July 2004 103.86 105.90 97.41 100.00
30 July 2004 104.21 106.71 97.88 100.00
6 August 2004 103.90 106.79 97.73 100.00
13 August 2004 103.74 106.05 97.15 100.00
20 August 2004 103.25 104.66 97.05 100.00
27 August 2004 103.42 103.47 96.82 100.00
3 September 2004 104.05 102.71 96.56 100.00
10 September 2004 ND ND ND ND
17 September 2004 104.88 101.44 96.16 100.00
24 September 2004 103.84 100.42 96.29 100.00
1 October 2004 103.63 100.05 96.62 100.00
8 October 2004 102.66 99.06 96.50 100.00
15 October 2004 ND ND ND ND
22 October 2004 104.22 100.23 95.81 99.99
29 October 2004 104.68 100.27 94.52 99.99
5 November 2004 104.06 99.08 93.48 99.99
12 November 2004 ND ND ND ND
19 November 2004 103.17 97.07 90.56 99.99
26 November 2004 ND ND ND ND
3 December 2004 101.69 95.19 87.71 99.99
10 December 2004 102.17 96.38 88.26 99.99
17 December 2004 102.24 95.95 88.84 99.99
24 December 2004 101.44 94.19 88.31 99.99
31 December 2004 101.75 93.58 87.34 99.99
7 January 2005 102.97 94.45 87.77 99.99
14 January 2005 101.95 94.52 87.56 99.99
21 January 2005 ND ND ND ND
28 January 2005 102.45 93.38 86.34 99.99
4 February 2005 101.52 91.24 86.13 99.99
11 February 2005 101.61 91.38 86.92 99.99
18 February 2005 101.21 90.10 86.03 99.99
25 February 2005 ND ND ND ND
4 March 2005 100.78 92.17 84.31 99.99
11 March 2005 100.12 94.41 84.00 99.99
18 March 2005 101.67 95.98 84.11 99.99
25 March 2005 102.17 95.56 84.79 99.99
1 April 2005 102.19 94.11 85.43 99.99
8 April 2005 101.74 91.46 85.06 99.99
15 April 2005 100.81 90.18 85.21 99.99
22 April 2005 100.62 89.89 84.74 99.99
29 April 2005 100.73 88.44 83.88 99.99
6 May 2005 99.87 86.97 83.87 99.99
13 May 2005 100.06 86.29 83.83 99.99
20 May 2005 99.79 86.19 84.37 99.99
27 May 2005 99.50 84.51 84.04 99.99
3 June 2005 ND ND ND ND
10 June 2005 98.76 86.27 84.31 99.99
17 June 2005 98.39 85.13 84.98 99.99
24 June 2005 98.05 83.35 84.78 99.99
1 July 2005 98.02 82.61 86.14 99.99
8 July 2005 ND ND ND ND
15 July 2005 96.96 81.89 87.00 99.99
22 July 2005 96.51 82.25 86.79 99.59
29 July 2005 96.75 84.66 86.18 97.97
5 August 2005 96.29 81.40 85.39 97.91
12 August 2005 96.45 81.18 85.04 97.91
19 August 2005 96.70 82.97 85.54 97.87
26 August 2005 98.26 84.38 86.12 97.87
2 September 2005 98.05 82.98 86.63 97.82
9 September 2005 ND ND ND 97.78
16 September 2005 98.00 81.00 86.10 97.75
23 September 2005 98.45 79.96 86.37 97.74
30 September 2005 98.56 78.33 87.06 97.77
7 October 2005 97.67 78.87 87.28 97.76
14 October 2005 ND ND ND ND
21 October 2005 98.77 78.61 88.37 97.75
28 October 2005 98.77 79.38 87.75 97.71
4 November 2005 97.75 78.25 87.56 97.68
11 November 2005 ND ND ND ND
18 November 2005 96.95 77.08 86.89 97.67
25 November 2005 ND ND ND ND
2 December 2005 95.78 77.04 86.99 97.63
9 December 2005 95.44 77.01 86.80 97.60
16 December 2005 97.25 80.00 85.58 97.55
23 December 2005 97.03 81.67 85.21 97.56
30 December 2005 ND ND ND ND
6 January 2006 ND ND ND ND
13 January 2006 96.19 79.18 82.17 97.46
20 January 2006 ND ND ND ND
27 January 2006 95.41 78.17 81.62 97.41
3 February 2006 95.06 77.52 81.09 97.39
10 February 2006 95.35 76.30 81.21 97.32
17 February 2006 95.46 74.54 81.63 97.24
24 February 2006 ND ND ND ND
3 March 2006 95.42 74.34 81.36 97.14
10 March 2006 97.25 75.52 82.12 97.20
17 March 2006 97.07 74.21 81.83 97.14
24 March 2006 98.40 75.27 81.58 97.00
31 March 2006 99.36 77.01 81.77 96.94
7 April 2006 99.81 74.71 80.47 96.83
14 April 2006 100.73 74.96 80.32 96.80
21 April 2006 100.29 74.35 79.69 96.82
28 April 2006 100.90 73.81 79.16 96.85
5 May 2006 99.90 72.31 78.77 96.81
12 May 2006 99.33 72.80 78.11 96.71
19 May 2006 101.38 76.31 79.14 96.73
26 May 2006 102.00 80.32 79.51 96.93
2 June 2006 ND ND ND ND
9 June 2006 103.27 79.29 79.54 96.78
16 June 2006 103.83 79.42 80.43 96.69
23 June 2006 104.01 78.35 80.26 96.65
30 June 2006 103.45 77.36 80.27 96.62
7 July 2006 ND ND ND ND
14 July 2006 100.08 76.71 79.51 96.55
21 July 2006 99.31 76.76 80.04 96.61
28 July 2006 99.22 76.70 79.91 96.44
4 August 2006 99.56 76.22 80.57 96.33
11 August 2006 98.78 75.97 80.60 96.30
18 August 2006 98.07 74.95 80.78 96.45
25 August 2006 98.79 75.04 80.34 96.28
1 September 2006 99.11 74.90 80.65 96.17
8 September 2006 ND ND ND ND
15 September 2006 100.04 75.69 80.34 96.02
22 September 2006 99.75 76.01 79.68 95.81
29 September 2006 100.33 76.71 79.21 95.53
6 October 2006 100.25 75.77 79.56 95.49
13 October 2006 ND ND ND ND
20 October 2006 98.43 74.72 80.17 95.54
27 October 2006 97.97 74.85 80.02 95.41
3 November 2006 98.02 74.88 78.87 95.12
10 November 2006 98.68 74.89 78.60 95.06
17 November 2006 99.02 75.43 78.65 95.06
24 November 2006 ND ND ND ND
1 December 2006 100.14 76.07 77.99 94.69
8 December 2006 98.96 75.22 77.18 94.52
15 December 2006 98.29 74.97 77.39 94.57
22 December 2006 98.50 75.35 77.84 94.46
29 December 2006 ND ND ND ND
5 January 2007 ND ND ND ND
12 January 2007 99.91 75.15 78.72 94.28
19 January 2007 ND ND ND ND
26 January 2007 99.71 74.59 78.72 93.92
2 February 2007 100.29 74.13 78.81 93.83
9 February 2007 99.47 73.19 78.35 93.66
16 February 2007 99.74 73.45 78.60 93.69
23 February 2007 ND ND ND ND
2 March 2007 101.33 73.84 78.99 93.56
9 March 2007 101.32 74.00 79.43 93.55
16 March 2007 101.44 73.24 79.24 93.50
23 March 2007 100.65 72.42 78.81 93.42
30 March 2007 100.47 72.14 78.84 93.41
6 April 2007 99.93 71.21 78.40 93.37
13 April 2007 99.95 70.95 78.16 93.36
20 April 2007 99.90 71.07 77.91 93.28
27 April 2007 99.55 70.91 77.80 93.34
4 May 2007 99.20 70.95 77.94 93.10
11 May 2007 98.45 70.71 77.51 92.96
18 May 2007 98.20 69.14 77.72 92.75
25 May 2007 98.06 68.11 78.07 92.49
1 June 2007 ND ND ND ND
8 June 2007 98.67 68.30 77.84 92.42
15 June 2007 99.11 67.67 78.03 92.35
22 June 2007 97.99 66.93 77.81 92.06
29 June 2007 98.34 67.76 77.66 92.04
6 July 2007 ND ND ND ND
13 July 2007 98.00 65.96 77.08 91.57
20 July 2007 97.82 65.12 76.88 91.40
27 July 2007 98.85 65.59 76.87 91.39
3 August 2007 99.57 65.67 77.38 91.46
10 August 2007 99.70 66.81 77.57 91.44
17 August 2007 101.00 70.30 78.67 91.73
24 August 2007 100.74 70.35 79.06 91.64
31 August 2007 100.61 68.93 78.81 91.22
7 September 2007 100.59 68.51 78.70 91.15
14 September 2007 100.91 67.13 78.24 90.84
21 September 2007 100.25 65.79 77.57 90.76
28 September 2007 99.38 64.81 77.08 90.72
5 October 2007 98.96 63.69 76.80 90.72
12 October 2007 98.45 62.97 76.95 90.72
19 October 2007 98.30 63.24 76.89 90.76
26 October 2007 98.37 62.91 76.78 90.56
2 November 2007 97.25 61.21 76.09 90.20
9 November 2007 97.93 60.88 76.11 89.86
16 November 2007 ND ND ND ND
23 November 2007 99.86 62.22 77.82 89.63
30 November 2007 99.50 63.13 77.87 89.26
7 December 2007 98.75 62.60 77.34 89.44
14 December 2007 98.32 61.94 77.65 89.13
21 December 2007 98.57 63.12 78.76 89.07
28 December 2007 ND ND ND ND
4 January 2008 ND ND ND ND
11 January 2008 99.37 61.65 78.69 87.79
18 January 2008 99.35 61.73 78.96 87.46
25 January 2008 ND ND ND ND
1 February 2008 98.49 61.83 79.24 86.86
8 February 2008 98.15 61.46 79.05 86.80
15 February 2008 97.78 61.22 79.24 86.84
22 February 2008 ND ND ND ND
29 February 2008 97.55 58.94 79.07 86.19
7 March 2008 97.68 58.67 79.73 85.86
14 March 2008 98.11 59.40 81.89 85.75
21 March 2008 97.51 60.17 84.72 85.37
28 March 2008 97.13 60.72 82.96 84.94
4 April 2008 96.20 60.46 82.11 84.75
11 April 2008 95.87 59.11 81.82 84.57
18 April 2008 95.19 58.52 83.07 84.51
25 April 2008 95.37 58.19 83.46 84.53
2 May 2008 95.32 58.69 84.15 84.45
9 May 2008 95.64 58.51 86.19 84.43
16 May 2008 95.19 57.97 87.53 84.47
23 May 2008 94.38 57.82 87.52 84.05
30 May 2008 ND ND ND ND
6 June 2008 93.86 56.98 85.76 83.84
13 June 2008 94.43 57.20 86.69 83.53
20 June 2008 93.69 56.35 86.39 83.18
27 June 2008 93.54 56.07 87.02 82.96
4 July 2008 ND ND ND ND
11 July 2008 93.77 56.18 85.05 82.75
18 July 2008 93.27 55.70 84.57 82.43
25 July 2008 91.62 55.30 84.79 82.46
1 August 2008 91.22 54.80 84.75 82.56
8 August 2008 90.79 55.44 85.45 82.79
15 August 2008 92.50 56.78 86.95 82.90
22 August 2008 92.16 56.85 88.20 82.78
29 August 2008 92.61 57.03 90.93 82.40
5 September 2008 ND ND ND ND
12 September 2008 96.10 62.14 92.08 82.50
19 September 2008 97.78 64.69 95.38 82.61
26 September 2008 97.57 64.00 96.24 82.45
3 October 2008 100.17 68.39 101.18 82.56
10 October 2008 113.29 79.07 112.39 82.47

Figure: Exchange Value of the Dollar
Daily
September 10, 2008 = 100
Date Mexico Brazil Korea China
1 July 2008 97.95 90.28 96.26 100.38
2 July 2008 97.82 89.79 94.98 100.28
3 July 2008 97.80 90.11 95.71 100.26
4 July 2008 ND ND ND ND
7 July 2008 97.35 89.77 95.71 100.32
8 July 2008 97.51 90.39 94.04 100.23
9 July 2008 97.18 90.15 91.63 100.41
10 July 2008 97.20 90.23 91.47 100.12
11 July 2008 97.23 89.94 91.66 99.98
14 July 2008 97.10 89.37 91.98 100.15
15 July 2008 97.35 89.41 92.21 99.80
16 July 2008 96.76 89.51 92.25 99.64
17 July 2008 96.43 89.08 92.64 99.76
18 July 2008 96.23 89.20 92.83 99.73
21 July 2008 95.93 88.89 93.19 99.88
22 July 2008 95.50 88.88 92.92 99.85
23 July 2008 94.76 88.86 92.46 99.90
24 July 2008 94.57 88.51 92.26 99.92
25 July 2008 94.56 88.25 92.28 99.76
28 July 2008 95.02 88.38 92.18 99.97
29 July 2008 94.90 88.17 92.18 99.87
30 July 2008 94.64 87.56 92.76 99.89
31 July 2008 94.64 87.86 92.69 100.06
1 August 2008 94.05 87.42 93.08 100.11
4 August 2008 93.71 87.99 93.17 100.18
5 August 2008 93.53 88.28 93.19 100.22
6 August 2008 93.86 88.66 93.05 100.19
7 August 2008 94.38 89.19 93.10 100.30
8 August 2008 95.51 90.37 94.20 100.37
11 August 2008 95.60 90.27 94.38 100.33
12 August 2008 95.89 91.02 94.77 100.45
13 August 2008 96.26 91.12 95.25 100.37
14 August 2008 95.90 91.03 95.25 100.37
15 August 2008 96.25 91.80 95.24 100.44
18 August 2008 95.65 91.47 95.56 100.52
19 August 2008 96.10 91.90 96.33 100.36
20 August 2008 95.64 91.12 95.97 100.26
21 August 2008 95.32 90.53 96.55 100.08
22 August 2008 95.42 90.80 97.34 99.98
25 August 2008 95.46 91.28 98.76 100.19
26 August 2008 96.00 91.96 99.65 99.20
27 August 2008 95.66 91.01 99.33 99.59
28 August 2008 96.24 91.26 99.08 100.08
29 August 2008 97.12 91.73 99.79 99.86
1 September 2008 ND ND ND ND
2 September 2008 97.95 92.99 103.95 99.80
3 September 2008 97.90 93.93 105.19 100.12
4 September 2008 98.68 95.20 103.57 100.23
5 September 2008 99.00 97.28 102.43 100.07
8 September 2008 99.21 97.79 99.07 100.13
9 September 2008 99.10 98.57 100.75 100.05
10 September 2008 100.00 100.00 100.00 100.00
11 September 2008 100.53 101.91 101.71 100.17
12 September 2008 99.75 99.93 101.39 99.21
15 September 2008 101.03 101.27 102.43 100.19
16 September 2008 101.25 102.57 106.27 100.06
17 September 2008 102.63 105.40 102.22 99.91
18 September 2008 102.32 107.14 105.60 100.04
19 September 2008 100.03 102.28 104.42 100.01
22 September 2008 99.92 100.91 103.30 99.94
23 September 2008 101.13 101.93 105.06 99.65
24 September 2008 101.79 103.42 105.70 99.83
25 September 2008 101.56 102.83 105.27 99.71
26 September 2008 101.82 104.02 106.30 100.12
29 September 2008 102.96 107.25 108.65 100.12
30 September 2008 103.49 107.87 110.54 99.34
1 October 2008 103.47 108.57 109.49 100.20
2 October 2008 104.83 111.98 112.06 100.10
3 October 2008 104.92 112.66 111.88 100.12
6 October 2008 110.38 121.45 116.14 100.10
7 October 2008 114.27 125.18 121.73 99.74
8 October 2008 123.92 134.99 129.68 99.74
9 October 2008 116.75 123.44 126.58 99.78
10 October 2008 122.43 128.89 119.71 100.01
13 October 2008 ND ND ND ND
14 October 2008 117.19 117.01 110.62 99.98
15 October 2008 120.01 121.47 113.40 100.00
16 October 2008 123.65 123.02 125.49 99.97
17 October 2008 121.01 118.95 122.18 99.97
20 October 2008 120.55 118.16 120.50 99.93
21 October 2008 124.36 124.17 120.97 99.98
22 October 2008 127.74 131.39 128.97 99.99

As shown in the figure, a vertical line marks the September 2008 Greenbook.


Figure: Stock Market Indexes
Weekly
January 5, 2004 = 100
Period Mexico Brazil Korea Hong Kong
9 January 2004 103.11 105.20 100.57 101.17
16 January 2004 103.81 104.87 102.96 102.25
23 January 2004 106.53 104.08 ND ND
30 January 2004 107.96 103.96 104.20 103.81
6 February 2004 ND 96.96 102.45 100.75
13 February 2004 112.28 100.62 106.01 104.54
20 February 2004 113.83 97.04 106.84 106.59
27 February 2004 112.36 ND 105.75 105.65
5 March 2004 115.01 100.48 ND 104.59
12 March 2004 112.76 97.91 106.45 101.71
19 March 2004 112.54 97.46 105.11 99.09
26 March 2004 115.49 94.81 104.57 96.61
2 April 2004 119.68 99.19 106.66 97.13
9 April 2004 ND ND ND ND
16 April 2004 121.18 99.11 ND ND
23 April 2004 120.70 ND 111.90 94.77
30 April 2004 116.63 91.41 108.61 92.89
7 May 2004 114.04 86.91 ND 92.15
14 May 2004 109.66 81.52 96.04 87.96
21 May 2004 110.56 81.84 92.30 86.77
28 May 2004 113.69 85.54 ND ND
4 June 2004 113.46 87.35 96.46 92.97
11 June 2004 116.51 ND 95.79 95.08
18 June 2004 115.36 89.70 90.89 92.62
25 June 2004 115.17 91.59 91.66 ND
2 July 2004 115.80 93.76 93.89 ND
9 July 2004 114.32 ND 91.45 94.08
16 July 2004 112.87 97.48 89.94 92.58
23 July 2004 113.01 97.66 90.30 94.36
30 July 2004 114.10 97.83 89.43 94.37
6 August 2004 114.28 98.00 88.65 95.05
13 August 2004 111.54 95.83 91.89 95.33
20 August 2004 113.90 100.45 94.51 94.54
27 August 2004 115.79 101.55 97.18 97.61
3 September 2004 116.92 100.95 98.79 99.50
10 September 2004 119.31 ND 99.92 100.32
17 September 2004 ND 100.17 103.32 101.20
24 September 2004 122.70 102.34 102.19 101.72
1 October 2004 123.71 103.63 ND ND
8 October 2004 125.67 107.30 107.26 102.30
15 October 2004 124.31 ND 103.97 101.22
22 October 2004 125.99 102.45 101.48 ND
29 October 2004 129.27 102.11 99.51 99.46
5 November 2004 133.04 ND 103.27 102.52
12 November 2004 134.43 104.65 104.08 104.82
19 November 2004 135.64 ND 106.47 106.25
26 November 2004 135.49 109.62 104.69 107.10
3 December 2004 137.80 112.17 106.47 108.82
10 December 2004 137.91 111.43 104.59 108.30
17 December 2004 141.16 113.93 104.63 107.69
24 December 2004 143.86 ND 106.96 109.15
31 December 2004 146.63 ND ND ND
7 January 2005 144.13 110.83 106.98 106.62
14 January 2005 140.96 109.51 107.49 104.07
21 January 2005 145.90 107.20 111.37 104.46
28 January 2005 146.70 ND 111.92 104.38
4 February 2005 151.20 110.24 112.61 104.51
11 February 2005 154.39 ND ND ND
18 February 2005 154.39 118.85 117.99 107.78
25 February 2005 154.72 122.66 119.38 108.23
4 March 2005 156.52 126.47 ND 107.23
11 March 2005 154.81 127.99 122.27 106.64
18 March 2005 149.13 124.03 120.51 106.42
25 March 2005 ND ND 117.66 ND
1 April 2005 143.92 117.58 117.45 ND
8 April 2005 140.77 116.14 ND ND
15 April 2005 139.59 113.89 117.71 105.39
22 April 2005 135.30 ND 113.45 103.94
29 April 2005 140.59 111.44 112.85 106.52
6 May 2005 142.12 112.20 ND ND
13 May 2005 141.35 109.54 112.54 107.46
20 May 2005 143.54 109.64 113.84 ND
27 May 2005 148.31 ND 115.25 104.98
3 June 2005 149.14 115.47 117.84 106.45
10 June 2005 149.46 111.13 ND 106.77
17 June 2005 152.64 114.05 120.93 106.90
24 June 2005 152.84 113.33 121.35 108.43
1 July 2005 153.15 112.25 121.61 ND
8 July 2005 155.73 109.70 123.97 108.34
15 July 2005 158.36 113.66 127.56 110.12
22 July 2005 161.11 113.64 130.11 112.48
29 July 2005 161.13 113.03 133.22 113.89
5 August 2005 165.46 118.33 134.76 115.95
12 August 2005 166.51 120.03 134.58 117.49
19 August 2005 166.16 120.67 ND 117.71
26 August 2005 165.89 120.51 133.74 115.24
2 September 2005 162.93 124.14 132.05 115.38
9 September 2005 171.02 ND 137.80 116.79
16 September 2005 ND 130.27 141.51 115.92
23 September 2005 177.51 136.29 ND ND
30 September 2005 180.08 139.12 147.96 117.71
7 October 2005 177.81 135.89 ND 116.30
14 October 2005 171.99 ND 147.36 ND
21 October 2005 170.57 130.21 142.25 111.35
28 October 2005 175.56 131.45 142.02 110.54
4 November 2005 179.80 ND 145.50 111.87
11 November 2005 181.77 137.07 149.58 111.86
18 November 2005 185.52 ND 153.39 113.15
25 November 2005 190.46 141.15 154.84 115.34
2 December 2005 191.98 142.91 157.42 115.85
9 December 2005 196.65 146.21 160.24 115.45
16 December 2005 ND 148.37 161.70 115.33
23 December 2005 201.18 148.30 163.69 116.78
30 December 2005 201.71 ND ND ND
6 January 2006 209.66 154.57 169.75 ND
13 January 2006 215.20 158.63 170.31 120.37
20 January 2006 209.98 162.19 166.23 120.21
27 January 2006 214.02 ND 162.70 119.63
3 February 2006 215.10 169.02 ND ND
10 February 2006 ND 164.17 161.19 118.84
17 February 2006 206.42 166.33 160.17 118.54
24 February 2006 213.28 171.06 164.12 120.77
3 March 2006 215.26 ND ND 122.06
10 March 2006 210.18 165.98 160.34 119.74
17 March 2006 215.82 168.22 162.01 120.43
24 March 2006 ND 167.97 160.82 121.46
31 March 2006 217.22 167.12 162.41 121.65
7 April 2006 223.79 173.57 168.75 ND
14 April 2006 ND ND 170.04 ND
21 April 2006 225.76 ND 174.08 ND
28 April 2006 231.71 178.23 174.39 128.19
5 May 2006 ND ND ND ND
12 May 2006 244.50 183.83 176.28 131.58
19 May 2006 231.87 171.55 168.30 126.23
26 May 2006 218.30 164.49 160.66 121.62
2 June 2006 216.76 166.43 ND ND
9 June 2006 209.05 159.57 ND 121.31
16 June 2006 195.99 ND 149.18 119.00
23 June 2006 204.70 152.42 149.79 120.99
30 June 2006 210.18 157.68 152.47 122.19
7 July 2006 226.31 163.72 155.28 125.89
14 July 2006 217.15 160.06 156.21 126.19
21 July 2006 218.26 158.74 ND 124.78
28 July 2006 227.54 163.75 155.70 128.49
4 August 2006 228.69 166.19 157.19 130.49
11 August 2006 229.39 166.50 158.04 131.98
18 August 2006 235.32 166.31 ND 133.36
25 August 2006 236.64 161.38 160.82 130.85
1 September 2006 240.60 162.67 163.17 132.42
8 September 2006 238.68 ND 164.62 132.95
15 September 2006 240.23 161.10 162.97 131.72
22 September 2006 245.07 157.89 165.75 134.51
29 September 2006 247.23 160.25 165.08 134.48
6 October 2006 249.56 166.78 ND ND
13 October 2006 255.69 ND 161.48 137.21
20 October 2006 261.20 173.20 164.56 138.67
27 October 2006 263.37 175.78 166.14 140.02
3 November 2006 ND ND 166.55 ND
10 November 2006 270.22 182.82 168.47 145.37
17 November 2006 275.01 ND 170.84 146.37
24 November 2006 ND ND 171.62 147.23
1 December 2006 ND 184.62 172.93 144.98
8 December 2006 289.89 191.40 171.38 144.95
15 December 2006 ND 193.32 169.67 145.45
22 December 2006 289.98 193.67 174.18 147.54
29 December 2006 ND ND ND ND
5 January 2007 ND ND ND ND
12 January 2007 296.03 189.74 166.35 151.47
19 January 2007 299.03 190.86 167.55 154.96
26 January 2007 305.11 ND 166.56 158.88
2 February 2007 311.42 197.88 167.21 156.55
9 February 2007 ND 199.96 172.89 158.71
16 February 2007 321.53 202.21 173.80 156.92
23 February 2007 324.51 ND ND ND
2 March 2007 304.08 195.26 ND 152.39
9 March 2007 299.85 191.28 170.79 146.02
16 March 2007 304.72 192.74 173.27 146.92
23 March 2007 ND 200.18 175.37 149.97
30 March 2007 321.68 201.82 175.86 151.71
6 April 2007 ND ND 178.93 ND
13 April 2007 335.21 210.51 183.47 ND
20 April 2007 336.40 217.92 185.46 158.69
27 April 2007 334.08 219.39 187.90 158.18
4 May 2007 ND ND ND ND
11 May 2007 338.06 225.44 193.27 159.42
18 May 2007 342.21 228.54 194.72 160.99
25 May 2007 347.96 230.43 ND ND
1 June 2007 354.54 233.51 203.85 157.67
8 June 2007 359.94 ND ND 159.47
15 June 2007 361.91 236.85 211.38 159.50
22 June 2007 361.31 242.67 217.54 ND
29 June 2007 351.72 241.10 212.01 167.69
6 July 2007 363.63 248.74 221.43 ND
13 July 2007 363.78 ND 231.54 175.65
20 July 2007 363.35 256.77 ND 177.10
27 July 2007 351.47 246.52 238.72 178.36
3 August 2007 344.01 241.06 228.77 174.33
10 August 2007 340.04 238.99 227.05 170.10
17 August 2007 324.21 222.06 ND 163.52
24 August 2007 330.66 227.77 214.00 171.56
31 August 2007 338.86 236.09 222.63 180.59
7 September 2007 348.39 ND 228.03 184.37
14 September 2007 341.47 240.62 223.63 187.15
21 September 2007 344.70 252.15 229.13 194.19
28 September 2007 344.66 266.26 ND ND
5 October 2007 354.05 273.72 ND ND
12 October 2007 363.36 ND 246.41 219.20
19 October 2007 367.30 278.05 242.70 ND
26 October 2007 363.50 279.05 237.59 226.59
2 November 2007 ND ND 249.06 240.73
9 November 2007 337.07 284.12 244.71 223.96
16 November 2007 331.43 ND 235.48 216.84
23 November 2007 ND ND 221.93 206.68
30 November 2007 327.63 272.12 226.51 214.27
7 December 2007 347.59 287.85 234.10 223.42
14 December 2007 ND 285.15 232.25 217.69
21 December 2007 331.32 273.97 ND 207.61
28 December 2007 ND ND ND ND
4 January 2008 ND ND ND ND
11 January 2008 323.46 277.11 221.06 209.15
18 January 2008 311.46 263.24 210.56 195.42
25 January 2008 306.37 ND 200.86 181.97
1 February 2008 323.29 266.42 196.90 183.89
8 February 2008 ND ND ND ND
15 February 2008 328.53 274.57 201.63 179.74
22 February 2008 331.56 282.69 206.18 182.08
29 February 2008 339.45 289.35 208.40 185.14
7 March 2008 329.76 283.02 203.53 177.87
14 March 2008 330.47 275.18 197.58 174.79
21 March 2008 ND ND 195.47 ND
28 March 2008 339.64 270.60 203.57 ND
4 April 2008 357.00 281.34 210.62 ND
11 April 2008 357.92 283.63 ND 187.20
18 April 2008 358.49 283.72 213.28 184.61
25 April 2008 360.02 ND 218.73 193.99
2 May 2008 ND ND ND ND
9 May 2008 350.12 310.77 ND 197.72
16 May 2008 353.57 316.52 ND ND
23 May 2008 355.54 ND 224.96 193.97
30 May 2008 358.78 320.93 221.45 186.96
6 June 2008 357.11 313.28 ND 187.60
13 June 2008 347.39 301.52 214.82 ND
20 June 2008 338.57 297.64 212.53 176.78
27 June 2008 332.99 287.76 207.41 172.70
4 July 2008 326.83 274.59 197.78 ND
11 July 2008 318.71 ND 187.78 167.54
18 July 2008 315.95 270.79 184.71 166.12
25 July 2008 311.15 262.40 192.69 175.35
1 August 2008 308.42 260.24 192.01 174.13
8 August 2008 306.05 252.37 189.06 ND
15 August 2008 306.29 243.42 ND 165.08
22 August 2008 303.43 244.27 185.88 ND
29 August 2008 297.92 246.31 180.43 162.80
5 September 2008 298.18 237.42 171.81 158.18
12 September 2008 291.73 224.95 177.58 153.82
19 September 2008 ND 218.34 ND ND
26 September 2008 286.42 225.97 179.97 146.22
3 October 2008 274.38 210.32 ND ND
10 October 2008 234.81 172.45 158.91 ND
17 October 2008 240.97 171.15 155.10 121.38

Figure: Stock Market Indexes
Daily
September 10, 2008 = 100
Date Mexico Brazil Korea Hong Kong
1 July 2008 114.01 130.89 113.75 ND
2 July 2008 111.90 126.16 110.83 108.52
3 July 2008 111.06 122.38 109.66 106.22
4 July 2008 110.57 122.57 107.71 107.12
7 July 2008 110.74 121.99 107.83 109.57
8 July 2008 111.40 122.92 104.68 106.11
9 July 2008 109.62 ND 103.71 109.03
10 July 2008 108.77 124.40 104.95 109.11
11 July 2008 107.74 124.18 107.00 110.92
14 July 2008 107.36 125.37 106.39 110.07
15 July 2008 107.05 125.97 103.03 105.88
16 July 2008 109.13 128.12 102.90 106.12
17 July 2008 110.09 124.10 104.14 108.67
18 July 2008 109.91 123.85 103.07 109.37
21 July 2008 109.20 125.47 106.69 112.67
22 July 2008 107.66 123.15 106.57 112.64
23 July 2008 107.86 122.68 108.65 115.67
24 July 2008 104.87 118.58 111.00 115.44
25 July 2008 105.68 118.09 109.08 113.70
28 July 2008 104.30 117.41 109.10 113.44
29 July 2008 106.59 119.84 106.98 111.29
30 July 2008 107.20 123.87 107.69 113.45
31 July 2008 107.30 122.86 108.85 113.66
1 August 2008 105.19 118.98 107.43 114.31
4 August 2008 103.35 114.81 105.33 112.58
5 August 2008 105.31 116.59 104.82 109.75
6 August 2008 106.68 118.80 107.76 ND
7 August 2008 105.30 117.72 106.76 110.52
8 August 2008 105.86 116.82 107.08 109.43
11 August 2008 105.13 112.98 107.93 109.30
12 August 2008 103.93 112.53 107.65 108.21
13 August 2008 104.87 112.67 106.67 106.47
14 August 2008 106.31 113.84 107.32 106.96
15 August 2008 106.68 111.99 ND 105.80
18 August 2008 104.48 110.10 107.01 104.65
19 August 2008 104.30 110.74 105.22 102.42
20 August 2008 104.82 114.33 105.17 104.66
21 August 2008 103.53 115.48 103.25 101.96
22 August 2008 104.86 115.31 102.18 ND
25 August 2008 103.07 112.47 102.53 105.53
26 August 2008 101.72 112.23 101.72 105.28
27 August 2008 101.96 114.63 101.98 107.32
28 August 2008 103.18 116.41 100.63 104.86
29 August 2008 102.58 114.96 100.63 106.31
1 September 2008 103.10 113.89 96.55 104.53
2 September 2008 103.48 112.32 96.05 105.21
3 September 2008 103.27 110.51 97.40 102.93
4 September 2008 102.04 106.14 97.37 101.95
5 September 2008 101.07 107.24 95.86 99.67
8 September 2008 102.35 104.71 100.80 103.97
9 September 2008 100.00 100.00 99.28 102.46
10 September 2008 99.97 102.47 100.00 100.00
11 September 2008 99.70 105.85 98.52 96.94
12 September 2008 99.84 108.17 100.88 96.77
15 September 2008 96.05 99.96 ND ND
16 September 2008 ND 101.64 94.73 91.50
17 September 2008 91.52 94.78 97.29 88.19
18 September 2008 95.90 99.97 95.05 88.16
19 September 2008 100.28 109.54 99.37 96.64
22 September 2008 98.06 106.41 99.68 98.16
23 September 2008 97.42 102.39 101.12 94.37
24 September 2008 97.33 102.91 102.12 94.81
25 September 2008 100.06 107.01 102.50 94.67
26 September 2008 99.86 104.85 100.77 93.41
29 September 2008 93.47 95.03 99.41 89.40
30 September 2008 97.11 102.28 98.85 90.08
1 October 2008 98.00 102.81 98.27 ND
2 October 2008 93.75 95.27 96.91 91.06
3 October 2008 89.70 91.91 ND 88.41
6 October 2008 84.86 86.92 92.75 84.02
7 October 2008 81.49 82.87 93.25 ND
8 October 2008 80.68 79.68 87.83 77.16
9 October 2008 79.24 76.56 88.39 79.72
10 October 2008 77.66 73.52 84.74 73.99
13 October 2008 86.21 84.30 87.96 81.56
14 October 2008 86.79 85.82 93.36 84.17
15 October 2008 82.46 76.05 91.49 79.99
16 October 2008 79.82 75.24 82.85 76.15
17 October 2008 79.25 75.15 80.59 72.77
20 October 2008 81.10 81.43 82.43 76.62
21 October 2008 78.83 80.61 81.65 75.21
22 October 2008 ND 76.61 77.45 71.33

As shown in the figure, a vertical line marks the September 2008 Greenbook.


Emerging Markets: Short-Term Interest Rates and Dollar-Denominated Bond Spreads

Percent
Short-term interest rates* Dollar-denominated bond spreads**
Latest Change since
Sep. Greenbook
Latest Change since
Sep. Greenbook
Mexico 7.54 -0.65 5.15 3.11
Brazil 14.39 0.34 5.69 2.97
Argentina 15.69 2.69 17.19 9.64
China 2.46 0.62
Korea 5.35 0.66
Taiwan 2.43 -0.16
Singapore 1.00 0.00
Hong Kong 2.90 1.05

* One-month interest rate except 1-week rate for Korea. (No reliable short-term interest rate exists for China.)  Return to table

** EMBI+ Spreads or EMBI Global Spreads over similar-maturity U.S. Treasury securities.  Return to table

… Not applicable. Korea, Taiwan, and Hong Kong have no outstanding dollar-denominated sovereign bonds.  Return to table


Figure: EMBI+ Spreads
Weekly
Percent
Period Overall Mexico Brazil
9 January 2004 3.90 1.83 4.21
16 January 2004 3.99 1.89 4.29
23 January 2004 4.04 ND ND
30 January 2004 4.14 1.98 4.55
6 February 2004 4.43 2.03 5.31
13 February 2004 4.36 1.92 5.17
20 February 2004 4.44 ND ND
27 February 2004 4.51 1.89 5.76
5 March 2004 4.38 1.84 5.51
12 March 2004 4.39 1.87 5.47
19 March 2004 4.40 1.89 5.54
26 March 2004 4.39 1.83 5.66
2 April 2004 4.29 1.79 5.60
9 April 2004 ND ND ND
16 April 2004 4.24 1.72 5.71
23 April 2004 4.42 1.79 6.15
30 April 2004 4.69 1.99 6.49
7 May 2004 5.09 2.22 7.06
14 May 2004 5.39 2.30 7.63
21 May 2004 5.13 2.07 7.29
28 May 2004 5.08 2.08 7.12
4 June 2004 5.03 ND ND
11 June 2004 4.88 2.08 6.66
18 June 2004 4.96 2.15 6.75
25 June 2004 4.85 2.15 6.51
2 July 2004 4.91 2.14 6.48
9 July 2004 4.86 ND ND
16 July 2004 4.72 2.09 6.10
23 July 2004 4.66 1.98 6.00
30 July 2004 4.72 1.99 6.10
6 August 2004 4.68 1.99 5.99
13 August 2004 4.59 1.98 5.80
20 August 2004 4.47 1.90 5.48
27 August 2004 4.35 1.85 5.24
3 September 2004 4.35 1.84 5.17
10 September 2004 4.27 ND ND
17 September 2004 4.23 1.83 4.91
24 September 2004 4.17 1.81 4.66
1 October 2004 4.23 1.90 4.75
8 October 2004 4.03 1.81 4.48
15 October 2004 4.06 ND ND
22 October 2004 4.19 1.91 4.83
29 October 2004 4.19 1.87 4.90
5 November 2004 3.99 1.78 4.55
12 November 2004 3.92 ND ND
19 November 2004 3.83 1.70 4.34
26 November 2004 3.79 ND ND
3 December 2004 3.75 1.71 4.12
10 December 2004 3.76 1.70 4.13
17 December 2004 3.69 1.68 4.05
24 December 2004 ND ND ND
31 December 2004 3.51 1.61 3.79
7 January 2005 3.66 1.69 4.07
14 January 2005 3.74 1.71 4.29
21 January 2005 3.80 ND ND
28 January 2005 3.68 1.67 4.18
4 February 2005 3.65 1.62 4.20
11 February 2005 3.58 1.58 4.09
18 February 2005 3.52 1.55 4.01
25 February 2005 3.48 ND ND
4 March 2005 3.41 1.52 3.91
11 March 2005 3.35 1.46 3.86
18 March 2005 3.61 1.66 4.23
25 March 2005 ND ND ND
1 April 2005 3.89 1.84 4.66
8 April 2005 3.84 1.86 4.56
15 April 2005 3.86 1.86 4.52
22 April 2005 3.95 1.89 4.59
29 April 2005 3.92 1.86 4.52
6 May 2005 3.83 1.82 4.36
13 May 2005 3.84 1.84 4.40
20 May 2005 3.91 1.87 4.46
27 May 2005 3.79 1.74 4.29
3 June 2005 ND ND ND
10 June 2005 3.78 1.75 4.39
17 June 2005 3.16 1.70 4.16
24 June 2005 3.16 1.72 4.17
1 July 2005 3.12 1.71 4.17
8 July 2005 3.01 ND ND
15 July 2005 2.92 1.58 4.03
22 July 2005 2.91 1.57 4.07
29 July 2005 2.93 1.55 4.14
5 August 2005 2.82 1.50 3.90
12 August 2005 2.81 1.49 3.89
19 August 2005 2.88 1.50 4.05
26 August 2005 2.94 1.50 4.15
2 September 2005 2.93 1.49 4.12
9 September 2005 2.80 ND ND
16 September 2005 2.68 1.35 3.79
23 September 2005 2.60 1.37 3.64
30 September 2005 2.50 1.39 3.52
7 October 2005 2.55 1.43 3.63
14 October 2005 2.70 ND ND
21 October 2005 2.71 1.48 3.76
28 October 2005 2.62 1.37 3.67
4 November 2005 2.51 1.31 3.55
11 November 2005 2.51 ND ND
18 November 2005 2.47 1.19 3.52
25 November 2005 2.41 ND ND
2 December 2005 2.43 1.17 3.37
9 December 2005 2.44 1.25 3.19
16 December 2005 2.43 1.26 3.14
23 December 2005 2.43 1.25 3.09
30 December 2005 2.44 ND ND
6 January 2006 2.36 ND ND
13 January 2006 2.31 1.25 2.85
20 January 2006 2.32 ND ND
27 January 2006 2.19 1.15 2.69
3 February 2006 2.14 1.14 2.63
10 February 2006 2.08 1.15 2.53
17 February 2006 1.98 1.14 2.30
24 February 2006 1.97 ND ND
3 March 2006 1.87 1.04 2.17
10 March 2006 1.98 1.23 2.32
17 March 2006 1.96 1.22 2.27
24 March 2006 1.98 1.27 2.30
31 March 2006 1.97 1.30 2.35
7 April 2006 1.95 1.33 2.39
14 April 2006 ND ND ND
21 April 2006 1.88 1.30 2.31
28 April 2006 1.81 1.23 2.25
5 May 2006 1.75 1.17 2.15
12 May 2006 1.79 1.21 2.22
19 May 2006 2.01 1.35 2.55
26 May 2006 2.17 1.47 2.77
2 June 2006 2.14 ND ND
9 June 2006 2.19 1.47 2.66
16 June 2006 2.24 1.55 2.63
23 June 2006 2.22 1.53 2.57
30 June 2006 2.29 1.46 2.60
7 July 2006 2.13 ND 2.46
14 July 2006 2.13 1.20 2.49
21 July 2006 2.09 1.19 2.40
28 July 2006 1.97 1.17 2.26
4 August 2006 1.95 1.20 2.22
11 August 2006 1.86 1.14 2.12
18 August 2006 1.84 1.07 2.10
25 August 2006 1.92 1.09 2.23
1 September 2006 1.95 1.09 2.25
8 September 2006 1.91 1.10 2.20
15 September 2006 1.94 1.10 2.23
22 September 2006 2.03 1.17 2.34
29 September 2006 2.11 1.21 2.40
6 October 2006 2.06 1.20 2.30
13 October 2006 1.93 1.11 2.15
20 October 2006 1.86 1.09 2.11
27 October 2006 1.85 1.08 2.13
3 November 2006 1.91 1.12 2.20
10 November 2006 1.88 1.11 2.17
17 November 2006 1.89 1.12 2.17
24 November 2006 1.94 1.16 2.21
1 December 2006 2.01 1.21 2.27
8 December 2006 1.92 1.10 2.17
15 December 2006 1.80 1.05 2.07
22 December 2006 1.74 1.03 2.01
29 December 2006 1.71 1.01 1.96
5 January 2007 1.72 1.02 1.96
12 January 2007 1.76 1.04 1.97
19 January 2007 1.69 1.02 1.89
26 January 2007 1.68 0.98 1.86
2 February 2007 1.68 1.01 1.87
9 February 2007 1.69 1.01 1.84
16 February 2007 1.68 1.02 1.80
23 February 2007 1.68 1.02 1.79
2 March 2007 1.85 1.16 1.95
9 March 2007 1.88 1.16 1.97
16 March 2007 1.84 1.09 1.93
23 March 2007 1.75 1.02 1.81
30 March 2007 1.69 1.00 1.71
6 April 2007 1.62 0.93 1.63
13 April 2007 1.59 0.91 1.56
20 April 2007 1.60 0.90 1.51
27 April 2007 1.58 0.88 1.48
4 May 2007 1.64 0.86 1.54
11 May 2007 1.64 0.82 1.54
18 May 2007 1.58 0.78 1.47
25 May 2007 1.52 0.76 1.41
1 June 2007 1.52 0.75 1.42
8 June 2007 1.55 0.78 1.45
15 June 2007 1.58 0.83 1.46
22 June 2007 1.54 0.83 1.43
29 June 2007 1.69 0.90 1.56
6 July 2007 1.69 0.89 1.53
13 July 2007 1.68 0.88 1.53
20 July 2007 1.74 0.95 1.60
27 July 2007 2.04 1.19 1.92
3 August 2007 2.19 1.25 2.05
10 August 2007 2.06 1.16 1.89
17 August 2007 2.26 1.28 2.05
24 August 2007 2.36 1.32 2.10
31 August 2007 2.29 1.17 2.02
7 September 2007 2.29 1.15 2.03
14 September 2007 2.33 1.18 2.07
21 September 2007 2.04 1.05 1.82
28 September 2007 1.99 1.10 1.74
5 October 2007 1.99 1.10 1.70
12 October 2007 1.85 1.00 1.60
19 October 2007 1.91 1.06 1.67
26 October 2007 2.05 1.16 1.79
2 November 2007 1.97 1.07 1.77
9 November 2007 2.13 1.20 1.93
16 November 2007 2.26 1.33 2.03
23 November 2007 2.54 1.51 2.28
30 November 2007 2.59 1.56 2.36
7 December 2007 2.46 1.52 2.23
14 December 2007 2.29 1.38 2.08
21 December 2007 2.36 1.46 2.19
28 December 2007 2.25 1.35 2.07
4 January 2008 ND ND ND
11 January 2008 2.54 1.59 2.30
18 January 2008 2.65 1.66 2.41
25 January 2008 2.83 1.80 2.64
1 February 2008 2.72 1.78 2.54
8 February 2008 2.77 1.79 2.63
15 February 2008 2.79 1.76 2.61
22 February 2008 ND ND ND
29 February 2008 2.71 1.58 2.47
7 March 2008 2.87 1.68 2.61
14 March 2008 3.00 1.77 2.77
21 March 2008 3.14 1.81 2.92
28 March 2008 2.98 1.61 2.75
4 April 2008 2.95 1.58 2.71
11 April 2008 2.86 1.47 2.58
18 April 2008 2.72 1.40 2.37
25 April 2008 2.68 1.41 2.31
2 May 2008 2.61 1.36 2.16
9 May 2008 2.57 1.28 2.06
16 May 2008 2.59 1.28 2.08
23 May 2008 2.57 1.31 2.07
30 May 2008 2.51 1.36 2.00
6 June 2008 2.49 1.32 1.82
13 June 2008 2.47 1.33 1.88
20 June 2008 2.50 1.31 1.91
27 June 2008 2.77 1.52 2.13
4 July 2008 2.99 1.76 2.33
11 July 2008 3.05 1.85 2.42
18 July 2008 2.97 1.78 2.37
25 July 2008 2.79 1.69 2.21
1 August 2008 2.82 1.70 2.23
8 August 2008 2.85 1.61 2.24
15 August 2008 2.93 1.73 2.31
22 August 2008 3.02 1.83 2.41
29 August 2008 3.06 1.87 2.45
5 September 2008 3.12 1.91 2.51
12 September 2008 3.29 2.00 2.67
19 September 2008 3.89 2.44 3.17
26 September 2008 3.62 2.23 2.83
3 October 2008 4.16 2.54 3.30
10 October 2008 5.27 3.36 4.26
17 October 2008 6.01 3.84 4.72

Figure: EMBI+ Spreads
Daily
Percent
Date Overall Mexico Brazil
1 July 2008 2.99 1.75 2.32
2 July 2008 3.01 1.77 2.35
3 July 2008 3.02 1.80 2.35
4 July 2008 3.00 1.78 2.33
7 July 2008 3.03 1.84 2.38
8 July 2008 3.06 1.87 2.39
9 July 2008 3.09 1.91 2.47
10 July 2008 3.11 1.90 2.48
11 July 2008 2.96 1.75 2.36
14 July 2008 3.08 1.86 2.48
15 July 2008 3.10 1.87 2.47
16 July 2008 2.97 1.76 2.36
17 July 2008 2.90 1.70 2.32
18 July 2008 2.82 1.70 2.24
21 July 2008 2.85 1.73 2.28
22 July 2008 2.75 1.67 2.18
23 July 2008 2.73 1.67 2.19
24 July 2008 2.84 1.73 2.25
25 July 2008 2.76 1.66 2.17
28 July 2008 2.85 1.72 2.22
29 July 2008 2.79 1.69 2.17
30 July 2008 2.76 1.67 2.19
31 July 2008 2.83 1.71 2.28
1 August 2008 2.88 1.71 2.30
4 August 2008 2.85 1.65 2.25
5 August 2008 2.79 1.54 2.21
6 August 2008 2.76 1.55 2.18
7 August 2008 2.89 1.64 2.27
8 August 2008 2.95 1.67 2.31
11 August 2008 2.88 1.64 2.25
12 August 2008 2.94 1.72 2.32
13 August 2008 2.90 1.74 2.28
14 August 2008 2.96 1.77 2.34
15 August 2008 2.98 1.80 2.38
18 August 2008 3.02 1.82 2.43
19 August 2008 3.03 1.82 2.42
20 August 2008 3.05 1.86 2.43
21 August 2008 3.04 1.85 2.40
22 August 2008 2.98 1.80 2.38
25 August 2008 3.08 1.87 2.46
26 August 2008 3.09 1.89 2.47
27 August 2008 3.09 1.90 2.47
28 August 2008 3.04 1.87 2.44
29 August 2008 2.98 1.81 2.39
1 September 2008 3.00 1.86 2.41
2 September 2008 3.07 1.89 2.47
3 September 2008 3.12 1.91 2.51
4 September 2008 3.24 1.98 2.61
5 September 2008 3.19 1.90 2.55
8 September 2008 3.19 1.92 2.57
9 September 2008 3.32 2.04 2.72
10 September 2008 3.29 2.01 2.67
11 September 2008 3.34 2.05 2.72
12 September 2008 3.30 1.96 2.66
15 September 2008 3.80 2.42 3.07
16 September 2008 3.90 2.45 3.23
17 September 2008 4.22 2.64 3.59
18 September 2008 4.00 2.51 3.22
19 September 2008 3.54 2.19 2.75
22 September 2008 3.50 2.14 2.79
23 September 2008 3.59 2.23 2.81
24 September 2008 3.65 2.26 2.88
25 September 2008 3.66 2.25 2.81
26 September 2008 3.71 2.27 2.86
29 September 2008 4.10 2.58 3.28
30 September 2008 3.94 2.42 3.04
1 October 2008 4.06 2.42 3.24
2 October 2008 4.31 2.62 3.44
3 October 2008 4.40 2.64 3.52
6 October 2008 4.86 2.99 3.94
7 October 2008 4.97 3.06 3.97
8 October 2008 5.15 3.17 4.21
9 October 2008 5.36 3.58 4.35
10 October 2008 6.02 3.98 4.83
13 October 2008 6.51 4.24 5.17
14 October 2008 5.39 3.23 4.36
15 October 2008 5.67 3.55 4.48
16 October 2008 6.23 3.97 4.64
17 October 2008 6.26 4.19 4.94
20 October 2008 6.41 4.44 4.94
21 October 2008 6.80 5.05 5.25
22 October 2008 7.33 5.15 5.69

As shown in the figure, a vertical line marks the September 2008 Greenbook.


Figure: EMBI Global Spreads
Weekly
Percent
Period China Malaysia Indonesia*
9 January 2004 0.57 0.98 ND
16 January 2004 0.60 1.05 ND
23 January 2004 ND ND ND
30 January 2004 0.65 1.11 ND
6 February 2004 0.67 1.18 ND
13 February 2004 0.63 1.18 ND
20 February 2004 ND ND ND
27 February 2004 0.66 1.18 ND
5 March 2004 0.66 1.18 ND
12 March 2004 0.68 1.21 ND
19 March 2004 0.71 1.23 ND
26 March 2004 0.69 1.20 ND
2 April 2004 0.65 1.14 ND
9 April 2004 ND ND ND
16 April 2004 0.60 1.11 ND
23 April 2004 0.63 1.14 ND
30 April 2004 0.68 1.22 ND
7 May 2004 0.77 1.38 ND
14 May 2004 0.79 1.44 ND
21 May 2004 0.75 1.37 ND
28 May 2004 0.72 1.32 ND
4 June 2004 ND ND 4.26
11 June 2004 0.72 1.26 4.13
18 June 2004 0.72 1.27 4.10
25 June 2004 0.71 1.29 3.89
2 July 2004 0.69 1.29 3.61
9 July 2004 ND ND ND
16 July 2004 0.70 1.26 3.44
23 July 2004 0.69 1.25 3.40
30 July 2004 0.68 1.23 3.31
6 August 2004 0.70 1.21 3.39
13 August 2004 0.70 1.21 3.42
20 August 2004 0.69 1.21 3.30
27 August 2004 0.63 1.12 3.23
3 September 2004 0.71 1.12 3.19
10 September 2004 ND ND ND
17 September 2004 0.71 1.05 3.22
24 September 2004 0.69 1.05 3.11
1 October 2004 0.74 1.06 3.01
8 October 2004 0.74 1.01 2.87
15 October 2004 ND ND ND
22 October 2004 0.72 1.01 3.05
29 October 2004 0.69 0.99 3.05
5 November 2004 0.64 0.93 2.96
12 November 2004 ND ND ND
19 November 2004 0.57 0.81 2.85
26 November 2004 ND ND ND
3 December 2004 0.57 0.84 2.68
10 December 2004 0.57 0.84 2.86
17 December 2004 0.60 0.84 2.75
24 December 2004 ND ND ND
31 December 2004 0.60 0.79 2.43
7 January 2005 0.58 0.78 2.39
14 January 2005 0.59 0.80 2.50
21 January 2005 ND ND ND
28 January 2005 0.56 0.80 2.37
4 February 2005 0.55 0.78 2.26
11 February 2005 0.53 0.79 2.32
18 February 2005 0.53 0.79 2.16
25 February 2005 ND ND ND
4 March 2005 0.51 0.79 1.97
11 March 2005 0.49 0.77 1.84
18 March 2005 0.47 0.83 1.99
25 March 2005 ND ND ND
1 April 2005 0.53 0.96 2.24
8 April 2005 0.54 0.94 2.32
15 April 2005 0.54 0.93 2.76
22 April 2005 0.55 0.93 3.11
29 April 2005 0.59 0.93 3.07
6 May 2005 0.59 0.93 3.02
13 May 2005 0.58 0.87 2.98
20 May 2005 0.58 0.92 3.17
27 May 2005 0.58 0.90 2.87
3 June 2005 ND ND ND
10 June 2005 0.55 0.87 2.97
17 June 2005 0.56 0.88 2.86
24 June 2005 0.55 0.88 2.95
1 July 2005 0.56 0.88 2.97
8 July 2005 ND ND ND
15 July 2005 0.54 0.82 2.73
22 July 2005 0.54 0.79 2.67
29 July 2005 0.56 0.78 2.69
5 August 2005 0.56 0.78 2.59
12 August 2005 0.57 0.79 2.60
19 August 2005 0.59 0.80 2.84
26 August 2005 0.59 0.81 3.05
2 September 2005 0.64 0.84 3.26
9 September 2005 ND ND ND
16 September 2005 0.63 0.82 2.84
23 September 2005 0.63 0.82 2.83
30 September 2005 0.61 0.81 2.78
7 October 2005 0.59 0.81 2.85
14 October 2005 ND ND ND
21 October 2005 0.58 0.82 2.84
28 October 2005 0.56 0.82 2.76
4 November 2005 0.59 0.81 3.02
11 November 2005 ND ND ND
18 November 2005 0.71 0.82 2.85
25 November 2005 ND ND ND
2 December 2005 0.68 0.82 2.63
9 December 2005 0.68 0.83 2.61
16 December 2005 0.68 0.83 2.58
23 December 2005 0.68 0.82 2.60
30 December 2005 ND ND ND
6 January 2006 ND ND ND
13 January 2006 0.68 0.82 2.59
20 January 2006 ND ND ND
27 January 2006 0.67 0.82 2.53
3 February 2006 0.67 0.81 2.40
10 February 2006 0.67 0.79 2.35
17 February 2006 0.67 0.79 2.32
24 February 2006 ND ND ND
3 March 2006 0.64 0.75 2.27
10 March 2006 0.64 0.78 2.29
17 March 2006 0.64 0.81 2.30
24 March 2006 0.66 0.81 2.22
31 March 2006 0.67 0.85 2.18
7 April 2006 0.67 0.87 2.14
14 April 2006 ND ND ND
21 April 2006 0.68 0.88 2.05
28 April 2006 0.67 0.88 1.97
5 May 2006 0.66 0.88 1.95
12 May 2006 0.63 0.86 1.83
19 May 2006 0.62 0.87 2.01
26 May 2006 0.62 0.88 2.18
2 June 2006 ND ND ND
9 June 2006 0.61 0.89 2.29
16 June 2006 0.63 0.91 2.31
23 June 2006 0.65 0.92 2.22
30 June 2006 0.65 0.98 2.27
7 July 2006 0.65 ND 2.18
14 July 2006 0.65 0.96 2.22
21 July 2006 0.66 0.94 2.24
28 July 2006 0.66 0.90 2.07
4 August 2006 0.64 0.88 2.03
11 August 2006 0.66 0.88 1.99
18 August 2006 0.66 0.88 2.02
25 August 2006 0.65 0.88 2.10
1 September 2006 0.65 0.89 2.08
8 September 2006 0.67 ND 1.95
15 September 2006 0.67 0.87 1.95
22 September 2006 0.67 0.88 2.04
29 September 2006 0.67 0.88 2.09
6 October 2006 0.66 0.87 1.98
13 October 2006 0.65 ND 1.86
20 October 2006 0.65 0.84 1.80
27 October 2006 0.62 0.80 1.84
3 November 2006 0.62 0.78 1.90
10 November 2006 ND 0.74 1.79
17 November 2006 ND 0.72 ND
24 November 2006 0.58 ND 1.90
1 December 2006 0.58 0.71 1.97
8 December 2006 0.58 0.70 1.86
15 December 2006 ND 0.68 ND
22 December 2006 0.51 0.67 1.67
29 December 2006 0.52 ND 1.58
5 January 2007 0.51 ND 1.55
12 January 2007 0.51 0.69 1.56
19 January 2007 0.51 ND 1.52
26 January 2007 0.51 0.68 1.48
2 February 2007 0.50 0.70 1.51
9 February 2007 0.50 0.71 1.55
16 February 2007 0.50 0.68 1.58
23 February 2007 0.50 ND 1.62
2 March 2007 0.53 0.71 1.84
9 March 2007 0.55 0.71 1.93
16 March 2007 0.55 0.71 1.89
23 March 2007 0.56 0.72 1.82
30 March 2007 0.56 0.73 1.74
6 April 2007 0.54 ND 1.64
13 April 2007 0.54 0.71 1.59
20 April 2007 0.54 0.70 1.65
27 April 2007 ND 0.69 ND
4 May 2007 0.53 0.68 1.67
11 May 2007 0.54 0.68 1.64
18 May 2007 0.53 0.67 1.54
25 May 2007 0.53 0.68 1.46
1 June 2007 0.52 ND 1.42
8 June 2007 0.52 0.69 1.39
15 June 2007 0.54 0.72 1.39
22 June 2007 0.55 0.72 1.37
29 June 2007 0.56 0.73 1.57
6 July 2007 0.55 ND 1.62
13 July 2007 0.57 0.76 1.64
20 July 2007 0.58 0.76 1.73
27 July 2007 0.62 0.81 2.03
3 August 2007 0.67 0.99 2.40
10 August 2007 0.76 0.97 2.22
17 August 2007 0.88 1.08 2.38
24 August 2007 0.96 1.09 2.58
31 August 2007 0.94 1.04 2.60
7 September 2007 0.93 ND 2.53
14 September 2007 0.93 1.11 2.55
21 September 2007 0.93 1.08 2.16
28 September 2007 0.95 1.08 2.11
5 October 2007 0.94 1.06 2.14
12 October 2007 0.86 ND 1.98
19 October 2007 0.94 0.99 2.02
26 October 2007 0.93 1.00 2.15
2 November 2007 0.91 1.00 2.14
9 November 2007 0.94 1.00 2.34
16 November 2007 0.98 ND 2.52
23 November 2007 ND ND ND
30 November 2007 1.05 1.16 2.94
7 December 2007 1.10 1.24 2.78
14 December 2007 1.18 1.17 2.66
21 December 2007 1.17 1.21 2.70
28 December 2007 1.15 ND 2.62
4 January 2008 ND ND ND
11 January 2008 1.29 1.19 3.21
18 January 2008 1.32 1.16 3.31
25 January 2008 1.40 ND 3.36
1 February 2008 1.31 1.22 3.21
8 February 2008 1.37 1.24 3.21
15 February 2008 ND 1.26 3.16
22 February 2008 ND ND ND
29 February 2008 1.46 1.31 3.07
7 March 2008 1.51 1.36 3.12
14 March 2008 1.47 1.45 3.20
21 March 2008 1.51 ND 3.33
28 March 2008 1.57 1.44 3.19
4 April 2008 1.47 1.42 3.23
11 April 2008 1.61 1.38 3.29
18 April 2008 1.56 1.32 3.14
25 April 2008 1.53 1.34 3.18
2 May 2008 1.54 1.32 3.15
9 May 2008 1.36 1.29 3.22
16 May 2008 1.18 1.28 3.23
23 May 2008 1.23 1.27 3.22
30 May 2008 1.19 ND 3.18
6 June 2008 1.29 1.39 3.31
13 June 2008 1.31 1.42 3.26
20 June 2008 1.33 1.40 3.33
27 June 2008 1.36 1.41 3.53
4 July 2008 1.37 1.53 3.88
11 July 2008 1.47 1.61 3.99
18 July 2008 1.46 1.57 3.79
25 July 2008 1.46 1.54 3.45
1 August 2008 1.52 1.58 3.44
8 August 2008 1.47 1.53 3.40
15 August 2008 1.50 1.57 3.44
22 August 2008 1.48 1.55 3.54
29 August 2008 1.59 1.60 3.60
5 September 2008 1.66 1.65 3.62
12 September 2008 1.66 1.63 3.58
19 September 2008 1.65 1.68 4.01
26 September 2008 1.85 1.75 4.13
3 October 2008 1.91 1.97 4.88
10 October 2008 2.00 2.06 6.38
17 October 2008 2.16 2.65 8.19

* Begins May 2004.  Return to table


Figure: EMBI Global Spreads
Daily
Percent
Date China Malaysia Indonesia
1 July 2008 1.35 1.54 3.85
2 July 2008 1.39 1.54 3.91
3 July 2008 1.40 1.54 3.88
4 July 2008 1.39 1.52 3.94
7 July 2008 1.48 1.61 3.99
8 July 2008 1.41 1.56 4.03
9 July 2008 1.54 1.68 4.01
10 July 2008 1.45 1.63 4.02
11 July 2008 1.46 1.55 3.88
14 July 2008 1.57 1.66 3.85
15 July 2008 1.49 1.62 3.94
16 July 2008 1.39 1.52 3.79
17 July 2008 1.39 1.50 3.74
18 July 2008 1.46 1.56 3.64
21 July 2008 1.51 1.61 3.64
22 July 2008 1.44 1.51 3.44
23 July 2008 1.42 1.50 3.33
24 July 2008 1.49 1.56 3.46
25 July 2008 1.46 1.52 3.40
28 July 2008 1.59 1.64 3.49
29 July 2008 1.44 1.51 3.42
30 July 2008 1.47 1.51 3.37
31 July 2008 1.61 1.64 3.46
1 August 2008 1.51 1.58 3.48
4 August 2008 1.44 1.50 3.43
5 August 2008 1.42 1.48 3.36
6 August 2008 1.42 1.47 3.28
7 August 2008 1.65 1.68 3.46
8 August 2008 1.44 1.52 3.47
11 August 2008 1.43 1.49 3.37
12 August 2008 1.60 1.63 3.44
13 August 2008 1.44 1.51 3.43
14 August 2008 1.53 1.59 3.45
15 August 2008 1.48 1.62 3.50
18 August 2008 1.53 1.61 3.56
19 August 2008 1.48 1.54 3.55
20 August 2008 1.53 1.60 3.55
21 August 2008 1.44 1.53 3.56
22 August 2008 1.41 1.49 3.50
25 August 2008 1.57 1.63 3.63
26 August 2008 1.49 1.57 3.63
27 August 2008 1.64 1.63 3.62
28 August 2008 1.62 1.60 3.59
29 August 2008 1.61 1.58 3.54
1 September 2008 1.65 1.62 3.58
2 September 2008 1.73 1.70 3.63
3 September 2008 1.67 1.65 3.62
4 September 2008 1.74 1.73 3.64
5 September 2008 1.53 1.54 3.61
8 September 2008 1.65 1.55 3.58
9 September 2008 1.84 1.72 3.66
10 September 2008 1.61 1.63 3.55
11 September 2008 1.64 1.65 3.59
12 September 2008 1.57 1.60 3.53
15 September 2008 2.08 2.08 3.95
16 September 2008 1.56 1.65 3.94
17 September 2008 1.85 1.80 4.23
18 September 2008 1.55 1.57 4.19
19 September 2008 1.21 1.28 3.74
22 September 2008 1.90 1.61 3.79
23 September 2008 1.90 1.88 3.97
24 September 2008 1.95 1.78 4.18
25 September 2008 1.69 1.59 4.28
26 September 2008 1.81 1.89 4.42
29 September 2008 2.15 2.22 4.65
30 September 2008 1.55 1.68 4.52
1 October 2008 1.91 1.93 4.86
2 October 2008 2.05 2.07 5.03
3 October 2008 1.90 1.97 5.33
6 October 2008 2.04 2.10 5.88
7 October 2008 2.03 2.08 5.96
8 October 2008 1.83 1.89 6.47
9 October 2008 2.02 2.02 6.37
10 October 2008 2.06 2.23 7.22
13 October 2008 2.18 2.49 9.42
14 October 2008 1.96 2.78 7.20
15 October 2008 2.29 2.50 7.77
16 October 2008 2.21 2.48 8.08
17 October 2008 2.16 2.99 8.47
20 October 2008 2.19 2.89 8.33
21 October 2008 2.59 3.05 8.80
22 October 2008 2.46 2.95 9.03

As shown in the figure, a vertical line marks the September 2008 Greenbook.


Advanced Foreign Economies

Figure: Average Real Gross Domestic Product
Quarterly
Annualized percent change, s.a.
Period Average Real GDP
1998:Q1 2.41
1998:Q2 1.11
1998:Q3 3.38
1998:Q4 3.80
1999:Q1 3.60
1999:Q2 3.56
1999:Q3 4.47
1999:Q4 5.33
2000:Q1 5.44
2000:Q2 3.77
2000:Q3 3.06
2000:Q4 1.93
2001:Q1 2.42
2001:Q2 0.14
2001:Q3 -0.52
2001:Q4 1.67
2002:Q1 3.00
2002:Q2 2.40
2002:Q3 2.71
2002:Q4 1.74
2003:Q1 0.83
2003:Q2 0.51
2003:Q3 2.02
2003:Q4 3.71
2004:Q1 2.81
2004:Q2 3.11
2004:Q3 2.69
2004:Q4 1.81
2005:Q1 1.22
2005:Q2 3.22
2005:Q3 3.15
2005:Q4 3.10
2006:Q1 3.62
2006:Q2 2.79
2006:Q3 1.60
2006:Q4 2.85
2007:Q1 3.73
2007:Q2 2.60
2007:Q3 2.28
2007:Q4 1.40
2008:Q1 0.97
2008:Q2 -0.34

NOTE: Chain weighted by moving bilateral shares in U.S. merchandise exports.

SOURCE: FRB staff calculations.


Figure: Consumer Prices
Monthly
12-month percent change, s.a.
Period Japan Euro area Canada United Kingdom
January 1998 1.77 1.12 1.22 1.53
February 1998 1.87 1.14 1.11 1.63
March 1998 2.27 1.12 1.00 1.69
April 1998 0.39 1.37 0.89 1.85
May 1998 0.68 1.26 1.00 2.05
June 1998 0.19 1.36 1.00 1.69
July 1998 -0.10 1.27 0.88 1.42
August 1998 -0.39 1.09 0.77 1.34
September 1998 -0.39 0.97 0.55 1.39
October 1998 0.10 0.87 1.10 1.32
November 1998 0.87 0.78 1.22 1.30
December 1998 0.58 0.77 1.10 1.50
January 1999 0.29 0.82 0.77 1.64
February 1999 0.00 0.85 0.77 1.46
March 1999 -0.39 1.00 0.99 1.70
April 1999 0.00 1.05 1.65 1.57
May 1999 -0.39 0.94 1.65 1.31
June 1999 -0.29 0.84 1.54 1.33
July 1999 -0.10 1.06 1.75 1.26
August 1999 0.29 1.18 2.08 1.20
September 1999 -0.10 1.15 2.63 1.15
October 1999 -0.68 1.35 2.18 1.10
November 1999 -1.25 1.47 2.29 1.18
December 1999 -1.16 1.73 2.62 1.11
January 2000 -0.77 1.89 2.40 0.84
February 2000 -0.58 2.00 2.72 0.97
March 2000 -0.29 1.94 3.04 0.65
April 2000 -0.48 1.70 2.05 0.57
May 2000 -0.48 1.69 2.27 0.54
June 2000 -0.39 2.09 2.92 0.76
July 2000 -0.39 2.02 3.02 0.83
August 2000 -0.49 2.05 2.47 0.59
September 2000 -0.68 2.50 2.57 0.97
October 2000 -0.68 2.38 2.88 0.99
November 2000 -0.49 2.51 3.31 1.10
December 2000 -0.19 2.47 3.19 0.82
January 2001 -0.29 2.04 2.98 0.85
February 2001 -0.49 1.96 2.76 0.82
March 2001 -0.78 2.18 2.43 0.90
April 2001 -0.78 2.70 3.60 1.16
May 2001 -0.68 3.08 3.91 1.68
June 2001 -0.88 2.81 3.25 1.72
July 2001 -0.88 2.58 2.62 1.41
August 2001 -0.78 2.38 2.83 1.81
September 2001 -0.88 2.17 2.61 1.37
October 2001 -0.88 2.22 1.87 1.20
November 2001 -1.07 1.98 0.62 0.84
December 2001 -1.27 2.03 0.72 1.08
January 2002 -1.37 2.64 1.34 1.58
February 2002 -1.56 2.57 1.55 1.44
March 2002 -1.27 2.49 1.75 1.50
April 2002 -1.08 2.26 1.74 1.35
May 2002 -0.88 1.98 1.02 0.87
June 2002 -0.69 1.91 1.22 0.66
July 2002 -0.79 2.06 2.24 1.08
August 2002 -0.88 2.13 2.55 0.99
September 2002 -0.69 2.11 2.44 1.07
October 2002 -0.89 2.27 3.26 1.37
November 2002 -0.39 2.28 4.31 1.56
December 2002 -0.30 2.25 3.89 1.65
January 2003 -0.40 2.13 4.38 1.28
February 2003 -0.20 2.42 4.57 1.54
March 2003 -0.10 2.45 4.25 1.51
April 2003 -0.10 2.05 2.81 1.44
May 2003 -0.20 1.78 2.72 1.30
June 2003 -0.40 1.89 2.71 1.15
July 2003 -0.20 1.92 2.19 1.29
August 2003 -0.30 2.06 2.09 1.38
September 2003 -0.20 2.17 2.18 1.49
October 2003 -0.10 1.94 1.58 1.36
November 2003 -0.50 2.14 1.48 1.32
December 2003 -0.40 1.94 2.07 1.25
January 2004 -0.30 1.92 1.27 1.37
February 2004 0.10 1.66 0.78 1.26
March 2004 -0.10 1.68 0.68 1.11
April 2004 -0.40 2.01 1.66 1.16
May 2004 -0.50 2.45 2.55 1.49
June 2004 0.00 2.37 2.44 1.60
July 2004 -0.10 2.30 2.24 1.37
August 2004 -0.20 2.29 1.85 1.27
September 2004 -0.10 2.13 1.75 1.13
October 2004 0.50 2.36 2.24 1.23
November 2004 0.80 2.18 2.52 1.44
December 2004 0.20 2.32 2.12 1.63
January 2005 -0.10 1.96 2.03 1.62
February 2005 -0.40 2.15 2.12 1.66
March 2005 -0.30 2.10 2.41 1.92
April 2005 -0.20 2.07 2.31 1.97
May 2005 -0.20 1.98 1.53 1.92
June 2005 -0.80 2.05 1.72 2.00
July 2005 -0.60 2.15 1.91 2.31
August 2005 -0.60 2.24 2.48 2.38
September 2005 -0.60 2.61 3.34 2.49
October 2005 -1.09 2.49 2.76 2.36
November 2005 -1.28 2.29 2.08 2.13
December 2005 -0.70 2.19 2.08 1.90
January 2006 -0.10 2.43 2.84 1.97
February 2006 -0.10 2.38 2.27 2.04
March 2006 -0.20 2.24 2.17 1.83
April 2006 -0.10 2.45 2.44 2.04
May 2006 0.10 2.47 2.82 2.23
June 2006 0.60 2.44 2.44 2.46
July 2006 0.30 2.41 2.34 2.36
August 2006 0.90 2.28 2.14 2.46
September 2006 0.60 1.77 0.74 2.44
October 2006 0.40 1.57 0.93 2.43
November 2006 0.30 1.85 1.39 2.70
December 2006 0.30 1.90 1.67 2.96
January 2007 0.00 1.86 1.19 2.76
February 2007 -0.20 1.87 2.12 2.81
March 2007 -0.10 1.95 2.40 3.06
April 2007 0.00 1.90 2.11 2.76
May 2007 0.00 1.87 2.10 2.49
June 2007 -0.20 1.86 2.20 2.38
July 2007 0.00 1.75 2.10 1.86
August 2007 -0.20 1.76 1.73 1.78
September 2007 -0.20 2.16 2.47 1.77
October 2007 0.30 2.55 2.47 2.09
November 2007 0.60 3.06 2.47 2.09
December 2007 0.70 3.06 2.37 2.08
January 2008 0.70 3.22 2.18 2.21
February 2008 1.00 3.27 1.81 2.48
March 2008 1.20 3.59 1.35 2.47
April 2008 0.80 3.26 1.71 2.96
May 2008 1.30 3.67 2.15 3.34
June 2008 2.00 3.95 2.96 3.80
July 2008 2.29 4.03 3.32 4.44
August 2008 2.09 3.85 3.59 4.72
September 2008 ND 3.65 ND 5.22

SOURCE: Haver Analytics.


Figure: Official or Targeted Interest Rates
Percent
Period Japan Euro area Canada United Kingdom
9 January 1998 ND ND 4.25 7.25
16 January 1998 ND ND 4.25 7.25
23 January 1998 ND ND 4.25 7.25
30 January 1998 ND ND 4.75 7.25
6 February 1998 ND ND 4.75 7.25
13 February 1998 ND ND 4.75 7.25
20 February 1998 ND ND 4.75 7.25
27 February 1998 ND ND 4.75 7.25
6 March 1998 ND ND 4.75 7.25
13 March 1998 ND ND 4.75 7.25
20 March 1998 ND ND 4.75 7.25
27 March 1998 ND ND 4.75 7.25
3 April 1998 ND ND 4.75 7.25
10 April 1998 ND ND 4.75 7.25
17 April 1998 ND ND 4.75 7.25
24 April 1998 ND ND 4.75 7.25
1 May 1998 ND ND 4.75 7.25
8 May 1998 ND ND 4.75 7.25
15 May 1998 ND ND 4.75 7.25
22 May 1998 ND ND 4.75 7.25
29 May 1998 ND ND 4.75 7.25
5 June 1998 ND ND 4.75 7.50
12 June 1998 ND ND 4.75 7.50
19 June 1998 ND ND 4.75 7.50
26 June 1998 ND ND 4.75 7.50
3 July 1998 ND ND 4.75 7.50
10 July 1998 ND ND 4.75 7.50
17 July 1998 ND ND 4.75 7.50
24 July 1998 ND ND 4.75 7.50
31 July 1998 ND ND 4.75 7.50
7 August 1998 ND ND 4.75 7.50
14 August 1998 ND ND 4.75 7.50
21 August 1998 ND ND 4.75 7.50
28 August 1998 ND ND 5.75 7.50
4 September 1998 0.25 ND 5.75 7.50
11 September 1998 0.25 ND 5.75 7.50
18 September 1998 0.25 ND 5.75 7.50
25 September 1998 0.25 ND 5.75 7.50
2 October 1998 0.25 ND 5.50 7.50
9 October 1998 0.25 ND 5.50 7.25
16 October 1998 0.25 ND 5.25 7.25
23 October 1998 0.25 ND 5.25 7.25
30 October 1998 0.25 ND 5.25 7.25
6 November 1998 0.25 ND 5.25 6.75
13 November 1998 0.25 ND 5.25 6.75
20 November 1998 0.25 ND 5.00 6.75
27 November 1998 0.25 ND 5.00 6.75
4 December 1998 0.25 ND 5.00 6.75
11 December 1998 0.25 ND 5.00 6.25
18 December 1998 0.25 ND 5.00 6.25
25 December 1998 0.25 ND 5.00 6.25
1 January 1999 0.25 ND 5.00 6.25
8 January 1999 0.25 3.00 5.00 6.00
15 January 1999 0.25 3.00 5.00 6.00
22 January 1999 0.25 3.00 5.00 6.00
29 January 1999 0.25 3.00 5.00 6.00
5 February 1999 0.15 3.00 5.00 5.50
12 February 1999 0.15 3.00 5.00 5.50
19 February 1999 0.15 3.00 5.00 5.50
26 February 1999 0.15 3.00 5.00 5.50
5 March 1999 0.15 3.00 5.00 5.50
12 March 1999 0.15 3.00 5.00 5.50
19 March 1999 0.15 3.00 5.00 5.50
26 March 1999 0.15 3.00 5.00 5.50
2 April 1999 0.15 3.00 4.75 5.50
9 April 1999 0.15 2.50 4.75 5.25
16 April 1999 0.15 2.50 4.75 5.25
23 April 1999 0.15 2.50 4.75 5.25
30 April 1999 0.15 2.50 4.75 5.25
7 May 1999 0.15 2.50 4.50 5.25
14 May 1999 0.15 2.50 4.50 5.25
21 May 1999 0.15 2.50 4.50 5.25
28 May 1999 0.15 2.50 4.50 5.25
4 June 1999 0.15 2.50 4.50 5.25
11 June 1999 0.15 2.50 4.50 5.00
18 June 1999 0.15 2.50 4.50 5.00
25 June 1999 0.15 2.50 4.50 5.00
2 July 1999 0.15 2.50 4.50 5.00
9 July 1999 0.15 2.50 4.50 5.00
16 July 1999 0.15 2.50 4.50 5.00
23 July 1999 0.15 2.50 4.50 5.00
30 July 1999 0.15 2.50 4.50 5.00
6 August 1999 0.15 2.50 4.50 5.00
13 August 1999 0.15 2.50 4.50 5.00
20 August 1999 0.15 2.50 4.50 5.00
27 August 1999 0.15 2.50 4.50 5.00
3 September 1999 0.15 2.50 4.50 5.00
10 September 1999 0.15 2.50 4.50 5.25
17 September 1999 0.15 2.50 4.50 5.25
24 September 1999 0.15 2.50 4.50 5.25
1 October 1999 0.00 2.50 4.50 5.25
8 October 1999 0.00 2.50 4.50 5.25
15 October 1999 0.00 2.50 4.50 5.25
22 October 1999 0.00 2.50 4.50 5.25
29 October 1999 0.00 2.50 4.50 5.25
5 November 1999 0.00 3.00 4.50 5.50
12 November 1999 0.00 3.00 4.50 5.50
19 November 1999 0.00 3.00 4.75 5.50
26 November 1999 0.00 3.00 4.75 5.50
3 December 1999 0.00 3.00 4.75 5.50
10 December 1999 0.00 3.00 4.75 5.50
17 December 1999 0.00 3.00 4.75 5.50
24 December 1999 0.00 3.00 4.75 5.50
31 December 1999 0.00 3.00 4.75 5.50
7 January 2000 0.00 3.00 4.75 5.50
14 January 2000 0.00 3.00 4.75 5.75
21 January 2000 0.00 3.00 4.75 5.75
28 January 2000 0.00 3.00 4.75 5.75
4 February 2000 0.00 3.25 5.00 5.75
11 February 2000 0.00 3.25 5.00 6.00
18 February 2000 0.00 3.25 5.00 6.00
25 February 2000 0.00 3.25 5.00 6.00
3 March 2000 0.00 3.25 5.00 6.00
10 March 2000 0.00 3.25 5.00 6.00
17 March 2000 0.00 3.50 5.00 6.00
24 March 2000 0.00 3.50 5.25 6.00
31 March 2000 0.00 3.50 5.25 6.00
7 April 2000 0.00 3.50 5.25 6.00
14 April 2000 0.00 3.50 5.25 6.00
21 April 2000 0.00 3.50 5.25 6.00
28 April 2000 0.00 3.75 5.25 6.00
5 May 2000 0.00 3.75 5.25 6.00
12 May 2000 0.00 3.75 5.25 6.00
19 May 2000 0.00 3.75 5.75 6.00
26 May 2000 0.00 3.75 5.75 6.00
2 June 2000 0.00 3.75 5.75 6.00
9 June 2000 0.00 4.25 5.75 6.00
16 June 2000 0.00 4.25 5.75 6.00
23 June 2000 0.00 4.25 5.75 6.00
30 June 2000 0.00 4.25 5.75 6.00
7 July 2000 0.00 4.25 5.75 6.00
14 July 2000 0.00 4.25 5.75 6.00
21 July 2000 0.00 4.25 5.75 6.00
28 July 2000 0.00 4.25 5.75 6.00
4 August 2000 0.25 4.25 5.75 6.00
11 August 2000 0.25 4.25 5.75 6.00
18 August 2000 0.25 4.25 5.75 6.00
25 August 2000 0.25 4.25 5.75 6.00
1 September 2000 0.25 4.50 5.75 6.00
8 September 2000 0.25 4.50 5.75 6.00
15 September 2000 0.25 4.50 5.75 6.00
22 September 2000 0.25 4.50 5.75 6.00
29 September 2000 0.25 4.50 5.75 6.00
6 October 2000 0.25 4.75 5.75 6.00
13 October 2000 0.25 4.75 5.75 6.00
20 October 2000 0.25 4.75 5.75 6.00
27 October 2000 0.25 4.75 5.75 6.00
3 November 2000 0.25 4.75 5.75 6.00
10 November 2000 0.25 4.75 5.75 6.00
17 November 2000 0.25 4.75 5.75 6.00
24 November 2000 0.25 4.75 5.75 6.00
1 December 2000 0.25 4.75 5.75 6.00
8 December 2000 0.25 4.75 5.75 6.00
15 December 2000 0.25 4.75 5.75 6.00
22 December 2000 0.25 4.75 5.75 6.00
29 December 2000 0.25 4.75 5.75 6.00
5 January 2001 0.25 4.75 5.75 6.00
12 January 2001 0.25 4.75 5.75 6.00
19 January 2001 0.25 4.75 5.75 6.00
26 January 2001 0.25 4.75 5.50 6.00
2 February 2001 0.15 4.75 5.50 6.00
9 February 2001 0.15 4.75 5.50 5.75
16 February 2001 0.15 4.75 5.50 5.75
23 February 2001 0.15 4.75 5.50 5.75
2 March 2001 0.00 4.75 5.50 5.75
9 March 2001 0.00 4.75 5.00 5.75
16 March 2001 0.00 4.75 5.00 5.75
23 March 2001 0.00 4.75 5.00 5.75
30 March 2001 0.00 4.75 5.00 5.75
6 April 2001 0.00 4.75 5.00 5.50
13 April 2001 0.00 4.75 5.00 5.50
20 April 2001 0.00 4.75 4.75 5.50
27 April 2001 0.00 4.75 4.75 5.50
4 May 2001 0.00 4.75 4.75 5.50
11 May 2001 0.00 4.50 4.75 5.25
18 May 2001 0.00 4.50 4.75 5.25
25 May 2001 0.00 4.50 4.75 5.25
1 June 2001 0.00 4.50 4.50 5.25
8 June 2001 0.00 4.50 4.50 5.25
15 June 2001 0.00 4.50 4.50 5.25
22 June 2001 0.00 4.50 4.50 5.25
29 June 2001 0.00 4.50 4.50 5.25
6 July 2001 0.00 4.50 4.50 5.25
13 July 2001 0.00 4.50 4.50 5.25
20 July 2001 0.00 4.50 4.25 5.25
27 July 2001 0.00 4.50 4.25 5.25
3 August 2001 0.00 4.50 4.25 5.00
10 August 2001 0.00 4.50 4.25 5.00
17 August 2001 0.00 4.50 4.25 5.00
24 August 2001 0.00 4.50 4.25 5.00
31 August 2001 0.00 4.25 4.00 5.00
7 September 2001 0.00 4.25 4.00 5.00
14 September 2001 0.00 4.25 4.00 5.00
21 September 2001 0.00 3.75 3.50 4.75
28 September 2001 0.00 3.75 3.50 4.75
5 October 2001 0.00 3.75 3.50 4.50
12 October 2001 0.00 3.75 3.50 4.50
19 October 2001 0.00 3.75 3.50 4.50
26 October 2001 0.00 3.75 2.75 4.50
2 November 2001 0.00 3.75 2.75 4.50
9 November 2001 0.00 3.25 2.75 4.00
16 November 2001 0.00 3.25 2.75 4.00
23 November 2001 0.00 3.25 2.75 4.00
30 November 2001 0.00 3.25 2.25 4.00
7 December 2001 0.00 3.25 2.25 4.00
14 December 2001 0.00 3.25 2.25 4.00
21 December 2001 0.00 3.25 2.25 4.00
28 December 2001 0.00 3.25 2.25 4.00
4 January 2002 0.00 3.25 2.25 4.00
11 January 2002 0.00 3.25 2.25 4.00
18 January 2002 0.00 3.25 2.00 4.00
25 January 2002 0.00 3.25 2.00 4.00
1 February 2002 0.00 3.25 2.00 4.00
8 February 2002 0.00 3.25 2.00 4.00
15 February 2002 0.00 3.25 2.00 4.00
22 February 2002 0.00 3.25 2.00 4.00
1 March 2002 0.00 3.25 2.00 4.00
8 March 2002 0.00 3.25 2.00 4.00
15 March 2002 0.00 3.25 2.00 4.00
22 March 2002 0.00 3.25 2.00 4.00
29 March 2002 0.00 3.25 2.00 4.00
5 April 2002 0.00 3.25 2.00 4.00
12 April 2002 0.00 3.25 2.00 4.00
19 April 2002 0.00 3.25 2.25 4.00
26 April 2002 0.00 3.25 2.25 4.00
3 May 2002 0.00 3.25 2.25 4.00
10 May 2002 0.00 3.25 2.25 4.00
17 May 2002 0.00 3.25 2.25 4.00
24 May 2002 0.00 3.25 2.25 4.00
31 May 2002 0.00 3.25 2.25 4.00
7 June 2002 0.00 3.25 2.50 4.00
14 June 2002 0.00 3.25 2.50 4.00
21 June 2002 0.00 3.25 2.50 4.00
28 June 2002 0.00 3.25 2.50 4.00
5 July 2002 0.00 3.25 2.50 4.00
12 July 2002 0.00 3.25 2.50 4.00
19 July 2002 0.00 3.25 2.75 4.00
26 July 2002 0.00 3.25 2.75 4.00
2 August 2002 0.00 3.25 2.75 4.00
9 August 2002 0.00 3.25 2.75 4.00
16 August 2002 0.00 3.25 2.75 4.00
23 August 2002 0.00 3.25 2.75 4.00
30 August 2002 0.00 3.25 2.75 4.00
6 September 2002 0.00 3.25 2.75 4.00
13 September 2002 0.00 3.25 2.75 4.00
20 September 2002 0.00 3.25 2.75 4.00
27 September 2002 0.00 3.25 2.75 4.00
4 October 2002 0.00 3.25 2.75 4.00
11 October 2002 0.00 3.25 2.75 4.00
18 October 2002 0.00 3.25 2.75 4.00
25 October 2002 0.00 3.25 2.75 4.00
1 November 2002 0.00 3.25 2.75 4.00
8 November 2002 0.00 3.25 2.75 4.00
15 November 2002 0.00 3.25 2.75 4.00
22 November 2002 0.00 3.25 2.75 4.00
29 November 2002 0.00 3.25 2.75 4.00
6 December 2002 0.00 2.75 2.75 4.00
13 December 2002 0.00 2.75 2.75 4.00
20 December 2002 0.00 2.75 2.75 4.00
27 December 2002 0.00 2.75 2.75 4.00
3 January 2003 0.00 2.75 2.75 4.00
10 January 2003 0.00 2.75 2.75 4.00
17 January 2003 0.00 2.75 2.75 4.00
24 January 2003 0.00 2.75 2.75 4.00
31 January 2003 0.00 2.75 2.75 4.00
7 February 2003 0.00 2.75 2.75 3.75
14 February 2003 0.00 2.75 2.75 3.75
21 February 2003 0.00 2.75 2.75 3.75
28 February 2003 0.00 2.75 2.75 3.75
7 March 2003 0.00 2.50 3.00 3.75
14 March 2003 0.00 2.50 3.00 3.75
21 March 2003 0.00 2.50 3.00 3.75
28 March 2003 0.00 2.50 3.00 3.75
4 April 2003 0.00 2.50 3.00 3.75
11 April 2003 0.00 2.50 3.00 3.75
18 April 2003 0.00 2.50 3.25 3.75
25 April 2003 0.00 2.50 3.25 3.75
2 May 2003 0.00 2.50 3.25 3.75
9 May 2003 0.00 2.50 3.25 3.75
16 May 2003 0.00 2.50 3.25 3.75
23 May 2003 0.00 2.50 3.25 3.75
30 May 2003 0.00 2.50 3.25 3.75
6 June 2003 0.00 2.00 3.25 3.75
13 June 2003 0.00 2.00 3.25 3.75
20 June 2003 0.00 2.00 3.25 3.75
27 June 2003 0.00 2.00 3.25 3.75
4 July 2003 0.00 2.00 3.25 3.75
11 July 2003 0.00 2.00 3.25 3.50
18 July 2003 0.00 2.00 3.00 3.50
25 July 2003 0.00 2.00 3.00 3.50
1 August 2003 0.00 2.00 3.00 3.50
8 August 2003 0.00 2.00 3.00 3.50
15 August 2003 0.00 2.00 3.00 3.50
22 August 2003 0.00 2.00 3.00 3.50
29 August 2003 0.00 2.00 3.00 3.50
5 September 2003 0.00 2.00 2.75 3.50
12 September 2003 0.00 2.00 2.75 3.50
19 September 2003 0.00 2.00 2.75 3.50
26 September 2003 0.00 2.00 2.75 3.50
3 October 2003 0.00 2.00 2.75 3.50
10 October 2003 0.00 2.00 2.75 3.50
17 October 2003 0.00 2.00 2.75 3.50
24 October 2003 0.00 2.00 2.75 3.50
31 October 2003 0.00 2.00 2.75 3.50
7 November 2003 0.00 2.00 2.75 3.75
14 November 2003 0.00 2.00 2.75 3.75
21 November 2003 0.00 2.00 2.75 3.75
28 November 2003 0.00 2.00 2.75 3.75
5 December 2003 0.00 2.00 2.75 3.75
12 December 2003 0.00 2.00 2.75 3.75
19 December 2003 0.00 2.00 2.75 3.75
26 December 2003 0.00 2.00 2.75 3.75
2 January 2004 0.00 2.00 2.75 3.75
9 January 2004 0.00 2.00 2.75 3.75
16 January 2004 0.00 2.00 2.75 3.75
23 January 2004 0.00 2.00 2.50 3.75
30 January 2004 0.00 2.00 2.50 3.75
6 February 2004 0.00 2.00 2.50 4.00
13 February 2004 0.00 2.00 2.50 4.00
20 February 2004 0.00 2.00 2.50 4.00
27 February 2004 0.00 2.00 2.50 4.00
5 March 2004 0.00 2.00 2.25 4.00
12 March 2004 0.00 2.00 2.25 4.00
19 March 2004 0.00 2.00 2.25 4.00
26 March 2004 0.00 2.00 2.25 4.00
2 April 2004 0.00 2.00 2.25 4.00
9 April 2004 0.00 2.00 2.25 4.00
16 April 2004 0.00 2.00 2.00 4.00
23 April 2004 0.00 2.00 2.00 4.00
30 April 2004 0.00 2.00 2.00 4.00
7 May 2004 0.00 2.00 2.00 4.25
14 May 2004 0.00 2.00 2.00 4.25
21 May 2004 0.00 2.00 2.00 4.25
28 May 2004 0.00 2.00 2.00 4.25
4 June 2004 0.00 2.00 2.00 4.25
11 June 2004 0.00 2.00 2.00 4.50
18 June 2004 0.00 2.00 2.00 4.50
25 June 2004 0.00 2.00 2.00 4.50
2 July 2004 0.00 2.00 2.00 4.50
9 July 2004 0.00 2.00 2.00 4.50
16 July 2004 0.00 2.00 2.00 4.50
23 July 2004 0.00 2.00 2.00 4.50
30 July 2004 0.00 2.00 2.00 4.50
6 August 2004 0.00 2.00 2.00 4.75
13 August 2004 0.00 2.00 2.00 4.75
20 August 2004 0.00 2.00 2.00 4.75
27 August 2004 0.00 2.00 2.00 4.75
3 September 2004 0.00 2.00 2.00 4.75
10 September 2004 0.00 2.00 2.25 4.75
17 September 2004 0.00 2.00 2.25 4.75
24 September 2004 0.00 2.00 2.25 4.75
1 October 2004 0.00 2.00 2.25 4.75
8 October 2004 0.00 2.00 2.25 4.75
15 October 2004 0.00 2.00 2.25 4.75
22 October 2004 0.00 2.00 2.50 4.75
29 October 2004 0.00 2.00 2.50 4.75
5 November 2004 0.00 2.00 2.50 4.75
12 November 2004 0.00 2.00 2.50 4.75
19 November 2004 0.00 2.00 2.50 4.75
26 November 2004 0.00 2.00 2.50 4.75
3 December 2004 0.00 2.00 2.50 4.75
10 December 2004 0.00 2.00 2.50 4.75
17 December 2004 0.00 2.00 2.50 4.75
24 December 2004 0.00 2.00 2.50 4.75
31 December 2004 0.00 2.00 2.50 4.75
7 January 2005 0.00 2.00 2.50 4.75
14 January 2005 0.00 2.00 2.50 4.75
21 January 2005 0.00 2.00 2.50 4.75
28 January 2005 0.00 2.00 2.50 4.75
4 February 2005 0.00 2.00 2.50 4.75
11 February 2005 0.00 2.00 2.50 4.75
18 February 2005 0.00 2.00 2.50 4.75
25 February 2005 0.00 2.00 2.50 4.75
4 March 2005 0.00 2.00 2.50 4.75
11 March 2005 0.00 2.00 2.50 4.75
18 March 2005 0.00 2.00 2.50 4.75
25 March 2005 0.00 2.00 2.50 4.75
1 April 2005 0.00 2.00 2.50 4.75
8 April 2005 0.00 2.00 2.50 4.75
15 April 2005 0.00 2.00 2.50 4.75
22 April 2005 0.00 2.00 2.50 4.75
29 April 2005 0.00 2.00 2.50 4.75
6 May 2005 0.00 2.00 2.50 4.75
13 May 2005 0.00 2.00 2.50 4.75
20 May 2005 0.00 2.00 2.50 4.75
27 May 2005 0.00 2.00 2.50 4.75
3 June 2005 0.00 2.00 2.50 4.75
10 June 2005 0.00 2.00 2.50 4.75
17 June 2005 0.00 2.00 2.50 4.75
24 June 2005 0.00 2.00 2.50 4.75
1 July 2005 0.00 2.00 2.50 4.75
8 July 2005 0.00 2.00 2.50 4.75
15 July 2005 0.00 2.00 2.50 4.75
22 July 2005 0.00 2.00 2.50 4.75
29 July 2005 0.00 2.00 2.50 4.75
5 August 2005 0.00 2.00 2.50 4.50
12 August 2005 0.00 2.00 2.50 4.50
19 August 2005 0.00 2.00 2.50 4.50
26 August 2005 0.00 2.00 2.50 4.50
2 September 2005 0.00 2.00 2.50 4.50
9 September 2005 0.00 2.00 2.75 4.50
16 September 2005 0.00 2.00 2.75 4.50
23 September 2005 0.00 2.00 2.75 4.50
30 September 2005 0.00 2.00 2.75 4.50
7 October 2005 0.00 2.00 2.75 4.50
14 October 2005 0.00 2.00 2.75 4.50
21 October 2005 0.00 2.00 3.00 4.50
28 October 2005 0.00 2.00 3.00 4.50
4 November 2005 0.00 2.00 3.00 4.50
11 November 2005 0.00 2.00 3.00 4.50
18 November 2005 0.00 2.00 3.00 4.50
25 November 2005 0.00 2.00 3.00 4.50
2 December 2005 0.00 2.25 3.00 4.50
9 December 2005 0.00 2.25 3.25 4.50
16 December 2005 0.00 2.25 3.25 4.50
23 December 2005 0.00 2.25 3.25 4.50
30 December 2005 0.00 2.25 3.25 4.50
6 January 2006 0.00 2.25 3.25 4.50
13 January 2006 0.00 2.25 3.25 4.50
20 January 2006 0.00 2.25 3.25 4.50
27 January 2006 0.00 2.25 3.50 4.50
3 February 2006 0.00 2.25 3.50 4.50
10 February 2006 0.00 2.25 3.50 4.50
17 February 2006 0.00 2.25 3.50 4.50
24 February 2006 0.00 2.25 3.50 4.50
3 March 2006 0.00 2.50 3.50 4.50
10 March 2006 0.00 2.50 3.75 4.50
17 March 2006 0.00 2.50 3.75 4.50
24 March 2006 0.00 2.50 3.75 4.50
31 March 2006 0.00 2.50 3.75 4.50
7 April 2006 0.00 2.50 3.75 4.50
14 April 2006 0.00 2.50 3.75 4.50
21 April 2006 0.00 2.50 3.75 4.50
28 April 2006 0.00 2.50 4.00 4.50
5 May 2006 0.00 2.50 4.00 4.50
12 May 2006 0.00 2.50 4.00 4.50
19 May 2006 0.00 2.50 4.00 4.50
26 May 2006 0.00 2.50 4.25 4.50
2 June 2006 0.00 2.50 4.25 4.50
9 June 2006 0.00 2.75 4.25 4.50
16 June 2006 0.00 2.75 4.25 4.50
23 June 2006 0.00 2.75 4.25 4.50
30 June 2006 0.00 2.75 4.25 4.50
7 July 2006 0.00 2.75 4.25 4.50
14 July 2006 0.25 2.75 4.25 4.50
21 July 2006 0.25 2.75 4.25 4.50
28 July 2006 0.25 2.75 4.25 4.50
4 August 2006 0.25 3.00 4.25 4.75
11 August 2006 0.25 3.00 4.25 4.75
18 August 2006 0.25 3.00 4.25 4.75
25 August 2006 0.25 3.00 4.25 4.75
1 September 2006 0.25 3.00 4.25 4.75
8 September 2006 0.25 3.00 4.25 4.75
15 September 2006 0.25 3.00 4.25 4.75
22 September 2006 0.25 3.00 4.25 4.75
29 September 2006 0.25 3.00 4.25 4.75
6 October 2006 0.25 3.25 4.25 4.75
13 October 2006 0.25 3.25 4.25 4.75
20 October 2006 0.25 3.25 4.25 4.75
27 October 2006 0.25 3.25 4.25 4.75
3 November 2006 0.25 3.25 4.25 4.75
10 November 2006 0.25 3.25 4.25 5.00
17 November 2006 0.25 3.25 4.25 5.00
24 November 2006 0.25 3.25 4.25 5.00
1 December 2006 0.25 3.25 4.25 5.00
8 December 2006 0.25 3.50 4.25 5.00
15 December 2006 0.25 3.50 4.25 5.00
22 December 2006 0.25 3.50 4.25 5.00
29 December 2006 0.25 3.50 4.25 5.00
5 January 2007 0.25 3.50 4.25 5.00
12 January 2007 0.25 3.50 4.25 5.25
19 January 2007 0.25 3.50 4.25 5.25
26 January 2007 0.25 3.50 4.25 5.25
2 February 2007 0.25 3.50 4.25 5.25
9 February 2007 0.25 3.50 4.25 5.25
16 February 2007 0.25 3.50 4.25 5.25
23 February 2007 0.50 3.50 4.25 5.25
2 March 2007 0.50 3.50 4.25 5.25
9 March 2007 0.50 3.75 4.25 5.25
16 March 2007 0.50 3.75 4.25 5.25
23 March 2007 0.50 3.75 4.25 5.25
30 March 2007 0.50 3.75 4.25 5.25
6 April 2007 0.50 3.75 4.25 5.25
13 April 2007 0.50 3.75 4.25 5.25
20 April 2007 0.50 3.75 4.25 5.25
27 April 2007 0.50 3.75 4.25 5.25
4 May 2007 0.50 3.75 4.25 5.25
11 May 2007 0.50 3.75 4.25 5.50
18 May 2007 0.50 3.75 4.25 5.50
25 May 2007 0.50 3.75 4.25 5.50
1 June 2007 0.50 3.75 4.25 5.50
8 June 2007 0.50 4.00 4.25 5.50
15 June 2007 0.50 4.00 4.25 5.50
22 June 2007 0.50 4.00 4.25 5.50
29 June 2007 0.50 4.00 4.25 5.50
6 July 2007 0.50 4.00 4.25 5.75
13 July 2007 0.50 4.00 4.50 5.75
20 July 2007 0.50 4.00 4.50 5.75
27 July 2007 0.50 4.00 4.50 5.75
3 August 2007 0.50 4.00 4.50 5.75
10 August 2007 0.50 4.00 4.50 5.75
17 August 2007 0.50 4.00 4.50 5.75
24 August 2007 0.50 4.00 4.50 5.75
31 August 2007 0.50 4.00 4.50 5.75
7 September 2007 0.50 4.00 4.50 5.75
14 September 2007 0.50 4.00 4.50 5.75
21 September 2007 0.50 4.00 4.50 5.75
28 September 2007 0.50 4.00 4.50 5.75
5 October 2007 0.50 4.00 4.50 5.75
12 October 2007 0.50 4.00 4.50 5.75
19 October 2007 0.50 4.00 4.50 5.75
26 October 2007 0.50 4.00 4.50 5.75
2 November 2007 0.50 4.00 4.50 5.75
9 November 2007 0.50 4.00 4.50 5.75
16 November 2007 0.50 4.00 4.50 5.75
23 November 2007 0.50 4.00 4.50 5.75
30 November 2007 0.50 4.00 4.50 5.75
7 December 2007 0.50 4.00 4.25 5.50
14 December 2007 0.50 4.00 4.25 5.50
21 December 2007 0.50 4.00 4.25 5.50
28 December 2007 0.50 4.00 4.25 5.50
4 January 2008 0.50 4.00 4.25 5.50
11 January 2008 0.50 4.00 4.25 5.50
18 January 2008 0.50 4.00 4.25 5.50
25 January 2008 0.50 4.00 4.00 5.50
1 February 2008 0.50 4.00 4.00 5.50
8 February 2008 0.50 4.00 4.00 5.25
15 February 2008 0.50 4.00 4.00 5.25
22 February 2008 0.50 4.00 4.00 5.25
29 February 2008 0.50 4.00 4.00 5.25
7 March 2008 0.50 4.00 3.50 5.25
14 March 2008 0.50 4.00 3.50 5.25
21 March 2008 0.50 4.00 3.50 5.25
28 March 2008 0.50 4.00 3.50 5.25
4 April 2008 0.50 4.00 3.50 5.25
11 April 2008 0.50 4.00 3.50 5.00
18 April 2008 0.50 4.00 3.50 5.00
25 April 2008 0.50 4.00 3.00 5.00
2 May 2008 0.50 4.00 3.00 5.00
9 May 2008 0.50 4.00 3.00 5.00
16 May 2008 0.50 4.00 3.00 5.00
23 May 2008 0.50 4.00 3.00 5.00
30 May 2008 0.50 4.00 3.00 5.00
6 June 2008 0.50 4.00 3.00 5.00
13 June 2008 0.50 4.00 3.00 5.00
20 June 2008 0.50 4.00 3.00 5.00
27 June 2008 0.50 4.00 3.00 5.00
4 July 2008 0.50 4.25 3.00 5.00
11 July 2008 0.50 4.25 3.00 5.00
18 July 2008 0.50 4.25 3.00 5.00
25 July 2008 0.50 4.25 3.00 5.00
1 August 2008 0.50 4.25 3.00 5.00
8 August 2008 0.50 4.25 3.00 5.00
15 August 2008 0.50 4.25 3.00 5.00
22 August 2008 0.50 4.25 3.00 5.00
29 August 2008 0.50 4.25 3.00 5.00
5 September 2008 0.50 4.25 3.00 5.00
12 September 2008 0.50 4.25 3.00 5.00
19 September 2008 0.50 4.25 3.00 5.00
26 September 2008 0.50 4.25 3.00 5.00
3 October 2008 0.50 4.25 3.00 5.00
10 October 2008 0.50 3.75 2.50 4.50
17 October 2008 0.50 3.75 2.50 4.50
24 October 2008 0.50 3.75 2.25 4.50

SOURCE: Bloomberg.


Euro Area

Figure: Nominal Exports and Imports
Billions of U.S. dollars
Period Exports Imports
January 1999 71.53 67.68
February 1999 70.21 66.63
March 1999 71.16 68.73
April 1999 69.32 65.78
May 1999 68.79 66.96
June 1999 70.82 67.02
July 1999 73.22 68.75
August 1999 71.98 69.15
September 1999 73.49 73.39
October 1999 75.89 73.99
November 1999 74.95 74.17
December 1999 75.03 74.93
January 2000 75.38 76.40
February 2000 76.28 77.58
March 2000 76.17 77.28
April 2000 73.99 73.92
May 2000 77.66 79.11
June 2000 76.28 79.21
July 2000 76.76 78.89
August 2000 76.74 79.52
September 2000 75.97 78.00
October 2000 75.14 78.07
November 2000 77.01 79.36
December 2000 81.29 83.60
January 2001 84.59 83.64
February 2001 80.26 79.32
March 2001 80.36 79.38
April 2001 78.77 77.53
May 2001 77.55 75.83
June 2001 77.06 74.68
July 2001 76.37 73.64
August 2001 79.78 75.73
September 2001 78.48 73.24
October 2001 79.96 74.16
November 2001 77.37 71.75
December 2001 77.92 70.07
January 2002 78.19 71.76
February 2002 78.07 71.84
March 2002 79.11 71.38
April 2002 79.40 74.95
May 2002 84.07 75.19
June 2002 86.08 78.11
July 2002 89.56 81.28
August 2002 87.93 78.84
September 2002 87.76 79.65
October 2002 88.79 82.07
November 2002 90.71 82.01
December 2002 89.83 83.12
January 2003 96.39 90.81
February 2003 95.30 89.83
March 2003 93.48 90.24
April 2003 94.69 90.31
May 2003 100.94 95.07
June 2003 97.83 91.95
July 2003 99.07 92.05
August 2003 97.02 87.26
September 2003 100.42 92.49
October 2003 105.66 97.56
November 2003 102.66 96.02
December 2003 112.41 105.06
January 2004 112.45 104.81
February 2004 115.94 107.79
March 2004 117.51 106.25
April 2004 116.42 106.73
May 2004 114.08 103.94
June 2004 117.52 110.86
July 2004 118.98 109.90
August 2004 115.67 110.76
September 2004 116.91 113.54
October 2004 120.81 116.32
November 2004 127.26 123.35
December 2004 129.92 124.23
January 2005 126.62 121.63
February 2005 124.44 120.36
March 2005 129.13 126.63
April 2005 132.93 130.24
May 2005 128.56 124.77
June 2005 126.05 122.34
July 2005 124.63 123.38
August 2005 130.28 132.51
September 2005 131.53 131.37
October 2005 125.75 126.79
November 2005 127.88 130.50
December 2005 131.08 133.71
January 2006 134.34 135.72
February 2006 131.52 134.58
March 2006 136.18 138.75
April 2006 135.91 138.12
May 2006 146.76 150.90
June 2006 145.24 148.52
July 2006 141.65 147.36
August 2006 147.91 152.32
September 2006 152.87 149.78
October 2006 149.91 148.72
November 2006 155.88 152.36
December 2006 162.70 159.07
January 2007 157.59 154.49
February 2007 160.63 159.88
March 2007 164.06 156.77
April 2007 163.93 161.20
May 2007 166.63 162.43
June 2007 169.70 163.68
July 2007 172.09 170.83
August 2007 176.09 171.39
September 2007 177.25 172.50
October 2007 183.13 180.94
November 2007 188.36 186.31
December 2007 181.39 183.19
January 2008 194.86 197.03
February 2008 197.89 194.87
March 2008 199.72 202.46
April 2008 214.13 212.62
May 2008 201.20 204.28
June 2008 202.89 208.91
July 2008 211.10 221.61
August 2008 199.04 208.14

SOURCE: Haver Analytics.


Figure: Economic Sentiment
Percent balance
Period Consumer confidence Industrial confidence
January 1999 -0.6 -9.8
February 1999 -0.7 -11.0
March 1999 -2.3 -11.1
April 1999 -4.9 -10.3
May 1999 -5.8 -10.0
June 1999 -6.4 -8.3
July 1999 -4.4 -7.8
August 1999 -4.6 -6.5
September 1999 -4.0 -4.3
October 1999 -2.4 -3.1
November 1999 -1.6 -0.5
December 1999 -0.6 -0.2
January 2000 1.0 0.5
February 2000 0.4 2.4
March 2000 1.2 4.3
April 2000 2.0 4.2
May 2000 1.8 5.8
June 2000 0.8 5.6
July 2000 1.4 5.0
August 2000 1.8 4.8
September 2000 -1.5 5.3
October 2000 -0.3 4.5
November 2000 0.2 3.8
December 2000 1.6 2.6
January 2001 1.3 1.3
February 2001 0.6 0.0
March 2001 0.8 -2.5
April 2001 0.0 -4.9
May 2001 -2.2 -6.2
June 2001 -3.1 -7.8
July 2001 -5.8 -9.2
August 2001 -8.5 -10.3
September 2001 -8.7 -14.3
October 2001 -10.4 -16.8
November 2001 -12.5 -17.9
December 2001 -10.8 -15.2
January 2002 -10.7 -14.6
February 2002 -9.6 -12.3
March 2002 -9.0 -10.9
April 2002 -9.4 -10.2
May 2002 -8.3 -8.5
June 2002 -8.8 -9.5
July 2002 -10.3 -11.8
August 2002 -11.2 -12.0
September 2002 -9.5 -9.5
October 2002 -12.2 -8.9
November 2002 -14.0 -9.3
December 2002 -16.5 -10.1
January 2003 -17.7 -10.1
February 2003 -18.9 -9.9
March 2003 -20.9 -11.0
April 2003 -19.2 -11.4
May 2003 -19.8 -11.6
June 2003 -18.7 -12.5
July 2003 -18.6 -13.0
August 2003 -17.3 -10.7
September 2003 -16.9 -8.9
October 2003 -17.0 -8.2
November 2003 -15.6 -6.4
December 2003 -15.8 -8.2
January 2004 -15.2 -6.8
February 2004 -14.2 -7.0
March 2004 -14.1 -7.1
April 2004 -13.9 -4.7
May 2004 -15.4 -4.8
June 2004 -14.4 -4.5
July 2004 -14.6 -3.8
August 2004 -14.0 -3.8
September 2004 -12.9 -3.1
October 2004 -13.4 -2.5
November 2004 -12.9 -3.3
December 2004 -13.1 -3.9
January 2005 -12.8 -4.5
February 2005 -13.4 -6.3
March 2005 -14.0 -7.8
April 2005 -13.5 -9.2
May 2005 -14.7 -10.4
June 2005 -15.4 -9.5
July 2005 -15.6 -8.0
August 2005 -14.8 -7.3
September 2005 -14.6 -6.5
October 2005 -13.4 -5.6
November 2005 -13.4 -6.2
December 2005 -11.3 -4.7
January 2006 -11.2 -4.0
February 2006 -10.6 -2.1
March 2006 -11.1 -0.7
April 2006 -10.7 1.5
May 2006 -9.1 1.9
June 2006 -9.5 3.1
July 2006 -8.5 3.7
August 2006 -8.8 2.4
September 2006 -8.1 4.3
October 2006 -7.9 5.1
November 2006 -7.3 5.9
December 2006 -6.4 5.7
January 2007 -6.6 5.3
February 2007 -5.0 5.3
March 2007 -4.6 6.0
April 2007 -4.3 6.5
May 2007 -1.5 5.7
June 2007 -2.1 5.9
July 2007 -2.0 4.8
August 2007 -3.9 4.7
September 2007 -5.7 2.6
October 2007 -6.2 1.7
November 2007 -8.1 2.6
December 2007 -8.7 1.6
January 2008 -11.5 1.1
February 2008 -12.0 0.2
March 2008 -12.1 0.1
April 2008 -12.4 -2.0
May 2008 -14.6 -1.7
June 2008 -16.7 -4.9
July 2008 -19.7 -7.8
August 2008 -19.2 -9.3
September 2008 -18.9 -12.1

SOURCE: Haver Analytics.


Figure: Unemployment Rate
Period Percent
January 1999 9.6
February 1999 9.5
March 1999 9.4
April 1999 9.3
May 1999 9.3
June 1999 9.2
July 1999 9.1
August 1999 9.0
September 1999 9.0
October 1999 8.8
November 1999 8.7
December 1999 8.6
January 2000 8.6
February 2000 8.5
March 2000 8.4
April 2000 8.3
May 2000 8.2
June 2000 8.2
July 2000 8.1
August 2000 8.1
September 2000 8.1
October 2000 7.9
November 2000 7.9
December 2000 7.8
January 2001 7.8
February 2001 7.8
March 2001 7.8
April 2001 7.8
May 2001 7.8
June 2001 7.8
July 2001 7.8
August 2001 7.8
September 2001 7.9
October 2001 7.9
November 2001 7.9
December 2001 8.0
January 2002 8.0
February 2002 8.0
March 2002 8.0
April 2002 8.1
May 2002 8.2
June 2002 8.3
July 2002 8.3
August 2002 8.3
September 2002 8.4
October 2002 8.4
November 2002 8.5
December 2002 8.5
January 2003 8.6
February 2003 8.7
March 2003 8.7
April 2003 8.7
May 2003 8.7
June 2003 8.7
July 2003 8.7
August 2003 8.7
September 2003 8.7
October 2003 8.7
November 2003 8.7
December 2003 8.8
January 2004 8.8
February 2004 8.8
March 2004 8.8
April 2004 8.8
May 2004 8.8
June 2004 8.8
July 2004 8.8
August 2004 8.9
September 2004 8.9
October 2004 8.9
November 2004 8.9
December 2004 9.0
January 2005 9.0
February 2005 9.0
March 2005 9.0
April 2005 8.9
May 2005 8.9
June 2005 8.8
July 2005 8.8
August 2005 8.8
September 2005 8.8
October 2005 8.8
November 2005 8.8
December 2005 8.7
January 2006 8.7
February 2006 8.7
March 2006 8.6
April 2006 8.5
May 2006 8.4
June 2006 8.3
July 2006 8.1
August 2006 8.1
September 2006 8.1
October 2006 8.0
November 2006 7.9
December 2006 7.9
January 2007 7.7
February 2007 7.7
March 2007 7.6
April 2007 7.5
May 2007 7.4
June 2007 7.4
July 2007 7.4
August 2007 7.4
September 2007 7.3
October 2007 7.3
November 2007 7.3
December 2007 7.2
January 2008 7.3
February 2008 7.2
March 2008 7.2
April 2008 7.3
May 2008 7.4
June 2008 7.4
July 2008 7.4
August 2008 7.5

SOURCE: Haver Analytics.


Figure: Consumer Price Inflation
Percent, 12-month basis, n.s.a.
Period Consumer price inflation Core*
January 1999 0.79 1.30
February 1999 0.79 1.23
March 1999 0.98 1.24
April 1999 1.07 1.15
May 1999 0.98 1.04
June 1999 0.87 1.01
July 1999 1.07 1.06
August 1999 1.16 0.99
September 1999 1.16 0.91
October 1999 1.37 0.92
November 1999 1.46 1.01
December 1999 1.75 1.07
January 2000 1.85 1.07
February 2000 1.94 0.94
March 2000 1.93 0.88
April 2000 1.74 1.01
May 2000 1.73 0.88
June 2000 2.12 0.95
July 2000 2.01 0.90
August 2000 2.02 0.97
September 2000 2.50 1.03
October 2000 2.39 1.11
November 2000 2.49 1.08
December 2000 2.48 1.51
January 2001 2.01 1.22
February 2001 1.90 1.18
March 2001 2.19 1.53
April 2001 2.74 1.86
May 2001 3.12 2.02
June 2001 2.83 2.08
July 2001 2.55 1.97
August 2001 2.35 1.92
September 2001 2.16 2.15
October 2001 2.25 2.35
November 2001 1.97 2.41
December 2001 2.05 2.40
January 2002 2.61 2.57
February 2002 2.52 2.60
March 2002 2.50 2.66
April 2002 2.30 2.50
May 2002 2.02 2.62
June 2002 1.92 2.55
July 2002 2.02 2.48
August 2002 2.12 2.49
September 2002 2.10 2.44
October 2002 2.30 2.34
November 2002 2.29 2.33
December 2002 2.28 2.25
January 2003 2.10 1.99
February 2003 2.37 2.04
March 2003 2.45 2.02
April 2003 2.08 2.15
May 2003 1.81 2.00
June 2003 1.89 1.97
July 2003 1.90 1.84
August 2003 2.07 1.86
September 2003 2.16 1.96
October 2003 1.97 1.99
November 2003 2.15 1.98
December 2003 1.97 1.90
January 2004 1.88 1.93
February 2004 1.61 2.04
March 2004 1.67 2.09
April 2004 2.04 2.12
May 2004 2.47 2.12
June 2004 2.38 2.15
July 2004 2.29 2.11
August 2004 2.30 2.17
September 2004 2.11 2.04
October 2004 2.37 1.99
November 2004 2.20 1.92
December 2004 2.36 2.07
January 2005 1.93 1.77
February 2005 2.10 1.60
March 2005 2.09 1.58
April 2005 2.08 1.41
May 2005 1.99 1.55
June 2005 2.07 1.41
July 2005 2.17 1.33
August 2005 2.24 1.32
September 2005 2.59 1.45
October 2005 2.50 1.50
November 2005 2.32 1.54
December 2005 2.22 1.41
January 2006 2.39 1.31
February 2006 2.33 1.34
March 2006 2.23 1.45
April 2006 2.46 1.60
May 2006 2.48 1.47
June 2006 2.48 1.56
July 2006 2.43 1.58
August 2006 2.26 1.49
September 2006 1.75 1.53
October 2006 1.56 1.63
November 2006 1.87 1.61
December 2006 1.92 1.63
January 2007 1.84 1.78
February 2007 1.84 1.90
March 2007 1.94 1.87
April 2007 1.91 1.90
May 2007 1.87 1.95
June 2007 1.89 1.92
July 2007 1.78 1.88
August 2007 1.75 2.01
September 2007 2.14 2.03
October 2007 2.55 2.14
November 2007 3.06 2.29
December 2007 3.07 2.35
January 2008 3.21 2.34
February 2008 3.27 2.43
March 2008 3.58 2.67
April 2008 3.26 2.40
May 2008 3.67 2.46
June 2008 3.96 2.53
July 2008 4.05 2.49
August 2008 3.84 2.59
September 2008 3.64 2.49

* Excludes energy and unprocessed food.  Return to table

SOURCE: Haver Analytics.


Economic Indicators
(Percent change from previous period except as noted; seasonally adjusted)
Indicator 2007 2008 2008
Q4 Q1 Q2 May June July Aug.
Industrial production1 -0.2 0.4 -0.5 -1.8 -0.1 -0.2 1.0
Retail sales volume2 -0.8 -0.1 -0.8 0.6 -0.8 0.3 0.1
New car registrations -0.2 -3.1 -1.1 -5.2 -1.6 -1.8 -0.7
Employment 0.3 0.3 0.2
Producer prices3 4.0 5.4 7.1 7.1 8.1 9.2 8.5
M33 11.5 9.9 9.5 10.0 9.5 9.3 n.a.

1. Excludes construction.  Return to table

2. Excludes motor vehicles.  Return to table

3. Eurostat harmonized definition. Percent change from year earlier.  Return to table

n.a. Not available.

… Not applicable.

M3 Manufacturers' shipments, inventories, and orders.  Return to table

SOURCE: Haver Analytics.


United Kingdom

Figure: Consumer Price Inflation
Percent, 12-month basis, n.s.a.
Period Consumer price inflation Core*
January 1999 1.59 1.52
February 1999 1.41 1.26
March 1999 1.67 1.31
April 1999 1.54 1.29
May 1999 1.31 1.11
June 1999 1.35 1.14
July 1999 1.30 1.11
August 1999 1.21 1.03
September 1999 1.17 0.88
October 1999 1.11 0.75
November 1999 1.18 0.73
December 1999 1.12 0.57
January 2000 0.80 0.25
February 2000 0.94 0.39
March 2000 0.64 0.18
April 2000 0.56 0.27
May 2000 0.54 0.28
June 2000 0.79 0.17
July 2000 0.88 0.05
August 2000 0.59 0.19
September 2000 0.96 0.40
October 2000 1.00 0.63
November 2000 1.06 0.56
December 2000 0.80 0.50
January 2001 0.86 0.74
February 2001 0.82 0.67
March 2001 0.91 0.80
April 2001 1.17 1.00
May 2001 1.66 1.16
June 2001 1.71 1.38
July 2001 1.45 1.59
August 2001 1.83 1.80
September 2001 1.33 1.41
October 2001 1.21 1.25
November 2001 0.80 1.20
December 2001 1.06 1.46
January 2002 1.63 1.72
February 2002 1.48 1.59
March 2002 1.54 1.61
April 2002 1.37 1.38
May 2002 0.83 1.29
June 2002 0.62 1.28
July 2002 1.10 1.53
August 2002 0.99 1.30
September 2002 0.99 1.24
October 2002 1.37 1.56
November 2002 1.55 1.52
December 2002 1.66 1.65
January 2003 1.34 1.43
February 2003 1.58 1.57
March 2003 1.54 1.48
April 2003 1.45 1.52
May 2003 1.25 1.31
June 2003 1.11 1.09
July 2003 1.31 1.30
August 2003 1.39 1.33
September 2003 1.43 1.31
October 2003 1.35 1.26
November 2003 1.33 1.19
December 2003 1.27 1.06
January 2004 1.43 1.30
February 2004 1.29 1.21
March 2004 1.11 1.07
April 2004 1.13 1.06
May 2004 1.47 1.18
June 2004 1.58 1.32
July 2004 1.41 1.20
August 2004 1.30 1.11
September 2004 1.08 0.94
October 2004 1.21 0.92
November 2004 1.45 1.07
December 2004 1.67 1.30
January 2005 1.62 1.28
February 2005 1.65 1.23
March 2005 1.91 1.42
April 2005 1.94 1.42
May 2005 1.91 1.54
June 2005 2.01 1.53
July 2005 2.34 1.84
August 2005 2.41 1.82
September 2005 2.46 1.71
October 2005 2.35 1.72
November 2005 2.14 1.64
December 2005 1.92 1.46
January 2006 1.95 1.38
February 2006 2.04 1.50
March 2006 1.81 1.35
April 2006 2.03 1.35
May 2006 2.24 1.19
June 2006 2.49 1.38
July 2006 2.37 1.10
August 2006 2.48 1.28
September 2006 2.41 1.60
October 2006 2.42 1.64
November 2006 2.70 1.79
December 2006 2.99 1.94
January 2007 2.71 1.81
February 2007 2.80 1.94
March 2007 3.07 2.22
April 2007 2.77 2.11
May 2007 2.50 2.20
June 2007 2.42 2.20
July 2007 1.85 1.91
August 2007 1.77 1.90
September 2007 1.76 1.75
October 2007 2.09 1.84
November 2007 2.09 1.80
December 2007 2.08 1.84
January 2008 2.19 1.79
February 2008 2.49 1.76
March 2008 2.46 1.68
April 2008 2.97 2.01
May 2008 3.34 2.14
June 2008 3.82 2.31
July 2008 4.43 2.64
August 2008 4.71 2.81
September 2008 5.21 2.82

* Excludes energy and unprocessed food.  Return to table

SOURCE: Haver Analytics.


Figure: Unemployment Rates
Percent
Period Labor force survey Claimant count
January 1999 6.2 4.3
February 1999 6.2 4.3
March 1999 6.2 4.3
April 1999 6.1 4.2
May 1999 6.0 4.2
June 1999 6.0 4.2
July 1999 5.9 4.1
August 1999 5.9 4.0
September 1999 5.8 4.0
October 1999 5.8 4.0
November 1999 5.8 3.9
December 1999 5.9 3.8
January 2000 5.8 3.8
February 2000 5.8 3.8
March 2000 5.7 3.7
April 2000 5.6 3.6
May 2000 5.5 3.6
June 2000 5.3 3.6
July 2000 5.3 3.5
August 2000 5.3 3.5
September 2000 5.4 3.4
October 2000 5.3 3.4
November 2000 5.2 3.4
December 2000 5.2 3.4
January 2001 5.2 3.3
February 2001 5.1 3.2
March 2001 5.0 3.2
April 2001 4.9 3.2
May 2001 5.0 3.2
June 2001 5.0 3.1
July 2001 5.1 3.1
August 2001 5.1 3.1
September 2001 5.1 3.1
October 2001 5.1 3.1
November 2001 5.2 3.1
December 2001 5.2 3.1
January 2002 5.1 3.1
February 2002 5.2 3.1
March 2002 5.2 3.1
April 2002 5.2 3.1
May 2002 5.2 3.1
June 2002 5.2 3.1
July 2002 5.2 3.1
August 2002 5.3 3.0
September 2002 5.2 3.0
October 2002 5.2 3.0
November 2002 5.1 3.0
December 2002 5.0 3.0
January 2003 5.1 3.0
February 2003 5.2 3.0
March 2003 5.1 3.0
April 2003 5.0 3.0
May 2003 5.0 3.0
June 2003 5.1 3.0
July 2003 5.1 3.0
August 2003 5.1 3.0
September 2003 5.0 3.0
October 2003 4.9 2.9
November 2003 4.9 2.9
December 2003 4.8 2.9
January 2004 4.8 2.9
February 2004 4.8 2.8
March 2004 4.8 2.8
April 2004 4.8 2.8
May 2004 4.8 2.7
June 2004 4.8 2.7
July 2004 4.7 2.7
August 2004 4.7 2.6
September 2004 4.7 2.6
October 2004 4.7 2.6
November 2004 4.7 2.6
December 2004 4.7 2.6
January 2005 4.8 2.6
February 2005 4.7 2.6
March 2005 4.7 2.6
April 2005 4.8 2.6
May 2005 4.8 2.7
June 2005 4.7 2.7
July 2005 4.7 2.7
August 2005 4.8 2.7
September 2005 5.0 2.8
October 2005 5.1 2.8
November 2005 5.2 2.8
December 2005 5.1 2.9
January 2006 5.2 2.8
February 2006 5.2 2.9
March 2006 5.3 2.9
April 2006 5.4 2.9
May 2006 5.5 2.9
June 2006 5.5 3.0
July 2006 5.5 3.0
August 2006 5.5 3.0
September 2006 5.5 3.0
October 2006 5.4 3.0
November 2006 5.5 2.9
December 2006 5.5 2.9
January 2007 5.5 2.9
February 2007 5.5 2.9
March 2007 5.5 2.8
April 2007 5.4 2.8
May 2007 5.4 2.7
June 2007 5.3 2.7
July 2007 5.3 2.6
August 2007 5.3 2.6
September 2007 5.3 2.6
October 2007 5.3 2.6
November 2007 5.2 2.5
December 2007 5.2 2.5
January 2008 5.2 2.5
February 2008 5.2 2.5
March 2008 5.3 2.5
April 2008 5.2 2.5
May 2008 5.4 2.6
June 2008 5.5 2.6
July 2008 5.7 2.7
August 2008 ND 2.8
September 2008 ND 2.9

SOURCE: Haver Analytics.


Figure: Purchasing Managers Survey
50+ = expansion
Period Services Manufacturing
January 1999 48.25 44.75
February 1999 49.47 46.36
March 1999 53.03 47.99
April 1999 56.34 49.17
May 1999 56.44 50.46
June 1999 56.59 51.61
July 1999 58.05 52.44
August 1999 57.32 53.11
September 1999 57.09 53.96
October 1999 56.82 54.24
November 1999 59.54 53.36
December 1999 58.31 56.33
January 2000 57.05 52.15
February 2000 57.25 50.46
March 2000 58.08 51.35
April 2000 58.74 50.96
May 2000 58.46 51.37
June 2000 57.15 50.75
July 2000 57.97 51.24
August 2000 58.30 51.61
September 2000 54.99 51.20
October 2000 57.05 50.01
November 2000 56.98 51.54
December 2000 57.58 51.04
January 2001 57.12 52.30
February 2001 56.69 50.92
March 2001 55.68 49.43
April 2001 51.16 47.43
May 2001 51.95 46.40
June 2001 52.12 47.73
July 2001 50.33 47.10
August 2001 50.94 46.38
September 2001 48.05 46.41
October 2001 46.29 46.46
November 2001 47.27 45.55
December 2001 49.37 45.49
January 2002 51.45 47.51
February 2002 52.06 49.79
March 2002 53.80 51.16
April 2002 54.50 53.07
May 2002 56.75 52.82
June 2002 54.86 50.90
July 2002 54.66 49.12
August 2002 55.12 51.24
September 2002 55.48 49.79
October 2002 55.57 49.79
November 2002 54.91 49.28
December 2002 53.23 48.51
January 2003 52.29 48.57
February 2003 50.24 49.03
March 2003 49.02 46.92
April 2003 50.73 48.89
May 2003 51.86 48.94
June 2003 54.48 49.85
July 2003 56.62 51.34
August 2003 57.00 52.73
September 2003 58.69 53.27
October 2003 59.08 53.95
November 2003 59.59 54.01
December 2003 58.45 55.44
January 2004 59.76 56.30
February 2004 59.47 53.28
March 2004 58.74 53.87
April 2004 58.99 54.93
May 2004 57.40 55.69
June 2004 56.77 54.66
July 2004 56.22 56.15
August 2004 56.91 53.07
September 2004 54.75 51.78
October 2004 56.28 52.66
November 2004 56.71 55.01
December 2004 54.89 53.55
January 2005 55.88 51.95
February 2005 55.09 51.29
March 2005 57.05 52.05
April 2005 56.51 48.80
May 2005 55.08 46.64
June 2005 55.84 49.57
July 2005 56.26 49.41
August 2005 55.19 50.19
September 2005 55.05 51.10
October 2005 56.14 51.86
November 2005 55.76 51.60
December 2005 57.89 52.17
January 2006 57.00 52.76
February 2006 58.89 51.67
March 2006 57.36 50.84
April 2006 59.70 53.86
May 2006 59.17 52.64
June 2006 58.72 55.25
July 2006 57.87 53.21
August 2006 56.72 52.48
September 2006 56.96 54.26
October 2006 59.26 54.03
November 2006 59.78 53.01
December 2006 60.56 52.51
January 2007 59.22 53.71
February 2007 57.40 55.43
March 2007 57.58 54.32
April 2007 57.25 53.58
May 2007 57.18 54.31
June 2007 57.74 54.62
July 2007 57.02 55.63
August 2007 57.55 55.50
September 2007 56.69 54.79
October 2007 53.08 52.96
November 2007 51.95 54.72
December 2007 52.36 52.84
January 2008 52.46 50.61
February 2008 54.05 50.93
March 2008 52.14 50.87
April 2008 50.35 50.36
May 2008 49.77 49.28
June 2008 47.14 45.65
July 2008 47.44 44.11
August 2008 49.17 45.33
September 2008 45.95 40.97

SOURCE: Reuters.


Figure: Labor Costs
Percent, 12-month basis
Period Unit wage costs* Average earnings**
January 1999 2.30 4.37
February 1999 2.71 4.81
March 1999 1.20 4.44
April 1999 1.39 4.08
May 1999 -0.49 4.17
June 1999 -0.79 5.29
July 1999 -0.30 4.47
August 1999 -2.63 4.91
September 1999 -3.03 4.66
October 1999 -1.76 5.19
November 1999 -3.02 5.17
December 1999 -1.18 6.25
January 2000 -0.29 6.12
February 2000 -2.83 5.34
March 2000 -1.88 5.10
April 2000 -1.67 4.56
May 2000 -1.29 4.00
June 2000 -2.18 3.87
July 2000 -0.99 3.86
August 2000 -1.50 4.26
September 2000 0.60 4.24
October 2000 -1.39 4.11
November 2000 -0.90 4.41
December 2000 -1.89 4.77
January 2001 -3.24 4.45
February 2001 -0.10 5.78
March 2001 0.10 4.45
April 2001 1.10 5.07
May 2001 1.40 4.96
June 2001 2.03 5.04
July 2001 1.10 4.52
August 2001 0.92 4.49
September 2001 0.60 4.37
October 2001 1.71 4.15
November 2001 2.43 3.73
December 2001 3.24 2.52
January 2002 3.04 3.00
February 2002 1.21 2.78
March 2002 1.11 3.19
April 2002 -0.99 3.76
May 2002 -0.69 3.86
June 2002 5.47 3.65
July 2002 0.30 3.94
August 2002 1.11 3.53
September 2002 0.10 3.62
October 2002 0.79 3.60
November 2002 0.40 4.16
December 2002 -0.10 3.49
January 2003 0.69 3.29
February 2003 0.80 2.70
March 2003 0.40 4.13
April 2003 -0.30 2.88
May 2003 0.30 3.25
June 2003 -5.84 3.15
July 2003 -1.78 3.61
August 2003 0.10 3.50
September 2003 -0.70 3.67
October 2003 -3.05 3.75
November 2003 -2.56 3.27
December 2003 -4.42 4.01
January 2004 -5.08 4.19
February 2004 -4.04 3.81
March 2004 -4.66 3.87
April 2004 -3.10 4.52
May 2004 -3.28 4.41
June 2004 -2.40 4.58
July 2004 -0.90 4.38
August 2004 -2.59 4.63
September 2004 -3.31 4.61
October 2004 -1.32 4.67
November 2004 -2.73 4.57
December 2004 -0.51 4.39
January 2005 -0.41 4.37
February 2005 -1.03 4.63
March 2005 1.46 4.16
April 2005 -0.62 4.32
May 2005 -2.26 4.05
June 2005 -2.46 3.86
July 2005 -3.65 4.45
August 2005 -1.94 4.00
September 2005 0.52 3.73
October 2005 0.21 3.37
November 2005 0.83 3.62
December 2005 0.00 4.29
January 2006 0.52 3.27
February 2006 1.04 4.09
March 2006 -1.43 4.16
April 2006 1.35 4.14
May 2006 0.84 4.39
June 2006 1.16 5.04
July 2006 1.26 3.77
August 2006 1.25 3.85
September 2006 0.21 4.08
October 2006 -0.21 4.40
November 2006 -0.41 4.06
December 2006 -0.21 3.95
January 2007 -0.62 4.95
February 2007 0.51 4.49
March 2007 0.52 3.44
April 2007 -0.92 3.50
May 2007 1.04 3.73
June 2007 0.73 3.23
July 2007 0.83 3.79
August 2007 0.00 4.33
September 2007 0.62 4.24
October 2007 0.41 3.75
November 2007 1.34 4.13
December 2007 1.65 3.72
January 2008 1.03 3.79
February 2008 -0.51 3.76
March 2008 1.96 4.48
April 2008 1.65 3.69
May 2008 2.27 3.44
June 2008 2.37 3.51
July 2008 2.47 3.65
August 2008 2.88 3.17

* Manufacturing industries.  Return to table

** Whole economy, including bonuses.  Return to table

SOURCE: Haver Analytics.


Economic Indicators
(Percent change from previous period except as noted; seasonally adjusted)
Indicator 2008 2008
Q1 Q2 Q3 July Aug. Sept. Oct.
Real GDP 1.1 0.0 n.a.
PMI services1 52.9 49.1 47.5 47.4 49.2 46.0 n.a.
Industrial production -0.4 -0.7 n.a. -0.5 -0.5 n.a. n.a.
Business confidence2 12.7 0.7 -12.0 -7.0 -13.0 -16.0 -31.0
Consumer confidence2 -8.6 -16.0 -24.2 -26.0 -23.9 -22.6 n.a.
Trade balance3 -23.9 -23.7 n.a. -9.5 -8.9 n.a. n.a.

1. 50+ indicates expansion.  Return to table

2. Percent balance.  Return to table

3. Level in billions of U.S. dollars.  Return to table

n.a. Not available.

… Not applicable.

GDP Gross Domestic Product.  Return to table

PMI Purchasing Managers' Index.  Return to table

SOURCE: Haver Analytics; Reuters.


Japan

Figure: Economic Activity
2005 = 100
Period Industrial production Tertiary services
January 1999 92.6 91.90
February 1999 92.6 91.62
March 1999 94.2 91.90
April 1999 92.2 92.00
May 1999 93.9 91.90
June 1999 93.1 92.00
July 1999 93.8 92.19
August 1999 94.3 92.19
September 1999 95.1 92.47
October 1999 95.2 92.00
November 1999 96.4 92.65
December 1999 96.2 92.47
January 2000 96.2 92.47
February 2000 95.9 90.97
March 2000 97.5 92.75
April 2000 98.8 93.22
May 2000 98.4 93.31
June 2000 99.9 93.50
July 2000 99.4 93.40
August 2000 100.8 94.15
September 2000 98.7 93.87
October 2000 100.3 94.62
November 2000 100.7 94.34
December 2000 101.9 95.00
January 2001 97.6 94.81
February 2001 98.7 95.37
March 2001 97.0 95.18
April 2001 96.1 94.81
May 2001 94.1 94.62
June 2001 93.0 95.00
July 2001 91.5 94.71
August 2001 90.5 94.43
September 2001 88.6 94.25
October 2001 88.5 94.43
November 2001 87.0 94.71
December 2001 87.9 94.71
January 2002 87.3 94.53
February 2002 88.7 94.43
March 2002 89.4 94.81
April 2002 88.9 94.71
May 2002 92.7 95.00
June 2002 91.7 94.25
July 2002 92.3 95.00
August 2002 92.6 95.46
September 2002 93.3 94.81
October 2002 93.4 94.62
November 2002 93.0 94.90
December 2002 92.9 93.97
January 2003 93.4 95.28
February 2003 93.0 95.18
March 2003 93.6 95.00
April 2003 92.3 95.00
May 2003 93.7 95.37
June 2003 92.9 95.46
July 2003 93.6 94.15
August 2003 92.3 95.56
September 2003 95.1 96.31
October 2003 96.7 97.06
November 2003 96.5 95.93
December 2003 96.4 95.93
January 2004 97.9 97.81
February 2004 97.7 94.81
March 2004 97.2 96.31
April 2004 98.9 98.27
May 2004 98.9 97.24
June 2004 99.2 97.81
July 2004 100.4 97.53
August 2004 99.3 97.71
September 2004 99.5 97.71
October 2004 98.0 97.99
November 2004 98.9 98.27
December 2004 97.6 98.37
January 2005 99.8 99.96
February 2005 99.7 99.31
March 2005 100.0 98.93
April 2005 100.5 99.96
May 2005 99.8 99.12
June 2005 100.1 99.68
July 2005 99.3 99.40
August 2005 99.4 100.52
September 2005 100.3 99.87
October 2005 99.8 100.90
November 2005 101.4 101.18
December 2005 101.6 101.18
January 2006 102.0 101.93
February 2006 101.9 101.37
March 2006 102.5 100.52
April 2006 104.5 101.74
May 2006 103.0 102.49
June 2006 104.3 101.65
July 2006 104.7 101.74
August 2006 105.1 102.12
September 2006 105.1 100.90
October 2006 105.9 102.58
November 2006 106.3 102.49
December 2006 106.6 102.30
January 2007 105.4 102.40
February 2007 106.0 103.61
March 2007 106.0 101.83
April 2007 105.6 103.15
May 2007 106.8 103.33
June 2007 106.9 103.52
July 2007 107.0 103.24
August 2007 109.7 103.90
September 2007 107.9 103.15
October 2007 110.0 103.43
November 2007 108.4 103.52
December 2007 109.1 102.96
January 2008 108.5 103.33
February 2008 110.2 101.65
March 2008 106.5 101.65
April 2008 106.3 103.61
May 2008 109.3 103.43
June 2008 106.9 102.40
July 2008 108.3 103.61
August 2008 104.5 102.21

SOURCE: Haver Analytics.


Figure: Real Trade
2005 = 100
Period Real exports Real imports
January 1999 70.8 76.3
February 1999 66.1 78.2
March 1999 67.9 74.6
April 1999 68.5 77.9
May 1999 68.7 77.5
June 1999 69.3 79.3
July 1999 70.8 77.0
August 1999 72.1 79.8
September 1999 73.4 78.7
October 1999 71.8 78.4
November 1999 73.7 85.1
December 1999 74.8 82.2
January 2000 75.5 80.2
February 2000 75.4 79.9
March 2000 76.8 85.3
April 2000 79.1 86.5
May 2000 77.8 87.2
June 2000 81.3 87.2
July 2000 79.0 85.8
August 2000 81.0 88.0
September 2000 79.7 88.4
October 2000 81.2 90.8
November 2000 79.7 89.8
December 2000 77.7 91.3
January 2001 74.5 88.6
February 2001 78.3 89.2
March 2001 76.7 89.6
April 2001 75.1 86.0
May 2001 73.4 91.2
June 2001 72.1 84.6
July 2001 72.3 86.3
August 2001 72.2 84.8
September 2001 72.0 83.6
October 2001 71.4 84.6
November 2001 71.0 82.9
December 2001 68.1 81.0
January 2002 72.4 82.0
February 2002 73.4 87.2
March 2002 75.6 82.7
April 2002 75.7 83.0
May 2002 77.8 84.6
June 2002 80.4 84.4
July 2002 79.8 88.5
August 2002 79.6 86.9
September 2002 79.0 86.3
October 2002 79.3 84.7
November 2002 83.1 89.9
December 2002 80.8 90.4
January 2003 80.6 89.8
February 2003 82.3 90.9
March 2003 80.9 89.1
April 2003 81.4 90.5
May 2003 81.3 90.0
June 2003 81.2 90.9
July 2003 82.8 91.3
August 2003 84.4 89.7
September 2003 86.9 92.7
October 2003 88.0 90.5
November 2003 88.4 92.1
December 2003 91.4 93.0
January 2004 92.7 93.7
February 2004 92.1 91.9
March 2004 91.2 95.4
April 2004 95.4 95.2
May 2004 95.9 93.7
June 2004 97.0 98.2
July 2004 96.2 96.5
August 2004 95.0 96.2
September 2004 95.0 96.3
October 2004 96.1 98.6
November 2004 98.0 102.5
December 2004 96.0 96.1
January 2005 96.1 99.1
February 2005 94.4 96.0
March 2005 96.4 98.3
April 2005 97.8 98.1
May 2005 98.8 102.0
June 2005 99.9 100.3
July 2005 99.7 99.7
August 2005 100.3 101.4
September 2005 103.3 101.0
October 2005 103.6 100.0
November 2005 103.7 101.5
December 2005 105.9 102.6
January 2006 106.1 104.1
February 2006 108.3 101.5
March 2006 108.7 103.6
April 2006 107.8 105.8
May 2006 111.8 102.8
June 2006 110.7 101.9
July 2006 112.8 101.7
August 2006 113.4 103.4
September 2006 111.9 105.2
October 2006 113.0 104.4
November 2006 115.1 101.5
December 2006 114.2 104.2
January 2007 118.2 101.5
February 2007 116.2 107.9
March 2007 118.0 101.7
April 2007 116.1 99.5
May 2007 118.6 105.0
June 2007 120.0 104.9
July 2007 121.1 106.3
August 2007 127.4 104.6
September 2007 124.2 103.8
October 2007 125.5 103.4
November 2007 127.0 105.1
December 2007 127.4 104.5
January 2008 133.1 105.4
February 2008 126.6 102.1
March 2008 132.4 108.1
April 2008 125.3 101.9
May 2008 126.5 100.2
June 2008 127.3 105.7
July 2008 129.9 102.8
August 2008 127.7 104.0

SOURCE: Haver Analytics.


Figure: Labor Market
Period Unemployment rate (Percent) Job openings to applications (Ratio)
January 1999 4.5 0.48
February 1999 4.6 0.48
March 1999 4.7 0.48
April 1999 4.7 0.47
May 1999 4.7 0.46
June 1999 4.8 0.46
July 1999 4.8 0.47
August 1999 4.7 0.47
September 1999 4.6 0.48
October 1999 4.6 0.49
November 1999 4.6 0.49
December 1999 4.7 0.50
January 2000 4.7 0.51
February 2000 4.9 0.52
March 2000 4.9 0.54
April 2000 4.8 0.56
May 2000 4.6 0.56
June 2000 4.7 0.58
July 2000 4.7 0.60
August 2000 4.6 0.61
September 2000 4.7 0.62
October 2000 4.7 0.64
November 2000 4.7 0.65
December 2000 4.8 0.65
January 2001 4.8 0.65
February 2001 4.7 0.64
March 2001 4.8 0.63
April 2001 4.8 0.62
May 2001 4.9 0.61
June 2001 5.0 0.61
July 2001 5.0 0.60
August 2001 5.1 0.58
September 2001 5.3 0.57
October 2001 5.3 0.54
November 2001 5.4 0.52
December 2001 5.4 0.51
January 2002 5.2 0.50
February 2002 5.3 0.51
March 2002 5.3 0.52
April 2002 5.3 0.52
May 2002 5.4 0.53
June 2002 5.5 0.53
July 2002 5.4 0.54
August 2002 5.5 0.55
September 2002 5.4 0.55
October 2002 5.4 0.56
November 2002 5.2 0.56
December 2002 5.4 0.57
January 2003 5.4 0.58
February 2003 5.2 0.59
March 2003 5.4 0.60
April 2003 5.5 0.61
May 2003 5.4 0.61
June 2003 5.4 0.62
July 2003 5.2 0.63
August 2003 5.1 0.65
September 2003 5.2 0.67
October 2003 5.1 0.70
November 2003 5.1 0.72
December 2003 4.9 0.75
January 2004 4.9 0.76
February 2004 4.9 0.76
March 2004 4.8 0.77
April 2004 4.8 0.78
May 2004 4.7 0.80
June 2004 4.7 0.82
July 2004 4.9 0.83
August 2004 4.8 0.84
September 2004 4.6 0.86
October 2004 4.6 0.89
November 2004 4.5 0.91
December 2004 4.5 0.91
January 2005 4.5 0.91
February 2005 4.6 0.91
March 2005 4.5 0.93
April 2005 4.5 0.94
May 2005 4.5 0.94
June 2005 4.3 0.95
July 2005 4.4 0.96
August 2005 4.3 0.96
September 2005 4.2 0.97
October 2005 4.4 0.98
November 2005 4.5 0.99
December 2005 4.4 1.01
January 2006 4.4 1.03
February 2006 4.1 1.04
March 2006 4.1 1.04
April 2006 4.1 1.05
May 2006 4.1 1.06
June 2006 4.3 1.07
July 2006 4.1 1.08
August 2006 4.1 1.07
September 2006 4.1 1.07
October 2006 4.0 1.07
November 2006 4.0 1.07
December 2006 4.0 1.07
January 2007 4.0 1.07
February 2007 4.0 1.05
March 2007 4.0 1.05
April 2007 3.9 1.05
May 2007 3.8 1.06
June 2007 3.7 1.07
July 2007 3.6 1.06
August 2007 3.8 1.05
September 2007 4.0 1.04
October 2007 3.9 1.02
November 2007 3.8 1.00
December 2007 3.8 0.98
January 2008 3.8 0.98
February 2008 3.9 0.97
March 2008 3.8 0.95
April 2008 4.0 0.93
May 2008 4.0 0.92
June 2008 4.1 0.91
July 2008 4.0 0.89
August 2008 4.2 0.86

SOURCE: Haver Analytics.


Figure: Consumer Price Inflation
Percent, 12-month basis, n.s.a.
Period Consumer price inflation Core*
January 1999 0.19 -0.10
February 1999 -0.10 -0.10
March 1999 -0.39 -0.10
April 1999 -0.10 -0.10
May 1999 -0.39 0.00
June 1999 -0.29 0.00
July 1999 -0.10 0.00
August 1999 0.29 0.00
September 1999 -0.19 0.00
October 1999 -0.67 -0.10
November 1999 -1.15 -0.19
December 1999 -1.06 -0.10
January 2000 -0.68 -0.29
February 2000 -0.68 -0.10
March 2000 -0.58 -0.29
April 2000 -0.77 -0.29
May 2000 -0.68 -0.19
June 2000 -0.58 -0.29
July 2000 -0.58 -0.29
August 2000 -0.49 0.10
September 2000 -0.97 -0.58
October 2000 -1.16 -0.87
November 2000 -0.88 -0.78
December 2000 -0.49 -0.78
January 2001 -0.39 -0.78
February 2001 -0.29 -0.78
March 2001 -0.68 -0.88
April 2001 -0.78 -0.88
May 2001 -0.78 -1.07
June 2001 -0.88 -0.98
July 2001 -0.78 -0.88
August 2001 -0.78 -0.98
September 2001 -0.78 -0.78
October 2001 -0.78 -0.69
November 2001 -0.98 -0.78
December 2001 -1.18 -0.88
January 2002 -1.37 -0.79
February 2002 -1.57 -0.79
March 2002 -1.18 -0.69
April 2002 -1.08 -0.89
May 2002 -0.88 -0.79
June 2002 -0.69 -0.79
July 2002 -0.79 -0.79
August 2002 -0.89 -0.89
September 2002 -0.69 -0.89
October 2002 -0.89 -0.89
November 2002 -0.40 -0.79
December 2002 -0.30 -0.69
January 2003 -0.40 -0.80
February 2003 -0.20 -0.70
March 2003 -0.10 -0.60
April 2003 -0.10 -0.40
May 2003 -0.20 -0.40
June 2003 -0.40 -0.40
July 2003 -0.20 -0.20
August 2003 -0.30 -0.10
September 2003 -0.20 -0.10
October 2003 0.00 0.10
November 2003 -0.50 -0.10
December 2003 -0.40 0.00
January 2004 -0.30 -0.10
February 2004 0.00 0.00
March 2004 -0.10 -0.10
April 2004 -0.40 -0.20
May 2004 -0.50 -0.30
June 2004 0.00 -0.10
July 2004 -0.10 -0.20
August 2004 -0.20 -0.20
September 2004 0.00 0.00
October 2004 0.50 -0.10
November 2004 0.80 -0.20
December 2004 0.20 -0.20
January 2005 0.20 0.10
February 2005 -0.10 -0.20
March 2005 0.00 -0.10
April 2005 0.10 0.00
May 2005 0.10 0.10
June 2005 -0.50 -0.20
July 2005 -0.30 -0.20
August 2005 -0.30 -0.20
September 2005 -0.30 -0.20
October 2005 -0.79 -0.10
November 2005 -0.99 -0.10
December 2005 -0.40 -0.20
January 2006 -0.10 -0.10
February 2006 -0.10 0.00
March 2006 -0.20 0.10
April 2006 -0.10 -0.10
May 2006 0.10 0.00
June 2006 0.50 0.20
July 2006 0.30 0.20
August 2006 0.90 0.30
September 2006 0.60 0.20
October 2006 0.40 0.10
November 2006 0.30 0.20
December 2006 0.30 0.10
January 2007 0.00 0.00
February 2007 -0.20 -0.10
March 2007 -0.10 -0.30
April 2007 0.00 -0.10
May 2007 0.00 -0.10
June 2007 -0.20 -0.10
July 2007 0.00 -0.10
August 2007 -0.20 -0.10
September 2007 -0.20 -0.10
October 2007 0.30 0.10
November 2007 0.60 0.40
December 2007 0.70 0.80
January 2008 0.70 0.80
February 2008 1.01 1.01
March 2008 1.20 1.20
April 2008 0.80 0.90
May 2008 1.29 1.50
June 2008 2.00 1.90
July 2008 2.30 2.40
August 2008 2.09 2.40

* Excludes fresh food.  Return to table

SOURCE: Haver Analytics.


Economic Indicators
(Percent change from previous period except as noted; seasonally adjusted)
Indicator 2008 2008
Q1 Q2 Q3 June July Aug. Sept.
Housing starts 19.6 -2.1 n.a. 5.4 1.2 -1.2 n.a.
Machinery orders1 2.2 0.6 n.a. -2.6 -3.9 -14.5 n.a.
Household expenditures 0.7 -3.3 n.a. 1.5 0.9 -3.4 n.a.
New car registrations -1.6 -2.3 -2.9 0.4 7.9 -10.9 2.0
Business sentiment2 -4.0 -7.0 -14.0
Wholesale prices3 3.5 4.9 7.1 5.8 7.3 7.2 6.8

1. Private sector, excluding ships and electric power.  Return to table

2. Tankan survey, diffusion index. Level.  Return to table

3. Percent change from year earlier; not seasonally adjusted.  Return to table

n.a. Not available.

… Not applicable.

SOURCE: Haver Analytics.


Canada

Figure: Real Gross Domestic Product by Industry
Period Percent change from year earlier
January 1999 4.87
February 1999 4.42
March 1999 4.11
April 1999 4.79
May 1999 5.17
June 1999 5.92
July 1999 6.53
August 1999 6.03
September 1999 6.35
October 1999 6.13
November 1999 6.68
December 1999 6.33
January 2000 6.44
February 2000 5.88
March 2000 6.67
April 2000 5.79
May 2000 6.16
June 2000 5.80
July 2000 5.42
August 2000 5.25
September 2000 4.74
October 2000 4.63
November 2000 3.84
December 2000 3.42
January 2001 2.92
February 2001 2.87
March 2001 2.08
April 2001 2.09
May 2001 1.93
June 2001 1.44
July 2001 1.03
August 2001 0.96
September 2001 0.18
October 2001 0.39
November 2001 0.90
December 2001 0.47
January 2002 1.47
February 2002 1.98
March 2002 1.77
April 2002 2.55
May 2002 2.25
June 2002 2.46
July 2002 3.04
August 2002 3.12
September 2002 3.51
October 2002 3.74
November 2002 3.13
December 2002 3.05
January 2003 2.62
February 2003 2.45
March 2003 2.56
April 2003 1.59
May 2003 1.80
June 2003 2.03
July 2003 2.18
August 2003 0.82
September 2003 2.28
October 2003 2.07
November 2003 2.17
December 2003 2.84
January 2004 2.43
February 2004 1.97
March 2004 3.02
April 2004 3.56
May 2004 3.20
June 2004 3.39
July 2004 2.97
August 2004 4.31
September 2004 3.37
October 2004 2.88
November 2004 3.14
December 2004 2.74
January 2005 2.88
February 2005 3.15
March 2005 1.89
April 2005 2.29
May 2005 2.54
June 2005 2.52
July 2005 2.65
August 2005 2.76
September 2005 2.58
October 2005 2.82
November 2005 3.06
December 2005 3.59
January 2006 3.54
February 2006 3.69
March 2006 4.17
April 2006 3.57
May 2006 3.49
June 2006 3.00
July 2006 2.89
August 2006 2.71
September 2006 2.30
October 2006 2.34
November 2006 1.90
December 2006 1.77
January 2007 1.81
February 2007 1.99
March 2007 2.15
April 2007 2.15
May 2007 2.46
June 2007 2.82
July 2007 2.79
August 2007 2.70
September 2007 3.04
October 2007 3.02
November 2007 3.01
December 2007 1.97
January 2008 2.20
February 2008 1.48
March 2008 1.02
April 2008 1.40
May 2008 0.90
June 2008 0.61
July 2008 1.20

NOTE: Constructed from various Statistics Canada surveys and supplements to the quarterly income and expenditure-based estimates.

SOURCE: Haver Analytics.


Figure: Real Trade
2002 = 100
Period Real exports Real imports
January 1999 91.57 90.20
February 1999 93.20 93.61
March 1999 91.13 91.37
April 1999 91.62 92.35
May 1999 91.94 94.71
June 1999 93.49 94.60
July 1999 93.89 94.66
August 1999 97.18 95.45
September 1999 94.94 97.30
October 1999 96.44 99.43
November 1999 98.72 99.77
December 1999 100.00 102.31
January 2000 102.54 102.77
February 2000 99.28 102.24
March 2000 103.08 104.23
April 2000 100.14 103.21
May 2000 104.84 105.00
June 2000 105.67 104.72
July 2000 103.25 105.30
August 2000 104.82 105.72
September 2000 104.85 105.46
October 2000 105.01 104.11
November 2000 104.78 103.60
December 2000 103.95 104.40
January 2001 104.07 103.26
February 2001 98.37 98.26
March 2001 101.03 99.73
April 2001 100.93 100.82
May 2001 99.75 99.71
June 2001 99.09 100.91
July 2001 99.15 98.60
August 2001 98.49 99.47
September 2001 96.60 94.78
October 2001 96.28 96.45
November 2001 99.95 94.96
December 2001 98.68 93.25
January 2002 98.21 93.98
February 2002 102.32 97.70
March 2002 97.73 95.77
April 2002 99.51 98.38
May 2002 99.41 99.37
June 2002 99.01 103.13
July 2002 101.82 101.21
August 2002 102.14 103.44
September 2002 100.93 101.36
October 2002 100.98 101.55
November 2002 99.90 101.26
December 2002 98.05 102.87
January 2003 99.42 102.20
February 2003 97.50 102.21
March 2003 97.73 102.80
April 2003 96.45 101.32
May 2003 97.54 103.34
June 2003 96.04 103.41
July 2003 97.81 103.90
August 2003 93.77 97.41
September 2003 100.54 103.25
October 2003 100.24 104.50
November 2003 101.00 107.13
December 2003 102.01 107.25
January 2004 96.74 103.74
February 2004 101.77 108.33
March 2004 101.93 109.44
April 2004 104.40 108.74
May 2004 103.69 114.43
June 2004 107.27 110.14
July 2004 106.87 115.20
August 2004 105.71 113.46
September 2004 103.33 115.60
October 2004 104.49 115.72
November 2004 104.04 115.42
December 2004 104.36 117.44
January 2005 104.96 119.59
February 2005 104.49 117.99
March 2005 103.23 118.96
April 2005 102.81 117.46
May 2005 104.28 119.13
June 2005 104.49 119.78
July 2005 104.47 120.03
August 2005 107.54 121.25
September 2005 107.81 123.62
October 2005 109.15 124.41
November 2005 109.03 123.79
December 2005 110.83 126.64
January 2006 111.18 127.04
February 2006 106.45 121.60
March 2006 105.95 125.00
April 2006 105.97 126.02
May 2006 105.21 127.85
June 2006 106.94 129.09
July 2006 106.49 130.55
August 2006 105.98 130.57
September 2006 106.81 127.68
October 2006 104.87 128.51
November 2006 106.14 130.15
December 2006 113.01 132.41
January 2007 110.73 129.36
February 2007 107.01 129.90
March 2007 109.71 133.09
April 2007 110.84 131.15
May 2007 110.10 130.21
June 2007 107.39 134.05
July 2007 109.97 141.38
August 2007 109.16 135.94
September 2007 108.04 139.35
October 2007 107.94 141.33
November 2007 110.26 142.64
December 2007 102.56 137.70
January 2008 101.58 138.39
February 2008 106.18 138.24
March 2008 102.67 134.46
April 2008 101.32 135.32
May 2008 103.34 140.25
June 2008 102.17 138.94
July 2008 102.30 144.84
August 2008 100.83 134.95

SOURCE: Haver Analytics.


Figure: Unemployment Rate
Period Percent
January 1999 7.9
February 1999 7.9
March 1999 7.9
April 1999 8.2
May 1999 8.0
June 1999 7.6
July 1999 7.6
August 1999 7.5
September 1999 7.4
October 1999 7.2
November 1999 6.9
December 1999 6.8
January 2000 6.7
February 2000 6.8
March 2000 6.8
April 2000 6.8
May 2000 6.7
June 2000 6.7
July 2000 6.8
August 2000 7.0
September 2000 6.9
October 2000 7.0
November 2000 7.0
December 2000 6.8
January 2001 6.9
February 2001 7.0
March 2001 7.1
April 2001 7.1
May 2001 7.0
June 2001 7.1
July 2001 7.1
August 2001 7.2
September 2001 7.2
October 2001 7.4
November 2001 7.6
December 2001 8.0
January 2002 8.0
February 2002 7.9
March 2002 7.8
April 2002 7.7
May 2002 7.8
June 2002 7.5
July 2002 7.6
August 2002 7.4
September 2002 7.5
October 2002 7.5
November 2002 7.5
December 2002 7.5
January 2003 7.4
February 2003 7.4
March 2003 7.3
April 2003 7.6
May 2003 7.9
June 2003 7.7
July 2003 7.7
August 2003 7.8
September 2003 7.9
October 2003 7.6
November 2003 7.5
December 2003 7.3
January 2004 7.3
February 2004 7.3
March 2004 7.4
April 2004 7.2
May 2004 7.2
June 2004 7.3
July 2004 7.1
August 2004 7.1
September 2004 7.0
October 2004 7.1
November 2004 7.2
December 2004 7.1
January 2005 6.9
February 2005 7.0
March 2005 6.9
April 2005 6.8
May 2005 6.9
June 2005 6.9
July 2005 6.7
August 2005 6.7
September 2005 6.7
October 2005 6.7
November 2005 6.3
December 2005 6.5
January 2006 6.6
February 2006 6.4
March 2006 6.4
April 2006 6.3
May 2006 6.1
June 2006 6.1
July 2006 6.4
August 2006 6.5
September 2006 6.4
October 2006 6.2
November 2006 6.3
December 2006 6.1
January 2007 6.2
February 2007 6.1
March 2007 6.1
April 2007 6.2
May 2007 6.0
June 2007 6.1
July 2007 6.0
August 2007 6.0
September 2007 5.9
October 2007 5.8
November 2007 5.9
December 2007 6.0
January 2008 5.8
February 2008 5.8
March 2008 6.0
April 2008 6.1
May 2008 6.1
June 2008 6.2
July 2008 6.1
August 2008 6.1
September 2008 6.1

SOURCE: Haver Analytics.


Figure: Consumer Price Inflation
Percent, 12-month basis, n.s.a.
Period Consumer price inflation Core*
January 1999 0.66 0.97
February 1999 0.66 0.97
March 1999 0.99 1.18
April 1999 1.65 1.29
May 1999 1.53 1.39
June 1999 1.64 1.50
July 1999 1.86 1.50
August 1999 2.08 1.61
September 1999 2.63 1.93
October 1999 2.29 1.49
November 1999 2.18 1.39
December 1999 2.63 1.39
January 2000 2.19 1.18
February 2000 2.73 1.28
March 2000 3.04 1.28
April 2000 2.16 1.17
May 2000 2.37 1.06
June 2000 2.80 1.27
July 2000 2.90 1.16
August 2000 2.57 1.16
September 2000 2.67 1.05
October 2000 2.77 1.26
November 2000 3.21 1.47
December 2000 3.20 1.69
January 2001 2.99 1.80
February 2001 2.87 1.68
March 2001 2.43 1.89
April 2001 3.49 2.20
May 2001 3.90 2.30
June 2001 3.35 2.19
July 2001 2.71 2.51
August 2001 2.82 2.40
September 2001 2.60 2.29
October 2001 1.87 2.18
November 2001 0.62 1.76
December 2001 0.72 1.66
January 2002 1.35 1.87
February 2002 1.45 2.28
March 2002 1.85 2.16
April 2002 1.74 2.26
May 2002 1.12 2.15
June 2002 1.22 2.15
July 2002 2.13 2.04
August 2002 2.54 2.44
September 2002 2.33 2.54
October 2002 3.16 2.54
November 2002 4.42 3.16
December 2002 3.80 2.76
January 2003 4.51 3.26
February 2003 4.68 3.04
March 2003 4.25 2.82
April 2003 2.91 2.11
May 2003 2.81 2.40
June 2003 2.60 2.10
July 2003 2.09 1.90
August 2003 1.98 1.49
September 2003 2.18 1.68
October 2003 1.58 1.78
November 2003 1.58 1.78
December 2003 2.08 2.09
January 2004 1.27 1.48
February 2004 0.68 1.18
March 2004 0.78 1.27
April 2004 1.66 1.77
May 2004 2.44 1.47
June 2004 2.54 1.67
July 2004 2.34 1.86
August 2004 1.85 1.57
September 2004 1.84 1.46
October 2004 2.33 1.36
November 2004 2.42 1.65
December 2004 2.13 1.75
January 2005 1.94 1.65
February 2005 2.13 1.75
March 2005 2.31 1.84
April 2005 2.40 1.64
May 2005 1.62 1.64
June 2005 1.71 1.54
July 2005 2.00 1.35
August 2005 2.58 1.73
September 2005 3.24 1.73
October 2005 2.57 1.73
November 2005 1.99 1.53
December 2005 2.09 1.53
January 2006 2.75 1.63
February 2006 2.18 1.72
March 2006 2.16 1.71
April 2006 2.44 1.62
May 2006 2.81 1.99
June 2006 2.43 1.71
July 2006 2.33 1.99
August 2006 2.14 1.99
September 2006 0.74 2.27
October 2006 1.02 2.36
November 2006 1.39 2.16
December 2006 1.67 2.07
January 2007 1.11 2.26
February 2007 2.04 2.35
March 2007 2.30 2.34
April 2007 2.20 2.53
May 2007 2.19 2.23
June 2007 2.19 2.52
July 2007 2.19 2.33
August 2007 1.73 2.23
September 2007 2.47 2.03
October 2007 2.39 1.75
November 2007 2.47 1.57
December 2007 2.38 1.48
January 2008 2.19 1.38
February 2008 1.81 1.47
March 2008 1.35 1.28
April 2008 1.70 1.46
May 2008 2.23 1.46
June 2008 3.13 1.55
July 2008 3.39 1.55
August 2008 3.49 1.73

* Excludes 8 most volatile components and the effects of changes in indirect taxes.  Return to table

SOURCE: Haver Analytics.


Economic Indicators
(Percent change from previous period except as noted; seasonally adjusted)
Indicator 2008 2008
Q1 Q2 Q3 June July Aug. Sept.
Industrial production -1.7 -0.6 n.a. -0.2 2.2 n.a. n.a.
New manufacturing orders -3.2 -1.5 n.a. -0.1 -0.3 0.2 n.a.
Retail sales 1.0 0.4 n.a. -0.3 0.0 -0.3 n.a.
Employment 0.5 0.3 -0.1 -0.0 -0.3 0.1 0.6
Consumer attitudes1 92.8 79.6 n.a.
Business confidence1 96.4 91.5 n.a.

1. 2002=100.  Return to table

n.a. Not available.

… Not applicable.

SOURCE: Haver Analytics; Bank for International Settlements.


Chinese Economic Indicators

(Percent change from previous period, seasonally adjusted, except as noted)
Indicator 2006 2007 2008
Q2 Q3 July Aug. Sept.
Real GDP1 10.6 11.3 9.9 4.3
Industrial production 14.6 18.6 3.3 .1 -1.0 -.7 -.1
Consumer prices2 2.8 6.5 7.8 5.3 6.3 4.9 4.6
Merch. trade balance3 177.5 262.2 215.1 297.9 295.0 327.6 271.0

1. Gross Domestic Product. Annual rate. Quarterly data estimated by staff from reported 4-quarter growth rates. Annual data are Q4/Q4.  Return to table

2. Percent change from year-earlier period, except annual data, which are Dec./Dec.  Return to table

3. Billions of U.S. dollars, annual rate. Imports are valued at cost, insurance, and freight.  Return to table

Source: CEIC.

… Not applicable.


Indian Economic Indicators

(Percent change from previous period, seasonally adjusted, except as noted)
Indicator 2006 2007 2008
Q2 Q3 July Aug. Sept.
Real GDP1 9.3 8.8 5.4 n.a.
Industrial production 10.5 9.9 .1 n.a. 1.7 -3.5 n.a.
Consumer prices2 6.5 5.5 7.8 n.a. 7.4 8.1 n.a.
Wholesale prices2 5.7 3.8 9.6 12.3 12.4 12.6 12.0
Merch. trade balance3 -51.8 -69.7 -111.5 n.a. -135.2 -158.0 n.a.
Current account4 -9.5 -12.1 -42.9 n.a.

1. Gross Domestic Product. Annual rate. Annual data are Q4/Q4.  Return to table

2. Percent change from year-earlier period, except annual data, which are Dec./Dec.  Return to table

3. Billions of U.S. dollars, annual rate.  Return to table

4. Billions of U.S. dollars, not seasonally adjusted, annual rate.  Return to table

Source: CEIC.

n.a. Not available.

… Not applicable.


China and India

Figure: Industrial Production
January 2000 = 100
Period China India
January 2002 124.85 108.27
February 2002 118.52 108.06
March 2002 122.00 109.12
April 2002 124.71 110.43
May 2002 127.45 110.01
June 2002 126.63 110.84
July 2002 128.02 112.43
August 2002 129.47 113.01
September 2002 131.17 112.49
October 2002 133.01 114.16
November 2002 134.53 113.06
December 2002 136.01 114.58
January 2003 141.51 115.46
February 2003 142.14 115.96
March 2003 142.13 115.52
April 2003 142.46 115.43
May 2003 143.63 117.04
June 2003 147.97 118.08
July 2003 149.84 119.54
August 2003 151.90 119.61
September 2003 153.74 120.51
October 2003 156.16 120.78
November 2003 159.17 122.93
December 2003 161.81 123.34
January 2004 158.70 124.63
February 2004 163.65 126.04
March 2004 168.18 124.63
April 2004 169.40 126.06
May 2004 170.51 124.68
June 2004 171.14 126.39
July 2004 174.24 129.69
August 2004 176.10 129.98
September 2004 178.08 131.98
October 2004 181.14 133.38
November 2004 183.48 133.02
December 2004 185.57 134.59
January 2005 185.26 134.18
February 2005 189.46 133.82
March 2005 192.44 136.46
April 2005 195.96 136.48
May 2005 197.47 137.60
June 2005 198.39 141.35
July 2005 201.38 135.98
August 2005 204.74 140.02
September 2005 207.03 141.25
October 2005 211.54 146.28
November 2005 213.71 141.51
December 2005 217.83 142.42
January 2006 207.47 146.00
February 2006 224.54 145.95
March 2006 226.56 148.01
April 2006 227.03 150.08
May 2006 232.43 153.11
June 2006 235.06 154.52
July 2006 235.43 154.25
August 2006 237.10 154.43
September 2006 239.78 158.19
October 2006 243.09 152.91
November 2006 246.50 164.30
December 2006 249.62 161.69
January 2007 270.81 163.32
February 2007 245.08 162.17
March 2007 269.77 169.39
April 2007 267.35 167.02
May 2007 270.11 168.93
June 2007 281.02 167.80
July 2007 278.73 167.28
August 2007 281.16 171.28
September 2007 285.02 169.27
October 2007 284.30 171.61
November 2007 292.25 172.63
December 2007 296.14 174.69
January 2008 310.79 173.53
February 2008 291.04 177.74
March 2008 314.70 178.41
April 2008 306.28 177.44
May 2008 320.04 176.03
June 2008 320.72 176.66
July 2008 317.53 179.75
August 2008 315.40 173.49
September 2008 315.09 ND

Source: CEIC.


Figure: Consumer Prices
Percent change from year earlier
Period China India
January 2002 -1.0 4.94
February 2002 0.0 5.19
March 2002 -0.8 5.17
April 2002 -1.3 4.69
May 2002 -1.1 4.66
June 2002 -0.8 4.16
July 2002 -0.9 3.89
August 2002 -0.7 3.86
September 2002 -0.7 4.30
October 2002 -0.8 5.18
November 2002 -0.7 3.60
December 2002 -0.4 3.20
January 2003 0.4 3.43
February 2003 0.2 3.86
March 2003 0.9 4.06
April 2003 1.0 5.12
May 2003 0.7 4.66
June 2003 0.3 4.41
July 2003 0.5 4.16
August 2003 0.9 3.10
September 2003 1.1 2.89
October 2003 1.8 3.29
November 2003 3.0 3.07
December 2003 3.2 3.72
January 2004 3.2 4.35
February 2004 2.1 4.13
March 2004 3.0 3.49
April 2004 3.8 2.23
May 2004 4.4 2.83
June 2004 5.0 3.02
July 2004 5.3 3.19
August 2004 5.3 4.61
September 2004 5.2 4.81
October 2004 4.3 4.57
November 2004 2.8 4.17
December 2004 2.4 3.79
January 2005 1.9 4.36
February 2005 3.9 4.17
March 2005 2.7 4.17
April 2005 1.8 4.96
May 2005 1.8 3.74
June 2005 1.6 3.32
July 2005 1.8 4.06
August 2005 1.3 3.45
September 2005 0.9 3.63
October 2005 1.2 4.18
November 2005 1.3 5.33
December 2005 1.6 5.57
January 2006 1.9 4.37
February 2006 0.9 4.57
March 2006 0.8 4.57
April 2006 1.2 4.65
May 2006 1.4 5.93
June 2006 1.5 7.27
July 2006 1.0 6.33
August 2006 1.3 5.94
September 2006 1.5 6.40
October 2006 1.4 6.92
November 2006 1.9 5.95
December 2006 2.8 6.53
January 2007 2.2 6.72
February 2007 2.7 7.56
March 2007 3.3 6.72
April 2007 3.0 6.67
May 2007 3.4 6.61
June 2007 4.4 5.69
July 2007 5.6 6.45
August 2007 6.5 7.26
September 2007 6.2 6.40
October 2007 6.5 5.51
November 2007 6.9 5.51
December 2007 6.5 5.51
January 2008 7.1 5.51
February 2008 8.7 5.47
March 2008 8.3 7.87
April 2008 8.5 7.81
May 2008 7.7 7.75
June 2008 7.1 7.69
July 2008 6.3 7.37
August 2008 4.9 8.05
September 2008 4.6 ND

Source: China Statistic and Consultancy Service Center, CEIC.


Figure: Merchandise Trade Balances
3-month moving average (n.s.a.)
Billions of dollars
Period China India
January 2002 3.17 -0.38
February 2002 3.52 -0.40
March 2002 3.03 -0.33
April 2002 2.67 -0.42
May 2002 1.92 -0.53
June 2002 2.36 -0.49
July 2002 2.34 -0.53
August 2002 2.50 -0.42
September 2002 2.06 -0.55
October 2002 2.06 -0.76
November 2002 2.02 -0.91
December 2002 2.69 -1.00
January 2003 1.91 -0.96
February 2003 1.52 -0.94
March 2003 0.42 -0.94
April 2003 1.26 -1.13
May 2003 1.94 -1.20
June 2003 2.40 -1.30
July 2003 2.08 -1.17
August 2003 1.89 -1.21
September 2003 1.45 -1.00
October 2003 1.67 -1.13
November 2003 2.07 -1.12
December 2003 3.60 -1.28
January 2004 2.62 -1.33
February 2004 1.10 -1.36
March 2004 -0.32 -1.24
April 2004 -0.16 -1.15
May 2004 0.74 -1.22
June 2004 0.81 -1.79
July 2004 1.51 -1.95
August 2004 2.31 -2.10
September 2004 3.48 -1.89
October 2004 3.97 -2.02
November 2004 5.23 -1.97
December 2004 6.48 -2.33
January 2005 8.79 -2.68
February 2005 8.48 -3.10
March 2005 8.21 -3.21
April 2005 7.28 -3.34
May 2005 8.03 -3.77
June 2005 8.28 -3.95
July 2005 9.18 -4.15
August 2005 9.33 -4.03
September 2005 8.93 -4.04
October 2005 8.32 -3.63
November 2005 7.72 -3.54
December 2005 8.35 -3.33
January 2006 9.51 -3.59
February 2006 9.22 -4.08
March 2006 10.52 -4.26
April 2006 11.33 -4.27
May 2006 13.31 -3.67
June 2006 13.09 -3.58
July 2006 13.15 -3.73
August 2006 14.51 -3.86
September 2006 15.48 -4.41
October 2006 17.19 -5.17
November 2006 17.85 -5.64
December 2006 19.07 -5.44
January 2007 18.88 -4.25
February 2007 23.38 -4.25
March 2007 20.75 -4.52
April 2007 21.48 -5.74
May 2007 18.16 -6.01
June 2007 22.90 -6.70
July 2007 23.84 -6.58
August 2007 23.80 -6.80
September 2007 23.48 -5.47
October 2007 22.59 -5.40
November 2007 22.68 -5.55
December 2007 20.85 -6.46
January 2008 21.84 -7.10
February 2008 20.72 -7.42
March 2008 21.08 -8.45
April 2008 18.67 -8.59
May 2008 20.14 -9.16
June 2008 17.92 -9.29
July 2008 20.46 -10.27
August 2008 21.77 -11.38
September 2008 24.82 ND

Source: China Statistic and Consultancy Service Center, CEIC.


Figure: Benchmark Interest Rates
Percent
Period China India
January 2002 5.85 6.50
February 2002 5.31 6.50
March 2002 5.31 8.00
April 2002 5.31 6.00
May 2002 5.31 6.00
June 2002 5.31 5.75
July 2002 5.31 5.75
August 2002 5.31 5.75
September 2002 5.31 5.75
October 2002 5.31 5.50
November 2002 5.31 5.50
December 2002 5.31 5.50
January 2003 5.31 5.50
February 2003 5.31 7.50
March 2003 5.31 7.00
April 2003 5.31 5.00
May 2003 5.31 5.00
June 2003 5.31 5.00
July 2003 5.31 5.00
August 2003 5.31 4.50
September 2003 5.31 4.50
October 2003 5.31 4.50
November 2003 5.31 4.50
December 2003 5.31 4.50
January 2004 5.31 4.50
February 2004 5.31 4.50
March 2004 5.31 6.00
April 2004 5.31 4.50
May 2004 5.31 4.50
June 2004 5.31 4.50
July 2004 5.31 4.50
August 2004 5.31 4.50
September 2004 5.31 4.50
October 2004 5.58 6.00
November 2004 5.58 6.00
December 2004 5.58 6.00
January 2005 5.58 6.00
February 2005 5.58 6.00
March 2005 5.58 6.00
April 2005 5.58 6.00
May 2005 5.58 6.00
June 2005 5.58 6.00
July 2005 5.58 6.00
August 2005 5.58 6.00
September 2005 5.58 6.00
October 2005 5.58 6.25
November 2005 5.58 6.25
December 2005 5.58 6.25
January 2006 5.58 6.50
February 2006 5.58 6.50
March 2006 5.58 6.50
April 2006 5.85 6.50
May 2006 5.85 6.50
June 2006 5.85 6.75
July 2006 5.85 7.00
August 2006 6.12 7.00
September 2006 6.12 7.00
October 2006 6.12 7.25
November 2006 6.12 7.25
December 2006 6.12 7.25
January 2007 6.12 7.50
February 2007 6.12 7.50
March 2007 6.39 7.50
April 2007 6.39 7.75
May 2007 6.57 7.75
June 2007 6.57 7.75
July 2007 6.84 7.75
August 2007 7.02 7.75
September 2007 7.29 7.75
October 2007 7.29 7.75
November 2007 7.29 7.75
December 2007 7.47 7.75
January 2008 7.47 7.75
February 2008 7.47 7.75
March 2008 7.47 7.75
April 2008 7.47 7.75
May 2008 7.47 7.75
June 2008 7.47 8.50
July 2008 7.47 9.00
August 2008 7.47 9.00
September 2008 7.20 9.00
October 2008 6.93 8.00

Source: Bloomberg, CEIC.


Figure: Gross External Debt
Percent of Gross Domestic Product
Period India
2002:Q1 22.31
2002:Q2 22.71
2002:Q3 22.23
2002:Q4 22.62
2003:Q1 21.34
2003:Q2 21.41
2003:Q3 20.86
2003:Q4 19.80
2004:Q1 19.15
2004:Q2 18.53
2004:Q3 18.25
2004:Q4 18.60
2005:Q1 19.23
2005:Q2 18.62
2005:Q3 18.56
2005:Q4 18.04
2006:Q1 17.73
2006:Q2 16.80
2006:Q3 18.81
2006:Q4 18.70
2007:Q1 18.56
2007:Q2 18.06
2007:Q3 18.53
2007:Q4 18.60
2008:Q1 19.15
2008:Q2 19.32

Source: Bank for International Settlements, Haver Analytics.


Figure: Short-Term External Debt
Percent of reserves
Period India
2002:Q1 5.31
2002:Q2 5.58
2002:Q3 5.62
2002:Q4 5.82
2003:Q1 6.43
2003:Q2 7.48
2003:Q3 7.21
2003:Q4 6.09
2004:Q1 4.07
2004:Q2 5.11
2004:Q3 5.28
2004:Q4 5.42
2005:Q1 5.50
2005:Q2 5.35
2005:Q3 5.99
2005:Q4 6.68
2006:Q1 5.96
2006:Q2 5.81
2006:Q3 6.68
2006:Q4 5.87
2007:Q1 6.22
2007:Q2 6.30
2007:Q3 12.81

Source: Bank for International Settlements, CEIC.


Economic Indicators for Newly Industrialized Economies: Growth

(Percent change from previous period, seasonally adjusted, except as noted)
Indicator 2006 2007 2008
Q1 Q2 June July Aug.
Real GDP1
Hong Kong 6.5 7.0 8.2 -5.5
Korea 4.2 5.9 3.3 3.4
Singapore 7.0 5.5 15.7 -6.0
Taiwan 4.0 6.5 2.4 1.0
Industrial production
Hong Kong 2.4 -1.6 -3.6 -1.1
Korea 8.9 6.9 2.1 1.3 .1 -.4 -2.2
Singapore 11.9 5.9 11.7 -14.8 1.3 4.0 -3.9
Taiwan 4.7 7.8 .9 .1 .7 -1.5 .3

1. Gross Domestic Product. Annual rate. Annual data are Q4/Q4.  Return to table

Sources: CEIC; Reuters.

… Not applicable.


Economic Indicators for Newly Industrialized Economies: Merchandise Trade Balance

(Billions of U.S. dollars; seasonally adjusted annual rate)
Indicator 2006 2007 2008
Q2 Q3 July Aug. Sept.
Hong Kong -17.9 -23.5 -31.4 n.a. -42.5 -4.2 n.a.
Korea 27.9 29.4 24.6 n.a. -2.9 -21.0 n.a.
Singapore 33.1 36.2 24.9 19.5 25.0 29.5 3.8
Taiwan 11.6 16.8 14.5 -6.6 -2.3 -16.5 -1.0

Source: CEIC.

n.a. Not available.


Economic Indicators for Newly Industrialized Economies: Consumer Price Inflation

(Percent change from year earlier except as noted)
Indicator 2006 1 2007 1 2008
Q2 Q3 July Aug. Sept.
Hong Kong 2.3 3.8 5.7 n.a. 6.3 4.5 n.a.
Korea 2.1 3.6 4.8 5.5 5.9 5.6 5.1
Singapore .8 4.4 7.5 n.a. 6.5 6.4 n.a.
Taiwan .7 3.3 4.2 4.5 5.8 4.7 3.1

1. Percent change from year-earlier period, except annual data, which are Dec./Dec.  Return to table

Source: CEIC.

n.a. Not available.


Newly Industrialized Economies

Figure: Industrial Production

A line chart shows four series, "Korea", "Singapore", "Hong Kong", and "Taiwan", from 2002 through 2008. Unit is an index, Jan. 2000 = 100. The "Korea" series begins at about 105.1 and generally increases to end at about 168 in August 2008. The "Singapore" series begins at about 90 in 2002, with some volatility, generally increases to about 183 by mid-2007, and generally decreases to end at about 136 in August 2008. The "Hong Kong" series begins at about 87 in 2002, generally decreases to about 75 in late 2003, generally increases to about 85 in late 2005, and generally decreases to end at about 77 in 2008:Q2. The "Taiwan" series begins at about 93 in 2002, and generally increases to end at about 145 in August 2008.

Source.CEIC.


Figure: Consumer Prices
Percent change from year earlier
Period Korea Singapore Hong Kong Taiwan
January 2002 2.68 -1.10 -3.47 -1.68
February 2002 2.71 -0.62 -2.27 1.42
March 2002 2.34 -0.88 -2.18 0.01
April 2002 2.52 -1.05 -3.01 0.21
May 2002 2.97 -0.35 -3.11 -0.26
June 2002 2.56 0.14 -3.30 0.09
July 2002 2.07 -0.42 -3.48 0.41
August 2002 2.31 -0.44 -3.22 -0.28
September 2002 2.98 -0.42 -3.69 -0.77
October 2002 2.82 -0.20 -3.60 -1.70
November 2002 3.45 0.23 -3.60 -0.56
December 2002 3.78 0.44 -1.46 0.76
January 2003 3.83 0.87 -1.55 1.09
February 2003 3.94 0.39 -2.03 -1.52
March 2003 4.54 0.76 -2.13 -0.18
April 2003 3.77 0.86 -1.75 -0.10
May 2003 3.15 -0.09 -2.43 0.32
June 2003 3.00 -0.32 -3.12 -0.55
July 2003 3.15 0.27 -4.00 -0.98
August 2003 2.92 0.46 -3.82 -0.58
September 2003 3.26 0.69 -3.24 -0.22
October 2003 3.77 0.65 -2.65 -0.05
November 2003 3.44 0.56 -2.36 -0.47
December 2003 3.44 0.75 -1.87 -0.05
January 2004 3.42 0.68 -1.48 0.01
February 2004 3.31 2.02 -1.98 0.64
March 2004 3.09 0.99 -2.08 0.90
April 2004 3.27 1.46 -1.58 0.95
May 2004 3.31 2.36 -0.90 0.92
June 2004 3.66 1.86 -0.20 1.74
July 2004 4.31 2.04 0.91 3.34
August 2004 4.76 1.78 0.81 2.55
September 2004 3.80 1.89 0.71 2.79
October 2004 3.79 1.92 0.50 2.39
November 2004 3.31 1.75 0.50 1.53
December 2004 3.03 1.31 0.30 1.62
January 2005 3.45 0.39 -0.30 0.49
February 2005 3.38 -0.02 0.71 1.94
March 2005 3.01 0.42 0.71 2.30
April 2005 3.13 0.37 0.40 1.64
May 2005 3.07 -0.03 0.70 2.30
June 2005 2.80 -0.17 1.11 2.38
July 2005 2.49 0.07 1.11 2.40
August 2005 1.94 0.69 1.11 3.57
September 2005 2.44 0.62 1.51 3.16
October 2005 2.28 1.07 1.31 2.74
November 2005 2.48 0.98 1.20 2.50
December 2005 2.62 1.27 1.40 2.21
January 2006 2.26 1.74 1.81 2.67
February 2006 2.03 1.21 1.30 0.98
March 2006 2.03 1.16 1.70 0.41
April 2006 2.03 1.08 1.90 1.23
May 2006 2.30 1.09 2.10 1.59
June 2006 2.42 1.41 2.09 1.73
July 2006 2.34 1.11 2.29 0.79
August 2006 2.67 0.68 2.50 -0.56
September 2006 2.46 0.45 2.09 -1.23
October 2006 2.19 0.43 1.98 -1.19
November 2006 2.08 0.54 2.18 0.24
December 2006 2.09 0.81 2.27 0.67
January 2007 1.72 0.24 1.97 0.35
February 2007 2.18 0.61 0.79 1.75
March 2007 2.18 0.74 2.36 0.85
April 2007 2.47 0.61 1.27 0.68
May 2007 2.35 1.02 1.27 -0.02
June 2007 2.55 1.30 1.37 0.13
July 2007 2.51 2.63 1.56 -0.33
August 2007 2.03 2.93 1.66 1.61
September 2007 2.31 2.69 1.65 3.11
October 2007 3.02 3.65 3.21 5.33
November 2007 3.52 4.24 3.39 4.80
December 2007 3.61 4.43 3.77 3.33
January 2008 3.92 6.64 3.29 2.94
February 2008 3.58 6.53 6.28 3.86
March 2008 3.95 6.69 4.14 3.94
April 2008 4.12 7.55 5.42 3.88
May 2008 4.87 7.49 5.61 3.71
June 2008 5.54 7.51 6.07 4.97
July 2008 5.89 6.55 6.33 5.81
August 2008 5.61 6.40 4.50 4.67
September 2008 5.10 ND ND 3.09

Source: CEIC, Bank of Korea, Reuters.


Figure: Merchandise Trade Balances
3-month moving average (n.s.a.)
Billions of dollars
Period Korea Singapore Hong Kong Taiwan
January 2002 0.84 0.87 -0.80 2.05
February 2002 0.92 0.62 -0.54 2.08
March 2002 1.31 0.50 -0.42 1.88
April 2002 1.39 0.33 -0.30 1.50
May 2002 1.37 0.55 -0.50 1.35
June 2002 1.16 0.54 -0.69 1.54
July 2002 1.08 0.61 -0.74 1.36
August 2002 1.23 0.72 -0.85 1.41
September 2002 1.09 0.87 -0.71 1.06
October 2002 1.43 0.81 -0.69 1.10
November 2002 1.39 0.95 -0.61 1.25
December 2002 1.33 0.96 -0.69 1.62
January 2003 0.99 1.71 -0.70 1.49
February 2003 0.86 1.70 -0.74 1.38
March 2003 0.67 1.92 -0.68 1.31
April 2003 0.83 1.57 -0.52 1.55
May 2003 0.92 1.84 -0.23 1.55
June 2003 1.61 1.86 -0.30 1.48
July 2003 1.67 2.01 -0.32 1.60
August 2003 2.20 1.92 -0.58 1.58
September 2003 2.39 2.12 -0.66 1.67
October 2003 2.73 2.05 -0.88 1.68
November 2003 2.63 2.04 -1.11 1.44
December 2003 2.63 1.97 -1.19 1.14
January 2004 2.80 1.83 -1.27 0.97
February 2004 3.21 1.99 -1.27 0.72
March 2004 3.21 1.82 -1.03 0.74
April 2004 3.30 1.85 -1.31 0.73
May 2004 3.19 1.64 -1.15 1.08
June 2004 3.10 1.98 -1.48 0.84
July 2004 3.42 1.96 -1.24 0.82
August 2004 3.11 2.13 -1.10 0.69
September 2004 3.38 2.17 -1.05 0.92
October 2004 2.66 2.43 -0.94 0.49
November 2004 2.76 2.32 -0.84 0.23
December 2004 2.78 2.34 -0.62 -0.47
January 2005 3.61 2.12 -0.38 -0.44
February 2005 3.40 2.32 -0.70 -0.22
March 2005 3.27 2.01 -0.98 0.30
April 2005 2.57 2.17 -1.13 0.34
May 2005 2.66 2.29 -1.06 0.27
June 2005 2.65 2.41 -0.57 0.33
July 2005 2.78 2.47 -0.68 0.46
August 2005 2.73 2.48 -0.64 0.38
September 2005 2.49 2.46 -1.09 0.45
October 2005 2.43 2.47 -0.90 0.58
November 2005 2.38 2.54 -0.78 0.82
December 2005 2.37 2.96 -0.89 1.52
January 2006 1.97 3.29 -1.04 1.80
February 2006 1.70 2.85 -1.51 0.87
March 2006 1.94 2.86 -1.34 0.37
April 2006 2.15 2.75 -1.50 0.40
May 2006 2.47 2.99 -1.53 1.06
June 2006 2.34 2.81 -1.60 0.98
July 2006 2.05 2.48 -1.43 0.82
August 2006 2.03 2.48 -1.32 0.95
September 2006 2.11 2.44 -1.33 1.18
October 2006 2.27 3.07 -1.56 1.04
November 2006 2.90 3.35 -1.55 1.13
December 2006 2.74 2.84 -1.65 1.13
January 2007 2.81 3.13 -1.76 1.14
February 2007 2.53 2.66 -1.38 1.38
March 2007 2.54 3.37 -1.30 1.39
April 2007 2.62 2.94 -1.50 1.32
May 2007 2.33 3.30 -1.73 1.21
June 2007 2.39 3.15 -2.27 0.92
July 2007 2.55 3.21 -2.17 0.83
August 2007 3.05 3.36 -2.19 1.17
September 2007 3.31 3.44 -1.92 1.55
October 2007 3.20 3.25 -2.07 2.00
November 2007 2.21 2.64 -2.20 2.11
December 2007 1.51 2.09 -2.33 1.67
January 2008 0.71 2.11 -2.19 1.33
February 2008 0.45 2.17 -2.54 0.63
March 2008 0.20 1.90 -2.84 0.25
April 2008 1.10 1.59 -2.49 0.23
May 2008 1.33 1.71 -2.59 0.64
June 2008 2.05 2.07 -2.61 1.21
July 2008 1.06 1.97 -3.42 0.89
August 2008 0.19 2.11 -2.47 -0.11
September 2008 ND ND ND -0.55

The "Singapore" series ends at about $ 1.6 billion in September 2008.

Source: CEIC.


Figure: Benchmark Interest Rates
Percent
Period Korea Hong Kong Taiwan
January 2002 4.00 3.25 2.13
February 2002 4.00 3.25 2.13
March 2002 4.00 ND 2.13
April 2002 4.00 3.25 2.13
May 2002 4.25 3.25 2.13
June 2002 4.25 3.25 1.88
July 2002 4.25 3.25 1.88
August 2002 4.25 3.25 1.88
September 2002 4.25 3.25 1.88
October 2002 4.25 3.25 1.88
November 2002 4.25 2.75 1.63
December 2002 4.25 2.75 1.63
January 2003 4.25 ND 1.63
February 2003 4.25 2.75 1.63
March 2003 4.25 2.75 1.63
April 2003 4.25 2.75 1.63
May 2003 4.00 2.75 1.63
June 2003 4.00 2.50 1.38
July 2003 3.75 2.50 1.38
August 2003 3.75 2.50 1.38
September 2003 3.75 2.50 1.38
October 2003 3.75 2.50 1.38
November 2003 3.75 2.50 1.38
December 2003 3.75 2.50 1.38
January 2004 3.75 2.50 1.38
February 2004 3.75 2.50 1.38
March 2004 3.75 2.50 1.38
April 2004 3.75 2.50 1.38
May 2004 3.75 2.50 1.38
June 2004 3.75 2.50 1.38
July 2004 3.75 2.75 1.38
August 2004 3.50 3.00 1.38
September 2004 3.50 3.25 1.63
October 2004 3.50 3.25 1.63
November 2004 3.25 3.50 1.63
December 2004 3.25 3.75 1.75
January 2005 3.25 ND 1.75
February 2005 3.25 4.00 1.75
March 2005 3.25 4.25 1.88
April 2005 3.25 4.25 1.88
May 2005 3.25 4.50 1.88
June 2005 3.25 4.50 1.88
July 2005 3.25 4.75 2.00
August 2005 3.25 5.00 2.00
September 2005 3.25 5.25 2.13
October 2005 3.50 5.25 2.13
November 2005 3.50 5.50 2.13
December 2005 3.75 5.75 2.25
January 2006 3.75 5.75 2.25
February 2006 4.00 6.00 2.25
March 2006 4.00 6.25 2.38
April 2006 4.00 6.25 2.38
May 2006 4.00 6.50 2.38
June 2006 4.25 6.75 2.50
July 2006 4.25 6.75 2.50
August 2006 4.50 6.75 2.50
September 2006 4.50 6.75 2.63
October 2006 4.50 6.75 2.63
November 2006 4.50 6.75 2.63
December 2006 4.50 6.75 2.75
January 2007 4.50 6.75 2.75
February 2007 4.50 6.75 2.75
March 2007 4.50 6.75 2.88
April 2007 4.50 6.75 2.88
May 2007 4.50 6.75 2.88
June 2007 4.50 6.75 3.13
July 2007 4.75 6.75 3.13
August 2007 5.00 6.75 3.13
September 2007 5.00 6.25 3.25
October 2007 5.00 6.25 3.25
November 2007 5.00 6.00 3.25
December 2007 5.00 5.75 3.38
January 2008 5.00 4.50 3.38
February 2008 5.00 4.50 3.38
March 2008 5.00 3.75 3.50
April 2008 5.00 3.75 3.50
May 2008 5.00 3.50 3.50
June 2008 5.00 3.50 3.63
July 2008 5.00 3.50 3.63
August 2008 5.25 3.50 3.63
September 2008 5.25 3.50 3.50
October 2008 5.00 ND 3.25

Source: Bloomberg.


Figure: Gross External Debt
Percent of Gross Domestic Product
Period Korea
2002:Q1 26.61
2002:Q2 25.58
2002:Q3 24.84
2002:Q4 24.84
2003:Q1 25.71
2003:Q2 26.80
2003:Q3 26.20
2003:Q4 25.52
2004:Q1 25.72
2004:Q2 25.27
2004:Q3 24.49
2004:Q4 23.86
2005:Q1 23.29
2005:Q2 23.19
2005:Q3 23.57
2005:Q4 23.66
2006:Q1 23.84
2006:Q2 25.98
2006:Q3 27.87
2006:Q4 26.84
2007:Q1 28.20
2007:Q2 29.68
2007:Q3 35.22

Source: Bank for International Settlements.


Figure: Short-Term External Debt
Percent of reserves
Period Korea
2002:Q1 41.53
2002:Q2 42.16
2002:Q3 45.04
2002:Q4 40.98
2003:Q1 44.87
2003:Q2 43.27
2003:Q3 40.26
2003:Q4 35.31
2004:Q1 35.58
2004:Q2 34.41
2004:Q3 30.28
2004:Q4 28.32
2005:Q1 30.87
2005:Q2 32.34
2005:Q3 32.60
2005:Q4 31.34
2006:Q1 34.42
2006:Q2 42.03
2006:Q3 47.33
2006:Q4 45.21
2007:Q1 46.60
2007:Q2 51.77
2007:Q3 56.81

Source: Bank for International Settlements.


ASEAN-41 Economic Indicators: Growth

(Percent change from previous period, seasonally adjusted, except as noted)
Indicator 2006 2007 2008
Q1 Q2 June July Aug.
Real GDP2
Indonesia 5.8 6.1 3.2 11.1
Malaysia 5.4 7.4 6.0 3.7
Philippines 5.6 6.5 1.3 8.4
Thailand 4.3 5.8 5.5 2.9
Industrial production3
Indonesia4 -1.6 5.6 2.0 -.7 .5 -2.0 n.a.
Malaysia 4.5 2.0 1.6 -.9 -1.7 1.0 -2.3
Philippines -8.5 -2.7 -1.5 2.6 .1 4.2 n.a.
Thailand 7.3 8.2 1.7 .0 1.1 2.1 .0

1. Association of Southeast Asian Nations.  Return to text

2. Gross Domestic Product. Annual rate. Annual data are Q4/Q4.  Return to table

3. Annual data are annual averages.  Return to table

4. Staff estimate.  Return to table

Source: CEIC.

n.a. Not available.

… Not applicable.


ASEAN-41 Economic Indicators: Merchandise Trade Balance

(Billions of U.S. dollars; seasonally adjusted annualized rate)
Indicator 2006 2007 2008
Q1 Q2 June July Aug.
Indonesia 39.7 39.6 44.9 31.9 34.5 21.3 36.1
Malaysia 29.5 29.2 33.9 56.0 50.9 57.6 42.2
Philippines -4.4 -5.0 -10.6 -5.0 -5.9 -17.9 n.a.
Thailand 1.0 11.6 .3 12.7 18.5 -8.9 -7.6

1. Association of Southeast Asian Nations.  Return to text

Sources: CEIC; Bank of Thailand; Philippines Economic Indicators Telegram (PEIT); Monetary Authority of Singapore.

n.a. Not available.


ASEAN-41 Economic Indicators: Consumer Price Inflation

(Percent change from year earlier except as noted)
Indicator 2006 2 2007 2 2008
Q2 Q3 July Aug. Sept.
Indonesia 6.6 5.8 10.1 12.0 11.9 11.8 12.2
Malaysia 3.1 2.4 4.9 n.a. 8.5 8.5 n.a.
Philippines 4.3 3.9 9.7 12.2 12.3 12.5 11.9
Thailand 3.5 3.2 7.5 7.2 9.2 6.4 6.0

1. Association of Southeast Asian Nations.  Return to text

2. Dec./Dec.  Return to table

Sources: CEIC; IMF International Financial Statistics database.

n.a. Not available.


ASEAN-4

Figure: Industrial Production
January 2000 = 100
Period Indonesia Malaysia Philippines Thailand
January 2002 140.31 104.96 93.99 109.52
February 2002 134.20 109.64 98.32 111.11
March 2002 139.44 104.35 95.46 115.34
April 2002 148.40 109.60 103.71 114.71
May 2002 145.52 109.96 101.90 119.58
June 2002 145.90 107.73 97.32 117.57
July 2002 146.97 112.26 96.78 118.10
August 2002 145.10 111.10 97.77 123.49
September 2002 146.40 112.56 100.51 120.63
October 2002 149.33 112.19 101.91 123.28
November 2002 154.75 112.35 103.20 127.94
December 2002 119.67 112.08 98.36 120.95
January 2003 148.65 109.09 99.39 131.43
February 2003 153.58 119.49 98.73 127.09
March 2003 155.13 113.12 105.64 131.96
April 2003 149.26 116.70 96.68 136.72
May 2003 145.77 122.63 100.44 133.65
June 2003 153.35 116.97 98.36 132.91
July 2003 152.74 121.29 100.63 135.24
August 2003 152.78 119.64 100.21 131.96
September 2003 152.12 122.56 94.19 136.19
October 2003 153.67 125.06 94.22 140.85
November 2003 137.92 125.89 94.67 137.14
December 2003 156.09 128.86 91.43 146.46
January 2004 157.42 130.89 98.67 148.15
February 2004 149.42 133.08 98.65 151.11
March 2004 152.53 134.34 98.96 143.49
April 2004 151.75 134.41 94.74 149.74
May 2004 152.94 134.87 94.07 146.56
June 2004 152.97 136.42 97.23 147.30
July 2004 153.69 134.78 94.93 153.33
August 2004 158.24 135.84 91.39 145.82
September 2004 158.66 133.57 95.79 154.71
October 2004 173.13 134.78 94.85 155.77
November 2004 143.54 129.34 94.59 155.77
December 2004 160.32 137.31 90.92 159.37
January 2005 161.27 138.04 93.95 156.93
February 2005 166.70 133.56 96.30 152.59
March 2005 164.84 141.67 96.77 160.42
April 2005 156.53 138.11 96.76 164.23
May 2005 162.05 137.08 94.94 162.86
June 2005 156.46 140.12 95.15 168.25
July 2005 156.60 137.78 96.95 166.46
August 2005 158.24 141.93 98.25 166.98
September 2005 156.18 143.16 93.20 171.11
October 2005 164.50 143.63 99.80 168.36
November 2005 145.54 139.96 100.17 167.83
December 2005 146.22 140.15 93.00 168.89
January 2006 151.96 143.10 89.81 166.14
February 2006 154.10 144.05 91.39 172.38
March 2006 148.42 147.86 96.43 177.04
April 2006 153.23 144.66 86.59 172.06
May 2006 152.26 145.17 88.82 177.46
June 2006 155.51 148.03 86.25 179.47
July 2006 155.47 146.84 83.21 176.93
August 2006 155.32 147.71 85.92 179.47
September 2006 158.21 146.46 85.42 179.79
October 2006 152.50 140.54 87.82 177.46
November 2006 164.31 149.57 89.84 181.27
December 2006 165.55 147.74 86.96 180.21
January 2007 161.29 147.31 87.89 181.90
February 2007 159.17 146.09 81.84 180.74
March 2007 161.80 144.52 90.77 183.92
April 2007 165.33 145.79 83.04 184.34
May 2007 163.06 149.92 82.26 188.36
June 2007 163.39 148.55 84.63 186.46
July 2007 164.72 149.45 85.72 190.58
August 2007 162.80 148.45 85.01 196.61
September 2007 166.16 150.52 83.74 195.45
October 2007 158.32 146.96 85.70 200.85
November 2007 170.90 153.65 86.12 202.96
December 2007 168.82 156.20 92.39 201.90
January 2008 171.85 158.34 86.12 207.62
February 2008 167.76 156.05 87.67 207.83
March 2008 168.39 149.51 86.43 200.63
April 2008 169.00 153.56 89.34 203.49
May 2008 167.19 154.39 88.82 205.08
June 2008 168.00 151.70 88.89 207.30
July 2008 164.70 153.19 92.63 211.64
August 2008 ND 149.62 ND 211.64

Source: CEIC, Bank of Philippines.


Figure: Consumer Prices
Percent change from year earlier
Period Indonesia Malaysia Philippines Thailand
January 2002 14.24 1.08 3.71 0.75
February 2002 15.14 1.18 3.23 0.27
March 2002 14.08 2.05 3.51 0.57
April 2002 13.82 1.83 3.50 0.39
May 2002 12.96 1.94 3.50 0.11
June 2002 11.62 2.05 2.23 0.20
July 2002 10.31 2.05 2.51 0.10
August 2002 10.88 2.05 2.98 0.29
September 2002 10.63 2.05 2.69 0.40
October 2002 10.25 2.05 2.59 1.49
November 2002 10.11 1.60 2.40 1.19
December 2002 9.66 1.60 2.49 1.58
January 2003 8.64 1.60 2.75 2.22
February 2003 7.34 1.60 3.22 2.02
March 2003 7.23 0.63 3.02 1.71
April 2003 7.72 0.95 3.29 1.60
May 2003 7.33 0.95 3.38 1.90
June 2003 7.21 0.74 3.92 1.70
July 2003 6.51 0.95 3.72 1.80
August 2003 6.70 0.95 3.43 2.20
September 2003 6.37 1.05 3.61 1.69
October 2003 6.35 1.27 3.61 1.19
November 2003 5.36 1.05 3.88 1.79
December 2003 5.00 1.16 3.87 1.79
January 2004 4.72 0.94 4.11 1.28
February 2004 4.55 0.84 4.01 2.17
March 2004 5.05 0.94 4.18 2.37
April 2004 5.88 0.94 4.25 2.46
May 2004 6.54 1.15 4.51 2.45
June 2004 6.97 1.36 5.43 3.05
July 2004 7.45 1.36 6.56 3.15
August 2004 6.87 1.46 6.81 3.13
September 2004 6.29 1.57 7.24 3.63
October 2004 6.05 2.09 7.67 3.53
November 2004 6.08 2.19 8.17 3.03
December 2004 6.24 2.18 8.57 2.93
January 2005 7.23 2.49 8.41 2.73
February 2005 7.11 2.49 8.50 2.51
March 2005 8.78 2.60 8.45 3.19
April 2005 8.11 2.59 8.50 3.55
May 2005 7.48 3.10 8.45 3.73
June 2005 7.56 3.20 7.56 3.82
July 2005 8.00 2.99 7.14 5.34
August 2005 8.46 3.71 7.20 5.60
September 2005 9.08 3.60 6.99 5.96
October 2005 17.71 3.17 7.04 6.24
November 2005 18.33 3.36 7.07 5.89
December 2005 16.99 3.26 6.70 5.79
January 2006 16.97 3.25 6.73 5.88
February 2006 17.86 3.24 7.57 5.57
March 2006 15.68 4.76 7.64 5.71
April 2006 15.39 4.55 7.13 6.03
May 2006 15.69 3.91 6.86 6.18
June 2006 15.66 3.90 6.72 5.89
July 2006 15.29 4.10 6.36 4.44
August 2006 15.01 3.28 6.25 3.78
September 2006 14.57 3.27 5.70 2.68
October 2006 6.18 3.07 5.37 2.85
November 2006 5.24 2.96 4.65 3.50
December 2006 6.51 3.05 4.33 3.50
January 2007 6.24 3.24 3.86 3.05
February 2007 6.27 3.14 2.64 2.32
March 2007 6.48 1.55 2.19 2.04
April 2007 6.31 1.55 2.34 1.84
May 2007 6.06 1.45 2.41 1.91
June 2007 6.07 1.45 2.32 1.91
July 2007 6.20 1.63 2.59 1.73
August 2007 6.46 1.92 2.37 1.13
September 2007 6.75 1.83 2.66 2.09
October 2007 6.82 1.92 2.73 2.51
November 2007 6.69 2.30 3.23 3.03
December 2007 5.74 2.39 3.94 3.21
January 2008 7.35 2.28 4.86 4.26
February 2008 7.38 2.66 5.36 5.41
March 2008 8.15 2.76 6.37 5.29
April 2008 8.97 3.05 8.29 6.19
May 2008 10.41 3.81 9.54 7.59
June 2008 11.07 7.69 11.39 8.87
July 2008 11.93 8.51 12.29 9.21
August 2008 11.87 8.50 12.48 6.43
September 2008 12.15 ND 11.90 6.05

Source: IMF International Financial Statistics, CEIC.


Figure: Merchandise Trade Balances
3-month moving average (n.s.a.)
Billions of dollars
Period Indonesia Malaysia Philippines Thailand
January 2002 2.13 1.06 0.30 0.22
February 2002 2.20 1.15 0.18 0.24
March 2002 2.19 1.23 0.03 0.29
April 2002 2.29 1.01 -0.39 0.25
May 2002 2.28 0.97 -0.47 0.30
June 2002 2.34 0.98 -0.48 0.26
July 2002 2.26 1.16 -0.30 0.23
August 2002 2.21 1.19 -0.45 0.10
September 2002 2.15 1.19 -0.47 0.15
October 2002 2.09 1.28 -0.53 0.26
November 2002 2.01 1.40 -0.43 0.33
December 2002 1.92 1.36 -0.37 0.17
January 2003 2.03 1.56 -0.36 0.20
February 2003 2.23 1.65 -0.35 0.24
March 2003 2.40 1.87 -0.38 0.37
April 2003 2.44 1.82 -0.38 0.43
May 2003 2.42 1.89 -0.48 0.49
June 2003 2.48 2.00 -0.38 0.60
July 2003 2.50 1.88 -0.40 0.48
August 2003 2.49 1.88 -0.25 0.34
September 2003 2.37 1.78 -0.24 0.19
October 2003 2.18 1.79 -0.17 0.13
November 2003 2.25 1.62 -0.26 0.25
December 2003 2.26 1.50 -0.40 0.02
January 2004 2.17 1.60 -0.55 0.19
February 2004 1.91 1.73 -0.55 0.10
March 2004 1.74 1.82 -0.53 0.17
April 2004 1.77 1.80 -0.47 0.06
May 2004 1.90 1.87 -0.38 0.06
June 2004 1.95 1.82 -0.35 0.22
July 2004 1.91 1.93 -0.41 0.27
August 2004 2.00 1.91 -0.36 0.08
September 2004 2.34 2.02 -0.35 -0.05
October 2004 2.69 1.93 -0.26 -0.03
November 2004 2.77 1.66 -0.23 -0.02
December 2004 2.25 1.51 -0.20 0.13
January 2005 2.01 1.55 -0.16 -0.34
February 2005 1.91 1.89 -0.29 -0.54
March 2005 2.27 2.25 -0.39 -0.95
April 2005 2.22 2.40 -0.50 -0.94
May 2005 2.15 2.34 -0.51 -0.99
June 2005 1.96 2.25 -0.57 -1.15
July 2005 2.04 2.02 -0.48 -0.85
August 2005 2.00 2.15 -0.52 -0.58
September 2005 2.24 2.11 -0.55 -0.12
October 2005 2.35 2.34 -0.62 -0.28
November 2005 2.76 2.13 -0.56 -0.33
December 2005 2.81 2.16 -0.52 -0.58
January 2006 3.07 2.11 -0.41 -0.34
February 2006 3.05 2.28 -0.35 -0.35
March 2006 3.25 2.36 -0.17 -0.01
April 2006 3.22 2.28 -0.16 0.03
May 2006 3.21 2.37 -0.28 0.09
June 2006 2.96 2.39 -0.33 -0.01
July 2006 3.03 2.59 -0.40 -0.15
August 2006 3.13 2.58 -0.35 -0.02
September 2006 3.34 2.71 -0.36 0.15
October 2006 3.36 2.56 -0.38 0.31
November 2006 3.43 2.32 -0.42 0.44
December 2006 3.68 2.35 -0.55 0.12
January 2007 3.58 2.29 -0.39 0.39
February 2007 3.64 2.44 -0.30 0.33
March 2007 3.57 2.03 -0.12 1.03
April 2007 3.75 2.04 -0.11 0.90
May 2007 3.53 2.19 -0.09 1.14
June 2007 3.42 2.54 -0.13 1.10
July 2007 3.40 2.71 -0.43 0.94
August 2007 3.34 2.57 -0.58 0.78
September 2007 3.12 2.76 -0.64 0.56
October 2007 2.96 2.62 -0.51 0.79
November 2007 2.93 2.62 -0.68 0.98
December 2007 3.07 2.34 -0.78 1.05
January 2008 3.30 2.57 -0.93 1.09
February 2008 3.31 2.89 -0.80 0.32
March 2008 3.74 2.82 -0.88 0.02
April 2008 3.16 3.34 -0.67 -0.50
May 2008 3.20 4.03 -0.60 0.58
June 2008 2.66 4.67 -0.42 1.06
July 2008 2.57 4.78 -0.83 0.98
August 2008 2.55 4.19 ND 0.05

Source: CEIC, Philippines Economic Indicators Telegram (PEIT), Bank of Thailand Monthly Statistical Release.


Figure: Benchmark Interest Rates
Percent
Period Indonesia Malaysia Philippines Thailand
January 2002 16.93 2.75 7.50 1.81
February 2002 16.86 2.70 7.25 1.88
March 2002 16.76 2.71 7.00 1.63
April 2002 16.61 2.72 7.00 1.69
May 2002 15.51 2.71 7.00 1.63
June 2002 15.11 2.72 7.00 1.56
July 2002 14.93 2.74 7.00 1.63
August 2002 14.35 2.73 7.00 1.50
September 2002 13.22 2.72 7.00 1.75
October 2002 13.10 2.74 7.00 1.72
November 2002 13.06 2.75 7.00 1.50
December 2002 12.99 2.79 7.00 1.53
January 2003 12.69 2.77 7.00 1.69
February 2003 12.24 2.75 7.00 1.31
March 2003 11.40 2.81 7.00 1.69
April 2003 11.06 2.74 7.00 1.69
May 2003 10.44 2.76 7.00 1.66
June 2003 9.53 2.77 7.00 1.13
July 2003 9.10 2.75 6.75 1.13
August 2003 8.91 2.73 6.75 1.13
September 2003 8.66 2.71 6.75 1.13
October 2003 8.48 2.71 6.75 1.13
November 2003 ND 2.71 6.75 1.03
December 2003 8.31 2.71 6.75 0.88
January 2004 7.86 2.70 6.75 0.97
February 2004 7.48 2.71 6.75 0.97
March 2004 ND 2.71 6.75 0.97
April 2004 ND 2.70 6.75 0.94
May 2004 ND 2.70 6.75 1.03
June 2004 ND 2.70 6.75 1.03
July 2004 ND 2.70 6.75 1.03
August 2004 ND 2.70 6.75 1.06
September 2004 ND 2.70 6.75 1.44
October 2004 ND 2.70 6.75 1.69
November 2004 7.41 2.70 6.75 1.69
December 2004 ND 2.70 6.75 1.88
January 2005 ND 2.70 6.75 1.84
February 2005 ND 2.70 6.75 ND
March 2005 ND 2.70 6.75 1.80
April 2005 ND 2.70 7.00 2.20
May 2005 7.95 2.70 7.00 2.25
June 2005 8.25 2.70 7.00 2.48
July 2005 8.50 2.70 7.00 2.69
August 2005 9.50 2.70 7.00 2.70
September 2005 10.00 2.70 7.25 3.17
October 2005 11.00 2.70 7.50 3.66
November 2005 12.25 3.00 7.50 3.69
December 2005 12.75 3.00 7.50 3.94
January 2006 12.75 3.00 7.50 4.09
February 2006 12.75 3.25 7.50 4.13
March 2006 12.75 3.25 7.50 4.38
April 2006 12.75 3.50 7.50 4.63
May 2006 12.50 3.50 7.50 4.58
June 2006 12.50 3.50 7.50 4.83
July 2006 12.25 3.50 7.50 4.84
August 2006 11.75 3.49 7.50 4.88
September 2006 11.25 3.50 7.50 4.88
October 2006 10.75 3.50 ND 4.91
November 2006 10.25 3.50 7.50 4.88
December 2006 9.75 3.50 7.50 4.89
January 2007 9.50 3.50 7.50 4.75
February 2007 9.25 3.50 ND 4.50
March 2007 9.00 3.50 7.50 4.50
April 2007 9.00 3.50 7.50 4.00
May 2007 8.75 3.50 7.50 3.50
June 2007 8.50 3.50 ND 3.42
July 2007 8.25 3.50 6.00 3.25
August 2007 8.25 3.49 6.00 3.23
September 2007 8.25 3.50 ND 3.22
October 2007 8.25 3.50 5.75 3.25
November 2007 8.25 3.50 5.50 3.25
December 2007 ND 3.50 5.25 3.19
January 2008 8.00 3.50 5.00 3.22
February 2008 8.00 3.50 ND 3.23
March 2008 8.00 3.50 5.00 ND
April 2008 8.00 3.50 5.00 ND
May 2008 8.25 3.50 ND ND
June 2008 8.50 3.50 5.25 3.25
July 2008 8.75 3.50 5.75 ND
August 2008 9.00 3.50 6.00 ND
September 2008 ND 3.50 ND ND

As shown in the figure, the Thailand series ends at about 3.75 in September 2008.

Source: Bloomberg, Haver Analytics.


Figure: Gross External Debt
Percent of Gross Domestic Product
Period Indonesia Malaysia Philippines Thailand
2002:Q1 76.50 42.69 75.08 39.74
2002:Q2 66.65 42.86 71.69 39.58
2002:Q3 62.15 41.07 70.43 36.95
2002:Q4 64.22 41.84 63.06 34.72
2003:Q1 58.03 43.38 75.43 41.12
2003:Q2 55.59 49.36 71.47 41.39
2003:Q3 53.88 47.51 72.38 37.32
2003:Q4 56.98 44.53 64.29 32.97
2004:Q1 53.88 44.61 71.50 31.87
2004:Q2 53.17 44.65 67.21 32.00
2004:Q3 51.04 42.76 64.90 32.52
2004:Q4 52.05 43.73 55.31 29.82
2005:Q1 49.25 45.18 61.55 28.49
2005:Q2 45.70 43.09 58.14 30.26
2005:Q3 45.12 40.12 58.19 30.70
2005:Q4 42.96 38.46 47.36 28.02
2006:Q1 39.93 39.07 51.59 29.16
2006:Q2 36.35 37.54 48.28 29.01
2006:Q3 33.39 35.56 46.91 29.02
2006:Q4 33.64 34.58 38.69 26.49
2007:Q1 32.46 34.38 43.01 24.35
2007:Q2 31.05 32.11 38.40 23.46
2007:Q3 30.63 31.48 38.68 22.93
2007:Q4 30.30 ND 31.20 ND
2008:Q1 29.98 ND 33.46 ND
2008:Q2 27.46 ND 32.14 ND

Source: CEIC, Bank for International Settlements.


Figure: Short-Term External Debt
Percent of reserves
Period Indonesia Malaysia Philippines Thailand
2002:Q1 63.78 31.89 36.90 37.87
2002:Q2 58.63 28.39 40.25 33.96
2002:Q3 55.37 28.77 42.69 33.27
2002:Q4 50.05 32.51 41.71 29.55
2003:Q1 48.86 30.37 48.57 27.52
2003:Q2 48.80 32.32 48.39 27.50
2003:Q3 47.29 30.11 48.23 24.18
2003:Q4 44.92 26.50 45.25 22.03
2004:Q1 37.80 24.60 56.67 22.28
2004:Q2 38.24 28.08 50.23 20.27
2004:Q3 40.78 27.70 44.89 22.16
2004:Q4 47.51 24.29 38.47 20.39
2005:Q1 49.37 21.98 39.86 24.38
2005:Q2 53.76 22.08 40.28 27.57
2005:Q3 62.11 22.75 39.11 29.30
2005:Q4 55.15 23.99 40.15 26.75
2006:Q1 54.19 22.54 34.45 30.43
2006:Q2 51.14 22.67 31.82 25.83
2006:Q3 15.72 22.68 30.13 29.03
2006:Q4 29.70 19.87 25.01 22.44
2007:Q1 26.66 19.11 23.61 22.22
2007:Q2 29.65 19.48 25.36 23.62
2007:Q3 30.09 22.40 24.85 22.72
2007:Q4 ND ND 23.45 ND

Note: The Philippines series decreases to about 20 in 2008:Q1, and then increases to end at about 26 in 2008:Q2.

Source: Bank for International Settlements.


Note. ASEAN is the Association of Southeast Asian Nations.



Mexican Economic Indicators

(Percent change from previous period, seasonally adjusted, except as noted)
Indicator 2006 2007 2008
Q2 Q3 July Aug. Sept.
Real GDP1 3.7 4.2 .6 n.a.
Overall economic activity 5.1 3.1 .5 n.a. 1.1 n.a. n.a.
Industrial production 5.4 1.8 -.9 n.a. -.4 1.0 n.a.
Unemployment rate2 3.6 3.7 3.8 3.9 3.8 3.9 4.0
Consumer prices3 4.1 3.8 4.9 5.5 5.4 5.6 5.5
Merch. trade balance4 -6.1 -10.1 -7.6 n.a. -10.9 -27.9 n.a.
Merchandise imports4 256.1 281.9 315.1 n.a. 343.0 333.3 n.a.
Merchandise exports4 249.9 271.9 307.5 n.a. 332.1 305.5 n.a.
Current account5 -2.1 -5.7 -8.1 n.a.

1. Gross Domestic Product. Annual rate. Annual data are Q4/Q4.  Return to table

2. Percent; counts as unemployed those working 1 hour a week or less.  Return to table

3. Percent change from year-earlier period, except annual data, which are Dec./Dec.  Return to table

4. Billions of U.S. dollars, annual rate.  Return to table

5. Billions of U.S. dollars, not seasonally adjusted, annual rate.  Return to table

Source: Haver Analytics; Bank of Mexico.

n.a. Not available.

… Not applicable.


Brazilian Economic Indicators

(Percent change from previous period, seasonally adjusted, except as noted)
Indicator 2006 2007 2008
Q2 Q3 July Aug. Sept.
Real GDP1 5.0 6.1 6.5 n.a.
Industrial production 2.8 6.0 .8 n.a. 1.4 -1.3 n.a.
Unemployment rate2 10.0 9.3 7.8 n.a. 8.0 7.4 n.a.
Consumer prices3 3.1 4.5 5.6 6.3 6.4 6.2 6.3
Merch. trade balance4 46.5 40.0 33.4 23.0 21.3 21.5 26.3
Current account5 13.6 1.7 -26.6 n.a. -25.3 -13.1 n.a.

1. Gross Domestic Product. Annual rate. Annual data are Q4/Q4.  Return to table

2. Percent.  Return to table

3. Percent change from year-earlier period, except annual data, which are Dec./Dec. Price index is IPCA.  Return to table

4. Billions of U.S. dollars, annual rate.  Return to table

5. Billions of U.S. dollars, not seasonally adjusted, annual rate.  Return to table

Source: Haver Analytics; IMF International Financial Statistics database; Intituto Brasileiro de Geografia e Estatistica.

n.a. Not available.

… Not applicable.


Argentine Economic Indicators

(Percent change from previous period, seasonally adjusted, except as noted)
Indicator 2006 2007 2008
Q2 Q3 July Aug. Sept.
Real GDP1 8.5 9.2 8.7 n.a.
Industrial production 8.4 7.5 1.4 n.a. 4.5 1.1 n.a.
Unemployment rate2 10.2 8.5 8.0 n.a.
Consumer prices3 9.8 8.5 9.1 8.9 9.1 9.0 8.7
Merch. trade balance4 12.3 11.1 8.8 n.a. 12.4 28.6 n.a.
Current account5 7.7 7.1 3.6 n.a.

1. Gross Domestic Product. Annual rate. Annual data are Q4/Q4.  Return to table

2. Percent; not seasonally adjusted.  Return to table

3. Percent change from year-earlier period, except annual data, which are Dec./Dec.  Return to table

4. Billions of U.S. dollars, annual rate.  Return to table

5. Billions of U.S. dollars, not seasonally adjusted, annual rate.  Return to table

Source: Haver Analytics, IMF International Financial Statistics database; Ministerio de economia; U.S. State Department.

n.a. Not available.

… Not applicable.


Venezuelan Economic Indicators

(Percent change from previous period, seasonally adjusted, except as noted)
Indicator 2006 2007 2008
Q2 Q3 July Aug. Sept.
Real GDP1 11.4 8.5 14.1 n.a.
Consumer prices2 17.0 22.5 29.7 33.6 32.6 33.6 34.5
Non-oil trade balance3 -23.0 -34.6 -34.5 n.a.
Merch. trade balance3 32.7 23.7 68.2 n.a.
Current account4 27.1 20.0 67.3 n.a.

1. Gross Domestic Product. Annual rate. Annual data are Q4/Q4.  Return to table

2. Percent change from year-earlier period, except annual data, which are Dec./Dec.  Return to table

3. Billions of U.S. dollars, annual rate.  Return to table

4. Billions of U.S. dollars, not seasonally adjusted, annual rate.  Return to table

Source: IMF International Financial Statistics database; Bank of Venezuela; Reuters and Embassy cables.

n.a. Not available.

… Not applicable.


Latin America

Figure: Industrial Production
January 2000 = 100
Period Argentina Brazil Mexico
January 2002 76.29 105.92 96.39
February 2002 77.32 107.82 96.58
March 2002 72.89 109.11 98.14
April 2002 78.56 107.82 97.95
May 2002 80.00 106.44 98.63
June 2002 79.38 107.67 98.24
July 2002 79.69 108.65 98.54
August 2002 81.55 108.10 98.63
September 2002 81.55 108.68 97.66
October 2002 82.58 113.61 97.75
November 2002 85.15 112.33 97.85
December 2002 87.01 109.04 97.36
January 2003 91.34 107.31 97.66
February 2003 89.90 106.87 98.24
March 2003 89.07 107.02 97.56
April 2003 90.21 107.39 97.66
May 2003 90.52 106.21 96.97
June 2003 92.06 104.77 97.27
July 2003 93.92 105.80 98.54
August 2003 93.92 106.92 98.14
September 2003 94.33 111.33 95.61
October 2003 97.11 113.70 98.34
November 2003 97.32 115.11 98.54
December 2003 97.63 112.76 98.63
January 2004 102.58 112.65 98.73
February 2004 101.65 112.44 99.12
March 2004 102.68 114.81 101.07
April 2004 97.94 114.93 100.39
May 2004 100.72 117.05 100.29
June 2004 102.68 117.13 100.68
July 2004 103.71 118.90 101.46
August 2004 104.12 119.73 101.56
September 2004 104.43 120.52 102.15
October 2004 104.85 120.93 102.83
November 2004 104.95 120.67 101.46
December 2004 106.80 120.87 102.64
January 2005 110.72 120.39 102.64
February 2005 107.22 118.13 103.22
March 2005 109.48 120.50 101.86
April 2005 110.31 120.72 102.93
May 2005 111.03 121.67 103.42
June 2005 110.52 125.09 103.22
July 2005 109.69 121.67 102.15
August 2005 112.06 122.44 104.79
September 2005 112.99 120.92 104.69
October 2005 113.09 120.83 105.18
November 2005 114.33 121.66 106.45
December 2005 114.85 125.02 107.71
January 2006 114.74 122.87 108.79
February 2006 117.63 124.87 108.40
March 2006 118.04 123.81 108.79
April 2006 118.97 124.47 110.06
May 2006 119.79 125.67 110.16
June 2006 121.55 123.18 110.45
July 2006 121.24 125.41 109.86
August 2006 121.34 125.70 109.77
September 2006 122.58 124.96 109.86
October 2006 122.89 125.51 109.77
November 2006 124.33 126.68 109.96
December 2006 124.95 127.53 109.18
January 2007 122.06 127.20 109.57
February 2007 126.19 128.39 109.86
March 2007 126.80 130.05 111.23
April 2007 127.01 130.16 110.55
May 2007 128.45 131.94 111.52
June 2007 128.66 132.23 111.72
July 2007 124.64 132.38 112.40
August 2007 132.89 134.54 111.82
September 2007 133.09 133.75 112.50
October 2007 134.43 138.38 112.50
November 2007 136.08 135.71 112.11
December 2007 136.29 134.84 112.60
January 2008 136.39 137.21 112.40
February 2008 133.51 136.69 112.11
March 2008 130.31 137.51 111.91
April 2008 137.94 137.75 111.04
May 2008 136.91 136.60 111.04
June 2008 130.93 140.50 111.43
July 2008 136.80 142.51 111.04
August 2008 138.25 140.61 112.11

Source: Fundacion de Investigaciones Economicas Latinoamericanas, Haver Analytics.


Figure: Consumer Prices
Percent change from year earlier
Period Argentina Brazil Mexico
January 2002 0.77 7.68 4.85
February 2002 4.17 7.59 4.90
March 2002 7.91 7.86 4.73
April 2002 18.27 8.07 4.75
May 2002 22.89 7.86 4.76
June 2002 28.31 7.73 5.02
July 2002 32.92 7.58 5.54
August 2002 36.58 7.49 5.25
September 2002 38.54 7.97 4.88
October 2002 39.46 8.47 4.85
November 2002 40.57 10.97 5.26
December 2002 40.90 12.58 5.64
January 2003 39.56 14.59 5.20
February 2003 36.14 15.96 5.59
March 2003 31.60 16.67 5.66
April 2003 19.34 16.88 5.26
May 2003 14.29 17.35 4.77
June 2003 10.28 16.69 4.36
July 2003 7.46 15.55 4.15
August 2003 5.05 15.18 4.04
September 2003 3.64 15.24 3.99
October 2003 3.98 14.09 3.90
November 2003 3.57 11.08 3.93
December 2003 3.45 9.33 3.89
January 2004 2.52 7.72 4.21
February 2004 2.11 6.69 4.56
March 2004 2.13 5.87 4.21
April 2004 3.08 5.25 4.21
May 2004 4.32 5.12 4.36
June 2004 5.11 6.01 4.46
July 2004 5.22 6.73 4.50
August 2004 5.55 7.13 4.84
September 2004 6.09 6.66 5.03
October 2004 5.75 6.82 5.37
November 2004 5.29 7.22 5.40
December 2004 5.78 7.57 5.13
January 2005 6.90 7.33 4.53
February 2005 7.92 7.30 4.25
March 2005 9.00 7.47 4.36
April 2005 8.77 8.01 4.60
May 2005 8.71 7.98 4.66
June 2005 9.22 7.23 4.41
July 2005 9.89 6.54 4.49
August 2005 9.96 5.97 3.97
September 2005 10.44 5.99 3.48
October 2005 10.71 6.32 3.02
November 2005 11.89 6.19 2.92
December 2005 12.00 5.69 3.29
January 2006 11.79 5.77 3.92
February 2006 11.28 5.57 3.73
March 2006 10.99 5.37 3.40
April 2006 11.66 4.67 3.20
May 2006 11.61 4.26 3.03
June 2006 11.23 4.02 3.23
July 2006 10.85 3.97 3.08
August 2006 10.94 3.86 3.48
September 2006 10.56 3.71 4.08
October 2006 10.54 3.32 4.27
November 2006 9.87 3.05 4.09
December 2006 9.63 3.26 4.03
January 2007 9.52 3.13 3.96
February 2007 9.49 3.15 4.10
March 2007 9.06 3.09 4.21
April 2007 8.88 3.10 3.99
May 2007 8.88 3.30 3.96
June 2007 8.87 3.84 4.00
July 2007 8.74 3.88 4.14
August 2007 8.76 4.34 4.04
September 2007 8.60 4.31 3.78
October 2007 8.39 4.24 3.73
November 2007 8.48 4.31 3.93
December 2007 8.39 4.47 3.75
January 2008 8.16 4.48 3.70
February 2008 8.39 4.58 3.72
March 2008 8.80 4.65 4.25
April 2008 8.91 4.97 4.55
May 2008 9.11 5.50 4.95
June 2008 9.33 6.01 5.27
July 2008 9.19 6.36 5.40
August 2008 9.05 6.15 5.57
September 2008 8.71 6.25 5.47

Source: IMF International Financial Statistics, Getulio Vargas Foundation, Haver Analytics, Bank of Mexico.


Figure: Merchandise Trade Balances
3-month moving average (n.s.a.)
Billions of dollars
Period Argentina Brazil Mexico
January 2002 1.04 0.62 -0.75
February 2002 1.18 0.50 -0.68
March 2002 1.35 0.49 -0.69
April 2002 1.43 0.51 -0.74
May 2002 1.37 0.50 -0.69
June 2002 1.31 0.47 -0.65
July 2002 1.31 0.64 -0.66
August 2002 1.38 1.01 -0.62
September 2002 1.46 1.52 -0.62
October 2002 1.52 1.84 -0.60
November 2002 1.55 1.93 -0.62
December 2002 1.45 1.77 -0.58
January 2003 1.46 1.66 -0.31
February 2003 1.48 1.57 -0.08
March 2003 1.50 1.56 -0.14
April 2003 1.34 1.62 -0.60
May 2003 1.36 1.97 -0.83
June 2003 1.43 2.18 -0.80
July 2003 1.57 2.16 -0.62
August 2003 1.44 2.14 -0.64
September 2003 1.27 2.13 -0.52
October 2003 1.17 2.29 -0.45
November 2003 1.19 2.21 -0.41
December 2003 1.15 2.31 -0.43
January 2004 1.04 2.32 -0.21
February 2004 0.99 2.43 -0.26
March 2004 1.00 2.50 -0.31
April 2004 1.09 2.43 -0.67
May 2004 1.09 2.63 -0.58
June 2004 1.04 2.95 -0.67
July 2004 1.02 3.24 -0.62
August 2004 0.96 3.23 -0.78
September 2004 1.01 2.90 -0.63
October 2004 1.01 2.80 -0.59
November 2004 1.04 2.66 -0.81
December 2004 0.97 2.80 -1.19
January 2005 0.98 2.97 -1.38
February 2005 0.89 3.28 -1.19
March 2005 0.92 3.41 -0.96
April 2005 0.85 3.72 -0.77
May 2005 0.84 3.68 -0.62
June 2005 0.79 3.83 -0.46
July 2005 0.92 3.87 -0.58
August 2005 1.09 3.78 -0.64
September 2005 1.20 3.75 -0.55
October 2005 1.13 3.44 -0.44
November 2005 0.96 3.94 -0.45
December 2005 0.94 3.94 -0.53
January 2006 0.94 4.19 0.06
February 2006 0.96 3.84 0.25
March 2006 0.96 3.87 0.09
April 2006 0.96 3.56 -0.37
May 2006 0.98 3.36 -0.53
June 2006 1.00 3.39 -0.46
July 2006 0.97 3.90 -0.59
August 2006 1.03 4.19 -0.56
September 2006 1.00 4.20 -0.83
October 2006 1.03 3.83 -0.94
November 2006 1.04 3.80 -1.03
December 2006 1.13 3.94 -0.81
January 2007 0.98 4.06 -0.91
February 2007 0.92 4.07 -0.94
March 2007 0.78 3.79 -1.03
April 2007 0.87 3.88 -1.04
May 2007 0.85 3.92 -1.09
June 2007 0.93 3.95 -1.21
July 2007 0.80 3.37 -1.09
August 2007 0.70 3.02 -1.01
September 2007 0.66 2.81 -0.82
October 2007 0.90 3.01 -0.81
November 2007 1.17 2.95 -0.47
December 2007 1.33 2.84 -0.25
January 2008 1.42 2.67 -0.27
February 2008 1.35 2.31 -0.91
March 2008 1.18 1.86 -1.05
April 2008 0.80 1.47 -1.03
May 2008 0.58 2.38 -0.57
June 2008 0.45 2.71 -0.63
July 2008 0.66 2.94 -0.64
August 2008 1.31 2.06 -1.31
September 2008 ND 2.01 ND

Source: IMF International Financial Statistics, Bank of Mexico.


Figure: Benchmark Interest Rates
Percent
Period Brazil Mexico
January 2002 19.00 8.00
February 2002 18.75 7.65
March 2002 18.50 7.25
April 2002 18.50 5.45
May 2002 18.50 7.24
June 2002 18.50 8.15
July 2002 18.00 5.50
August 2002 18.00 6.65
September 2002 18.00 8.10
October 2002 21.00 7.75
November 2002 22.00 7.00
December 2002 25.00 8.25
January 2003 25.50 9.00
February 2003 26.50 9.27
March 2003 26.50 8.90
April 2003 26.50 6.00
May 2003 26.50 4.75
June 2003 26.00 4.40
July 2003 24.50 4.05
August 2003 22.00 4.50
September 2003 20.00 4.25
October 2003 19.00 4.70
November 2003 17.50 6.25
December 2003 16.50 6.10
January 2004 16.50 5.20
February 2004 16.50 6.70
March 2004 16.25 6.15
April 2004 16.00 6.20
May 2004 16.00 6.35
June 2004 16.00 6.60
July 2004 16.00 6.75
August 2004 16.00 7.15
September 2004 16.25 7.66
October 2004 16.75 7.80
November 2004 17.25 8.25
December 2004 17.75 8.70
January 2005 18.25 8.83
February 2005 18.75 9.20
March 2005 19.25 9.50
April 2005 19.50 9.51
May 2005 19.75 9.75
June 2005 19.75 9.75
July 2005 19.75 9.75
August 2005 19.75 9.50
September 2005 19.50 9.25
October 2005 19.00 9.00
November 2005 18.50 8.75
December 2005 18.00 8.25
January 2006 17.25 7.75
February 2006 ND 7.50
March 2006 16.50 7.25
April 2006 15.75 7.00
May 2006 15.75 7.00
June 2006 15.25 7.00
July 2006 14.75 7.00
August 2006 14.25 7.00
September 2006 14.25 7.00
October 2006 13.75 7.00
November 2006 13.25 7.00
December 2006 13.25 7.00
January 2007 13.00 7.00
February 2007 13.00 7.00
March 2007 12.75 7.00
April 2007 12.50 7.25
May 2007 12.50 7.25
June 2007 12.00 7.25
July 2007 11.50 7.25
August 2007 11.50 7.25
September 2007 11.25 7.25
October 2007 11.25 7.50
November 2007 11.25 7.50
December 2007 11.25 7.50
January 2008 11.25 7.50
February 2008 11.25 7.50
March 2008 11.25 7.50
April 2008 11.75 7.50
May 2008 11.75 7.50
June 2008 12.25 7.75
July 2008 13.00 8.00
August 2008 13.00 8.25
September 2008 13.75 8.25
October 2008 ND 8.25

Source: Bloomberg.


Figure: Gross External Debt
Percent of Gross Domestic Product
Period Argentina Brazil Mexico
2002:Q1 122.66 145.72 25.53
2002:Q2 170.23 152.42 24.00
2002:Q3 174.37 175.78 24.78
2002:Q4 166.07 195.72 25.19
2003:Q1 141.49 188.18 26.52
2003:Q2 121.90 159.26 24.66
2003:Q3 95.73 147.46 24.51
2003:Q4 117.37 137.14 25.59
2004:Q1 112.09 134.31 24.38
2004:Q2 108.24 131.30 23.98
2004:Q3 110.20 121.23 23.78
2004:Q4 106.62 110.30 23.29
2005:Q1 99.14 104.64 24.13
2005:Q2 65.72 89.67 23.15
2005:Q3 60.61 78.33 21.70
2005:Q4 58.74 68.26 21.25
2006:Q1 51.75 64.84 20.62
2006:Q2 51.32 60.47 21.34
2006:Q3 49.32 58.03 20.23
2006:Q4 47.01 61.23 20.23
2007:Q1 46.94 61.55 20.32
2007:Q2 45.48 59.86 20.81
2007:Q3 44.28 57.65 20.70
2007:Q4 ND 52.57 ND
2008:Q1 ND 50.57 ND
2008:Q2 ND 47.62 ND

Source: Haver Analytics, Bank for International Settlements.


Figure: Short-Term External Debt
Percent of reserves
Period Argentina Brazil Mexico
2002:Q1 176.45 109.00 55.65
2002:Q2 222.15 91.70 52.08
2002:Q3 207.37 90.94 51.08
2002:Q4 180.54 86.16 45.22
2003:Q1 169.67 81.14 47.63
2003:Q2 163.67 81.87 44.53
2003:Q3 159.42 36.17 42.72
2003:Q4 418.51 41.34 36.69
2004:Q1 424.09 39.42 42.47
2004:Q2 382.23 40.14 36.22
2004:Q3 382.15 37.97 29.84
2004:Q4 376.41 35.73 29.60
2005:Q1 373.88 33.27 34.89
2005:Q2 175.51 28.20 33.47
2005:Q3 151.32 29.11 28.13
2005:Q4 134.00 35.26 26.94
2006:Q1 152.11 30.09 27.88
2006:Q2 132.52 26.46 26.14
2006:Q3 125.76 24.86 24.77
2006:Q4 68.62 23.87 27.70
2007:Q1 59.58 31.77 32.38
2007:Q2 54.16 31.36 32.14
2007:Q3 58.38 26.37 28.03

Source: Bank for International Settlements.


† Note: Data values for figures are rounded and may not sum to totals.  Return to text

Last update: March 7, 2014