Twenty-Three Million Unemployed or Underemployed in the Lost Economic Cycle of the Global Recession with Economic Growth Underperforming Below Trend Worldwide, Cyclically Stagnating Real Wages, Job Creation, Cyclically Stagnating Real Disposable Income Per Capita, Financial Repression, World Cyclical Slow Growth and Global Recession Risk: Part V

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Twenty-Three Million Unemployed or Underemployed in the Lost Economic Cycle of the Global Recession with Economic Growth Underperforming Below Trend Worldwide, Cyclically Stagnating Real Wages, Job Creation, Cyclically Stagnating Real Disposable Income Per Capita, Financial Repression, World Cyclical Slow Growth and Global Recession Risk

© Carlos M. Pelaez, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018

I Twenty-Three Million Unemployed or Underemployed

IA1 Summary of the Employment Situation

IA2 Number of People in Job Stress

IA3 Long-term and Cyclical Comparison of Employment

IA4 Job Creation

IB Stagnating Real Wages

II Stagnating Real Disposable Income and Consumption Expenditures

IIB1 Stagnating Real Disposable Income and Consumption Expenditures

IB2 Financial Repression

IV Global Inflation

V World Economic Slowdown

VA United States

VB Japan

VC China

VD Euro Area

VE Germany

VF France

VG Italy

VH United Kingdom

VI Valuation of Risk Financial Assets

VII Economic Indicators

VIII Interest Rates

IX Conclusion

References

Appendixes

Appendix I The Great Inflation

IIIB Appendix on Safe Haven Currencies

IIIC Appendix on Fiscal Compact

IIID Appendix on European Central Bank Large Scale Lender of Last Resort

IIIG Appendix on Deficit Financing of Growth and the Debt Crisis

V World Economic Slowdown. Table V-1 is constructed with the database of the IMF (http://www.imf.org/external/ns/cs.aspx?id=29) to show GDP in dollars in 2016 and the growth rate of real GDP of the world and selected regional countries from 2016 to 2019. The data illustrate the concept often repeated of “two-speed recovery” of the world economy from the recession of 2007 to 2009. The IMF has changed its forecast of the world economy to 3.6 percent in 2017 but accelerating to 3.7 percent in 2018 and 3.7 percent in 2019. Slow-speed recovery occurs in the “major advanced economies” of the G7 that account for $35,516 billion of world output of $75,368 billion, or 47.1 percent, but are projected to grow at much lower rates than world output, 1.7 percent on average from 2016 to 2019, in contrast with 3.6 percent for the world as a whole. While the world would grow 15.0 percent in the four years from 2016 to 2018, the G7 as a whole would grow 7.1 percent. The difference in dollars of 2016 is high: growing by 15.0 percent would add around $11.3 trillion of output to the world economy, or roughly, over two times the output of the economy of Japan of $4,937 billion but growing by 7.1 percent would add $5.4 trillion of output to the world, or about the output of Japan in 2016. The “two speed” concept is in reference to the growth of the 150 countries labeled as emerging and developing economies (EMDE) with joint output in 2016 of $29,183 billion, or 38.7 percent of world output. The EMDEs would grow cumulatively 20.2 percent or at the average yearly rate of 4.7 percent, contributing $5.9 trillion from 2016 to 2019 or the equivalent of somewhat more than one half the GDP of $11,232 billion of China in 2016. The final four countries in Table I-1 often referred as BRIC (Brazil, Russia, India, China), are large, rapidly growing emerging economies. Their combined output in 2016 adds to $16,578 billion, or 22.0 percent of world output, which is equivalent to 46.7 percent of the combined output of the major advanced economies of the G7.

Table V-1, IMF World Economic Outlook Database Projections of Real GDP Growth

	GDP USD Billions 2016	Real GDP ∆% 2016	Real GDP ∆% 2017	Real GDP ∆% 2018	Real GDP ∆% 2019
World	75,368	3.2	3.6	3.7	3.7
G7	35,516	1.4	2.0	1.9	1.6
Canada	1,530	1.5	3.0	2.1	1.7
France	2,466	1.2	1.6	1.8	1.9
DE	3,479	1.9	2.1	1.8	1.5
Italy	1,851	0.9	1.5	1.1	0.9
Japan	4,937	1.0	1.5	0.7	0.8
UK	2,629	1.8	1.7	1.5	1.6
US	18,624	1.5	2.2	2.3	1.9
Euro Area	11,923	1.7	2.1	1.9	1.7
DE	3,479	1.9	2.1	1.8	1.5
France	2,466	1.2	1.6	1.8	1.9
Italy	1,851	0.9	1.5	1.1	0.9
POT	205	1.4	2.5	2.0	1.7
Ireland	304	5.2	4.1	3.4	3.0
Greece	195	0.0	1.8	2.6	1.9
Spain	1,233	3.2	3.1	2.5	2.0
EMDE	29,183	4.3	4.6	4.9	5.0
Brazil	1,799	-3.6	0.7	1.5	2.0
Russia	1,283	-0.2	1.8	1.6	1.5
India	2,264	7.1	6.7	7.4	7.8
China	11,232	6.7	6.8	6.5	6.3

Notes; DE: Germany; EMDE: Emerging and Developing Economies (150 countries); POT: Portugal

Source: IMF World Economic Outlook databank

http://www.imf.org/external/pubs/ft/weo/2017/02/weodata/index.aspx

Continuing high rates of unemployment in advanced economies constitute another characteristic of the database of the WEO (http://www.imf.org/external/pubs/ft/weo/2017/02/weodata/index.aspx). Table V-2 is constructed with the WEO database to provide rates of unemployment from 2015 to 2019 for major countries and regions. In fact, unemployment rates for 2015 in Table I-2 are high for all countries: unusually high for countries with high rates most of the time and unusually high for countries with low rates most of the time. The rates of unemployment are particularly high in 2015 for the countries with sovereign debt difficulties in Europe: 12.4 percent for Portugal (POT), 9.5 percent for Ireland, 24.9 percent for Greece, 22.1 percent for Spain and 11.9 percent for Italy, which is lower but still high. The G7 rate of unemployment is 5.8 percent. Unemployment rates are not likely to decrease substantially if slow growth persists in advanced economies.

Table V-2, IMF World Economic Outlook Database Projections of Unemployment Rate as Percent of Labor Force

	% Labor Force 2015	% Labor Force 2016	% Labor Force 2017	% Labor Force 2018	% Labor Force 2019
World	NA	NA	NA	NA	NA
G7	5.8	5.4	5.0	4.8	4.8
Canada	6.9	7.0	6.5	6.3	6.2
France	10.4	10.0	9.5	9.0	8.7
DE	4.6	4.2	3.8	3.7	3.7
Italy	11.9	11.7	11.4	11.0	10.6
Japan	3.4	3.2	2.9	2.9	2.9
UK	5.4	4.9	4.4	4.4	4.6
US	5.3	4.9	4.4	4.1	4.2
Euro Area	10.9	10.0	9.2	8.7	8.3
DE	4.6	4.2	3.8	3.7	3.7
France	10.4	10.0	9.5	9.0	8.7
Italy	11.9	11.7	11.4	11.0	10.6
POT	12.4	11.1	9.7	9.0	8.5
Ireland	9.5	7.9	6.4	5.9	5.8
Greece	24.9	23.6	22.3	20.7	19.5
Spain	22.1	19.6	17.1	15.6	15.0
EMDE	NA	NA	NA	NA	NA
Brazil	8.3	11.3	13.1	12.0	11.0
Russia	5.6	5.5	5.5	5.5	5.5
India	NA	NA	NA	NA	NA
China	4.1	4.0	4.0	4.0	4.0

Notes; DE: Germany; EMDE: Emerging and Developing Economies (150 countries)

Source: IMF World Economic Outlook

http://www.imf.org/external/pubs/ft/weo/2017/02/weodata/index.aspx

There are references to adverse periods as “lost decades.” There is a more prolonged and adverse period in Table V-3A: the lost economic cycle of the Global Recession with economic growth underperforming below trend worldwide. Economic contractions were relatively high but not comparable to the decline of GDP during the Great Depression. In fact, during the Great Depression in the four years of 1930 to 1933, US GDP in constant dollars fell 26.4 percent cumulatively and fell 45.3 percent in current dollars (Pelaez and Pelaez, Financial Regulation after the Global Recession (2009a), 150-2, Pelaez and Pelaez, Globalization and the State, Vol. II (2009b), 205-7 and revisions in http://bea.gov/iTable/index_nipa.cfm). Data are available for the 1930s only on a yearly basis. The contraction of GDP in the current cycle of the Global Recession was much lower, 4.2 percent (https://cmpassocregulationblog.blogspot.com/2018/01/continuing-dollar-devaluation-mediocre.html and earlier (https://cmpassocregulationblog.blogspot.com/2017/12/mediocre-cyclical-united-states_23.html). Contractions were deeper in Japan, 8.7 percent, the euro area (19 members), 5.8 percent, Germany, 6.9 percent and the UK 6.1 percent. The contraction in France was 4.0 percent. There is adversity in low rates of growth during the expansion that did not compensate for the contraction such that for the whole cycle performance is disappointingly low. As a result, GDP is substantially below what it would have been in trend growth in all countries and regions in the world. Long-term economic performance in the United States consisted of trend growth of GDP at 3 percent per year and of per capita GDP at 2 percent per year as measured for 1870 to 2010 by Robert E Lucas (2011May). The economy returned to trend growth after adverse events such as wars and recessions. The key characteristic of adversities such as recessions was much higher rates of growth in expansion periods that permitted the economy to recover output, income and employment losses that occurred during the contractions. Over the business cycle, the economy compensated the losses of contractions with higher growth in expansions to maintain trend growth of GDP of 3 percent and of GDP per capita of 2 percent. The US maintained growth at 3.0 percent on average over entire cycles with expansions at higher rates compensating for contractions. US economic growth has been at only 2.2 percent on average in the cyclical expansion in the 34 quarters from IIIQ2009 to IVQ2017. Boskin (2010Sep) measures that the US economy grew at 6.2 percent in the first four quarters and 4.5 percent in the first 12 quarters after the trough in the second quarter of 1975; and at 7.7 percent in the first four quarters and 5.8 percent in the first 12 quarters after the trough in the first quarter of 1983 (Professor Michael J. Boskin, Summer of Discontent, Wall Street Journal, Sep 2, 2010 http://professional.wsj.com/article/SB10001424052748703882304575465462926649950.html). There are new calculations using the revision of US GDP and personal income data since 1929 by the Bureau of Economic Analysis (BEA) (http://bea.gov/iTable/index_nipa.cfm) and the second estimate of GDP for IVQ2017 (https://www.bea.gov/newsreleases/national/gdp/2018/pdf/gdp4q17_2nd.pdf). The average of 7.7 percent in the first four quarters of major cyclical expansions is in contrast with the rate of growth in the first four quarters of the expansion from IIIQ2009 to IIQ2010 of only 2.7 percent obtained by dividing GDP of $14,745.9 billion in IIQ2010 by GDP of $14,355.6 billion in IIQ2009 {[($14,745.9/$14,355.6) -1]100 = 2.7%], or accumulating the quarter on quarter growth rates (https://cmpassocregulationblog.blogspot.com/2018/03/mediocre-cyclical-united-states.html and earlier https://cmpassocregulationblog.blogspot.com/2018/01/continuing-dollar-devaluation-mediocre.html). The expansion from IQ1983 to IVQ1985 was at the average annual growth rate of 5.9 percent, 5.4 percent from IQ1983 to IIIQ1986, 5.2 percent from IQ1983 to IVQ1986, 5.0 percent from IQ1983 to IQ1987, 5.0 percent from IQ1983 to IIQ1987, 4.9 percent from IQ1983 to IIIQ1987, 5.0 percent from IQ1983 to IVQ1987, 4.9 percent from IQ1983 to IIQ1988, 4.8 percent from IQ1983 to IIIQ1988, 4.8 percent from IQ1983 to IVQ1988, 4.8 percent from IQ1983 to IQ1989, 4.7 percent from IQ1983 to IIQ1989, 4.7 percent from IQ1983 to IIIQ1989, 4.5 percent from IQ1983 to IVQ1989. 4.5 percent from IQ1983 to IQ1990, 4.4 percent from IQ1983 to IIQ1990, 4.3 percent from IQ1983 to IIIQ1990, 4.0 percent from IQ1983 to IVQ1990, 3.8 percent from IQ1983 to IQ1991, 3.8 percent from IQ1983 to IIQ1991 and at 7.8 percent from IQ1983 to IVQ1983 (https://cmpassocregulationblog.blogspot.com/2018/03/mediocre-cyclical-united-states.html and earlier https://cmpassocregulationblog.blogspot.com/2018/01/continuing-dollar-devaluation-mediocre.html). The National Bureau of Economic Research (NBER) dates a contraction of the US from IQ1990 (Jul) to IQ1991 (Mar) (http://www.nber.org/cycles.html). The expansion lasted until another contraction beginning in IQ2001 (Mar). US GDP contracted 1.3 percent from the pre-recession peak of $8983.9 billion of chained 2009 dollars in IIIQ1990 to the trough of $8865.6 billion in IQ1991 (http://www.bea.gov/iTable/index_nipa.cfm). The US maintained growth at 3.0 percent on average over entire cycles with expansions at higher rates compensating for contractions. Growth at trend in the entire cycle from IVQ2007 to IVQ2017 would have accumulated to 34.4 percent. GDP in IVQ2017 would be $20,149.0 billion (in constant dollars of 2009) if the US had grown at trend, which is higher by $2877.3 billion than actual $17,271.7 billion. There are about two trillion dollars of GDP less than at trend, explaining the 22.6 million unemployed or underemployed equivalent to actual unemployment/underemployment of 13.3 percent of the effective labor force (Section I and earlier https://cmpassocregulationblog.blogspot.com/2018/02/twenty-four-million-unemployed-or.html). US GDP in IVQ2017 is 14.3 percent lower than at trend. US GDP grew from $14,991.8 billion in IVQ2007 in constant dollars to $17,271.7 billion in IVQ2017 or 15.2 percent at the average annual equivalent rate of 1.4 percent. Professor John H. Cochrane (2014Jul2) estimates US GDP at more than 10 percent below trend. Cochrane (2016May02) measures GDP growth in the US at average 3.5 percent per year from 1950 to 2000 and only at 1.76 percent per year from 2000 to 2015 with only at 2.0 percent annual equivalent in the current expansion. Cochrane (2016May02) proposes drastic changes in regulation and legal obstacles to private economic activity. The US missed the opportunity to grow at higher rates during the expansion and it is difficult to catch up because growth rates in the final periods of expansions tend to decline. The US missed the opportunity for recovery of output and employment always afforded in the first four quarters of expansion from recessions. Zero interest rates and quantitative easing were not required or present in successful cyclical expansions and in secular economic growth at 3.0 percent per year and 2.0 percent per capita as measured by Lucas (2011May). There is cyclical uncommonly slow growth in the US instead of allegations of secular stagnation. There is similar behavior in manufacturing. There is classic research on analyzing deviations of output from trend (see for example Schumpeter 1939, Hicks 1950, Lucas 1975, Sargent and Sims 1977). The long-term trend is growth of manufacturing at average 3.1 percent per year from Jan 1919 to Jan 2018. Growth at 3.1 percent per year would raise the NSA index of manufacturing output from 108.2393 in Dec 2007 to 147.2572 in Jan 2018. The actual index NSA in Jan 2018 is 102.2612, which is 30.6 percent below trend. Manufacturing output grew at average 2.0 percent between Dec 1986 and Jan 2018. Using trend growth of 2.0 percent per year, the index would increase to 132.1610 in Jan 2018. The output of manufacturing at 102.2612 in Jan 2018 is 22.6 percent below trend under this alternative calculation.

Table V-3A, Cycle 2007-2017, Percentage Contraction, Average Growth Rate in Expansion, Average Growth Rate in Whole Cycle and GDP Percent Below Trend

	Contraction ∆%	Expansion AV ∆%	Whole Cycle AV ∆%	Below Trend Percent
USA	4.2	2.2	1.4	14.3
Japan	8.7	1.7	0.6	NA
Euro Area (19)	5.8	1.4	0.6	15.4
France	4.0	1.3	0.7	9.9
Germany	6.9	2.2	1.1	NA
UK	6.1	2.0	1.0	14.7

Note: AV: Average. Expansion and Whole Cycle AV ∆% calculated with quarterly growth, seasonally adjusted and quarterly adjusted when applicable, rates and converted into annual equivalent.

Data reported periodically in this blog.

Source: Country Statistical Agencies http://www.census.gov/aboutus/stat_int.html

Table V-3 provides the latest available estimates of GDP for the regions and countries followed in this blog from IQ2012 to IVQ2016 available now for all countries. There are estimates for all countries for IQ2017, IIQ2017 and IIIQ2017. There are estimates for IVQ2017. Growth is weak throughout most of the world.

• Japan. The GDP of Japan increased 1.1 percent in IQ2012, 4.7 percent at SAAR (seasonally adjusted annual rate) and 3.1 percent relative to a year earlier but part of the jump could be the low level a year earlier because of the Tōhoku or Great East Earthquake and Tsunami of Mar 11, 2011. Japan is experiencing difficulties with the overvalued yen because of worldwide capital flight originating in zero interest rates with risk aversion in an environment of softer growth of world trade. Japan’s GDP fell 0.6 percent in IIQ2012 at the seasonally adjusted annual rate (SAAR) of minus 2.5 percent, which is much lower than 4.7 percent in IQ2012. Growth of 2.9 percent in IIQ2012 in Japan relative to IIQ2011 has effects of the low level of output because of Tōhoku or Great East Earthquake and Tsunami of Mar 11, 2011. Japan’s GDP contracted 0.4 percent in IIIQ2012 at the SAAR of minus 1.5 percent and decreased 0.1 percent relative to a year earlier. Japan’s GDP increased 0.2 percent in IVQ2012 at the SAAR of 0.8 percent and increased 0.2 percent relative to a year earlier. Japan grew 1.1 percent in IQ2013 at the SAAR of 4.7 percent and increased 0.5 percent relative to a year earlier. Japan’s GDP increased 0.9 percent in IIQ2013 at the SAAR of 3.7 percent and increased 1.8 percent relative to a year earlier. Japan’s GDP grew 0.8 percent in IIIQ2013 at the SAAR of 3.2 percent and increased 2.9 percent relative to a year earlier. In IVQ2013, Japan’s GDP changed 0.0 percent at the SAAR of minus 0.2 percent, increasing 2.7 percent relative to a year earlier. Japan’s GDP increased 0.9 percent in IQ2014 at the SAAR of 3.6 percent and increased 3.0 percent relative to a year earlier. In IIQ2014, Japan’s GDP fell 1.8 percent at the SAAR of minus 6.8 percent and fell 0.1 percent relative to a year earlier. Japan’s GDP changed 0.0 percent in IIIQ2014 at the SAAR of minus 0.1 percent and fell 1.0 percent relative to a year earlier. In IVQ2014, Japan’s GDP grew 0.6 percent, at the SAAR of 2.6 percent, decreasing 0.4 percent relative to a year earlier. The GDP of Japan increased 1.4 percent in IQ2015 at the SAAR of 5.5 percent and increased 0.2 percent relative to a year earlier. Japan’s GDP increased 0.1 percent in IIQ2015 at the SAAR of 0.2 percent and increased 2.1 percent relative to a year earlier. The GDP of Japan increased 0.1 percent in IIIQ2015 at the SAAR of 0.4 percent and increased 2.1 percent relative to a year earlier. Japan’s GDP contracted 0.3 percent in IVQ2015 at the SAAR of minus 1.1 percent and grew 1.1 percent relative to a year earlier. In IQ2016, the GDP of Japan increased 0.7 percent at the SAAR of 2.7 percent and increased 0.6 percent relative to a year earlier. Japan’s GDP increased 0.3 percent in IIQ2016 at the SAAR of 1.3 percent and increased 0.7 percent relative to a year earlier. In IIIQ2016, the GDP of Japan increased 0.2 percent at the SAAR of 0.9 percent and increased 0.9 percent relative to a year earlier. Japan’s GDP increased 0.3 percent in IVQ2016 at the SAAR of 1.1 percent and increased 1.5 percent relative to a year earlier. In IQ2017, the GDP of Japan increased 0.5 percent at the SAAR of 1.9 percent and increased 1.4 percent relative to a year earlier. Japan’s GDP increased 0.6 percent in IIQ2017 at the SAAR of 2.4 percent and increased 1.5 percent relative to a year earlier. In IIIQ2017, the GDP of Japan increased 0.6 percent at the SAAR of 2.4 percent and increased 1.9 percent relative to a year earlier. Japan’s GDP increased 0.4 percent in IVQ2017, at the SAAR of 1.6 percent, and increased 2.0 percent relative to a year earlier.
• China. China’s GDP grew 1.9 percent in IQ2012, annualizing to 7.8 percent, and 8.1 percent relative to a year earlier. The GDP of China grew at 2.1 percent in IIQ2012, which annualizes to 8.7 percent, and 7.6 percent relative to a year earlier. China grew at 1.8 percent in IIIQ2012, which annualizes at 7.4 percent, and 7.5 percent relative to a year earlier. In IVQ2012, China grew at 2.0 percent, which annualizes at 8.2 percent, and 8.1 percent in IVQ2012 relative to IVQ2011. In IQ2013, China grew at 1.9 percent, which annualizes at 7.8 percent, and 7.9 percent relative to a year earlier. In IIQ2013, China grew at 1.7 percent, which annualizes at 7.0 percent, and 7.6 percent relative to a year earlier. China grew at 2.1 percent in IIIQ2013, which annualizes at 8.7 percent, and increased 7.9 percent relative to a year earlier. China grew at 1.6 percent in IVQ2013, which annualized to 6.6 percent, and 7.7 percent relative to a year earlier. China’s GDP grew 1.7 percent in IQ2014, which annualizes to 7.0 percent, and 7.4 percent relative to a year earlier. China’s GDP grew 1.8 percent in IIQ2014, which annualizes at 7.4 percent, and 7.5 percent relative to a year earlier. China’s GDP grew 1.8 percent in IIIQ2014, which is equivalent to 7.4 percent in a year, and 7.1 percent relative to a year earlier. The GDP of China grew 1.7 percent in IVQ2014, which annualizes at 7.0 percent, and 7.2 percent relative to a year earlier. The GDP of China grew at 1.7 percent in IQ2015, which annualizes at 7.0 percent, and 7.0 percent relative to a year earlier. The GDP of China grew 1.7 percent in IIQ2015, which annualizes at 7.0 percent, and increased 7.0 percent relative to a year earlier. In IIIQ2015, China’s GDP grew at 1.7 percent, which annualizes at 7.0 percent, and increased 6.9 percent relative to a year earlier. The GDP of China grew at 1.6 percent in IVQ2015, which annualizes at 6.6 percent, and increased 6.8 percent relative to a year earlier. The GDP of China grew 1.3 percent in IQ2016, which annualizes at 5.3 percent, and increased 6.7 percent relative to a year earlier. In IIQ2016, the GDP of China increased 1.9 percent, which annualizes to 7.8 percent, and increased 6.7 percent relative to a year earlier. The GDP of China increased at 1.8 percent in IIIQ2016, which annualizes at 7.4 percent, and increased 6.7 percent relative to a year earlier. The GDP of China increased at 1.7 percent in IVQ2016, which annualizes at 7.0 percent, and increased 6.8 percent relative to a year earlier. The GDP of China increased at 1.4 percent in IQ2017, which annualizes at 5.7 percent and increased 6.9 percent relative to a year earlier. China’s GDP increased at 1.9 percent in IIQ2017, which annualizes at 7.8 percent, and increased 6.9 percent relative to a year earlier. The GDP of China increased 1.8 percent in IIIQ2017, which annualizes at 7.4 percent, and increased 6.8 percent relative to a year earlier. China’s GDP increased at 1.6 percent in IVQ2017, which annualizes at 6.6 percent, and increased 6.8 percent relative to a year earlier. There was decennial change in leadership in China (http://www.xinhuanet.com/english/special/18cpcnc/index.htm). Xi Jinping initiated a second term of leadership in Oct 2017 (http://news.xinhuanet.com/english/2017-10/25/c_136705344.htm). Growth rates of GDP of China in a quarter relative to the same quarter a year earlier have been declining from 2011 to 2017.
• Euro Area. GDP fell 0.1 percent in the euro area in IQ2012 and decreased 0.5 in IQ2012 relative to a year earlier. Euro area GDP contracted 0.3 percent IIQ2012 and fell 0.8 percent relative to a year earlier. In IIIQ2012, euro area GDP fell 0.2 percent and declined 1.0 percent relative to a year earlier. In IVQ2012, euro area GDP fell 0.4 percent relative to the prior quarter and fell 1.1 percent relative to a year earlier. In IQ2013, the GDP of the euro area fell 0.3 percent and decreased 1.2 percent relative to a year earlier. The GDP of the euro area increased 0.5 percent in IIQ2013 and fell 0.4 percent relative to a year earlier. In IIIQ2013, euro area GDP increased 0.4 percent and increased 0.1 percent relative to a year earlier. The GDP of the euro area increased 0.3 percent in IVQ2013 and increased 0.8 percent relative to a year earlier. In IQ2014, the GDP of the euro area increased 0.4 percent and increased 1.5 percent relative to a year earlier. The GDP of the euro area increased 0.1 percent in IIQ2014 and increased 1.2 percent relative to a year earlier. The euro area’s GDP increased 0.4 percent in IIIQ2014 and increased 1.3 percent relative to a year earlier. The GDP of the euro area increased 0.5 percent in IVQ2014 and increased 1.5 percent relative to a year earlier. Euro area GDP increased 0.8 percent in IQ2015 and increased 1.8 percent relative to a year earlier. The GDP of the euro area increased 0.3 percent in IIQ2015 and increased 2.0 percent relative to a year earlier. The euro area’s GDP increased 0.4 percent in IIIQ2015 and increased 2.0 percent relative to a year earlier. Euro area GDP increased 0.4 percent in IVQ2015 and increased 2.0 percent relative to a year earlier. Euro area’s GDP increased 0.5 percent in IQ2016 and increased 1.7 percent relative to a year earlier. The GDP of the euro area increased 0.4 percent in IIQ2016 and increased 1.7 percent relative to a year earlier. In IIIQ2016, the GDP of the euro area increased 0.4 percent and increased 1.7 percent relative to a year earlier. The GDP of the euro area increased 0.6 percent in IVQ2016 and increased 2.0 percent relative to a year earlier. In IQ2017, euro are GDP increased 0.6 percent and increased 2.1 percent relative to a year earlier. The GDP of the euro area increased 0.7 percent in IIQ2017 and increased 2.4 percent relative to a year earlier. In IIIQ2017, the GDP of the euro area increased 0.7 percent and grew 2.7 percent relative to a year earlier. The GDP of the euro area grew 0.6 percent in IVQ2017 and increased 2.7 percent relative to a year earlier.
• Germany. The GDP of Germany increased 0.3 percent in IQ2012 and increased 1.6 percent relative to a year earlier. In IIQ2012, Germany’s GDP increased 0.1 percent and increased 0.4 percent relative to a year earlier but 0.9 percent relative to a year earlier when adjusted for calendar (CA) effects. In IIIQ2012, Germany’s GDP increased 0.2 percent and 0.2 percent relative to a year earlier. Germany’s GDP contracted 0.4 percent in IVQ2012 and decreased 0.1 percent relative to a year earlier. In IQ2013, Germany’s GDP decreased 0.2 percent and fell 1.5 percent relative to a year earlier. In IIQ2013, Germany’s GDP increased 0.9 percent and grew 0.9 percent relative to a year earlier. The GDP of Germany increased 0.5 percent in IIIQ2013 and grew 1.2 percent relative to a year earlier. In IVQ2013, Germany’s GDP increased 0.4 percent and increased 1.4 percent relative to a year earlier. The GDP of Germany increased 0.9 percent in IQ2014 and grew 3.0 percent relative to a year earlier. In IIQ2014, Germany’s GDP decreased 0.2 percent and increased 1.3 percent relative to a year earlier. The GDP of Germany increased 0.3 percent in IIIQ2014 and increased 1.5 percent relative to a year earlier. Germany’s GDP increased 0.9 percent in IVQ2014 and increased 2.0 percent relative to a year earlier. The GDP of Germany increased 0.1 percent in IQ2015 and increased 1.3 percent relative to a year earlier. Germany’s GDP increased 0.4 percent in IIQ2015 and grew 1.8 percent relative to a year earlier. The GDP of Germany increased 0.3 percent in IIIQ2015 and grew 1.8 percent relative to a year earlier. Germany’s GDP increased 0.4 percent in IVQ2015 and grew 2.1 percent relative to a year earlier. In IQ2016, the GDP of Germany increased 0.6 percent and grew 1.5 percent relative to a year earlier. Germany’s GDP increased 0.5 percent in IIQ2016 and increased 3.3 percent relative to a year earlier. In IIIQ2016, the GDP of Germany increased 0.3 percent and grew 1.7 percent relative to a year earlier. Germany’s GDP increased 0.4 percent in IVQ2016 and grew 1.3 percent relative to a year earlier. In IQ2017, the GDP of Germany increased 0.9 percent and grew 3.4 percent relative to a year earlier. Germany’s GDP increased 0.6 percent in IIQ2017 and grew 1.0 percent relative to a year earlier and 2.3 percent relative to a year earlier adjusting for calendar effects (CA). In IIIQ2017, the GDP of Germany increased 0.7 percent and increased 2.2 percent relative to a year earlier and 2.7 percent relative to a year earlier (CA). Germany’s GDP increased 0.6 percent in IVQ2017, 2.3 percent relative to a year earlier and 2.9 percent relative to a year earlier (CA).
• United States. Growth of US GDP in IQ2012 was 0.7 percent, at SAAR of 2.7 percent and higher by 2.8 percent relative to IQ2011. US GDP increased 0.5 percent in IIQ2012, 1.9 percent at SAAR and 2.5 percent relative to a year earlier. In IIIQ2012, US GDP grew 0.1 percent, 0.5 percent at SAAR and 2.4 percent relative to IIIQ2011. In IVQ2012, US GDP grew 0.0 percent, 0.1 percent at SAAR and 1.3 percent relative to IVQ2011. In IQ2013, US GDP grew at 2.8 percent SAAR, 0.7 percent relative to the prior quarter and 1.3 percent relative to the same quarter in 2012. In IIQ2013, US GDP grew at 0.8 percent in SAAR, 0.2 percent relative to the prior quarter and 1.0 percent relative to IIQ2012. US GDP grew at 3.1 percent in SAAR in IIIQ2013, 0.8 percent relative to the prior quarter and 1.7 percent relative to the same quarter a year earlier (Section I and earlier https://cmpassocregulationblog.blogspot.com/2018/01/continuing-dollar-devaluation-mediocre.html). In IVQ2013, US GDP grew 1.0 percent at 4.0 percent SAAR and 2.7 percent relative to a year earlier. In IQ2014, US GDP decreased 0.2 percent, increased 1.7 percent relative to a year earlier and fell 0.9 percent at SAAR. In IIQ2014, US GDP increased 1.1 percent at 4.6 percent SAAR and increased 2.7 percent relative to a year earlier. US GDP increased 1.3 percent in IIIQ2014 at 5.2 percent SAAR and increased 3.2 percent relative to a year earlier. In IVQ2014, US GDP increased 0.5 percent at SAAR of 2.0 percent and increased 2.7 percent relative to a year earlier. GDP increased 0.8 percent in IQ2015 at SAAR of 3.2 percent and grew 3.8 percent relative to a year earlier. US GDP grew at SAAR 2.7 percent in IIQ2015, increasing 0.7 percent in the quarter and 3.3 percent relative to a year earlier. GDP increased 0.4 percent in IIIQ2015 at SAAR of 1.6 percent and grew 2.4 percent in IIIQ2015 relative to a year earlier. US GDP grew at SAAR of 0.5 percent in IVQ2015, increasing 0.1 percent in the quarter and 2.0 percent relative to a year earlier. In IQ2016, US GDP grew 0.1 percent at SAAR of 0.6 percent and increased 1.4 percent relative to a year earlier. US GDP grew at SAAR of 2.2 percent in IIQ2016, increasing 0.6 percent in the quarter and 1.2 percent relative to a year earlier. In IIIQ2016, US GDP grew 0.7 percent at SAAR of 2.8 percent and increased 1.5 percent relative to a year earlier. US GDP grew at SAAR of 1.8 percent in IVQ2016, increasing 0.4 percent in the quarter, and increasing 1.8 percent relative to a year earlier. In IQ2017, US GDP grew 0.3 percent at SAAR of 1.2 percent and increased 2.0 percent relative to a year earlier. US GDP grew at SAAR of 3.1 percent in IIQ2017, increasing 0.8 percent in the quarter, and increasing 2.2 percent relative to a year earlier. In IIIQ2017, US GDP grew 0.8 percent at SAAR of 3.2 percent and increased 2.3 percent relative to a year earlier. US GDP grew at SAAR of 2.5 percent in IVQ2017, increasing 0.6 percent in the quarter, and increasing 2.5 percent relative to a year earlier.
• United Kingdom. In IQ2012, UK GDP increased 0.6 percent and increased 1.4 percent relative to a year earlier. In IIQ2012, GDP fell 0.1 percent relative to IQ2012 and increased 1.1 percent relative to a year earlier. In IIIQ2012, GDP increased 1.2 percent and increased 1.9 percent relative to the same quarter a year earlier. In IVQ2012, GDP fell 0.1 percent and increased 1.5 percent relative to a year earlier. Fiscal consolidation in an environment of weakening economic growth is much more challenging. GDP increased 1.5 percent in IQ2013 relative to a year earlier and 0.6 percent in IQ2013 relative to IVQ2012. In IIQ2013, GDP increased 0.5 percent and 2.2 percent relative to a year earlier. GDP increased 0.9 percent in IIIQ2013 and 1.9 percent relative to a year earlier. GDP increased 0.5 percent in IVQ2013 and 2.6 percent relative to a year earlier. In IQ2014, GDP increased 0.9 percent and 2.8 percent relative to a year earlier. GDP increased 0.9 percent in IIQ2014 and 3.1 percent relative to a year earlier. GDP increased 0.8 percent in IIIQ2014 and 3.0 percent relative to a year earlier. In IVQ2014, GDP increased 0.8 percent and 3.3 percent relative to a year earlier. GDP increased 0.3 percent in IQ2015 and increased 2.7 percent relative to a year earlier. GDP increased 0.6 percent in IIQ2015 and increased 2.5 percent relative to a year earlier. UK GDP increased 0.4 percent in IIIQ2015 and increased 2.1 percent relative to a year earlier. GDP increased 0.7 percent in IVQ2015 and increased 2.1 percent relative to a year earlier. GDP increased 0.2 percent in IQ2016 and increased 1.9 percent relative to a year earlier. GDP increased 0.5 percent in IIQ2016 and grew 1.8 percent relative to a year earlier. UK GDP increased 0.5 percent in IIIQ2016 and increased 2.0 percent relative to a year earlier. GDP increased 0.7 percent in IVQ2016 and increased 2.0 percent relative to a year earlier. UK GDP increased 0.2 percent in IQ2017 and increased 2.0 percent relative to a year earlier. GDP increased 0.3 percent in IIQ2017 and increased 1.8 percent relative to a year earlier. In IIIQ2017, GDP increased 0.5 percent and increased 1.8 percent relative to a year earlier. GDP increased 0.4 percent in IVQ2007 and increased 1.4 percent relative to a year earlier.
• Italy. In IVQ2017, the GDP of Italy increased 0.3 percent and increased 1.6 percent relative to a year earlier. Italy’s GDP increased 0.4 percent in IIIQ2017 and increased 1.7 percent relative to a year earlier. In IIQ2017, the GDP of Italy increased 0.4 percent and increased 1.6 percent relative to a year earlier. Italy’s GDP increased 0.5 percent in IQ2017 and increased 1.3 percent relative to a year earlier. In IVQ2016, the GDP of Italy increased 0.4 percent and increased 1.1 percent relative to a year earlier. Italy’s GDP increased 0.2 percent in IIIQ2016 and increased 0.9 percent relative to a year earlier. In IIQ2016, GDP increased 0.1 percent and increased 0.8 percent relative to a year earlier. GDP increased 0.3 percent in IQ2016 and increased 1.1 percent relative to a year earlier. GDP increased 0.2 percent in IVQ2015 and increased 1.0 percent relative to a year earlier. In IIIQ2015, GDP increased 0.2 percent and increased 0.9 percent relative to a year earlier. GDP increased 0.3 percent in IIQ2015 and 0.9 percent relative to a year earlier. GDP increased 0.3 percent in IQ2015 and increased 0.5 percent relative to a year earlier. GDP increased 0.1 percent in IVQ2014 and increased 0.3 percent relative to a year earlier. GDP increased 0.2 percent in IIIQ2014 and changed 0.0 percent relative to a year earlier. Italy’s GDP decreased 0.1 percent in IIQ2014 and increased 0.2 percent relative to a year earlier. The GDP of Italy changed 0.0 percent in IQ2014 and increased 0.3 percent relative to a year earlier. Italy’s GDP decreased 0.1 percent in IVQ2013 and fell 0.8 percent relative to a year earlier. The GDP of Italy increased 0.3 percent in IIIQ2013 and fell 1.2 percent relative to a year earlier. Italy’s GDP changed 0.0 percent in IIQ2013 and fell 2.0 percent relative to a year earlier. Italy’s GDP fell 1.0 percent in IQ2013 and declined 2.9 percent relative to IQ2012. GDP had been growing during six consecutive quarters but at very low rates from IQ2010 to IIQ2011. Italy’s GDP fell in seven consecutive quarters from IIIQ2011 to IQ2013 at increasingly higher rates of contraction from 0.6 percent in IIIQ2011 to 0.9 percent in IVQ2011, 0.9 percent in IQ2012, 0.9 percent in IIQ2012 and 0.5 percent in IIIQ2012. The pace of decline accelerated to minus 0.6 percent in IVQ2012 and minus 1.0 percent in IQ2013. GDP contracted cumulatively 5.3 percent in seven consecutive quarterly contractions from IIIQ2011 to IQ2013 at the annual equivalent rate of minus 3.1 percent. The yearly rate has fallen from 2.2 percent in IVQ2010 to minus 2.8 percent in IVQ2012, minus 2.9 percent in IQ2013, minus 2.0 percent in IIQ2013 and minus 1.2 percent in IIIQ2013. GDP fell 0.8 percent in IVQ2013 relative to a year earlier. GDP increased 0.3 percent in IQ2014 relative to a year earlier and increased 0.2 percent in IIQ2014 relative to a year earlier. GDP changed 0.0 percent in IIIQ2014 relative to a year earlier and increased 0.3 percent in IVQ2014 relative to a year earlier. GDP increased 0.5 percent in IQ2015 relative to a year earlier and increased 0.9 percent in IIQ2015 relative to a year earlier. GDP increased 0.9 percent in IIIQ2015 relative to a year earlier and increased 1.0 percent in IVQ2015 relative to a year earlier. GDP increased 1.1 percent in IQ2016 relative to a year earlier and increased 0.8 percent in IIQ2016 relative to a year earlier. GDP increased 0.9 percent in IIIQ2016 relative to a year earlier and increased 1.1 percent in IVQ2016 relative to a year earlier. GDP increased 1.3 percent in IQ2017 relative to a year earlier and increased 1.6 percent in IIQ2017 relative to a year earlier. GDP increased 1.7 percent in IIIQ2017 relative to a year earlier and increased 1.6 percent in IVQ2017 relative to a year earlier. Using seasonally and calendar adjusted chained volumes in the dataset of EUROSTAT (http://ec.europa.eu/eurostat), the GDP of Italy in IVQ2017 of €401,108.9 million (http://www.istat.it/it/archivio/209843) is lower by 5.8 percent relative to €425,734.7 million in IQ2008 (http://ec.europa.eu/eurostat). Using seasonally and calendar adjusted chained volumes in the dataset of EUROSTAT (http://ec.europa.eu/eurostat), the GDP of Italy increased from €368,105.8 million in IQ1998 to €425,734.7 million in IQ2008 at the annual equivalent rate of 1.5 percent. The fiscal adjustment of Italy is significantly more difficult with the economy not growing especially on the prospects of increasing government revenue. The strategy is for reforms to improve productivity, facilitating future fiscal consolidation.
• France. France’s GDP increased 0.1 percent in IQ2012 and increased 0.4 percent relative to a year earlier. France’s GDP decreased 0.1 percent in IIQ2012 and increased 0.3 percent relative to a year earlier. In IIIQ2012, France’s GDP increased 0.1 percent and increased 0.2 percent relative to a year earlier. France’s GDP decreased 0.1 percent in IVQ2012 and changed 0.0 percent relative to a year earlier. In IQ2013, France’s GDP changed 0.0 percent and changed 0.0 percent relative to a year earlier. The GDP of France increased 0.7 percent in IIQ2013 and increased 0.7 percent relative to a year earlier. France’s GDP changed 0.0 percent in IIIQ2013 and increased 0.6 percent relative to a year earlier. The GDP of France increased 0.4 percent in IVQ2013 and increased 1.1 percent relative to a year earlier. In IQ2014, France’s GDP increased 0.1 percent and increased 1.2 percent relative to a year earlier. In IIQ2014, France’s GDP increased 0.2 percent and increased 0.7 percent relative to a year earlier. France’s GDP increased 0.5 percent in IIIQ2014 and increased 1.3 percent relative to a year earlier. The GDP of France changed 0.0 percent in IVQ2014 and increased 0.8 percent relative to a year earlier. France’s GDP increased 0.4 percent in IQ2015 and increased 1.2 percent relative to a year earlier. In IIQ2015, France’s GDP changed 0.0 percent and increased 0.9 percent relative to a year earlier. France’s GDP increased 0.4 percent in IIIQ2015 and increased 0.8 percent relative to a year earlier. In IVQ2015, the GDP of France increased 0.2 percent and increased 1.0 percent relative to a year earlier. France’s GDP increased 0.6 percent in IQ2016 and increased 1.2 percent relative to a year earlier. The GDP of France decreased 0.1 percent in IIQ2016 and increased 1.2 percent relative to a year earlier. France’s GDP increased 0.1 percent in IIIQ2016 and increased 0.9 percent relative to a year earlier. In IVQ2016, the GDP of France increased 0.5 percent and increased 1.2 percent relative to a year earlier. France’s GDP increased 0.7 percent in IQ2017 and increased 1.2 percent relative to a year earlier. In IIQ2017, the GDP of France increased 0.6 percent and increased 1.9 percent relative to a year earlier. France’s GDP increased 0.5 percent in IIIQ2017 and increased 2.3 percent relative to a year earlier. In IVQ2017, the GDP of France increased 0.6 percent and increased 2.5 percent relative to a year earlier

Table V-3, Percentage Changes of GDP Quarter on Prior Quarter and on Same Quarter Year Earlier, ∆%

	IQ2012/IVQ2011	IQ2012/IQ2011
United States	QOQ: 0.7        SAAR: 2.7	2.8
Japan	QOQ: 1.1 SAAR: 4.7	3.1
China	1.9 AE 7.8	8.1
Euro Area	-0.1	-0.5
Germany	0.3	1.6
France	0.1	0.4
Italy	-0.9	-2.3
United Kingdom	0.6	1.4
	IIQ2012/IQ2012	IIQ2012/IIQ2011
United States	QOQ: 0.5         SAAR: 1.9	2.5
Japan	QOQ: -0.6 SAAR: -2.5	2.9
China	2.1 AE 8.7	7.6
Euro Area	-0.3	-0.8
Germany	0.1	0.4 0.9 CA
France	-0.1	0.3
Italy	-0.9	-3.2
United Kingdom	-0.1	1.1
	IIIQ2012/ IIQ2012	IIIQ2012/ IIIQ2011
United States	QOQ: 0.1  SAAR: 0.5	2.4
Japan	QOQ: –0.4 SAAR: –1.5	-0.1
China	1.8 AE 7.4	7.5
Euro Area	-0.2	-1.0
Germany	0.2	0.2
France	0.1	0.2
Italy	-0.5	-3.1
United Kingdom	1.2	1.9
	IVQ2012/IIIQ2012	IVQ2012/IVQ2011
United States	QOQ: 0.0 SAAR: 0.1	1.3
Japan	QOQ: 0.2 SAAR: 0.8	0.2
China	2.0 AE 8.2	8.1
Euro Area	-0.4	-1.1
Germany	-0.4	-0.1
France	-0.1	0.0
Italy	-0.6	-2.8
United Kingdom	-0.1	1.5
	IQ2013/IVQ2012	IQ2013/IQ2012
United States	QOQ: 0.7 SAAR: 2.8	1.3
Japan	QOQ: 1.1 SAAR: 4.7	0.5
China	1.9 AE 7.8	7.9
Euro Area	-0.3	-1.2
Germany	-0.2	-1.5
France	0.0	0.0
Italy	-1.0	-2.9
UK	0.6	1.5
	IIQ2013/IQ2013	IIQ2013/IIQ2012
United States	QOQ: 0.2 SAAR: 0.8	1.0
Japan	QOQ: 0.9 SAAR: 3.7	1.8
China	1.7 AE 7.0	7.6
Euro Area	0.5	-0.4
Germany	0.9	0.9
France	0.7	0.7
Italy	0.0	-2.0
UK	0.5	2.2
	IIIQ2013/IIQ2013	III/Q2013/  IIIQ2012
USA	QOQ: 0.8 SAAR: 3.1	1.7
Japan	QOQ: 0.8 SAAR: 3.2	2.9
China	2.1 AE 8.7	7.9
Euro Area	0.4	0.1
Germany	0.5	1.2
France	0.0	0.6
Italy	0.3	-1.2
UK	0.9	1.9
	IVQ2013/IIIQ2013	IVQ2013/IVQ2012
USA	QOQ: 1.0 SAAR: 4.0	2.7
Japan	QOQ: 0.0 SAAR: -0.2	2.7
China	1.6 AE 6.6	7.7
Euro Area	0.3	0.8
Germany	0.4	1.4
France	0.4	1.1
Italy	-0.1	-0.8
UK	0.5	2.6
	IQ2014/IVQ2013	IQ2014/IQ2013
USA	QOQ -0.2 SAAR -0.9	1.7
Japan	QOQ: 0.9 SAAR: 3.6	3.0
China	1.7 AE 7.0	7.4
Euro Area	0.4	1.5
Germany	0.9	3.0
France	0.1	1.2
Italy	0.0	0.3
UK	0.9	2.8
	IIQ2014/IQ2014	IIQ2014/IIQ2013
USA	QOQ 1.1 SAAR 4.6	2.7
Japan	QOQ: -1.8 SAAR: -6.8	-0.1
China	1.8 AE 7.4	7.5
Euro Area	0.1	1.2
Germany	-0.2	1.3
France	0.2	0.7
Italy	-0.1	0.2
UK	0.9	3.1
	IIIQ2014/IIQ2014	IIIQ2014/IIIQ2013
USA	QOQ: 1.3 SAAR: 5.2	3.2
Japan	QOQ: 0.0 SAAR: -0.1	-1.0
China	1.8 AE 7.4	7.1
Euro Area	0.4	1.3
Germany	0.3	1.5
France	0.5	1.3
Italy	0.2	0.0
UK	0.8	3.0
	IVQ2014/IIIQ2014	IVQ2014/IVQ2013
USA	QOQ: 0.5 SAAR: 2.0	2.7
Japan	QOQ: 0.6 SAAR: 2.6	-0.4
China	1.7 AE 7.0	7.2
Euro Area	0.5	1.5
Germany	0.9	2.0
France	0.0	0.8
Italy	0.1	0.3
UK	0.8	3.3
	IQ2015/IVQ2014	IQ2015/IQ2014
USA	QOQ: 0.8 SAAR: 3.2	3.8
Japan	QOQ: 1.4 SAAR: 5.5	0.2
China	1.7 AE 7.0	7.0
Euro Area	0.8	1.8
Germany	0.1	1.3
France	0.4	1.2
Italy	0.3	0.5
UK	0.3	2.7
	IIQ2015/IQ2015	IIQ2015/IIQ2014
USA	QOQ: 0.7 SAAR: 2.7	3.3
Japan	QOQ: 0.1 SAAR: 0.2	2.1
China	1.7 AE 7.0	7.0
Euro Area	0.3	2.0
Germany	0.4	1.8
France	0.0	0.9
Italy	0.3	0.9
UK	0.6	2.5
	IIIQ2015/IIQ2015	IIIQ2015/IIIQ2014
USA	QOQ: 0.4 SAAR: 1.6	2.4
Japan	QOQ: 0.1 SAAR: 0.4	2.1
China	1.7 AE 7.0	6.9
Euro Area	0.4	2.0
Germany	0.3	1.8
France	0.4	0.8
Italy	0.2	0.9
UK	0.4	2.1
	IVQ2015/IIIQ2015	IVQ2015/IVQ2014
USA	QOQ: 0.1 SAAR: 0.5	2.0
Japan	QOQ: -0.3 SAAR: -1.1	1.1
China	1.6 AE 6.6	6.8
Euro Area	0.4	2.0
Germany	0.4	2.1
France	0.2	1.0
Italy	0.2	1.0
UK	0.7	2.1
	IQ2016/IVQ2015	IQ2016/IQ2015
USA	QOQ: 0.1 SAAR: 0.6	1.4
Japan	QOQ: 0.7 SAAR: 2.7	0.6
China	1.3 AE 5.3	6.7
Euro Area	0.5	1.7
Germany	0.6	1.5
France	0.6	1.2
Italy	0.3	1.1
UK	0.2	1.9
	IIQ2016/IQ2016	IIQ2016/IIQ2015
USA	QOQ: 0.6 SAAR: 2.2	1.2
Japan	QOQ: 0.3 SAAR: 1.3	0.7
China	1.9 AE 7.8	6.7
Euro Area	0.4	1.7
Germany	0.5	3.3
France	-0.1	1.2
Italy	0.1	0.8
UK	0.5	1.8
	IIIQ2016/IIQ2016	IIIQ2016/IIIQ2015
United States	QOQ: 0.7 SAAR: 2.8	1.5
Japan	QOQ: 0.2 SAAR: 0.9	0.9
China	1.8 AE 7.4	6.7
Euro Area	0.4	1.7
Germany	0.3	1.7
France	0.1	0.9
Italy	0.2	0.9
UK	0.5	2.0
	IVQ2016/IIIQ2016	IVQ2016/IVQ2015
United States	QOQ: 0.4 SAAR: 1.8	1.8
Japan	QOQ: 0.3 SAAR: 1.1	1.5
China	1.7 AE 7.0	6.8
Euro Area	0.6	2.0
Germany	0.4	1.3
France	0.5	1.2
Italy	0.4	1.1
UK	0.7	2.0
	IQ2017/IVQ2016	IQ2017/IQ2016
United States	QOQ: 0.3 SAAR: 1.2	2.0
Japan	QOQ: 0.5 SAAR: 1.9	1.4
China	1.4 AE 5.7	6.9
Euro Area	0.6	2.1
Germany	0.9	3.4
France	0.7	1.2
Italy	0.5	1.3
UK	0.2	2.0
	IIQ2017/IQ2017	IIQ2017/IIQ2016
USA	QOQ: 0.8 SAAR: 3.1	2.2
Japan	QOQ: 0.6 SAAR: 2.4	1.5
China	1.9 AE 7.8	6.9
Euro Area	0.7	2.4
Germany	0.6	1.0 CA 2.3
France	0.6	1.9
Italy	0.4	1.6
UK	0.3	1.8
	IIIQ2017/IIQ2017	IIIQ2017/IIIQ2016
USA	QOQ: 0.8 SAAR: 3.2	2.3
Japan	QOQ: 0.6 SAAR: 2.4	1.9
China	1.8 AE 7.4	6.8
Euro Area	0.7	2.7
Germany	0.7	2.2 CA 2.7
France	0.5	2.3
Italy	0.4	1.7
UK	0.5	1.8
	IVQ2017/IIIQ2017	IVQ2017/IVQ2016
USA	QOQ: 0.6 SAAR: 2.5	2.5
Japan	QOQ: 0.4 SAAR: 1.6	2.0
China	1.6 AE 6.6	6.8
Euro Area	0.6	2.7
Germany	0.6	2.3 CA 2.9
France	0.6	2.5
Italy	0.3	1.6
UK	0.4	1.4

QOQ: Quarter relative to prior quarter; SAAR: seasonally adjusted annual rate

Source: Country Statistical Agencies http://www.census.gov/aboutus/stat_int.html

Table V-4 provides two types of data: growth of exports and imports in the latest available months and in the past 12 months; and contributions of net trade (exports less imports) to growth of real GDP.

• Japan. Japan provides the most worrisome data (http://cmpassocregulationblog.blogspot.com/2015/08/global-decline-of-values-of-financial.html and earlier http://cmpassocregulationblog.blogspot.com/2015/07/valuation-of-risk-financial-assets.html and earlier http://cmpassocregulationblog.blogspot.com/2015/06/fluctuating-financial-asset-valuations.html and earlier http://cmpassocregulationblog.blogspot.com/2015/06/dollar-revaluation-squeezing-corporate.html and earlier http://cmpassocregulationblog.blogspot.com/2015/04/imf-view-of-economy-and-finance-united.html and earlier http://cmpassocregulationblog.blogspot.com/2015/03/impatience-with-monetary-policy-of.html and earlier http://cmpassocregulationblog.blogspot.com/2015/02/world-financial-turbulence-squeeze-of.html and earlier (http://cmpassocregulationblog.blogspot.com/2015/02/financial-and-international.html and earlier http://cmpassocregulationblog.blogspot.com/2014/12/patience-on-interest-rate-increases.html and earlier (http://cmpassocregulationblog.blogspot.com/2014/11/squeeze-of-economic-activity-by-carry.html and earlier http://cmpassocregulationblog.blogspot.com/2014/09/world-inflation-waves-squeeze-of.html and earlier http://cmpassocregulationblog.blogspot.com/2014/08/monetary-policy-world-inflation-waves.html and earlier http://cmpassocregulationblog.blogspot.com/2014/07/world-inflation-waves-united-states.html and earlier (http://cmpassocregulationblog.blogspot.com/2014/06/valuation-risks-world-inflation-waves.html and earlier http://cmpassocregulationblog.blogspot.com/2014/05/united-states-commercial-banks-assets.html and earlier http://cmpassocregulationblog.blogspot.com/2014/05/financial-volatility-mediocre-cyclical.html and earlier http://cmpassocregulationblog.blogspot.com/2014/03/interest-rate-risks-world-inflation.html and earlier http://cmpassocregulationblog.blogspot.com/2014/03/financial-risks-slow-cyclical-united.html and earlier http://cmpassocregulationblog.blogspot.com/2014/02/mediocre-cyclical-united-states.html and earlier http://cmpassocregulationblog.blogspot.com/2013/12/tapering-quantitative-easing-mediocre.html and earlier http://cmpassocregulationblog.blogspot.com/2013/11/risks-of-zero-interest-rates-world.html http://cmpassocregulationblog.blogspot.com/2013/11/global-financial-risk-world-inflation.html http://cmpassocregulationblog.blogspot.com/2013/09/duration-dumping-and-peaking-valuations_8763.html http://cmpass ocregulationblog.blogspot.com/2013/08/interest-rate-risks-duration-dumping.html and earlier http://cmpassocregulationblog.blogspot.com/2013/07/duration-dumping-steepening-yield-curve.html and earlier http://cmpassocregulationblog.blogspot.com/2013/06/paring-quantitative-easing-policy-and_4699.html and earlier at http://cmpassocregulationblog.blogspot.com/2013/05/united-states-commercial-banks-assets.html and earlier http://cmpassocregulationblog.blogspot.com/2013/04/world-inflation-waves-squeeze-of.html and earlier http://cmpassocregulationblog.blogspot.com/2013/03/united-states-commercial-banks-assets.html and earlier at http://cmpassocregulationblog.blogspot.com/2013/02/world-inflation-waves-united-states.html and earlier at http://cmpassocregulationblog.blogspot.com/2013/02/thirty-one-million-unemployed-or.html and earlier http://cmpassocregulationblog.blogspot.com/2012/12/mediocre-and-decelerating-united-states_24.html and earlier http://cmpassocregulationblog.blogspot.com/2012/11/contraction-of-united-states-real_25.html and for GDP http://cmpassocregulationblog.blogspot.com/2015/09/interest-rate-policy-dependent-on-what_13.html). In Jan 2018, Japan’s exports increased 12.2 percent in 12 months while imports increased 7.9 percent. The second part of Table V-4 shows that net trade deducted 2.0 percentage points from Japan’s growth of GDP in IIQ2012, deducted 1.9 percentage points from GDP growth in IIIQ2012 and deducted 0.3 percentage points from GDP growth in IVQ2012. Net trade added 0.7 percentage points to GDP growth in IQ2012, 1.4 percentage points in IQ2013 and subtracted 0.2 percentage points in IIQ2013. In IIIQ2013, net trade deducted 1.3 percentage points from GDP growth in Japan. Net trade deducted 2.2 percentage points from GDP growth in Japan in IVQ2013. Net trade deducted 0.8 percentage points from GDP growth of Japan in IQ2014. Net trade added 3.9 percentage points to GDP growth in IIQ2014. Net trade deducted 0.1 percentage points from GDP growth in IIIQ2014 and added 1.5 percentage points in IVQ2014. Net trade contributed 0.0 percentage points to GDP growth in IQ2015 and deducted 0.7 percentage points in IIQ2015. Net trade deducted 0.3 percentage points from GDP growth in IIIQ2015 and contributed 0.1 percentage points in IVQ2015. Net trade added 1.2 percentage points to GDP growth in IQ2016 and added 0.3 percentage points in IIQ2016. Net trade added 1.5 percentage points to GDP growth in IIIQ2016 and added 1.4 percentage points to GDP growth in IVQ2016. Net trade added 0.3 percentage points in IQ2017 and deducted 1.2 percentage points in IIQ2017. Net trade added 2.2 percentage points in IIIQ2017 and deducted 0.1 percentage points in IVQ2017.

• China. In Jan 2018, China exports increased 11.1 percent relative to a year earlier and imports increased 36.9 percent.
• Germany. Germany’s exports increased 0.3 percent in the month of Dec 2017 and increased 3.9 percent in the 12 months ending in Dec 2017. Germany’s imports increased 1.4 percent in the month of Dec 2017 and increased 5.0 percent in the 12 months ending in Dec 2017. Net trade contributed 0.8 percentage points to growth of GDP in IQ2012, contributed 0.3 percentage points in IIQ2012, contributed 0.4 percentage points in IIIQ2012, deducted 0.5 percentage points in IVQ2012, deducted 0.3 percentage points in IQ2013 and deducted 0.4 percentage points in IIQ2013. Net traded deducted 0.0 percentage points from Germany’s GDP growth in IIIQ2013 and added 1.0 percentage points to GDP growth in IVQ2013. Net trade deducted 0.1 percentage points from GDP growth in IQ2014. Net trade deducted 0.3 percentage points from GDP growth in IIQ2014 and added 0.7 percentage points in IIIQ2014. Net trade added 0.1 percentage points to GDP growth in IVQ2014 and deducted 0.5 percentage points in IQ2015. Net trade added 0.7 percentage points to GDP growth in IIQ2015 and deducted 0.3 percentage points in IIIQ2015. Net trade deducted 0.5 percentage points in IVQ2015 and deducted 0.2 percentage points in IQ2016. Net trade added 0.7 percentage points to GDP growth in IIQ2016. Net trade deducted 0.4 percentage points from GDP growth in IIIQ2016. Net trade deducted 0.4 percentage points in IVQ2016. Net trade added 0.6 percentage points to GDP growth in IQ2017. Net trade deducted 0.5 percentage points from GDP growth in IIQ2017. Net trade added 0.4 percentage points to GDP growth in IIIQ2017. Net trade added 0.5 percentage points to GDP growth in IVQ2017.
• United Kingdom. Net trade contributed 0.7 percentage points in IIQ2013. In IIIQ2013, net trade deducted 1.7 percentage points from UK growth. Net trade contributed 0.1 percentage points to UK value added in IVQ2013. Net trade contributed 0.8 percentage points to UK value added in IQ2014 and 0.3 percentage points in IIQ2014. Net trade deducted 0.7 percentage points from GDP growth in IIIQ2014 and added 0.0 percentage points in IVQ2014. Net traded deducted 0.4 percentage points from growth in IQ2015. Net trade added 1.1 percentage points to GDP growth in IIQ2015 and deducted 0.5 percentage points in IIIQ2015. Net trade deducted 0.4 percentage points from GDP growth in IVQ2015. Net trade deducted 0.5-percentage points from GDP growth in IQ2016. Net trade added 0.5 percentage points to GDP growth in IIQ2016. Net trade deducted 1.5 percentage points from GDP growth in IIIQ2016. Net trade added 1.7 percentage points to GDP growth in IVQ2016. Net trade deducted 0.3 percentage points from GDP growth in IQ2017 and contributed 0.3 percentage points in IIQ2017. Net trade deducted 0.2 percentage points from GDP growth in IIIQ2017. Net trade deducted 0.5 percentage points from GDP growth in IVQ2017.
• France. France’s exports increased 5.9 percent in Dec 2017 while imports increased 0.4 percent. France’s exports increased 4.1 percent in the 12 months ending in Dec 2017 and imports increased 3.0 percent relative to a year earlier. Net traded added 0.1 percentage points to France’s GDP in IIIQ2012 and 0.1 percentage points in IVQ2012. Net trade deducted 0.1 percentage points from France’s GDP growth in IQ2013 and added 0.3 percentage points in IIQ2013, deducting 1.7 percentage points in IIIQ2013. Net trade added 0.1 percentage points to France’s GDP in IVQ2013 and deducted 0.1 percentage points in IQ2014. Net trade deducted 0.2 percentage points from France’s GDP growth in IIQ2014 and deducted 0.2 percentage points in IIIQ2014. Net trade added 0.2 percentage points to France’s GDP growth in IVQ2014 and deducted 0.2 percentage points in IQ2015. Net trade added 0.4 percentage points to GDP growth in IIQ2015 and deducted 0.6 percentage points in IIIQ2015. Net trade deducted 0.7 percentage points from GDP growth in IVQ2015 and deducted 0.1 percentage points from GDP growth in IQ2016. Net trade added 0.3 percentage points to GDP in IIQ2016. Net trade deducted 0.6 percentage points from GDP in IIIQ2016 and added 0.1 percentage points in IVQ2016. Net trade deducted 0.5 percentage points from GDP in IQ2017 and added 0.6 percentage points in IIQ2017. Net trade deducted 0.4 percentage points from GDP growth in IIIQ2017. Net trade added 0.6 percentage points to GDP growth in IVQ2017.
• United States. US exports increased 1.8 percent in Dec 2017 and goods exports increased 6.6 percent in Jan-Dec 2017 relative to a year earlier. Imports increased 2.5 percent in Dec 2017 and goods imports increased 7.1 percent in Jan-Dec 2017 relative to a year earlier. Net trade added 0.28 percentage points to GDP growth in IIQ2012 and added 0.16 percentage points in IIIQ2012 and 0.58 percentage points in IVQ2012. Net trade added 0.30 percentage points to US GDP growth in IQ2013 and deducted 0.21 percentage points in IIQ2013. Net traded added 0.13 percentage points to US GDP growth in IIIQ2013. Net trade added 1.29 percentage points to US GDP growth in IVQ2013. Net trade deducted 1.14 percentage points from US GDP growth in IQ2014 and deducted 0.40 percentage points in IIQ2014. Net trade added 0.28 percentage points to GDP growth in IIIQ2014. Net trade deducted 1.02 percentage points from GDP growth in IVQ2014 and deducted 1.64 percentage points from GDP growth in IQ2015. Net trade deducted 0.03 percentage points from GDP growth in IIQ2015. Net trade deducted 0.77 percentage points from GDP growth in IIIQ2015. Net trade deducted 0.28 percentage points from GDP growth in IVQ2015. Net trade deducted 0.28 percentage points from GDP growth in IQ2016. Net trade added 0.28 percentage points to GDP growth in IIQ2016. Net trade added 0.36 percentage points to GDP growth in IIIQ2016. Net trade deducted 1.61 percentage points from GDP growth in IVQ2016.  Net trade added 0.22 percentage points to GDP growth in IQ2017.  Net trade added 0.21 percentage points to GDP growth in IIQ2017. Net trade added 0.36 percentage points to GDP growth in IIIQ2017. Net trade deducted 1.13 percentage points from GDP growth in IVQ2017. Manufacturing jobs not seasonally adjusted increased 222,000 from Feb 2017 to
  Feb 2018 or at the average monthly rate of 18,500.  Industrial production decreased 0.1 percent in Jan 2018 and increased 0.4 percent in Dec 2017 after increasing 0.3 percent in Nov 2017, with all data seasonally adjusted.  The Board of Governors of the Federal Reserve System conducted the annual revision of industrial production released on Mar 31, 2017 (https://www.federalreserve.gov/releases/g17/revisions/Current/DefaultRev.htm):

“The Federal Reserve has revised its index of industrial production (IP) and the related measures of capacity and capacity utilization.[1] On net, the revisions were small, and the contour of total IP is little changed. Total IP is still reported to have moved up about 22 percent from the end of the recession in mid-2009 through late 2014, to have declined in 2015, and to have moved sideways in 2016. The most notable difference between the current and the previous estimates is that total IP is now reported to have decreased about 2 3/4 percent in 2015, whereas it previously showed a decline of about 1 3/4 percent.[2] The incorporation of detailed data for manufacturing from the U.S. Census Bureau's 2015 Annual Survey of Manufactures (ASM) accounts for the majority of the differences between the current and the previously published estimates.

Capacity for total industry is now reported to have expanded about 1 percent in 2015, a lower rate of increase than was reported earlier. Capacity was little changed in 2016 and is expected to increase 1 percent in 2017. Compared with prior reports, the rates of change in 2016 and 2017 are now a little smaller. In the fourth quarter of 2016, capacity utilization for total industry stood at 75.8 percent, a rate 0.4 percentage point higher than previously published but still 4.1 percentage points below its long-run (1972–2016) average. Relative to earlier estimates, the utilization rates in recent years are now a little higher.” Manufacturing decreased 22.3 from the peak in Jun 2007 to the trough in Apr 2009 and increased 17.9 percent from the trough in Apr 2009 to Dec 2017. Manufacturing grew 17.0 percent from the trough in Apr 2009 to Jan 2018. Manufacturing in Jan 2018 is lower by 9.2 percent relative to the peak in Jun 2007. The US maintained growth at 3.0 percent on average over entire cycles with expansions at higher rates compensating for contractions. Growth at trend in the entire cycle from IVQ2007 to IVQ2017 would have accumulated to 34.4 percent. GDP in IVQ2017 would be $20,149.0 billion (in constant dollars of 2009) if the US had grown at trend, which is higher by $2877.3 billion than actual $17,271.7 billion. There are about two trillion dollars of GDP less than at trend, explaining the 22.6 million unemployed or underemployed equivalent to actual unemployment/underemployment of 13.3 percent of the effective labor force (Section I and earlier https://cmpassocregulationblog.blogspot.com/2018/02/twenty-four-million-unemployed-or.html). US GDP in IVQ2017 is 14.3 percent lower than at trend. US GDP grew from $14,991.8 billion in IVQ2007 in constant dollars to $17,271.7 billion in IVQ2017 or 15.2 percent at the average annual equivalent rate of 1.4 percent. Professor John H. Cochrane (2014Jul2) estimates US GDP at more than 10 percent below trend. Cochrane (2016May02) measures GDP growth in the US at average 3.5 percent per year from 1950 to 2000 and only at 1.76 percent per year from 2000 to 2015 with only at 2.0 percent annual equivalent in the current expansion. Cochrane (2016May02) proposes drastic changes in regulation and legal obstacles to private economic activity. The US missed the opportunity to grow at higher rates during the expansion and it is difficult to catch up because growth rates in the final periods of expansions tend to decline. The US missed the opportunity for recovery of output and employment always afforded in the first four quarters of expansion from recessions. Zero interest rates and quantitative easing were not required or present in successful cyclical expansions and in secular economic growth at 3.0 percent per year and 2.0 percent per capita as measured by Lucas (2011May). There is cyclical uncommonly slow growth in the US instead of allegations of secular stagnation. There is similar behavior in manufacturing. There is classic research on analyzing deviations of output from trend (see for example Schumpeter 1939, Hicks 1950, Lucas 1975, Sargent and Sims 1977). The long-term trend is growth of manufacturing at average 3.1 percent per year from Jan 1919 to Jan 2018. Growth at 3.1 percent per year would raise the NSA index of manufacturing output from 108.2393 in Dec 2007 to 147.2572 in Jan 2018. The actual index NSA in Jan 2018 is 102.2612, which is 30.6 percent below trend. Manufacturing output grew at average 2.0 percent between Dec 1986 and Jan 2018. Using trend growth of 2.0 percent per year, the index would increase to 132.1610 in Jan 2018. The output of manufacturing at 102.2612 in Jan 2018 is 22.6 percent below trend under this alternative calculation. Table I-13 provides national income by industry without capital consumption adjustment (WCCA). “Private industries” or economic activities have share of 87.0 percent in IIIQ2017. Most of US national income is in the form of services. In Feb 2018, there were 146.696 million nonfarm jobs NSA in the US, according to estimates of the establishment survey of the Bureau of Labor Statistics (BLS) (http://www.bls.gov/news.release/empsit.nr0.htm Table B-1). Total private jobs of 124,021 million NSA in Feb 2018 accounted for 84.5 percent of total nonfarm jobs of 146.696 million, of which 12.537 million, or 10.1 percent of total private jobs and 8.5 percent of total nonfarm jobs, were in manufacturing. Private service-providing jobs were 103.982 million NSA in Feb 2018, or 70.9 percent of total nonfarm jobs and 83.8 percent of total private-sector jobs. Manufacturing has share of 10.2 percent in US national income in IIIQ2017 and durable goods 5.9 percent, as shown in Table I-13. Most income in the US originates in services. Subsidies and similar measures designed to increase manufacturing jobs will not increase economic growth and employment and may actually reduce growth by diverting resources away from currently employment-creating activities because of the drain of taxation.

Table V-4, Growth of Trade and Contributions of Net Trade to GDP Growth, ∆% and % Points

	Exports M ∆%	Exports 12 M ∆%	Imports M ∆%	Imports 12 M ∆%
USA	1.8 Dec	6.6 Jan-Dec	2.5 Dec	7.1 Jan-Dec
Japan		Jan 2018 12.2 Dec 2017 9.3 Nov 2017 16.2 Oct 2017 14.0 Sep 2017 14.1 Aug 2017 18.1 Jul 2017 13.4 Jun 2017 9.7 May 2017 14.9 Apr 2017 7.5 Mar 2017 12.0 Feb 2017 11.3 Jan 2017 1.3 Dec 2016 5.4 Nov 2016 -0.4 Oct 2016 -10.3 Sep 2016 -6.9 Aug 2016 9.6 Jul 2016 -14.0 Jun 2016 -7.8 May 2016 -11.3 Apr 2016 -10.1 Mar 2016 -6.8 Feb 2016 -4.0 Jan 2016 -12.9 Dec 2015 -8.0 Nov 2015 -3.3 Oct 2015 -2.1 Sep 2015 0.6 Aug 3.1 Jul 2015 7.6 Jun 2015 9.5 May 2015 2.4 Apr 8.0 Mar 8.5 Feb 2.4 Jan 17.0 Dec 12.9 Nov 4.9 Oct 9.6 Sep 6.9 Aug -1.3 Jul 3.9 Jun -2.0 May 2014 -2.7 Apr 2014 5.1 Mar 2014 1.8 Feb 2014 9.5 Jan 2014 9.5 Dec 2013 15.3 Nov 2013 18.4 Oct 2013 18.6 Sep 2013 11.5 Aug 2013 14.7 Jul 2013 12.2 Jun 2013 7.4 May 2013 10.1 Apr 2013 3.8 Mar 2013 1.1 Feb 2013 -2.9 Jan 2013 6.4 Dec -5.8 Nov -4.1 Oct -6.5 Sep -10.3 Aug -5.8 Jul -8.1		Jan 2018 7.9 Dec 2017 14.9 Nov 2017 17.2 Oct 2017 18.9 Sep 2017 12.0 Aug 2017 15.2 Jul 2017 16.3 Jun 2017 15.5 May 2017 17.8 Apr 2017 15.1 Mar 2017 15.8 Feb 2017 1.2 Jan 2017 8.5 Dec 2016 -2.6 Nov 2016 -8.8 Oct 2016 -16.5 Sep 2016 -16.3 Aug 2016 -17.3 Jul 2016 -24.7 Jun 2016 -18.8 May 2016 -13.8 Apr 2016 -23.3 Mar 2016 -14.9 Feb 2016 -14.2 Jan 2016 -18.0 Dec 2015 -18.0 Nov 2015 -10.2 Oct 2015 -13.4 Sep 2015 -11.1 Aug -3.1 Jul 2015 -3.2 Jun 2015 -2.9 May 2015 -8.7 Apr -4.2 Mar -14.5 Feb -3.6 Jan -9.0 Dec 1.9 Nov -1.7 Oct 2.7 Sep 6.2 Aug -1.5 Jul 2.3 Jun 8.4 May 2014 -3.6 Apr 2013 3.4 Mar 2014 18.1 Feb 2014 9.0 Jan 2014 25.0 Dec 2013 24.7 Nov 2013 21.1 Oct 2013 26.1 Sep 2013 16.5 Aug 2013 16.0 Jul 2013 19.6 Jun 2013 11.8 May 2013 10.0 Apr 2013 9.4 Mar 2013 5.5 Feb 2013 7.3 Jan 2013 7.3 Dec 1.9 Nov 0.8 Oct -1.6 Sep 4.1 Aug -5.4 Jul 2.1
China	Jan-Dec 2017 7.9 Jan-Dec 2016 -7.7 Jan-Dec 2015 -2.8	2018 11.1 2017 Dec 10.9 Nov 12.3 Oct 6.9 Sep 8.1 Aug 5.5 Jul 7.2 Jun 11.3 May 8.7 Apr 8.0 Mar 16.4 Feb -1.3 Jan 7.9 2016 Dec 3.1 Nov 0.1 Oct -7.3 Sep -10.0 Aug -2.8 Jul -4.4 Jun -4.8 May -4.1 Apr -1.8 Mar 11.5 Feb -25.4 Jan -11.2 2015 -1.4 Dec -6.8 Nov -6.9 Oct -3.7 Sep -5.5 Aug -8.3 Jul 2.8 Jun -2.5 May -6.4 Apr -15.0 Mar 48.3 Feb -3.3 Jan 2014 9.7 Dec 4.7 Nov 11.6 Oct 15.3 Sep 9.4 Aug 14.5 Jul 7.2 Jun 7.0 May 0.9 Apr -6.6 Mar -18.1 Feb 10.6 Jan 2013 4.3 Dec 12.7 Nov 5.6 Oct -0.3 Sep 7.2 Aug 5.1 Jul -3.1 Jun 1.0 May 14.7 Apr 10.0 Mar 21.8 Feb 25.0 Jan	Jan-Dec 2017 15.9 Jan-Dec 2016 -5.5 Jan-Dec 2015 -14.1	2018 36.9 2017 Dec 4.5 Nov 17.7 Oct 17.2 Sep 18.7 Aug 13.3 Jul 11.0 Jun 17.2 May 14.8 Apr 11.9 Mar 20.3 Feb 38.1 Jan 16.7 2016 Dec -7.7 Nov 6.7 Oct -1.4 Sep -1.9 Aug 1.5 Jul -12.5 Jun -2.8 May -0.4 Apr -10.6 Mar -7.6 Feb -13.8 Jan -18.8 2015 -7.6 Dec -8.7 Nov -18.8 Oct -20.4 Sep -13.8 Aug -8.1 Jul -6.1 Jun -17.6 May -12.7 Mar -20.5 Feb -19.9 Jan 2014 -2.4 Dec -6.7 Nov 4.6 Oct 7.0 Sep -2.4 Aug -1.6 Jul 5.5 Jun -1.6 May -0.8 Apr -11.3 Mar 10.1 Feb 10.0 Jan 2013 8.3 Dec 5.3 Nov 7.6 Oct 7.4 Sep 7.0 Aug 10.9 Jul -0.7 Jun -0.3 May 16.8 Apr 14.1 Mar -15.2 Feb 28.8 Jan
Euro Area	1.0 12-M Dec	7.1 Jan- Dec	2.5 12-M Dec	9.7 Jan-Dec
Germany	0.3 Dec CSA	3.9 Dec	1.4 Dec CSA	5.0 Dec
France Dec	5.9	4.1	0.4	3.0
Italy Dec	0.6	2.0	3.3	3.7
UK	0.8 Dec	4.5 Oct 17-Dec 17 /Oct 16-Dec 16	3.0 Dec	6.8 Oct 17-Dec 17 /Oct 16-Dec 16
Net Trade % Points GDP Growth	Points
USA	IVQ2017 -1.13 IIIQ2017 0.36 IIQ2017 0.21 IQ2017 0.22 IVQ2016 -1.61 IIIQ2016 0.36 IIQ2016 0.28 IQ2016 -0.28 IVQ2015 -0.28 IIIQ2015 -0.77 IIQ2015 -0.03 IQ2015 -1.64 IVQ2014 -1.02 IIIQ2014 0.28 IIQ2014 -0.40 IQ2014 -1.14 IVQ2013 1.29 IIIQ2013 0.13 IIQ2013 -0.21 IQ2013 0.30 IVQ2012 +0.58 IIIQ2012 0.16 IIQ2012 0.28 IQ2012 -0.02
Japan	0.7 IQ2012 -2.0 IIQ2012 -1.9 IIIQ2012 -0.3 IVQ2012 1.4 IQ2013 -0.2 IIQ2013 -1.3 IIIQ2013 -2.2 IVQ2013 -0.8 IQ2014 3.9 IIQ2014 -0.1 IIIQ2014 1.5 IVQ2014 0.0 IQ2015 -0.7 IIQ2015 -0.3 IIIQ2015 0.1 IVQ2015 1.2 IQ2016 0.3 IIQ2016 1.5 IIIQ2016 1.4 IVQ2016 0.3 IQ2017 -1.2 IIQ2017 2.2 IIIQ2017 -0.1 IVQ2017
Germany	IQ2012 0.8 IIQ2012 0.3 IIIQ2012 0.4 IVQ2012 -0.5 IQ2013 -0.3 IIQ2013 -0.4 IIIQ2013 0.0 IVQ2013 1.0 IQ2014 -0.1 IIQ2014 -0.3 IIIQ2014 0.7 IVQ2014 0.1 IQ2015 -0.5 IIQ2015 0.7 IIIQ2015 -0.3 IVQ2015 -0.5 IQ2016 -0.2 IIQ2016 0.7 IIIQ2016 -0.4 IVQ2016 -0.4 IQ2017 0.6 IIQ2017 -0.5 IIIQ2017 0.4 IVQ2017 0.5
France	0.1 IIIQ2012 0.1 IVQ2012 -0.1 IQ2013 0.3 IIQ2013 -1.7 IIIQ2013 0.1 IVQ2013 -0.1 IQ2014 -0.2 IIQ2014 -0.2 IIIQ2014 0.2 IVQ2014 -0.2 IQ2015 0.4 IIQ2015 -0.6 IIIQ2015 -0.7 IVQ2015 -0.1 IQ2016 0.3 IIQ2016 -0.6 IIIQ2016 0.1 IVQ2016 -0.5 IQ2017 0.6 IIQ2017 -0.4 IIIQ2017 0.6 IVQ2017
UK	0.7 IIQ2013 -1.7 IIIQ2013 0.1 IVQ2013 0.8 IQ2014 0.3 IIQ2014 -0.7 IIIQ2014 0.0 IVQ2014 -0.4 IQ2015 1.1 IIQ2015 -0.5 IIIQ2015 -0.4 IVQ2015 -0.5 IQ2016 0.5 IIQ2016 -1.5 IIIQ2016 1.7 IVQ2016 -0.3 IQ2017 0.3 IIQ2017
	-0.2
	IIIQ2017 -0.5 IVQ2017

Sources: Country Statistical Agencies http://www.census.gov/foreign-trade/

The geographical breakdown of exports and imports of Japan with selected regions and countries is in Table V-5 for Jan 2018. The share of Asia in Japan’s trade is close to one-half for 55.1 percent of exports and 49.2 percent of imports. Within Asia, exports to China are 19.1 percent of total exports and imports from China 24.7 percent of total imports. While exports of Japan to China increased 30.8 percent in the 12 months ending in Jan 2018, imports from China decreased 3.3 percent. The second largest export market for Japan in Jan 2018 is the US with share of 17.5 percent of total exports, which is close to that of China, and share of imports from the US of 10.2 percent in total imports. Japan’s exports to the US increased 1.2 percent in the 12 months ending in Jan 2018 and imports from the US increased 9.4 percent. Western Europe has share of 12.2 percent in Japan’s exports and of 12.5 percent in imports. Rates of growth of exports of Japan in Jan 2018 are 1.2 percent for exports to the US, 36.3 percent for exports to Brazil and 21.0 percent for exports to Germany. Comparisons relative to 2011 may have some bias because of the effects of the Tōhoku or Great East Earthquake and Tsunami of Mar 11, 2011. Deceleration of growth in China and the US and threat of recession in Europe can reduce world trade and economic activity. Growth rates of imports in the 12 months ending in Jan 2018 are mixed. Imports from Asia increased 3.0 percent in the 12 months ending in Jan 2018 while imports from China decreased 3.3 percent. Data are in millions of yen, which may have effects of recent depreciation of the yen relative to the United States dollar (USD) and revaluation of the dollar relative to the euro.

Table V-5, Japan, Value and 12-Month Percentage Changes of Exports and Imports by Regions and Countries, ∆% and Millions of Yen

Jan 2018	Exports Millions of Yen	12 months ∆%	Imports Millions of Yen	12 months ∆%
Total	6,085,582	12.2	7,028,999	7.9
Asia	3,350,338 % Total 55.1	16.0	3,460.017 % Total 49.2	3.0
China	1,160,044 % Total 19.1	30.8	1,738,673 % Total 24.7	-3.3
USA	1,066,541 % Total 17.5	1.2	716,971 % Total 10.2	9.4
Canada	75,887	26.1	97,876	-3.9
Brazil	31,952	36.3	74,153	50.7
Mexico	84,761	-2.7	54,792	-2.7
Western Europe	741,194 % Total 12.2	20.8	877,079 % Total 12.5	18.9
Germany	177,656	21.0	232,843	14.3
France	58,263	25.1	109,439	13.1
UK	135,834	35.0	68,352	13.3
Middle East	186,275	6.5	853,723	15.4
Australia	146,411	2.8	390,596	8.6

Source: Japan, Ministry of Finance http://www.customs.go.jp/toukei/info/index_e.htm

World trade projections of the IMF are in Table V-6. There is decreasing growth of the volume of world trade of goods and services from 4.2 percent in 2017 to 4.0 percent in 2018, stabilizing to 4.0 percent in 2019. Growth stabilizes at 4.0 percent on average from 2017 to 2022. World trade would be slower for advanced economies while emerging and developing economies (EMDE) experience faster growth. World economic slowdown would be more challenging with lower growth of world trade.

Table V-6, IMF, Projections of World Trade, USD Billions, USD/Barrel and Annual ∆%

	2017	2018	2019	Average ∆% 2017-2022
World Trade Volume (Goods and Services)	4.2	4.0	4.0	4.0
Exports Goods & Services	4.2	3.9	3.7	3.9
Imports Goods & Services	4.2	4.2	4.1	4.1
Exports Goods & Services
G7	3.8	3.3	3.3	3.4
EMDE	4.8	4.5	4.3	4.5
Imports Goods & Services
G7	4.0	3.5	3.5	3.4
EMDE	4.4	4.9	4.9	4.9
Terms of Trade Goods & Services
G7	-0.8	0.4	-0.1	-0.1
EMDE	0.1	-0.5	0.0	0.0
World Crude Oil Price $/Barrel	50.28	50.17	50.51	51.15

Crude Oil: Simple Average of three spot prices: Dated Brent, West Texas Intermediate and the Dubai Fateh

Source: International Monetary Fund World Economic Outlook databank

http://www.imf.org/external/pubs/ft/weo/2017/02/weodata/index.aspx

The JP Morgan Global All-Industry Output Index of the JP Morgan Manufacturing and Services PMI^™, produced by JP Morgan and HIS Markit in association with ISM and IFPSM, with high association with world GDP, increased to 54.8 in Feb from 54.6 in Jan, indicating expansion at faster rate (https://www.markiteconomics.com/Survey/PressRelease.mvc/89c9566e29df4c3ab2e9a419a0a2c0de). This index has remained above the contraction territory of 50.0 during 65 consecutive months. The employment index did not change from 52.9 in Jan to 52.9 in Feb with input prices rising at the same rate, new orders increasing at faster rate and output increasing at faster rate (https://www.markiteconomics.com/Survey/PressRelease.mvc/89c9566e29df4c3ab2e9a419a0a2c0de). David Hensley, Director of Global Economic Coordination at JP Morgan, finds consistent growth with recent improvement (https://www.markiteconomics.com/Survey/PressRelease.mvc/89c9566e29df4c3ab2e9a419a0a2c0de). The JP Morgan Global Manufacturing PMI^™, produced by JP Morgan and IHS Markit in association with ISM and IFPSM, decreased to 54.2 in Feb from 54.4 in Jan (https://www.markiteconomics.com/Survey/PressRelease.mvc/b91a4793be6444e2b453e67fb805f0e7). New export orders increased. David Hensley, Director of Global Economic Coordination at JP Morgan, finds consistent growth (https://www.markiteconomics.com/Survey/PressRelease.mvc/b91a4793be6444e2b453e67fb805f0e7). The Markit Brazil Composite Output Index increased from 50.7 in Jan to 53.1 in Feb, indicating expansion in activity of Brazil’s private sector (https://www.markiteconomics.com/Survey/PressRelease.mvc/d5a1a72dfec54bcdbae106c29e568c69). The Markit Brazil Services Business Activity index, compiled by Markit, increased from 50.0 in Jan to 52.7 in Feb indicating expansion of services activity (https://www.markiteconomics.com/Survey/PressRelease.mvc/d5a1a72dfec54bcdbae106c29e568c69). Pollyanna de Lima, Principal Economist at Markit, finds stabilizing services (https://www.markiteconomics.com/Survey/PressRelease.mvc/d5a1a72dfec54bcdbae106c29e568c69). The HIS Markit Brazil Manufacturing Purchasing Managers’ Index^TM (PMI^™) increased from 51.2 in Jan to 53.2 in Feb, indicating manufacturing above neutral 50.0 (https://www.markiteconomics.com/Survey/PressRelease.mvc/25eb649690044e7c92cb0b854f43cc89). Tim Moore, Associate Director at IHS Markit, finds growing manufacturing (https://www.markiteconomics.com/Survey/PressRelease.mvc/25eb649690044e7c92cb0b854f43cc89).

VA United States. The HIS Markit Flash US Manufacturing Purchasing Managers’ Index^™ (PMI^™) seasonally adjusted increased to 55.9 in Feb from 55.5 in Jan (https://www.markiteconomics.com/Survey/PressRelease.mvc/3a6341b7ff5247088ec24297c3f15034). New export orders increased. The HIS Markit Flash US Services PMI™ Business Activity Index increased from 53.3 in Jan to 55.9 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/3a6341b7ff5247088ec24297c3f15034). The IHS Markit Flash US Composite PMI™ Output Index increased from 53.8 in Jan to 54.9 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/3a6341b7ff5247088ec24297c3f15034). Chris Williamson, Chief Business Economist at IHS Markit, finds that the surveys are consistent with GDP growth. (https://www.markiteconomics.com/Survey/PressRelease.mvc/3a6341b7ff5247088ec24297c3f15034). The HIS Markit US Composite PMI™ Output Index of Manufacturing and Services increased to 55.8 in Feb from 53.8 in Jan (https://www.markiteconomics.com/Survey/PressRelease.mvc/de95dc43b7e74562a6d5bf2a5eb77d33). The HIS Markit US Services PMI™ Business Activity Index increased from 53.3 in Jan to 55.9 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/de95dc43b7e74562a6d5bf2a5eb77d33). Chris Williamson, Chief Business Economist at IHS Markit, finds the indexes suggesting growth at 2.5 percent in IQ2018 (https://www.markiteconomics.com/Survey/PressRelease.mvc/de95dc43b7e74562a6d5bf2a5eb77d33). The HIS Markit US Manufacturing Purchasing Managers’ Index^™ (PMI^™) increased to 55.5 in Jan from 55.1 in Dec (https://www.markiteconomics.com/Survey/PressRelease.mvc/fc7f0676ed5c473b8f4497865b6a7197). New foreign orders increased. Chris Williamson, Chief Business Economist at HIS Markit, finds improving manufacturing (https://www.markiteconomics.com/Survey/PressRelease.mvc/fc7f0676ed5c473b8f4497865b6a7197). The purchasing managers’ index (PMI) of the Institute for Supply Management (ISM) Report on Business^® increased 1.7-percentage points from 59.1 in Jan to 60.8 in Feb, which indicates faster growth (https://www.instituteforsupplymanagement.org/ISMReport/MfgROB.cfm?SSO=1). The index of new export orders increased 3.0 percentage points from 59.8 in Jan to 62.8 in Feb. The Non-Manufacturing ISM Report on Business^® PMI decreased 0.4 percentage points from 59.9 in Jan to 59.5 in Feb, indicating growth of business activity/production during 103 consecutive months, while the index of new orders increased 2.1 percentage points from 62.7 in Jan to 64.8 in Feb (https://www.instituteforsupplymanagement.org/ISMReport/NonMfgROB.cfm?navItemNumber=31036&SSO=1). Table USA provides the country economic indicators for the US.

Table USA, US Economic Indicators

Consumer Price Index	Jan 12 months NSA ∆%: 2.1; ex food and energy ∆%: 1.8 Jan month SA ∆%: 0.5; ex food and energy ∆%: 0.3 Blog 2/18/18 2/25/18
Producer Price Index	Finished Goods Jan 12-month NSA ∆%: 3.0; ex food and energy ∆% 1.9 Jan month SA ∆% 0.7; ex food and energy ∆%: 0.1 Final Demand Jan 12-month NSA ∆%: 2.7; ex food and energy ∆% 2.2 Jan month SA ∆% 0.4; ex food and energy ∆%: 0.4 Blog 2/18/18 2/25/18
PCE Inflation	Jan 12-month NSA ∆%: headline 1.7; ex food and energy ∆% 1.5 Blog 3/11/18
Employment Situation	Household Survey: Feb Unemployment Rate SA 4.1% Blog calculation People in Job Stress Jan: 22.6 million NSA, 13.3% of Labor Force Establishment Survey: Feb Nonfarm Jobs 313.000; Private 287,000 jobs created  Jan 12-month Average Hourly Earnings Inflation Adjusted ∆%: 0.1 Blog 3/11/18
Nonfarm Hiring	Nonfarm Hiring fell from 63.5 million in 2006 to 58.7 million in 2014 or by 4.8 million and to 62.7 million in 2016 or by 0.8 million Private-Sector Hiring Dec 2017 4.092 million higher by 8.2 percent than 3.782 million in Dec 2006 while population grew 26.001 million or 11.3 percent Blog 2/11/18
GDP Growth	BEA Revised National Income Accounts IQ2012/IQ2011 ∆%: 2.8 IIQ2012/IIQ2011 2.5 IIIQ2012/IIIQ2011 2.4 IVQ2012/IVQ2011 1.3 IQ2013/IQ2012 1.3 IIQ2013/IIQ2012 1.0 IIIQ2013/IIIQ2012 1.7 IVQ2013/IVQ2012 2.7 IQ2014/IQ2013 1.7 IIQ2014/IIQ2013 2.7 IIIQ2014/IIIQ2013 3.2 IVQ2014/IVQ2013 2.7 IQ2015/IQ2014 3.8 IIQ2015/IIQ2014 3.3 IIIQ2015/IIIQ2014 2.4 IVQ2015/IVQ2014 2.0 IQ2016/IQ2015 1.4 IIQ2016/IIQ2015 1.2 IIIQ2016/IIIQ2015 1.5 IVQ2016/IVQ2015 1.8 IQ2017/IQ2016 2.0 IIQ2017/IIQ2016 2.2 IIIQ2017/IIIQ2016 2.3 IVQ2017/IVQ2016 2.5 IQ2012 SAAR 2.7 IIQ2012 SAAR 1.9 IIIQ2012 SAAR 0.5 IVQ2012 SAAR 0.1 IQ2013 SAAR 2.8 IIQ2013 SAAR 0.8 IIIQ2013 SAAR 3.1 IVQ2013 SAAR 4.0 IQ2014 SAAR -0.9 IIQ2014 SAAR 4.6 IIIQ2014 SAAR 5.2 IVQ2014 SAAR 2.0 IQ2015 SAAR 3.2 IIQ2015 SAAR: 2.7 IIIQ2015 SAAR: 1.6 IVQ2015 SAAR: 0.5 IQ2016 SAAR: 0.6 IIQ2016 SAAR: 2.2 IIIQ2016 SAAR: 2.8 IVQ2016 SAAR 1.8 IQ2017 SAAR 1.2 IIQ2017 SAAR 3.1 IIIQ2017 SAAR 3.2 IVQ2017 SAAR 2.5 Blog 3/4/18
Real Private Fixed Investment	SAAR IVQ2017 ∆% 8.1 IVQ2007 to IVQ2017: 14.9% Blog 3/4/18
Corporate Profits	IIIQ2017 SAAR: Corporate Profits 4.3; Undistributed Profits 13.9 Blog 12/24/17
Personal Income and Consumption	Jan month ∆% SA Real Disposable Personal Income (RDPI) SA ∆% 0.6 Real Personal Consumption Expenditures (RPCE): -0.1 12-month Jan NSA ∆%: RDPI: 2.3; RPCE ∆%: 2.0 Blog 3/11/18
Quarterly Services Report	IVQ17/IVQ16 NSA ∆%: Information 6.6 Financial & Insurance 6.4 Earlier Data: Blog 3/22/15
Employment Cost Index	Compensation Private IVQ2017 SA ∆%: 0.5 Dec 12 months ∆%: 2.6 Earlier Data: Blog 2/1/15
Industrial Production	Jan month SA ∆%: -0.1 Jan 12 months SA ∆%: 3.7 Manufacturing Jan SA 0.0 ∆% Jan 12 months SA ∆% 1.8, NSA 2.4 Capacity Utilization: 77.5 Blog 2/25/18
Productivity and Costs	Nonfarm Business Productivity IVQ2017∆% SAAE -0.1; IVQ2017/IVQ2016 ∆% 1.1; Unit Labor Costs SAAE IVQ2017 ∆% 2.0; IVQ2017/IVQ2016 ∆%: 1.3 Blog 2/11/18
New York Fed Manufacturing Index	General Business Conditions from Jan 17.7 to Feb 13.1 New Orders: From Jan 11.9 to Feb 13.5 Blog 2/25/18
Philadelphia Fed Business Outlook Index	General Index from Jan 22.2 to Feb 25.8 New Orders from Jan 10.1 to Feb 24.5 Blog 2/25/18
Manufacturing Shipments and Orders	Jan Orders SA ∆% -1.4 Ex Transport 0.4 Jan 18/Jan 17 NSA New Orders ∆% 8.4 Ex transport 8.4 Earlier data: Blog 4/5/15
Durable Goods	Dec New Orders SA ∆%: 2.9; ex transport ∆%: 0.6 Jan-Dec 17/Jan-Dec 16 New Orders NSA ∆%: 5.8; ex transport ∆% 6.3 Earlier Data: Blog 4/26/15
Sales of New Motor Vehicles	Feb 2018 2,457,013; Feb 2017 2,476,931. Feb 18 SAAR 17.08 million, Jan 18 SAAR 17.16 million, Feb 2017 SAAR 17.45 million Blog 3/4/18
Sales of Merchant Wholesalers	Jan-Dec 2017/Jan-Dec 2016 NSA ∆%: Total 7.6; Durable Goods: 8.1; Nondurable Goods: 7.2 EARLIER DATA: Blog 4/12/15
Sales and Inventories of Manufacturers, Retailers and Merchant Wholesalers	Dec 17 12-M NSA ∆%: Sales Total Business 4.6; Manufacturers 4.4 Retailers 3.6; Merchant Wholesalers 5.9 Blog 2/25/18
Sales for Retail and Food Services	Jan 2018/Jan 2017 ∆%: Retail and Food Services 5.1; Retail ∆% 5.6 Blog 2/25/18
Value of Construction Put in Place	SAAR month SA Jan ∆%: 0.0 Jan 18/Jan 17 NSA: 3.7 Earlier Data: Blog 4/5/15
Case-Shiller Home Prices	Dec 2017/Dec 2016 ∆% NSA: 10 Cities 6.0; 20 Cities: 6.3; National: 6.2 ∆% Dec SA: 10 Cities 0.6; 20 Cities: 0.6 Blog 3/4/18
FHFA House Price Index Purchases Only	Dec SA ∆% 0.3; 12-month NSA ∆%: 6.5 Blog 3/4/18
New House Sales	Jan 2018 month SAAR ∆%: minus 7.8 Jan 2018/Jan 2017 NSA ∆%: 8.4 Blog 3/4/18
Housing Starts and Permits	Jan Starts month SA ∆% 9.7; Permits ∆%: 7.4 Jan 2018/Jan 2017 NSA ∆% Starts 9.5; Permits ∆% 12.4 Earlier Data: Blog 4/19/15
Rate of Homeownership	IVQ2017 64.2 IIIQ2017: 63.9 Blog 2/4/18
Trade Balance	Balance Dec SA -$53,118 million versus Nov -$50,435 million Exports Dec SA ∆%: 1.8 Imports Dec SA ∆%: 2.5 Goods Exports Jan-Dec 2017/Jan-Dec 2016 NSA ∆%: 6.6 Goods Imports Jan-Dec 2017/Jan-Dec 2016 NSA ∆%: 7.1 Blog 2/11/18
Export and Import Prices	Jan 12-month NSA ∆%: Imports 3.6; Exports 3.4 Earlier Data: Blog 4/12/15
Consumer Credit	Jan ∆% annual rate: Total 4.3; Revolving 0.8; Nonrevolving 5.6 Earlier Data: Blog 5/10/15
Net Foreign Purchases of Long-term Treasury Securities	Dec Net Foreign Purchases of Long-term US Securities: $11.9 billion Major Holders of Treasury Securities: China $1184.9 billion; Japan $1061.5 billion; Total Foreign US Treasury Holdings Dec $6310.3 billion Blog 3/4/18
Treasury Budget	Fiscal Year 2018/2017 ∆% Jan: Receipts 4.2; Outlays 5.1; Individual Income Taxes 9.6 Deficit Fiscal Year 2011 $1,300 billion Deficit Fiscal Year 2012 $1,087 billion Deficit Fiscal Year 2013 $680 billion Deficit Fiscal Year 2014 $485 billion Deficit Fiscal Year 2015 $439 billion Deficit Fiscal Year 2016 $586 billion Deficit Fiscal Year 2017 $666 billion Blog 2/18/2018
CBO Budget and Economic Outlook	2012 Deficit $1087 B 6.8% GDP Debt $11,281 B 70.4% GDP 2013 Deficit $680 B, 4.1% GDP Debt $11,983 B 72.6% GDP 2014 Deficit $485 B 2.8% GDP Debt $12,780 B 74.2% GDP 2015 Deficit $438 B 2.5% GDP Debt $13,117 B 73.3% GDP 2016 Deficit $587 3.2% GDP Debt $14,168.4 B 77.0% GDP 2027 Deficit $1,408 B, 5.0 % GDP Debt $24,893 B 88.9% GDP 2047: Long-term Debt/GDP 150.0% Blog 8/26/12 11/18/12 2/10/13 9/22/13 2/16/14 8/24/14 9/14/14 3/1/15 6/21/15 1/3/16 4/10/16 7/24/16 1/8/17 4/2/17
Commercial Banks Assets and Liabilities	Jan 2018 SAAR ∆%: Securities -0.6 Loans 2.8 Cash Assets -43.5 Deposits 2.6 Blog 3/4/18
Flow of Funds Net Worth of Families and Nonprofits	IIIQ2017 ∆ since 2007 Assets +$31,473.4BN Nonfinancial $5,443.0 BN Real estate $4,175.1 BN Financial +26,030.4 BN Net Worth +$30,489.2 BN Blog 12/31/17
Current Account Balance of Payments	IIIQ2017 -112.816 MM % GDP 2.1 Blog 10/15/17 12/24/17
Collapse of United States Dynamism of Income Growth and Employment Creation	Blog 2/25/18
Squeeze of Economic Activity by Carry Trades	Blog 2/25/18
IMF View	World Real Economic Growth 2017 ∆% 3.6 Blog 10/29/17
Income, Poverty and Health Insurance in the United States	43.123 Million Below Poverty in 2015, 13.5% of Population Median Family Income CPI-2015 Adjusted $56,516 in 2015 back to 1999 Levels Uncovered by Health Insurance 28.966 Million in 2015 Blog 9/25/16
Monetary Policy and Cyclical Valuation of Risk Financial Assets	Blog 1/7/2018
Rules versus Discretionary Authorities in Monetary Policy	Blog 1/1/2017

Links to blog comments in Table USA: 3/4/18 https://cmpassocregulationblog.blogspot.com/2018/03/mediocre-cyclical-united-states.html

2/25/18 https://cmpassocregulationblog.blogspot.com/2018/02/world-inflation-waves-united-states.html

2/18/18 https://cmpassocregulationblog.blogspot.com/2018/02/united-states-inflation-trend-or.html

2/11/18 https://cmpassocregulationblog.blogspot.com/2018/02/collateral-effects-of-unwinding.html

2/4/18 https://cmpassocregulationblog.blogspot.com/2018/02/twenty-four-million-unemployed-or.html

1/28/18 https://cmpassocregulationblog.blogspot.com/2018/01/continuing-dollar-devaluation-mediocre.html

1/21/18 https://cmpassocregulationblog.blogspot.com/2018/01/dollar-devaluation-and-increasing.html

1/7/18 https://cmpassocregulationblog.blogspot.com/2018/01/twenty-three-million-unemployed-or.html

12/31/17 https://cmpassocregulationblog.blogspot.com/2017/12/dollar-devaluation-cyclically.html

12/24/17 https://cmpassocregulationblog.blogspot.com/2017/12/mediocre-cyclical-united-states_23.html

10/29/17 https://cmpassocregulationblog.blogspot.com/2017/10/dollar-revaluation-and-increase-of.html

4/2/17 https://cmpassocregulationblog.blogspot.com/2017/04/mediocre-cyclical-economic-growth-with.html

1/15/17 http://cmpassocregulationblog.blogspot.com/2017/01/unconventional-monetary-policy-and.html

1/1/17 http://cmpassocregulationblog.blogspot.com/2017/01/rules-versus-discretionary-authorities.html

12/25/16 http://cmpassocregulationblog.blogspot.com/2016/12/mediocre-cyclical-united-states.html

10/16/16 http://cmpassocregulationblog.blogspot.com/2016/10/imf-view-of-world-economy-and-finance.html

9/25/16 http://cmpassocregulationblog.blogspot.com/2016/09/the-economic-outlook-is-inherently.html

7/24/16 http://cmpassocregulationblog.blogspot.com/2016/07/unresolved-us-balance-of-payments.html

4/10/16 http://cmpassocregulationblog.blogspot.com/2016/04/proceeding-cautiously-in-reducing.html

1/17/16 http://cmpassocregulationblog.blogspot.com/2016/01/unconventional-monetary-policy-and.html

1/3/16 http://cmpassocregulationblog.blogspot.com/2016/01/weakening-equities-and-dollar.html

10/11/15 http://cmpassocregulationblog.blogspot.com/2015/10/interest-rate-policy-uncertainty-imf.html

6/21/15 http://cmpassocregulationblog.blogspot.com/2015/06/fluctuating-financial-asset-valuations.html

5/10/15 http://cmpassocregulationblog.blogspot.com/2015/05/quite-high-equity-valuations-and.html

4/26/2015 http://cmpassocregulationblog.blogspot.com/2015/04/imf-view-of-economy-and-finance-united.html

4/19/2015 http://cmpassocregulationblog.blogspot.com/2015/04/global-portfolio-reallocations-squeeze.html

4/12/15 http://cmpassocregulationblog.blogspot.com/2015/04/dollar-revaluation-recovery-without.html

4/5/15 http://cmpassocregulationblog.blogspot.com/2015/04/volatility-of-valuations-of-financial.html

3/22/15 http://cmpassocregulationblog.blogspot.com/2015/03/impatience-with-monetary-policy-of.html

3/1/15 http://cmpassocregulationblog.blogspot.com/2015/03/irrational-exuberance-mediocre-cyclical.html

2/1/15 http://cmpassocregulationblog.blogspot.com/2015/02/financial-and-international.html

9/14/14 http://cmpassocregulationblog.blogspot.com/2014/09/geopolitics-monetary-policy-and.html

8/24/14 http://cmpassocregulationblog.blogspot.com/2014/08/monetary-policy-world-inflation-waves.html

2/16/14 http://cmpassocregulationblog.blogspot.com/2014/02/theory-and-reality-of-cyclical-slow.html

9/22/13 http://cmpassocregulationblog.blogspot.com/2013/09/duration-dumping-and-peaking-valuations.html

2/10/13 http://cmpassocregulationblog.blogspot.com/2013/02/united-states-unsustainable-fiscal.html

VB Japan. The GDP of Japan grew at 1.0 percent per year on average from 1991 to 2002, with the GDP implicit deflator falling at 0.8 percent per year on average. The average growth rate of Japan’s GDP was 4 percent per year on average from the middle of the 1970s to 1992 (Ito 2004). Low growth in Japan in the 1990s is commonly labeled as “the lost decade” (see Pelaez and Pelaez, The Global Recession Risk (2007), 81-115). Table VB-GDP provides yearly growth rates of Japan’s GDP from 1995 to 2017. Growth weakened from 2.7 per cent in 1995 and 3.1 percent in 1996 to contractions of 1.1 percent in 1998 and 0.3 percent in 1999. Growth rates were below 2 percent with exception of 2.8 percent in 2000 and 2.2 percent in 2004. Japan’s GDP contracted sharply by 1.1 percent in 2008 and 5.4 percent in 2009. As in most advanced economies, growth was robust at 4.2 percent in 2010 but mediocre at minus 0.1 percent in 2011 because of the tsunami and 1.5 percent in 2012. Japan’s GDP grew 2.0 percent in 2013 and nearly stagnated in 2014 at 0.4. The GDP of Japan increased 1.4 percent in 2015 and 0.9 percent in 2016. Japan’s GDP increased at 1.7 percent in 2017. There is classic research on analyzing deviations of output from trend (see for example Schumpeter 1939, Hicks 1950, Lucas 1975, Sargent and Sims 1977). Japan’s real GDP in calendar year 2017 is 5.3 percent higher than in calendar year 2007. Japan’s real GDP grew 12.5 percent from the trough of 2009 to 2017 at the average yearly rate of 1.5 percent (http://www.esri.cao.go.jp/index-e.html).

Table VB-GDP, Japan, Yearly Percentage Change of GDP ∆%

Calendar Year	∆%
1995	2.7
1996	3.1
1997	1.1
1998	-1.1
1999	-0.3
2000	2.8
2001	0.4
2002	0.1
2003	1.5
2004	2.2
2005	1.7
2006	1.4
2007	1.7
2008	-1.1
2009	-5.4
2010	4.2
2011	-0.1
2012	1.5
2013	2.0
2014	0.4
2015	1.4
2016	0.9
2017	1.7

Source: Source: Japan Economic and Social Research Institute, Cabinet Office

http://www.esri.cao.go.jp/index-e.html

http://www.esri.cao.go.jp/en/sna/sokuhou/sokuhou_top.html

The Nikkei Flash Japan Manufacturing PMI Index™ with the Flash Japan

Manufacturing PMI™ decreased from 54.8 in Jan to 54.0 in Feb

(https://www.markiteconomics.com/Survey/PressRelease.mvc/fd325a0536314f1294ca8ee96570c677). New export orders increased. Joe Hayes, Economist at IHS

Markit, finds growth conditions (https://www.markiteconomics.com/Survey/PressRelease.mvc/fd325a0536314f1294ca8ee96570c677).The Nikkei Composite Output PMI Index decreased from 52.8 in Jan to 52.2 in Feb, indicating continuing business activity (https://www.markiteconomics.com/Survey/PressRelease.mvc/8bab682d1e044074a5dd7c1926007ef0). The Nikkei Business Activity Index of Services decreased to 51.7 in Feb from 51.9 in Jan (https://www.markiteconomics.com/Survey/PressRelease.mvc/8bab682d1e044074a5dd7c1926007ef0). Joe Hayes, Economist at IHS Markit, finds continuing business activity (https://www.markiteconomics.com/Survey/PressRelease.mvc/8bab682d1e044074a5dd7c1926007ef0). The Nikkei Purchasing Managers’ Index^™ (PMI™), seasonally adjusted, decreased from 54.8 in Jan to 54.1 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/a330dbb908d0411d98427bf21374abea). New orders increased while new foreign orders expanded. Joe Hayes, Economist at IHS Markit, finds consistent conditions in manufacturing (https://www.markiteconomics.com/Survey/PressRelease.mvc/a330dbb908d0411d98427bf21374abea). Table JPY provides the country data table for Japan.

Table JPY, Japan, Economic Indicators

Historical GDP and CPI	1981-2010 Real GDP Growth and CPI Inflation 1981-2010 Blog 8/9/11 Table 26
Corporate Goods Prices	Jan ∆% 0.3 12 months ∆% 2.7 Blog 2/18/18
Consumer Price Index	Jan NSA ∆% 0.1; Jan 12 months NSA ∆% 1.4 Blog 3/4/18
Real GDP Growth	IVQ2017 ∆%: 0.4 on IIIQ2017; IVQ2017 SAAR 1.6; ∆% from quarter a year earlier: 2.0 Blog 6/16/13 8/18/13 9/15/13 11/17/13 12/15/13 2/23/14 3/16/14 5/18/14 6/15/14 8/17/14 9/14/14 11/23/14 12/14/14 2/22/15 3/15/15 5/24/15 6/14/15 8/23/15 9/13/15 11/22/15 12/13/15 2/21/16 3/13/16 5/22/16 6/12/16 8/21/16 9/11/16 11/20/16 12/11/16 2/19/17 3/12/17 5/21/17 6/11/17 8/20/17 9/10/17 11/26/17 12/17/17 2/18/18 3/11/18
Employment Report	Jan Unemployed 1.59 million Change in unemployed since last year: -380 thousand Unemployment rate: 2.4% Blog 3/11/18
All Industry Indices	Dec month SA ∆% 0.5 12-month NSA ∆% 1.8 Earlier Data: Blog 4/26/15
Industrial Production	Jan SA month ∆%: -6.6 Jan 12-month NSA ∆% 2.7 Earlier Data: Blog 3/29/15
Machine Orders	Total Dec ∆% -14.9 Private ∆%: -16.8 Nov ∆% Excluding Volatile Orders minus 11.9 Earlier Data: Blog 4/19/15
Tertiary Index	Dec month SA ∆% -0.2 Dec 12 months NSA ∆% 1.1 Earlier Data: Blog 4/26/15
Wholesale and Retail Sales	Jan 12 months: Total ∆%: 5.2 Wholesale ∆%: 7.6 Retail ∆%: 1.6 Earlier Data: Blog 3/29/15
Family Income and Expenditure Survey	Dec 12-month ∆% total nominal consumption 1.2, real -0.1 Earlier Data: Blog 3/29/15
Trade Balance	Exports Jan 12 months ∆%: 12.2 Imports Jan 12 months ∆% 7.9 Earlier Data: Blog 4/26/15

Links to blog comments in Table JPY: 3/4/18 https://cmpassocregulationblog.blogspot.com/2018/03/mediocre-cyclical-united-states.html

2/18/18 https://cmpassocregulationblog.blogspot.com/2018/02/united-states-inflation-trend-or.html

2/4/18 https://cmpassocregulationblog.blogspot.com/2018/02/twenty-four-million-unemployed-or.html

1/21/18 https://cmpassocregulationblog.blogspot.com/2018/01/dollar-devaluation-and-increasing.html

12/17/17 https://cmpassocregulationblog.blogspot.com/2017/12/fomc-increases-interest-rates-with.html

9/10/17 https://cmpassocregulationblog.blogspot.com/2017/09/twenty-two-million-unemployed-or.html

8/20/17 https://cmpassocregulationblog.blogspot.com/2017/08/fluctuating-valuations-of-risk.html

5/21/17 https://cmpassocregulationblog.blogspot.com/2017/05/dollar-devaluation-world-inflation.html

3/12/17 https://cmpassocregulationblog.blogspot.com/2017/03/increasing-interest-rates-twenty-four.html

12/11/16 http://cmpassocregulationblog.blogspot.com/2016/12/rising-values-of-risk-financial-assets.html

11/20/16 http://cmpassocregulationblog.blogspot.com/2016/11/interest-rate-increase-could-well.html

9/11/16 http://cmpassocregulationblog.blogspot.com/2016/09/interest-rate-uncertainty-and-valuation.html

8/21/16 http://cmpassocregulationblog.blogspot.com/2016/08/interest-rate-policy-uncertainty-and.html

6/12/16 http://cmpassocregulationblog.blogspot.com/2016/06/considerable-uncertainty-about-economic.html

5/22/16 http://cmpassocregulationblog.blogspot.com/2016/05/most-fomc-participants-judged-that-if.html

3/13/16 http://cmpassocregulationblog.blogspot.com/2016/03/monetary-policy-and-fluctuations-of_13.html

12/13/15 http://cmpassocregulationblog.blogspot.com/2015/12/liftoff-of-interest-rates-with-volatile_17.html

11/22/15 http://cmpassocregulationblog.blogspot.com/2015/11/interest-rate-liftoff-followed-by.html

9/13/15 http://cmpassocregulationblog.blogspot.com/2015/09/interest-rate-policy-dependent-on-what_13.html

08/23/15 http://cmpassocregulationblog.blogspot.com/2015/08/global-decline-of-values-of-financial.html

6/14/15 http://cmpassocregulationblog.blogspot.com/2015/06/volatility-of-financial-asset.html

5/24/15 http://cmpassocregulationblog.blogspot.com/2015/05/interest-rate-policy-and-dollar.html

4/26/2015 http://cmpassocregulationblog.blogspot.com/2015/04/imf-view-of-economy-and-finance-united.html

4/19/2015 http://cmpassocregulationblog.blogspot.com/2015/04/global-portfolio-reallocations-squeeze.html

3/29/15 http://cmpassocregulationblog.blogspot.com/2015/03/dollar-revaluation-and-financial-risk.html

3/15/15 http://cmpassocregulationblog.blogspot.com/2015/03/global-exchange-rate-struggle-recovery.html

2/22/15 http://cmpassocregulationblog.blogspot.com/2015/02/world-financial-turbulence-squeeze-of.html

12/14/14 http://cmpassocregulationblog.blogspot.com/2014/12/global-financial-and-economic-risk.html

11/23/14 http://cmpassocregulationblog.blogspot.com/2014/11/squeeze-of-economic-activity-by-carry.htm

9/14/14 http://cmpassocregulationblog.blogspot.com/2014/09/geopolitics-monetary-policy-and.html

8/17/2014 http://cmpassocregulationblog.blogspot.com/2014/08/weakening-world-economic-growth.html

6/15/2014 http://cmpassocregulationblog.blogspot.com/2014/06/financialgeopolitical-risks-recovery.html

5/18/14 http://cmpassocregulationblog.blogspot.com/2014/05/world-inflation-waves-squeeze-of.html

3/16/2014 http://cmpassocregulationblog.blogspot.com/2014/03/global-financial-risks-recovery-without.html

2/23/14 http://cmpassocregulationblog.blogspot.com/2014/02/squeeze-of-economic-activity-by-carry.html

12/15/13 http://cmpassocregulationblog.blogspot.com/2013/12/theory-and-reality-of-secular.html

11/17/13 http://cmpassocregulationblog.blogspot.com/2013/11/risks-of-unwinding-monetary-policy.html

9/15/13 http://cmpassocregulationblog.blogspot.com/2013/09/recovery-without-hiring-ten-million.html

8/18/13 http://cmpassocregulationblog.blogspot.com/2013/08/duration-dumping-and-peaking-valuations.html

Japan’s economy grew 0.9 percent in IQ2014, seasonally adjusted, partly because of anticipation of purchases to avoid the increase in the tax on value added of consumption in Apr 2014, contracting 1.8 percent in IIQ2014, as shown in Table VB-1, incorporating the latest estimates and revisions. Japan’s GDP changed 0.0 percent in IIIQ2014 and grew 0.6 percent in IVQ2014. The GDP of Japan increased 1.4 percent in IQ2015 and increased 0.1

percent in IIQ2015. The GDP of Japan grew 0.1 percent in IIIQ2015. Japan’s GDP contracted 0.3 percent in IVQ2015. The GDP of Japan increased 0.7 percent in IQ2016 and increased 0.3 percent in IIQ2016. Japan’s GDP increased 0.2 percent in IIIQ2016. The GDP of Japan increased 0.3 percent in IVQ2016, increasing 0.5 percent in IQ2017. Japan’s GDP increased 0.6 percent in IIQ2017 and increased 0.6 percent in IIIQ2017. The GDP of Japan increased 0.4 percent in IVQ2017. The GDP of Japan changed 0.0 percent in IVQ2013 after growing 0.8 percent in IIIQ2013, 0.9 percent in IIQ2013 and 1.1 percent in IQ2013. Japan’s GDP increased 0.2 percent in IVQ2012 relative to IIIQ2012. GDP growth in IQ2012 was revised to 1.1 percent; IIQ2012 GDP growth was revised to -0.6 percent; and IIIQ2012 growth was revised to -0.4 percent. The economy of Japan had already weakened in IVQ2010 when GDP fell revised 0.7 percent. As in other advanced economies, Japan’s recovery from the global recession has not been robust. GDP fell 1.5 percent in IQ2011 and fell again 0.5 percent in IIQ2011 because of the disruption of the tragic Tōhoku or Great East Earthquake and Tsunami of Mar 11, 2011. Recovery was robust in the first two quarters of 2010 but GDP grew at 1.8 percent in IIIQ2010 and fell 0.7 percent in IVQ2010. The deepest quarterly contractions in the global recession were 2.3 percent in IVQ2008 and 4.9 percent in IQ2009. There is classic research on analyzing deviations of output from trend (see for example Schumpeter 1939, Hicks 1950, Lucas 1975, Sargent and Sims 1977). Using seasonally adjusted and price adjusted data (http://www.esri.cao.go.jp/index-e.html), Japan’s GDP fell 8.7 percent from the pre-downturn peak of ¥507,304.2 million in IQ2008 to the lowest reading of ¥463,185.0 million in IQ2009. Japan’s GDP increased 5.6 percent from the pre-downturn peak of ¥507,304.2 million in IQ2008 to ¥535,479.5 million in IVQ2017 at the annual equivalent rate of 0.6 percent. GDP in Japan grew 15.6 percent from IIQ2009 to IVQ2017 at the annual equivalent rate of 1.7 percent, using the latest revision (http://www.esri.cao.go.jp/index-e.html). The Economic and Social Research Institute (ESRI) of the Cabinet Office of Japan revised the national accounts of Japan following the international standard of the national accounts. ESRI also changed the benchmark reference year from 2005 to 2011 (http://www.esri.cao.go.jp/en/sna/data/kakuhou/files/2015/pdf/20160930_2008sna.pdf http://www.esri.cao.go.jp/en/sna/data/sokuhou/files/2016/qe163_2/pdf/note_e.pdf). ESRI revised GDP since 1994 (http://www.esri.cao.go.jp/en/sna/data/sokuhou/files/2017/qe173_2/gdemenuea.html http://www.esri.cao.go.jp/en/sna/data/sokuhou/files/2017/qe173_2/pdf/note_e.pdf).

Table VB-1, Japan, Real GDP ∆% Changes from the Previous Quarter Seasonally Adjusted ∆%

	IQ	IIQ	IIIQ	IVQ
2017	0.5	0.6	0.6	0.4
2016	0.7	0.3	0.2	0.3
2015	1.4	0.1	0.1	-0.3
2014	0.9	-1.8	0.0	0.6
2013	1.1	0.9	0.8	0.0
2012	1.1	-0.6	-0.4	0.2
2011	-1.5	-0.5	2.4	-0.1
2010	0.9	1.2	1.8	-0.7
2009	-4.9	2.1	0.0	1.4
2008	0.3	-0.5	-1.3	-2.3
2007	0.7	0.1	-0.5	0.5
2006	0.1	0.4	-0.2	1.2
2005	0.5	0.8	1.0	0.2
2004	0.8	0.0	0.5	-0.3
2003	-0.1	0.8	0.4	1.1
2002	0.1	0.8	0.4	0.3
2001	0.6	-0.5	-1.1	-0.3
2000	1.9	0.2	0.1	0.9
1999	-1.4	0.5	0.5	0.0
1998	-1.2	-0.4	0.2	0.9
1997	0.4	-0.8	0.3	0.0

Source: Japan Economic and Social Research Institute, Cabinet Office

http://www.esri.cao.go.jp/index-e.html

http://www.esri.cao.go.jp/en/sna/sokuhou/sokuhou_top.html

Table VB-2 provides contributions to real GDP at seasonally adjusted annual rates (SAAR). The GDP of Japan grew at 1.6 percent in IVQ2017 with contributions of 1.1 percent by personal consumption (PC) and 0.3 percent by gross fixed capital formation (GFCF). Net trade (Trade) deducted 0.1 percentage points, inventory divestment (PINV) contributed 0.3 percentage points and government expenditures (GOVC) contributed 0.0 percentage points. Japan’s GDP grew at 2.4 percent in IIIQ2017 with Net Trade (Trade) contributing 2.2 percentage points and inventory investment (PINV) adding 1.7 percentage points. Private consumption (PC) deducted 1.4 percentage points. Gross Fixed Capital Formation (GFCF) deducted 0.1 percentage points and government consumption (GOVC) contributed 0.0 percentage points. The GDP of Japan grew at 2.4 percent in IIQ2017 with contributions of 2.0 percent by personal consumption (PC), 1.8 percent by gross fixed capital formation (GFCF) and 0.2 percent by government expenditures (GOV). Net trade (Trade) deducted 1.2 percentage points and inventory divestment (PINV) subtracted 0.5 percentage points. The GDP of Japan grew at 1.9 percent in IQ2017 with contributions of 0.2 percent of gross fixed capital formation (GFCF), 0.3 percent of net exports (Trade) and 0.1 percent of government consumption (GOVC). Inventory investment (PINV) contributed 0.5 percent and personal consumption (PC) contributed 0.7 percent. The GDP of Japan grew at 1.1 percent in IVQ2016 with contributions of 0.7 percent of gross fixed capital formation (GFCF), 1.4 percent of net exports (Trade) and deduction of 0.1 percent of government consumption (GOVC). Inventory divestment (PINV) deducted 1.0 percent and personal consumption (PC) contributed 0.1 percent. Japan’s GDP grew at 0.9 percent in IIIQ2016 with contributions of 1.0 percent of personal consumption expenditures (PC), 1.5 percent of net trade (Trade) and 0.3 percent of government consumption expenditures (GOVC). Inventory divestment (PINV) deducted 2.1 percent and gross capital formation (GFCF) contributed 0.2 percent. The GDP of Japan grew at 1.3 percent in IIQ2016 with deduction of 0.3 percent by personal consumption expenditures. Gross fixed capital formation (GFCF) contributed 1.0 percent and government consumption expenditures (GOVC) deducted 0.9 percent. Net trade (Trade) added 0.3 percent and change of private inventories (PINV) added 1.2 percent. Japan’s GDP grew at 2.7 percent in IQ2016 with contributions of 0.5 percent by personal consumption, 1.2 percent by trade and 0.9 percent by government. Gross fixed capital formation deducted 0.1 percent. The GDP of Japan grew at minus 1.1 percent in IVQ2015 with deduction of 1.4 percent by personal consumption (PC) expenditures and contribution of 0.0 percent by private inventories (PINV). Net trade added 0.1 percent and gross fixed capital formation contributed 0.0 percent. GDP grew at 0.4 percent in IIIQ2015 with contributions of 1.0 percent by personal consumption expenditures and 0.3 percentage points by government consumption. Net trade deducted 0.3 percent. Gross Fixed Capital Formation contributed 0.6 percentage points and inventory divestment deducted 1.2 percentage points. GDP increased at 0.2 percent in IIQ2015 with deductions of 0.1 percent by personal consumption expenditures and 0.7 percent of net exports. Goss fixed capital formation deducted 0.6 percentage points; government consumption expenditures contributed 0.0 percentage points; and inventory investment added 1.6 percentage points. GDP grew at 5.5 percent in IQ2015 with contributions of 1.4 percentage points by personal consumption expenditures, 1.9 percent by gross fixed capital formation and increase in inventory investment at 1.4 percent. Government expenditures increased at 0.7 percent while trade contributed 0.0 percentage points. GDP expanded at 2.6 percent in IVQ2014 with contribution of 1.1 percent by personal consumption expenditures, 1.5 percent by net trade and 0.2 percent by government consumption expenditures. Gross fixed capital formation added 0.9 percent and private inventory divestment deducted 1.0 percent. Japan contracted at 0.1 percent in IIIQ2014 with contribution of 0.2 percentage points of GFCF and deduction of 1.8 percentage points of inventory divestment. Traded deducted 0.1 percentage points and government added 0.3 percent. Japan’s GDP contracted at 6.8 percent in IIQ2014 with deductions of 10.8 percent by personal consumption and 3.3 percent by gross fixed capital formation. Trade added 3.9 percentage points and government expenditures deducted 0.4 percent. Inventory investment added 3.8 percent. The GDP of Japan expanded at 3.6 percent in IQ2014 with contributions of 4.5 percent by personal consumption and 1.4 percent of gross fixed capital formation. There were deductions of 0.8 percent by trade and 1.6 percent by inventory divestment. Government expenditures contributed 0.2 percent. The GDP of Japan decreased at 0.2 percent annual equivalent in IVQ2013 with deduction of personal consumption expenditures of 0.3 percent and growth of GFCF at 1.8 percent. Trade deducted 2.2 percentage points. Japan grew at 3.2 percent in IIIQ2013 with contribution of 0.8 percentage points by personal consumption and 2.7 percentage points by GFCF. Trade deducted 1.3 percentage points. Japan grew at 3.7 percent SAAR in IIQ2013 driven by contribution of 2.2 percent of personal consumption, deduction of 0.2 percent of net trade and contribution of gross fixed capital formation at 2.9 percent. In IQ2013, Japan’s GDP increased at the SAAR of 4.7 percent in large part because of 2.9 percent in personal consumption and 1.4 percent in trade. The SAAR of GDP in IVQ2012 was 0.8 percent: 0.9 percentage points from growth of personal consumption expenditures less 0.3 percentage points of net trade (exports less imports) less 0.3 percentage points of private inventory investment (PINV) plus 0.5 percentage points of government consumption and 0.1 percentage points of gross fixed capital formation. The SAAR of GDP in IIIQ2011 was revised to a high 10.1 percent. Net trade deducted from GDP growth in three quarters of 2011 and provided the growth impulse of 3.5 percentage points in IIIQ2011. Growth in 2011 and IQ2012 was driven by personal consumption expenditures that deducted 0.3 percentage points from GDP growth in IIIQ2012 but contributed 0.9 percentage points to GDP growth in IVQ2012.

Table VB-2, Japan, Contributions to Changes in Real GDP, Seasonally Adjusted Annual Rates (SAAR), %

	GDP	PC	GFCF	Trade	PINV	GOVC
2017
I	1.9	0.7	0.2	0.3	0.5	0.1
II	2.4	2.0	1.8	-1.2	-0.5	0.2
III	2.4	-1.4	-0.1	2.2	1.7	0.0
IV	1.6	1.1	0.3	-0.1	0.3	0.0
2016
I	2.7	0.5	-0.1	1.2	0.1	0.9
II	1.3	-0.3	1.0	0.3	1.2	-0.9
III	0.9	1.0	0.2	1.5	-2.1	0.3
IV	1.1	0.1	0.7	1.4	-1.0	-0.1
2015
I	5.5	1.4	1.9	0.0	1.4	0.7
II	0.2	-0.1	-0.6	-0.7	1.6	0.0
III	0.4	1.0	0.6	-0.3	-1.2	0.3
IV	-1.1	-1.4	0.0	0.1	-0.5	0.7
2014
I	3.6	4.5	1.4	-0.8	-1.6	0.2
II	-6.8	-10.8	-3.3	3.9	3.8	-0.4
III	-0.1	1.1	0.2	-0.1	-1.8	0.3
IV	2.6	1.1	0.9	1.5	-1.0	0.2
2013
I	4.7	2.9	0.5	1.4	-0.1	0.0
II	3.7	2.2	2.9	-0.2	-2.4	1.0
III	3.2	0.8	2.7	-1.3	1.0	0.0
IV	-0.2	-0.3	1.8	-2.2	0.3	0.1
2012
I	4.7	1.0	0.8	0.7	1.2	0.9
II	-2.5	0.7	0.7	-2.0	-1.8	-0.2
III	-1.5	-0.3	-0.6	-1.9	1.1	0.3
IV	0.8	0.9	0.1	-0.3	-0.3	0.5
2011
I	-6.0	-4.5	0.5	-1.4	-1.1	0.4
II	-2.0	2.6	-0.4	-4.3	-0.3	0.3
III	10.1	3.6	1.5	3.5	1.1	0.3
IV	-0.6	1.1	1.7	-2.6	-0.8	0.2
2010
I	3.5	0.5	0.6	1.9	1.3	-0.8
II	5.1	1.9	-0.2	0.3	1.9	1.3
III	7.5	3.4	0.7	0.6	2.6	0.3
IV	-2.9	-3.0	-0.3	0.0	0.0	0.3
2009
I	-18.2	-1.4	-4.3	-4.8	-8.2	0.2
II	8.7	2.7	-1.7	7.5	-1.1	1.1
III	0.1	1.6	-2.7	2.1	-1.8	0.9
IV	5.9	1.8	-0.6	2.9	1.3	0.4
2008
I	1.2	1.1	0.5	0.8	-1.3	0.1
II	-2.0	-2.7	-1.1	0.4	2.4	-0.9
III	-5.0	-0.8	-0.6	-0.2	-3.5	0.0
IV	-8.8	-2.8	-2.4	-10.3	6.3	0.3
2007
I	3.0	0.4	-0.2	1.0	1.3	0.4
II	0.5	1.4	-1.4	0.7	-0.9	0.5
III	-1.8	-1.9	-2.4	2.2	0.5	-0.1
IV	2.0	0.5	-1.3	1.3	0.9	0.5

Note: PC: Private Consumption; GFCF: Gross Fixed Capital Formation; PINV: Private Inventory; Trade: Net Exports; GOVC: Government Consumption

Source: Japan Economic and Social Research Institute, Cabinet Office

http://www.esri.cao.go.jp/index-e.html

http://www.esri.cao.go.jp/

Long-term economic growth in Japan significantly improved by increasing competitiveness in world markets. Net trade of exports and imports is an important component of the GDP accounts of Japan. Table VB-3 provides quarterly data for net trade, exports and imports of Japan. Net trade had strong positive contributions to GDP growth in Japan in all quarters from IQ2007 to IIQ2009 with exception of IVQ2008, IIIQ2008 and IQ2009. The US recession is dated by the National Bureau of Economic Research (NBER) as beginning in IVQ2007 (Dec) and ending in IIQ2009 (Jun) (http://www.nber.org/cycles/cyclesmain.html). Net trade contributions helped to cushion the economy of Japan from the global recession. Net trade deducted from GDP growth in six of the nine quarters from IVQ2010 to IQ2012. The only strong contribution of net trade was 3.5 percent in IIIQ2011. Net trade added 1.4 percentage points to GDP growth in IQ2013 but deducted 0.2 percentage points in IIQ2013, deducting 1.3 percentage points in IIIQ2013 and 2.2 percentage points in IVQ2013. Net trade deducted 0.8 percentage points from GDP growth in IQ2014. Net trade added 3.9 percentage points to GDP growth in IIQ2014 and deducted 0.1 percentage points in IIIQ2014. Net trade added 1.5 percentage points to GDP growth in IVQ2014. Net trade contributed 0.0 percentage points to GDP growth in IQ2015 and deducted 0.7-percentage points in IIQ2015. Net trade deducted 0.3 percentage points from GDP growth in IIIQ2015. Net trade contributed 0.1 percentage points to GDP growth in IVQ2015 and added 1.2 percentage points in IQ2016. Net trade contributed 0.3 percentage points to GDP growth in IIQ2016. Net trade added 1.5 percentage points to GDP growth in IIIQ2016 and contributed 1.4 percentage points in IVQ2016.  Net trade contributed 0.3 percentage points to GDP growth in IQ2017 and deducted 1.2 percentage points in IIQ2017. Net trade contributed 2.2 percentage points to GDP growth in IIIQ2017 and deducted 0.1 percentage-point in IVQ2017. Private consumption assumed the role of driver of Japan’s economic growth but should moderate as in most mature economies.

Table VB-3, Japan, Contributions to Changes in Real GDP, Seasonally Adjusted Annual Rates (SAAR), %

	Net Trade	Exports	Imports
2017
I	0.3	1.3	-1.0
II	-1.2	0.0	-1.2
III	2.2	1.4	0.7
IV	-0.1	1.6	-1.7
2016
I	1.2	0.0	1.2
II	0.3	-0.3	0.6
III	1.5	1.6	-0.1
IV	1.4	1.9	-0.4
2015
I	0.0	0.7	-0.7
II	-0.7	-2.5	1.8
III	-0.3	1.7	-2.1
IV	0.1	-0.5	0.6
2014
I	-0.8	3.7	-4.5
II	3.9	0.9	3.0
III	-0.1	1.1	-1.2
IV	1.5	2.2	-0.7
2013
I	1.4	1.7	-0.2
II	-0.2	2.0	-2.2
III	-1.3	0.0	-1.2
IV	-2.2	-0.2	-2.0
2012
I	0.7	1.7	-1.1
II	-2.0	-0.6	-1.4
III	-1.9	-2.2	0.2
IV	-0.3	-1.9	1.6
2011
I	-1.4	-0.6	-0.8
II	-4.3	-4.6	0.3
III	3.5	5.4	-1.9
IV	-2.6	-1.7	-1.0
2010
I	1.9	3.3	-1.4
II	0.3	2.8	-2.5
III	0.6	1.7	-1.1
IV	0.0	0.2	-0.2
2009
I	-4.8	-16.2	11.4
II	7.5	4.7	2.8
III	2.1	5.3	-3.2
IV	2.9	4.2	-1.2
2008
I	0.8	1.8	-1.0
II	0.4	-1.4	1.9
III	-0.2	0.1	-0.3
IV	-10.3	-9.3	-1.0
2007
I	1.0	1.6	-0.5
II	0.7	1.6	-0.8
III	2.2	1.7	0.5
IV	1.3	1.9	-0.6

Source: Japan Economic and Social Research Institute, Cabinet Office

http://www.esri.cao.go.jp/index-e.html

http://www.esri.cao.go.jp/en/sna/sokuhou/sokuhou_top.html

Japan’s percentage growth of GDP not seasonally adjusted in a quarter relative to the same quarter a year earlier is in in Table VB-4. Contraction of GDP in a quarter relative to the same quarter a year earlier extended over seven quarters from IIQ2008 through IVQ2009. Contraction was sharpest in IQ2009 with output declining 8.8 percent relative to a year earlier. Yearly quarterly rates of growth of Japan were relatively high for a mature economy through the decade except for the contractions from IVQ2001 to IIQ2002 and after 2007. The Tōhoku or Great East Earthquake and Tsunami of Mar 11, 2011 caused slower GDP in IQ2011 at 0.7 percent relative to the same quarter a year earlier and decline of 0.9 percent in IIQ2011. GDP fell 0.4 percent in IIIQ2011 relative to a year earlier and changed 0.0 percent in IVQ2011 relative to a year earlier. Growth resumed with 3.1 percent in IQ2012 relative to a year earlier. Growth of 2.9 percent in IIQ2012 is largely caused by the low level in IIQ2011 resulting from the Tōhoku or Great East Earthquake and Tsunami of Mar 11, 2011. GDP decreased 0.1 percent in IIIQ2012 relative to a year earlier and increased 0.2 percent in IVQ2012 relative to a year earlier. GDP increased 0.5 percent in IQ2013 relative to a year earlier and 1.8 percent in IIQ2013. Growth of 2.9 percent in IIIQ2013 relative to a year earlier is partly due to the decline of 0.4 percent in GDP in IIIQ2012.  GDP increased 2.7 percent in IVQ2013 relative to a year earlier. The GDP of Japan increased 3.0 percent in IQ2014 relative to a year earlier. Japan’s GDP contracted 0.1 percent in IIQ2014 relative to a year earlier. GDP contracted 1.0 percent in IIIQ2014 relative to a year earlier. Japan’s GDP contracted 0.4 percent in IVQ2014 relative to a year earlier. GDP increased 0.2 percent relative to a year earlier in IQ2015 and increased 2.1 percent in IIQ2015 relative to a year earlier. GDP increased 2.1 percent in IIIQ2015 relative to a year earlier. GDP increased 1.1 percent in IVQ2015 relative to a year earlier. GDP increased 0.6 percent in IQ2016 relative to a year earlier. GDP increased 0.7 percent in IIQ2016 relative to a year earlier. The GDP of Japan increased 0.9 percent in IIIQ2016 relative to a year earlier. In IVQ2016, Japan’s GDP increased 1.5 percent relative to a year earlier. Japan’s GDP increased 1.4 percent in IQ2017 relative to a year earlier. In IIQ2017, Japan’s GDP increased 1.5 percent relative to a year earlier. The GDP of Japan increased 1.9 percent in IIIQ2017 relative to a year earlier. Japan’s GDP increased 2.0 percent in IVQ2017 relative to a year earlier. Japan faces the challenge of recovery from the devastation of the Tōhoku or Great East Earthquake and Tsunami of Mar 11, 2011 in an environment of declining world trade and bouts of risk aversion that cause appreciation of the Japanese yen, eroding the country’s competitiveness in world markets. There is classic research on analyzing deviations of output from trend (see for example Schumpeter 1939, Hicks 1950, Lucas 1975, Sargent and Sims 1977).  Using price adjusted but not seasonally adjusted data (http://www.esri.cao.go.jp/index-e.html), Japan’s GDP contracted 11.5 percent from the high in IVQ2007 to the low in IIQ2009. GDP increased 5.1 percent from IVQ2007 to IVQ2017 at the annual equivalent rate of 0.5 percent. Japan’s GDP grew 18.7 percent from IIIQ2009 to IVQ2017 at the annual equivalent rate of 2.0 percent.

Table VB-4, Japan, Real GDP ∆% Changes from Same Quarter Year Earlier, NSA ∆%

	IQ	IIQ	IIIQ	IVQ
2017	1.4	1.5	1.9	2.0
2016	0.6	0.7	0.9	1.5
2015	0.2	2.1	2.1	1.1
2014	3.0	-0.1	-1.0	-0.4
2013	0.5	1.8	2.9	2.7
2012	3.1	2.9	-0.1	0.2
2011	0.7	-0.9	-0.4	0.0
2010	4.6	3.6	5.7	2.9
2009	-8.8	-6.4	-5.1	-1.4
2008	0.6	-0.2	-0.9	-3.7
2007	2.3	1.8	1.6	0.9
2006	2.4	1.4	0.3	1.5
2005	1.0	1.5	1.8	2.3
2004	3.4	2.3	2.4	0.9
2003	1.4	1.4	1.3	1.9
2002	-1.7	-0.3	1.0	1.4
2001	2.2	1.2	-0.2	-1.5
2000	3.4	2.8	2.4	2.6
1999	-0.5	0.0	0.3	-0.8
1998	-1.6	-0.9	-1.4	-0.7
1997	2.7	0.9	1.1	-0.2

Source: Japan Economic and Social Research Institute, Cabinet Office

http://www.esri.cao.go.jp/index-e.html

http://www.esri.cao.go.jp/en/sna/sokuhou/sokuhou_top.html

Table VB-1 provides the employment report of Japan in Jan 2018. The rate of unemployment not seasonally adjusted reached 2.4 percent, decreasing 0.6 percentage points from a year earlier. Population decreased 0.1 percent from a year earlier. The labor force increased 0.8 percent from a year earlier and the labor participation rate stood at 60.5, increasing 0.5 percentage points from a year earlier. The employment rate moved to 59.1 percent, increasing 0.9 percentage points relative to a year earlier.

Table VB-1, Japan, Employment Report Jan 2018

Jan 2018 Unemployed	1.59 million
Change since last year	-380 thousand; ∆% -19.3
Unemployment rate	SA 2.4%, -0.3 from earlier month; NSA 2.4%, -0.6 from earlier year
Population ≥ 15 years	111.02 million
Change since last year	∆% -0.1
Labor Force	67.22 million
Change since last year	∆% 0.8
Employed	65.62 million
Change since last year	∆% 1.4
Labor force participation rate	60.5
Change since last year	0.5
Employment rate	59.1%
Change since last year	0.9

Source: Japan, Statistics Bureau, Ministry of Internal Affairs and Communications

http://www.stat.go.jp/english/data/roudou/results/month/index.htm

Table VB-2 provides the rate of unemployment of Japan seasonally adjusted that decreased to 3.4 percent in Dec 2014 from 4.4 percent in Jul 2012. The rate of unemployment SA fell 0.6 percentage points from 3.0 percent in Jan 2017 to 2.4 percent in Jan 2018.

Table VB-2, Japan, Unemployment Rate, SA

	Unemployment Rate SA
Jan 2018	2.4
Dec 2017	2.7
Nov	2.7
Oct	2.8
Sep	2.8
Aug	2.8
Jul	2.8
Jun	2.8
May	3.0
Apr	2.8
Mar	2.8
Feb	2.9
Jan	3.0
Dec 2016	3.1
Nov	3.1
Oct	3.0
Sep	3.0
Aug	3.1
Jul	3.0
Jun	3.1
May	3.1
Apr	3.2
Mar	3.2
Feb	3.3
Jan	3.2
Dec 2015	3.3
Nov	3.3
Oct	3.2
Sep	3.4
Aug	3.4
Jul	3.4
Jun	3.4
May	3.3
Apr	3.4
Mar	3.4
Feb	3.5
Jan	3.5
Dec 2014	3.4
Nov	3.5
Oct	3.6
Sep	3.5
Aug	3.5
Jul	3.7
Jun	3.7
May	3.6
Apr	3.6
Mar	3.6
Feb	3.6
Jan	3.7
Dec 2013	3.7
Nov	3.9
Oct	4.0
Sep	4.0
Aug	4.1
Jul	3.8
Jun	3.9
May	4.1
Apr	4.1
Mar	4.1
Feb	4.3
Jan	4.2
Dec 2012	4.3
Nov	4.1
Oct	4.1
Sep	4.3
Aug	4.2
Jul	4.4
Jun	4.3
May	4.4

Source: Source: Japan, Statistics Bureau, Ministry of Internal Affairs and Communications

http://www.stat.go.jp/english/data/roudou/results/month/index.htm

Chart VB-1 of Japan’s Statistics Bureau at the Ministry of Internal Affairs and Communications provides the unemployment rate of Japan from 2014 to 2017. There is clear trend of decline with multiple oscillations and increase in Jun-Jul 2014. The rate increased in Sep 2014 and fell in Oct 2014, stabilizing in Nov 2014 and declining in Dec 2014. The rate decreased in Feb-Apr 2015, stabilizing in May 2015. The rate increased in Jun 2015 and fell in Jul 2015, increasing in Aug 2015 and stabilizing in Sep 2015. The rate fell in Oct 2015, increasing in Nov 2015, remaining unchanged in Dec 2015 and decreasing in Jan 2016. The rate increased in Feb 2016 and decreased in Mar 2016, stabilizing in Apr-May 2016. The rate decreased in Jun-Jul 2016, increasing in Aug 2016. The rate decreased in Sep 2016, stabilizing in Oct 2016. The rate increased in Nov 2016 and stabilized in Dec 2016, decreasing in Jan-Feb 2017. The rate stabilized in Apr 2017, increasing in May 2017 and decreasing in Jun 2017. The rate stabilized in Jul-Oct 2017, decreasing in Nov 2017. The rate increased in Dec 2017, decreasing in Jan 2018.

Chart VB-1, Japan, Unemployment Rate, Seasonally Adjusted

Source: Japan, Statistics Bureau, Ministry of Internal Affairs and Communications

http://www.stat.go.jp/english/data/roudou/results/month/index.htm

During the “lost decade” of the 1990s from 1991 to 2002 (Pelaez and Pelaez, The Global Recession Risk (2007), 82-3), Japan’s GDP grew at the average yearly rate of 1.0 percent, the CPI at 0.1 percent and the implicit deflator at minus 0.8 percent. Japan’s growth rate from the mid-1970s to 1992 was 4 percent (Ito 2004). Table VB-3 provides Japan’s rates of unemployment, participation in labor force and employment for selected years from 1953 to 1985 and yearly from 1990 to 2016. The rate of unemployment jumped from 2.1 percent in 1991 to 5.4 percent in 2002, which was a year of global economic weakness. The participation rate dropped from 64.0 percent in 1992 to 61.2 percent in 2002 and the employment rate fell from 62.6 percent in 1992 to 57.9 percent in 2002. The rate of unemployment rose from 3.9 percent in 2007 to 5.1 percent in 2010, falling to 4.6 percent in 2011, 4.3 percent in 2012 and 3.6 percent in 2014. The rate of unemployment fell to 3.4 percent in 2015 and 3.1 percent in 2016. The unemployment rate fell to 2.8 percent in 2017. The participation rate fell from 60.4 percent in 2007 to 59.6 percent in 2010, falling to 59.3 percent in 2011 and 59.1 in 2012 and increasing to 59.4 percent in 2014. The participation rate increased to 59.6 in 2015 and 60.0 in 2016, increasing to 60.5 in 2017. The employment rate fell from 58.1 in percent in 2007 to 56.6 percent in 2010 and 56.5 percent in 2011 and 2012, increasing to 57.3 percent in 2014. The employment rate increased to 57.6 in 2015 and 58.1 in 2016. The employment rate increased to 58.8 in 2017. The global recession adversely affected labor markets in advanced economies

Table VB-3, Japan, Rates of Unemployment, Participation in Labor Force and Employment, %

	Participation Rate	Employment Rate	Unemployment Rate
1953	70.0	68.6	1.9
1960	69.2	68.0	1.7
1965	65.7	64.9	1.2
1970	65.4	64.6	1.1
1975	63.0	61.9	1.9
1980	63.3	62.0	2.0
1985	63.0	61.4	2.6
1990	63.3	61.9	2.1
1991	63.8	62.4	2.1
1992	64.0	62.6	2.2
1993	63.8	62.2	2.5
1994	63.6	61.8	2.9
1995	63.4	61.4	3.2
1996	63.5	61.4	3.4
1997	63.7	61.5	3.4
1998	63.3	60.7	4.1
1999	62.9	59.9	4.7
2000	62.4	59.5	4.7
2001	62.0	58.9	5.0
2002	61.2	57.9	5.4
2003	60.8	57.6	5.3
2004	60.4	57.6	4.7
2005	60.4	57.7	4.4
2006	60.4	57.9	4.1
2007	60.4	58.1	3.9
2008	60.2	57.8	4.0
2009	59.9	56.9	5.1
2010	59.6	56.6	5.1
2011	59.3	56.5	4.6
2012	59.1	56.5	4.3
2013	59.3	56.9	4.0
2014	59.4	57.3	3.6
2015	59.6	57.6	3.4
2016	60.0	58.1	3.1
2017	60.5	58.8	2.8

Source: Japan, Statistics Bureau, Ministry of Internal Affairs and Communications

http://www.stat.go.jp/english/data/roudou/results/month/index.htm

VC China. China estimates an index of nonmanufacturing purchasing managers based on a sample of 1200 nonmanufacturing enterprises across the country (http://www.stats.gov.cn/english/pressrelease/t20121009_402841094.htm). Table CIPMNM provides this index and components. The total index increased from 55.7 in Jan 2011 to 58.0 in Mar 2012, decreasing to 53.9 in Aug 2013. The index decreased from 56.0 in Nov 2013 to 54.6 in Dec 2013, easing to 53.4 in Jan 2014. The index moved to 54.4 in Feb 2018. The index of new orders increased from 52.2 in Jan 2012 to 54.3 in Dec 2012 but fell to 50.1 in May 2013, barely above the neutral frontier of 50.0. The index of new orders stabilized at 51.0 in Nov-Dec 2013, easing to 50.9 in Jan 2014. The index of new orders moved to 50.5 in Feb 2018.

Table CIPMNM, China, Nonmanufacturing Index of Purchasing Managers, %, Seasonally Adjusted

	Total Index	New Orders	Interm. Input Prices	Subs Prices	Exp
Feb 2018	54.4	50.5	53.2	49.9	61.2
Jan	55.3	51.9	53.9	52.6	61.7
Dec 2017	55.0	52.0	54.8	52.6	60.9
Nov	54.8	51.8	56.2	52.8	61.6
Oct	54.3	51.1	54.3	51.6	60.6
Sep	55.4	52.3	56.1	51.7	61.7
Aug	53.4	50.9	54.4	51.5	61.0
Jul	54.5	51.1	53.1	50.9	61.1
Jun	54.9	51.4	51.2	49.3	61.1
May	54.5	50.9	51.1	48.8	60.2
Apr	54.0	50.5	51.7	50.2	59.7
Mar	55.1	51.9	52.3	49.7	61.3
Feb	54.2	51.2	53.7	51.4	62.4
Jan	54.6	51.3	55.1	51.0	58.9
Dec 2016	54.5	52.1	56.2	51.9	59.5
Nov	54.7	51.8	53.5	51.4	60.7
Oct	54.0	50.9	53.7	51.5	60.6
Sep	53.7	51.4	51.7	50.1	61.1
Aug	53.5	49.8	52.6	50.4	59.4
Jul	53.9	49.9	51.4	49.5	59.5
Jun	53.7	50.8	51.6	50.6	58.6
May	53.1	49.2	51.6	49.8	57.8
Apr	53.5	48.7	52.1	49.1	59.1
Mar	53.8	50.8	51.4	49.5	59.0
Feb	52.7	48.7	50.5	48.3	59.5
Jan	53.5	49.6	49.9	47.7	58.4
Dec2015	54.4	51.7	49.0	48.2	58.3
Nov	53.6	50.2	49.3	47.7	60.0
Oct	53.1	51.2	51.2	48.8	61.1
Sep	53.4	50.2	50.8	47.9	60.0
Aug	53.4	49.6	49.6	47.8	59.7
Jul	53.9	50.1	48.9	47.4	60.0
Jun	53.8	51.3	50.6	48.7	59.7
May	53.2	49.5	52.8	50.4	60.1
Apr	53.4	49.1	50.8	48.9	60.0
Mar	53.7	50.3	50.0	48.4	58.8
Feb	53.9	51.2	52.5	51.2	58.7
Jan	53.7	50.2	47.6	46.9	59.6
Dec 2014	54.1	50.5	50.1	47.3	59.5
Nov	53.9	50.1	50.6	47.7	59.7
Oct	53.8	51.0	52.0	48.8	59.9
Sep	54.0	49.5	49.8	47.3	60.9
Aug	54.4	50.0	52.2	48.3	61.2
Jul	54.2	50.7	53.4	49.5	61.5
Jun	55.0	50.7	56.0	50.8	60.4
May	55.5	52.7	54.5	49.0	60.7
Apr	54.8	50.8	52.4	49.4	61.5
Mar	54.5	50.8	52.8	49.5	61.5
Feb	55.0	51.4	52.1	49.0	59.9
Jan	53.4	50.9	54.5	50.1	58.1
Dec 2013	54.6	51.0	56.9	52.0	58.7
Nov	56.0	51.0	54.8	49.5	61.3
Oct	56.3	51.6	56.1	51.4	60.5
Sep	55.4	53.4	56.7	50.6	60.1
Aug	53.9	50.9	57.1	51.2	62.9
Jul	54.1	50.3	58.2	52.4	63.9
Jun	53.9	50.3	55.0	50.6	61.8
May	54.3	50.1	54.4	50.7	62.9
Apr	54.5	50.9	51.1	47.6	62.5
Mar	55.6	52.0	55.3	50.0	62.4
Feb	54.5	51.8	56.2	51.1	62.7
Jan	56.2	53.7	58.2	50.9	61.4
Dec 2012	56.1	54.3	53.8	50.0	64.6
Nov	55.6	53.2	52.5	48.4	64.6
Oct	55.5	51.6	58.1	50.5	63.4
Sep	53.7	51.8	57.5	51.3	60.9
Aug	56.3	52.7	57.6	51.2	63.2
Jul	55.6	53.2	49.7	48.7	63.9
Jun	56.7	53.7	52.1	48.6	65.5
May	55.2	52.5	53.6	48.5	65.4
Apr	56.1	52.7	57.9	50.3	66.1
Mar	58.0	53.5	60.2	52.0	66.6
Feb	57.3	52.7	59.0	51.2	63.8
Jan	55.7	52.2	58.2	51.1	65.3

Notes: Interm.: Intermediate; Subs: Subscription; Exp: Business Expectations

Source: National Bureau of Statistics of China

http://www.stats.gov.cn/english/

Chart CIPMNM provides China’s nonmanufacturing purchasing managers’ index. The index fell from 56.0 in Oct 2013 to 54.4 in Feb 2018.

Chart CIPMNM, China, Nonmanufacturing Index of Purchasing Managers, Seasonally Adjusted

Source: National Bureau of Statistics of China

http://www.stats.gov.cn/english

Table CIPMMFG provides the index of purchasing managers of manufacturing seasonally adjusted of the National Bureau of Statistics of China. The general index (IPM) rose from 50.5 in Jan 2012 to 53.3 in Apr 2012, falling to 49.2 in Aug 2012, rebounding to 50.6 in Dec 2012. The index fell to 50.3 in Jul 2013, barely above the neutral frontier at 50.0, recovering to 51.4 in Nov 2013 but falling to 51.0 in Dec 2013. The index fell to 50.5 in Jan 2014, 50.1 in Dec 2014 and 50.3 in Feb 2018. The index of new orders fell from 54.5 in Apr 2012 to 51.2 in Dec 2012. The index of new orders fell from 52.3 in Nov 2013 to 52.0 in Dec 2013. The index fell to 50.9 in Jan 2014 and moved to 50.4 in Dec 2014. The index moved to 51.0 in Feb 2018.

Table CIPMMFG, China, Manufacturing Index of Purchasing Managers, %, Seasonally Adjusted

	IPM	PI	NOI	INV	EMP	SDEL
2018
Feb	50.3	50.7	51.0	49.3	48.1	48.4
Jan	51.3	53.5	52.6	48.8	48.3	49.2
2017
Dec	51.6	54.0	53.4	48.0	48.5	49.3
Nov	51.8	54.3	53.6	48.4	48.8	49.5
Oct	51.6	53.4	52.9	48.6	49.0	48.7
Sep	52.4	54.7	54.8	48.9	49.0	49.3
Aug	51.7	54.1	53.1	48.3	49.1	49.3
Jul	51.4	53.5	52.8	48.5	49.2	50.1
Jun	51.7	54.4	53.1	48.6	49.0	49.9
May	51.2	53.4	52.3	48.5	49.4	50.2
Apr	51.2	53.8	52.3	48.3	49.2	50.5
Mar	51.8	54.2	53.3	48.3	50.0	50.3
Feb	51.6	53.7	53.0	48.6	49.7	50.5
Jan	51.3	53.1	52.8	48.0	49.2	49.8
2016
Dec	51.4	53.3	53.2	48.0	48.9	50.0
Nov	51.7	53.9	53.2	48.4	49.2	49.7
Oct	51.2	53.3	52.8	48.1	48.8	50.2
Sep	50.4	52.8	50.9	47.4	48.6	49.9
Aug	50.4	52.6	51.3	47.6	48.4	50.6
Jul	49.9	52.1	50.4	47.3	48.2	50.5
Jun	50.0	52.5	50.5	47.0	47.9	50.7
May	50.1	52.3	50.7	47.6	48.2	50.4
Apr	50.1	52.2	51.0	47.4	47.8	50.1
Mar	50.2	52.3	51.4	48.2	48.1	51.3
Feb	49.0	50.2	48.6	48.0	47.6	49.8
Jan	49.4	51.4	49.5	46.8	47.8	50.5
2015
Dec	49.7	52.2	50.2	47.6	47.4	50.7
Nov	49.6	51.9	49.8	47.1	47.6	50.6
Oct	49.8	52.2	50.3	47.2	47.8	50.6
Sep	49.8	52.3	50.2	47.5	47.9	50.8
Aug	49.7	51.7	49.7	48.3	47.9	50.6
Jul	50.0	52.4	49.9	48.4	48.0	50.4
Jun	50.2	52.9	50.1	48.7	48.1	50.3
May	50.2	52.9	50.6	48.2	48.2	50.9
Apr	50.1	52.6	50.2	48.2	48.0	50.4
Mar	50.1	52.1	50.2	48.0	48.4	50.1
Feb	49.9	51.4	50.4	48.2	47.8	49.9
Jan	49.8	51.7	50.2	47.3	47.9	50.2
2014
Dec	50.1	52.2	50.4	47.5	48.1	49.9
Nov	50.3	52.5	50.9	47.7	48.2	50.3
Oct	50.8	53.1	51.6	48.4	48.4	50.1
Sep	51.1	53.6	52.2	48.8	48.2	50.1
Aug	51.1	53.2	52.5	48.6	48.2	50.0
Jul	51.7	54.2	53.6	49.0	48.3	50.2
Jun	51.0	53.0	52.8	48.0	48.6	50.5
May	50.8	52.8	52.3	48.0	48.2	50.3
Apr	50.4	52.5	51.2	48.1	48.3	50.1
Mar	50.3	52.7	50.6	47.8	48.3	49.8
Feb	50.2	52.6	50.5	47.4	48.0	49.9
Jan	50.5	53.0	50.9	47.8	48.2	49.8
Dec 2013	51.0	53.9	52.0	47.6	48.7	50.5
Nov	51.4	54.5	52.3	47.8	49.6	50.6
Oct	51.4	54.4	52.5	48.6	49.2	50.8
Sep	51.1	52.9	52.8	48.5	49.1	50.8
Aug	51.0	52.6	52.4	48.0	49.3	50.4
Jul	50.3	52.4	50.6	47.6	49.1	50.1
Jun	50.1	52.0	50.4	47.4	48.7	50.3
May	50.8	53.3	51.8	47.6	48.8	50.8
Apr	50.6	52.6	51.7	47.5	49.0	50.8
Mar	50.9	52.7	52.3	47.5	49.8	51.1
Feb	50.1	51.2	50.1	49.5	47.6	48.3
Jan	50.4	51.3	51.6	50.1	47.8	50.0
Dec 2012	50.6	52.0	51.2	47.3	49.0	48.8
Nov	50.6	52.5	51.2	47.9	48.7	49.9
Oct	50.2	52.1	50.4	47.3	49.2	50.1
Sep	49.8	51.3	49.8	47.0	48.9	49.5
Aug	49.2	50.9	48.7	45.1	49.1	50.0
Jul	50.1	51.8	49.0	48.5	49.5	49.0
Jun	50.2	52.0	49.2	48.2	49.7	49.1
May	50.4	52.9	49.8	45.1	50.5	49.0
Apr	53.3	57.2	54.5	48.5	51.0	49.6
Mar	53.1	55.2	55.1	49.5	51.0	48.9
Feb	51.0	53.8	51.0	48.8	49.5	50.3
Jan	50.5	53.6	50.4	49.7	47.1	49.7

IPM: Index of Purchasing Managers; PI: Production Index; NOI: New Orders Index; EMP: Employed Person Index; SDEL: Supplier Delivery Time Index

Source: National Bureau of Statistics of China

http://www.stats.gov.cn/english/

China estimates the manufacturing index of purchasing managers on the basis of a sample of 820 enterprises (http://www.stats.gov.cn/english/pressrelease/t20121009_402841094.htm). Chart CIPMMFG provides the manufacturing index of purchasing managers. The index fell to 50.1 in Jun 2013. The index decreased from 51.4 in Nov 2013 to 51.0 in Dec 2013. The index moved to 50.3 in Feb 2018.

Chart CIPMMFG, China, Manufacturing Index of Purchasing Managers, Seasonally Adjusted

Source: National Bureau of Statistics of China

http://www.stats.gov.cn/english

Growth of China’s GDP in IVQ2017 relative to the same period in 2016 was 6.8 percent and cumulative growth to IVQ2017 was 6.9 percent, as shown in Table VC-GDP. Secondary industry accounts for 40.5 percent of cumulative GDP in IVQ2017. In cumulative IVQ2017, industry accounts for 33.9 percent of GDP and construction for 6.7 percent. Tertiary industry accounts for 51.6 percent of cumulative GDP in IVQ2017 and primary industry for 7.9 percent. China’s growth strategy consisted of rapid increases in productivity in industry to absorb population from agriculture where incomes are lower (Pelaez and Pelaez, The Global Recession Risk (2007), 56-80). The strategy is shifting to lower growth rates with improvement in living standards by increasing growth of services. The bottom block of Table VC-GDP provides quarter-on-quarter growth rates of GDP and their annual equivalent. China’s GDP growth decelerated significantly from annual equivalent 10.0 percent in IQ2011 to 6.1 percent in IVQ2011 and 7.8 percent in IQ2012, rebounding to 7.0 percent in IIQ2012, 8.7 percent in IIIQ2012 and 6.6 percent in IVQ2012. Annual equivalent growth in IQ2013 eased to 7.0 percent and to 7.4 percent in IIQ2013, rebounding to 7.4 percent in IIIQ2013. Annual equivalent growth was 7.0 percent in IVQ2013, stabilizing to 7.0 percent in IQ2014 and to 7.0 percent in IIQ2014. Annual equivalent growth stabilized at 7.0 percent in IIIQ2014 and 6.6 percent in IVQ2014. Growth moved to annual equivalent 5.3 percent in IQ2015, 7.8 percent in IIQ2015 and 7.4 percent in IIIQ2015. Growth slowed to 7.0 percent in annual equivalent in IVQ2015 and 5.7 percent in IQ2016. Growth increased to annual equivalent 7.8 percent in IIQ2016 and 7.4 percent in IIIQ2016, decreasing to 6.6 percent in IVQ2016. Growth decelerated to annual equivalent 5.7 percent in IQ2017, accelerating to 7.4 percent in IIQ2017 and 7.4 percent in IIIQ2017. Growth decelerated to 6.6 percent in IVQ2017.

Table VC-GDP China, Quarterly Growth of GDP, Current CNY 100 Million and Inflation Adjusted ∆%

Cumulative GDP IVQ2017	Value Current CNY Billion IVQ2017	Value Current CNY Billion IQ2017 to IVQ2017	IVQ2017 Year-on-Year Constant Prices ∆%	Cumulative to IVQ2017 ∆%
GDP	23,458.2	82,712.2	6.8	6.9
Primary Industry	2,423.9	6,546.8	4.4	3.9
Farming	2,515.4	6,800.9	4.5	4.1
Secondary Industry	9,617.7	33,462.3	5.7	6.1
Industry	7,820.5	27,999.7	6.2	6.4
Construction	1,828.8	5,568.9	3.1	4.3
Tertiary Industry	11,416.7	42,703.2	8.3	8.0
Transport, Storage, Post	997.2	3,608.3	8.6	9.0
Wholesale, Retail Trades	2,179.1	7,774.4	6.9	7.1
Accommodation and Restaurants	410.9	1,459.4	7.0	7.1
Finance	1,630.2	6,574.9	4.0	4.5
Real Estate	1,486.0	5,385.1	4.8	5.6
Other	3,215.7	12,507.2	7.2	7.1
Growth in Quarter Relative to Prior Quarter	∆% on Prior Quarter		∆% Annual Equivalent	∆% Year-on-Year
2017
IVQ2017	1.6		6.6	6.8
IIIQ2017	1.8		7.4	6.8
IIQ2017	1.9		7.8	6.9
IQ2017	1.4		5.7	6.9
2016
IVQ2016	1.7		7.0	6.8
IIIQ2016	1.8		7.4	6.7
IIQ2016	1.9		7.8	6.7
IQ2016	1.3		5.3	6.7
2015
IVQ2015	1.6		6.6	6.8
IIIQ2015	1.7		7.0	6.9
IIQ2015	1.7		7.0	7.0
IQ2015	1.7		7.0	7.0
2014
IVQ2014	1.7		7.0	7.2
IIIQ2014	1.8		7.4	7.1
IIQ2014	1.8		7.4	7.5
IQ2014	1.7		7.0	7.4
2013
IVQ2013	1.6		6.6	7.7
IIIQ2013	2.1		8.7	7.9
IIQ2013	1.7		7.0	7.6
IQ2013	1.9		7.8	7.9
2012
IVQ2012	2.0		8.2	8.1
IIIQ2012	1.8		7.4	7.5
IIQ2012	2.1		8.7	7.6
IQ2012	1.9		7.8	8.1
2011
IVQ2011	1.5		6.1	8.8
IIIQ2011	1.9		7.8	9.4
IIQ2011	2.4		10.0	10.0
IQ2011	2.4		10.0	10.2

Source: National Bureau of Statistics of China http://www.stats.gov.cn/english/

Growth of China’s GDP in IVQ2017 relative to the same period in 2016 was 6.8 percent and cumulative growth to IVQ2017 was 6.9 percent, as shown in Table VC-GDP. Secondary industry accounts for 40.5 percent of cumulative GDP in IVQ2017. In cumulative IVQ2017, industry accounts for 33.9 percent of GDP and construction for 6.7 percent. Tertiary industry accounts for 51.6 percent of cumulative GDP in IVQ2017 and primary industry for 7.9 percent. China’s growth strategy consisted of rapid increases in productivity in industry to absorb population from agriculture where incomes are lower (Pelaez and Pelaez, The Global Recession Risk (2007), 56-80). The strategy is shifting to lower growth rates with improvement in living standards by increasing growth of services. Table VC-GDPA shows that growth decelerated from 12.1 percent in IQ2010 and 11.2 percent in IIQ2010 to 7.9 percent in IQ2013, 7.6 percent in IIQ2013 and 7.9 percent in IIIQ2013. GDP grew 7.7 percent in IVQ2013 relative to a year earlier and 1.6 percent relative to IIIQ2013, which is equivalent to 6.6 percent per year. GDP grew 7.4 percent in IQ2014 relative to a year earlier and 1.7 percent in IQ2014 that is equivalent to 7.0 percent per year. GDP grew 7.5 percent in IIQ2014 relative to a year earlier and 1.8 percent relative to the prior quarter, which is annual equivalent 7.4 percent. In IIIQ2014, GDP grew 7.1 percent relative to a year earlier and 1.8 percent relative to the prior quarter, which is 7.4 percent in annual equivalent. GDP grew 1.7 percent in IVQ2014, which is 7.0 percent in annual equivalent and 7.2 percent relative to a year earlier. In IQ2015, GDP grew 1.7 percent, which is equivalent to 7.0 in a year and 7.0 percent relative to a year earlier. GDP grew 1.7 percent in IIQ2015, which is equivalent to 7.0 percent in a year, and grew 7.0 percent relative to a year earlier. GDP grew at 1.7 percent in IIIQ2015, which is equivalent to 7.0 percent in a year, and grew 6.9 percent relative to a year earlier. GDP grew at 1.6 percent in IVQ2015, which is equivalent to 6.6 percent in a year and increased 6.8 percent relative to a year earlier. In IQ2016, GDP grew at 1.3 percent, which is equivalent to 5.3 percent in a year, and increased 6.7 percent relative to a year earlier. GDP grew at 1.9 percent in IIQ2016, which is annual equivalent to 7.8 percent, and increased 6.7 percent relative to a year earlier. In IIIQ2016, GDP grew at 1.8 percent, which is equivalent to 7.4 percent in a year and increased 6.7 percent relative to a year earlier. In IVQ2016, GDP grew at 1.7 percent, equivalent to 7.0 percent in a year, and increased 6.8 percent relative to a year earlier. GDP grew 6.9 percent in IQ2017 relative to a year earlier and increased at 1.4 percent, which is 5.7 percent in annual equivalent. In IIQ2017, GDP grew at 1.9 percent, which is annual equivalent at 7.8 percent, and increased 6.9 percent relative to a year earlier. GDP grew at 1.8 percent in IIIQ2017, which is annual equivalent at 7.4 percent, and increased at 6.8 percent relative to a year earlier. In IVQ2017, GDP grew 1.6 percent, which is equivalent to 6.6 percent annual equivalent, and increased 6.8 percent relative to a year earlier.

Table VC-GDPA China, Growth Rate of GDP, ∆% Relative to a Year Earlier and ∆% Relative to Prior Quarter

	IQ2017	IIQ2017	IIIQ2017	IVQ2017
GDP	6.9	6.9	6.8	6.8
Primary Industry	3.0	3.8	3.9	4.4
Secondary Industry	6.4	6.4	6.0	5.7
Tertiary Industry	7.7	7.6	8.0	8.3
GDP ∆% Relative to a Prior Quarter	1.4 (5.7)	1.9 (7.8)	1.8 (7.4)	1.6 (6.6)

	IQ2015	IIQQ2015	IIIQ2015	IVQ2015	IQ2016	IIQ2016	IIIQ2016	IVQ2016
GDP	7.0	7.0	6.9	6.8	6.7	6.7	6.7	6.8
Primary Industry	3.2	3.5	3.8	4.1	2.9	3.1	3.5	2.9
Secondary Industry	6.4	6.1	6.0	6.1	5.8	6.3	6.1	6.1
Tertiary Industry	7.9	8.4	8.4	8.2	7.6	7.5	7.6	8.3
GDP ∆% Relative to a Prior Quarter	1.7 (7.0)	1.7 (7.0)	1.7 (7.0)	1.6 (6.6)	1.3 (5.3)	1.9 (7.8)	1.8 (7.4)	1.7 (7.0)
	IQ 2013	IIQ 2013	IIIQ 2013	IVQ 2013	IQ 2014	IIQ 2014	IIIQ 2014	IVQ 2014
GDP	7.9	7.6	7.9	7.7	7.4	7.5	7.1	7.2
Primary Industry	3.4	3.0	3.4	4.0	3.5	3.9	4.2	4.1
Secondary Industry	7.8	7.6	7.8	7.8	7.3	7.4	7.4	7.3
Tertiary Industry	8.3	8.3	8.4	8.3	7.1	8.0	7.9	8.1
GDP ∆% Relative to a Prior Quarter	1.9 (7.8)	1.7 (7.0)	2.1 (8.7)	1.6 (6.6)	1.7 (7.0)	1.8 (7.4)	1.8 (7.4)	1.7 (7.0)
	IQ 2011	IIQ 2011	IIIQ 2011	IVQ 2011	IQ  2012	IIQ 2012	IIIQ 2012	IVQ 2012
GDP	10.2	10.0	9.4	8.8	8.1	7.6	7.5	8.1
Primary Industry	3.5	3.2	3.8	4.5	3.8	4.3	4.2	4.5
Secondary Industry	11.1	11.0	10.8	10.6	9.1	8.3	8.1	8.1
Tertiary Industry	9.1	9.2	9.0	8.9	7.5	7.7	7.9	8.1
GDP ∆% Relative to a Prior Quarter	2.4 (10.0)	2.4 (10.0)	1.9 (7.8)	1.5 (6.1)	1.9 (7.8)	2.1 (8.7)	1.8 (7.4)	2.0 (8.2)
	IQ 2010	IIQ 2010	IIIQ 2010	IVQ 2010
GDP	12.1	11.2	10.7	12.1
Primary Industry	3.8	3.6	4.0	3.8
Secondary Industry	14.5	13.3	12.6	14.5
Tertiary Industry	10.5	9.9	9.7	10.5

Source: National Bureau of Statistics ofChina http://www.stats.gov.cn/english/

Growth of China’s GDP in IVQ2016 relative to the same period in 2016 was 6.8 percent and

Chart VC-GDP of the National Bureau of Statistics of China provides annual value and growth rates of GDP. China’s GDP growth in 2016 is still high at 6.7 percent but at the lowest rhythm in five years.

Chart VC-GDP, China, Gross Domestic Product, Million Yuan and ∆%

Source: National bureau of Statistics of China http://www.stats.gov.cn/english/

Chart VC-FXR provides China’s foreign exchange reserves. FX reserves grew from $2399.2 billion in 2009 to $38430 billion in 2013 driven by high growth of China’s trade surplus, decreasing to $30105 billion in 2016.

Chart VC-FXR, China, Foreign Exchange Reserves, 2012-2016

Source: National Bureau of Statistics of China http://www.stats.gov.cn/english

Chart VC-Trade provides China’s imports and exports. Exports exceeded imports with resulting large trade balance surpluses that increased foreign exchange reserves.

Chart VC-Trade, China, Imports and Exports of Goods, 2012-2016, $100 Million US Dollars

Source: National Bureau of Statistics of China http://www.stats.gov.cn/english

Chart VC-PCDI provides the level and growth rates of per capita disposable income in China.

Chart VC-PCDI, China, Level and Growth Rates of Per Capita Disposable Income

Source: National Bureau of Statistics of China http://www.stats.gov.cn/english

The Caixin Flash China General Manufacturing Purchasing Managers’ Index^™ (PMI^™) compiled by Markit (http://www.markiteconomics.com/Survey//PressRelease.mvc/883014a121534f51bc42e5060845f727) is mixed. The overall Flash Caixin China General Manufacturing PMI^™ decreased from 47.3 in Aug to 47.0 in Sep, while the Flash Caixin China General Manufacturing Output Index decreased from 46.4 in Aug to 45.7 in Aug, indicating weaker conditions. He Fan, Chief Economist at Caixin Insight Group finds need of fiscal and monetary policy (http://www.markiteconomics.com/Survey//PressRelease.mvc/883014a121534f51bc42e5060845f727). The Caixin China General Services PMI^™, compiled by Markit, shows that the Caixin Composite Output, combining manufacturing and services, decreased from 53.7 in Jan to 53.3 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/b3aac0f730b44a29b3a4761e8ab5e227). Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group, finds consistent activity (https://www.markiteconomics.com/Survey/PressRelease.mvc/b3aac0f730b44a29b3a4761e8ab5e227). The Caixin General Manufacturing PMI^™ increased to 51.6 in Feb from 51.5 in Jan, indicating growth conditions in manufacturing (https://www.markiteconomics.com/Survey/PressRelease.mvc/b5ceb4da794b499e8e1615f40a3e41d6). Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group, finds moderate conditions (https://www.markiteconomics.com/Survey/PressRelease.mvc/b5ceb4da794b499e8e1615f40a3e41d6). Table CNY provides the country data table for China.

Table CNY, China, Economic Indicators

Price Indexes for Industry	Jan 12-month ∆%: 4.3 Jan month ∆%: 0.3 Blog 2/18/18
Consumer Price Index	Jan 12-month ∆%: 1.5 Jan month ∆%: 0.6 Blog 2/18/18
Value Added of Industry	Dec month ∆%: 0.52 Jan-Dec 2017/Jan-Dec 2016 ∆%: 6.6 Earlier Data Blog 4/19/15
GDP Growth Rate	Year IVQ2017 ∆%: 6.8 IV Quarter 2017 ∆%: 1.6 Quarter IVQ2017 AE ∆%: 6.6 Blog 1/28/18
Investment in Fixed Assets	Total Jan-Dec 2017 ∆%: 7.2 Real estate development: 7.0 Earlier Data: Blog 4/19/15
Retail Sales	Dec month ∆%: 0.83 Jan-Dec 2017 ∆%: 10.2 Earlier Data: Blog 4/19/15
Trade Balance	Jan 2018 balance $20.34 billion Exports 12M ∆% 11.1 Imports 12M ∆% 36.9 Jan 2017 balance $50.21 billion 2017 Exports ∆% 7.9 2017 Imports ∆% 15.9 2016 Exports ∆% 11.3 2016 Imports ∆% 17.3 Cumulative Dec 2017: $422.50 billion Cumulative Dec 2016: $486.0 Earlier Data: Blog 4/19/15

Links to blog comments in Table CNY: 2/18/18 https://cmpassocregulationblog.blogspot.com/2018/02/united-states-inflation-trend-or.html

1/21/18 https://cmpassocregulationblog.blogspot.com/2018/01/dollar-devaluation-and-increasing.html

1/14/18 https://cmpassocregulationblog.blogspot.com/2018/01/dollar-devaluation-and-rising.html

4/19/2015 http://cmpassocregulationblog.blogspot.com/2015/04/global-portfolio-reallocations-squeeze.html

VD Euro Area. Using calendar and seasonally adjusted data (http://ec.europa.eu/eurostat), the GDP of the euro area (19 countries) fell 5.7 percent from IQ2008 to IIQ2009. The GDP of the euro area (19 countries) increased 8.6 percent from IIIQ2009 to IVQ2016 at the annual equivalent rate of 1.1 percent. The GDP of the euro area (19 countries) is higher by 2.4 percent in IVQ2016 relative to the pre-recession peak in IQ2008, growing at annual equivalent rate of 0.3 percent. The GDP of the euro area (18) countries increased at the average yearly rate of 2.3 percent from IQ1999 to IQ2008 while that of the euro area (19 countries) increased at 2.3 percent. Table VD-EUR provides yearly growth rates of the combined GDP of the members of the European Monetary Union (EMU) or euro area since 1999. Growth was very strong at 3.2 percent in 2006 and 3.0 percent in 2007. The global recession had strong impact with growth of only 0.4 percent in 2008 and decline of 4.5 percent in 2009. Recovery was at lower growth rates of 2.1 percent in 2010 and 1.5 percent in 2011. EUROSTAT estimates growth of GDP of the euro area of minus 0.9 percent in 2012 and minus 0.3 percent in 2013. Euro Area GDP grew 1.2 percent in 2014 and grew 2.0 percent in 2015. The GDP of the euro area grew 1.7 percent in 2016.

Table VD-EUR, Euro Area, Yearly Percentage Change of Harmonized Index of Consumer Prices, Unemployment and GDP ∆%

Year	HICP ∆%	Unemployment %	GDP ∆%
1999	1.2	9.7	3.0
2000	2.2	8.9	3.8
2001	2.4	8.3	2.1
2002	2.3	8.6	1.0
2003	2.1	9.1	0.7
2004	2.2	9.3	2.3
2005	2.2	9.1	1.7
2006	2.2	8.4	3.2
2007	2.2	7.5	3.0
2008	3.3	7.6	0.4
2009	0.3	9.6	-4.5
2010	1.6	10.2	2.1
2011	2.7	10.2	1.5
2012	2.5	11.4	-0.9
2013	1.3	12.0	-0.3
2014	0.4	11.6	1.2
2015	0.0	10.9	2.0
2016	0.2	10.0	1.7

http://ec.europa.eu/eurostat

http://ec.europa.eu/eurostat/data/database

The Flash Eurozone PMI Composite Output Index of the HIS Markit Flash Eurozone PMI^®, combining activity in manufacturing and services, decreased from 58.8 in Jan to 57.5 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/d4fb1e33d0764906b237822919f1abc4). Chris Williamson, Chief Business Economist at IHS Markit, finds that the Markit Flash Eurozone PMI index suggests GDP growth about 0.9 percent quarterly (https://www.markiteconomics.com/Survey/PressRelease.mvc/d4fb1e33d0764906b237822919f1abc4). The IHS Markit Eurozone PMI^® Composite Output Index, combining services and manufacturing activity with close association with GDP decreased from 58.8 in Jan to 57.1 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/9fc57899736d40ed849f5e3e80784928). Chris Williamson, Chief Business Economist at IHS Markit, finds potential for growth of about 0.8 to 0.9 percent in quarterly GDP (https://www.markiteconomics.com/Survey/PressRelease.mvc/9fc57899736d40ed849f5e3e80784928). The IHS Markit Eurozone Services Business Activity Index decreased from 58.0 in Jan to 56.2 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/9fc57899736d40ed849f5e3e80784928). The IHS Markit Eurozone Manufacturing PMI^® decreased from 59.6 in Jan to 58.5 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/b0f35ea860834a4ea35e374189ef2104). New export orders increased. Chris Williamson, Chief Business Economist at IHS Markit, finds industrial growth (https://www.markiteconomics.com/Survey/PressRelease.mvc/b0f35ea860834a4ea35e374189ef2104). Table EUR provides the data table for the euro area.

Table EUR, Euro Area Economic Indicators

GDP	IVQ2017 ∆% 0.6; IVQ2017/IVQ2016 ∆% 2.7 Blog 9/13/15 11/22/15 12/13/15 2/14/16 3/13/16 5/1/16 5/15/16 6/12/16 8/7/16 8/14/16 9/11/16 11/20/16 12/11/16 02/26/17 3/12/17 5/21/17 6/11/17 8/20/17 9/10/17 11/26/17 12/10/17 2/18/18 3/11/18
Unemployment	Jan 2018: 8.6 % unemployment rate; Jan 2018: 14.111 million unemployed Blog 3/4/18
HICP	Jan month ∆%: -0.9 12 months Jan ∆%: 1.3 Blog 2/25//18
Producer Prices	Euro Zone industrial producer prices Jan ∆%: 0.4 Jan 12-month ∆%: 1.5 Blog 3/11/18
Industrial Production	Dec Month ∆%: 0.4; 12 months ∆%: 5.2 Earlier Data: Blog 4/19/15
Retail Sales	Dec month ∆%: -1.1 Dec 12 months ∆%: 1.9 Earlier Data: Blog 3/15/15
Confidence and Economic Sentiment Indicator	Sentiment 114.71 Feb 2018 Consumer 0.1 Feb 2018 Earlier Data: Blog 4/5/15
Trade	Jan-Dec 2017/Jan-Dec 2016 Exports ∆%: 7.1 Imports ∆%: 9.7 Dec 2017 12-month Exports ∆% 1.0 Imports ∆% 2.5 Earlier Data: Blog 4/19/15

Links to blog comments in Table EUR: 3/4/18 https://cmpassocregulationblog.blogspot.com/2018/03/mediocre-cyclical-united-states.html

2/25/18 https://cmpassocregulationblog.blogspot.com/2018/02/world-inflation-waves-united-states.html

2/18/18 https://cmpassocregulationblog.blogspot.com/2018/02/united-states-inflation-trend-or.html

2/4/18 https://cmpassocregulationblog.blogspot.com/2018/02/twenty-four-million-unemployed-or.html

1/21/18 https://cmpassocregulationblog.blogspot.com/2018/01/dollar-devaluation-and-increasing.html

12/10/17 https://cmpassocregulationblog.blogspot.com/2017/12/twenty-one-million-unemployed-or.html

11/26/17 https://cmpassocregulationblog.blogspot.com/2017/11/the-lost-economic-cycle-of-global_25.html

9/10/17 https://cmpassocregulationblog.blogspot.com/2017/09/twenty-two-million-unemployed-or.html

8/20/17 https://cmpassocregulationblog.blogspot.com/2017/08/fluctuating-valuations-of-risk.html

6/11/17 https://cmpassocregulationblog.blogspot.com/2017/06/flattening-us-treasury-yield-curve.html

5/21/17 https://cmpassocregulationblog.blogspot.com/2017/05/dollar-devaluation-world-inflation.html

3/12/17 https://cmpassocregulationblog.blogspot.com/2017/03/increasing-interest-rates-twenty-four.html

2/26/17 https://cmpassocregulationblog.blogspot.com/2017/02/united-states-commercial-banks-assets.html

12/11/16 http://cmpassocregulationblog.blogspot.com/2016/12/rising-values-of-risk-financial-assets.html

11/20/16 http://cmpassocregulationblog.blogspot.com/2016/11/interest-rate-increase-could-well.html

11/13/16 http://cmpassocregulationblog.blogspot.com/2016/11/dollar-revaluation-and-valuations-of.html

11/6/16 http://cmpassocregulationblog.blogspot.com/2016/11/the-case-for-increase-in-federal-funds.html

9/11/16 http://cmpassocregulationblog.blogspot.com/2016/09/interest-rate-uncertainty-and-valuation.html

8/14/16 http://cmpassocregulationblog.blogspot.com/2016/08/rising-valuations-of-risk-financial.html

8/7/16 http://cmpassocregulationblog.blogspot.com/2016/08/global-competitive-easing-or.html

6/12/16 http://cmpassocregulationblog.blogspot.com/2016/06/considerable-uncertainty-about-economic.html

5/15/16 http://cmpassocregulationblog.blogspot.com/2016/05/recovery-without-hiring-ten-million.html

5/1/16 http://cmpassocregulationblog.blogspot.com/2016/05/economic-activity-appears-to-have.html

3/13/16 http://cmpassocregulationblog.blogspot.com/2016/03/monetary-policy-and-fluctuations-of_13.html

3/6/16 http://cmpassocregulationblog.blogspot.com/2016/03/twenty-five-million-unemployed-or.html

2/14/16 http://cmpassocregulationblog.blogspot.com/2016/02/subdued-foreign-growth-and-dollar.html

12/13/15 http://cmpassocregulationblog.blogspot.com/2015/12/liftoff-of-interest-rates-with-volatile_17.html

4/19/2015 http://cmpassocregulationblog.blogspot.com/2015/04/global-portfolio-reallocations-squeeze.html

4/5/15 http://cmpassocregulationblog.blogspot.com/2015/04/volatility-of-valuations-of-financial.html

3/15/15 http://cmpassocregulationblog.blogspot.com/2015/03/global-exchange-rate-struggle-recovery.html

The GDP of the euro area in 2015 in current US dollars in the dataset of the World Economic Outlook (WEO) of the International Monetary Fund (IMF) is $11,990.9 billion or 16.3 percent of world GDP of $73,598.8 billion (http://www.imf.org/external/pubs/ft/weo/2016/02/weodata/index.aspx). The sum of the GDP of France $2420.2 billion with the GDP of Germany of $3365.3 billion, Italy of $1815.8 billion and Spain $1199.7 billion is $8,801.0 billion or 73.4 percent of total euro area GDP and 13.1 percent of World GDP. The four largest economies account for slightly more than three quarters of economic activity of the euro area. Table VD-EUR1 is constructed with the dataset of EUROSTAT, providing growth rates of the euro area as a whole and of the largest four economies of Germany, France, Italy and Spain annually from 1996 to 2016. The impact of the global recession on the overall euro area economy and on the four largest economies was quite strong. There was sharp contraction in 2009 and growth rates have not rebounded to earlier growth with exception of Germany in 2010 and 2011.

Table VD-EUR1, Euro Area, Real GDP Growth Rate, ∆%

	Euro Area	Germany	France	Italy	Spain
2016	1.7	1.9	1.2	0.9	3.2
2015	2.0	1.7	1.3	0.8	3.2
2014	1.2	1.6	0.6	0.1	1.4
2013	-0.3	0.5	0.6	-1.7	-1.7
2012	-0.9	0.5	0.2	-2.8	-2.9
2011	1.5	3.7	2.1	0.6	-1.0
2010	2.1	4.1	2.0	1.7	0.0
2009	-4.5	-5.6	-2.9	-5.5	-3.6
2008	0.4	1.1	0.2	-1.1	1.1
2007	3.0	3.3	2.4	1.5	3.8
2006	3.2	3.7	2.4	2.0	4.2
2005	1.7	0.7	1.6	0.9	3.7
2004	2.3	1.2	2.8	1.6	3.2
2003	0.7	-0.7	0.8	0.2	3.2
2002	1.0	0.0	1.1	0.2	2.9
2001	2.1	1.7	2.0	1.8	4.0
2000	3.8	3.0	3.9	3.7	5.3
1999	3.0	2.0	3.4	1.6	4.5
1998	2.9	2.0	3.6	1.6	4.3
Average 1999-2016	1.2	1.3	1.3	0.3	1.7
Average 1999-2007	2.2	1.6	2.1	1.5	3.8
Average 2016-2007	0.3	1.0	0.6	-7.0*	-0.5*
1997	2.6	1.8	2.3	1.8	3.7
1996	1.6	0.8	1.4	1.3	2.7

Note: Absolute percentage change

Source: EUROSTAT

http://ec.europa.eu/eurostat

http://ec.europa.eu/eurostat/data/database

The Flash Eurozone PMI Composite Output Index of the HIS Markit Flash Eurozone PMI^®, combining activity in manufacturing and services, decreased from 58.8 in Jan to 57.5 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/d4fb1e33d0764906b237822919f1abc4). Chris Williamson, Chief Business Economist at IHS Markit, finds that the Markit Flash Eurozone PMI index suggests GDP growth about 0.9 percent quarterly (https://www.markiteconomics.com/Survey/PressRelease.mvc/d4fb1e33d0764906b237822919f1abc4). The IHS Markit Eurozone PMI^® Composite Output Index, combining services and manufacturing activity with close association with GDP decreased from 58.8 in Jan to 57.1 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/9fc57899736d40ed849f5e3e80784928). Chris Williamson, Chief Business Economist at IHS Markit, finds potential for growth of about 0.8 to 0.9 percent in quarterly GDP (https://www.markiteconomics.com/Survey/PressRelease.mvc/9fc57899736d40ed849f5e3e80784928). The IHS Markit Eurozone Services Business Activity Index decreased from 58.0 in Jan to 56.2 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/9fc57899736d40ed849f5e3e80784928). The IHS Markit Eurozone Manufacturing PMI^® decreased from 59.6 in Jan to 58.5 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/b0f35ea860834a4ea35e374189ef2104). New export orders increased. Chris Williamson, Chief Business Economist at IHS Markit, finds industrial growth (https://www.markiteconomics.com/Survey/PressRelease.mvc/b0f35ea860834a4ea35e374189ef2104). Table EUR provides the data table for the euro area.

Table VD-1 provides percentage changes of euro area real GDP in a quarter relative to the prior quarter. Real GDP fell 0.3 percent in IVQ2011, fell 0.1 in IQ2012 and fell in the final three quarters of 2012: 0.3 percent in IIQ2012, 0.2 percent in IIIQ2012 and 0.4 percent in IVQ2012. GDP fell 0.3 percent in IQ2013 and increased 0.5 percent in IIQ2013. Growth slowed at 0.4 percent in IIIQ2013. GDP increased 0.3 percent in IVQ2013. The GDP of the euro area increased 0.4 percent in IQ2014 and increased 0.1 percent in IIQ2014. GDP in the euro area increased 0.4 percent in IIIQ2014 and increased 0.5 percent in IVQ2014. Euro area GDP increased 0.8 percent in IQ2015 and increased 0.3 percent in IIQ2015. Euro area GDP increased 0.4 percent in IIIQ2015 and increased 0.5 percent in IVQ2015. GDP in the euro area increased 0.5 percent in IQ2016 and increased 0.4 percent in IIQ2016. Euro area GDP increased 0.4 percent in IIIQ2016. GDP in the euro area increased 0.6 percent in IVQ2016. Euro area GDP increased 0.6 percent in IQ2017. The GDP of the euro area increased 0.7 percent in IIQ2017. Euro area GDP increased 0.7 percent in IIIQ2017. Euro area GDP increased 0.6 percent in IVQ2017. The global recession manifested in the euro area in five consecutive quarterly declines from IIQ2008 to IIQ2009. The strongest impact was contraction of 2.9 percent in IQ2009. Recovery began in IIIQ2009 with cumulative growth of 4.1 percent to IQ2011 or at the annual equivalent rate of 2.3 percent. Growth was much more vigorous from IVQ2003 to IQ2008. Using calendar and seasonally adjusted chain-linked volumes (http://ec.europa.eu/eurostat), the GDP of the euro area (19 countries) fell 5.8 percent from IQ2008 to IIQ2009. The GDP of the euro area (19 countries) increased 12.1 percent from IIIQ2009 to IVQ2017 at the annual equivalent rate of 1.4 percent. The GDP of the euro area (19 countries) is higher by 5.6 percent in IVQ2017 relative to the pre-recession peak in IQ2008, growing at annual equivalent rate of 0.6 percent. The GDP of the euro area (18) countries increased at the average yearly rate of 2.3 percent from IQ1999 to IQ2008 while that of the euro area (19 countries) increased at 2.3 percent. The GDP of the euro area (19 countries) grew at 2.3 percent annual equivalent from IQ1999 to the pre-recession peak in IQ2008. The GDP of the euro area would grow under trend of 2.3 percent from €2,471,970.0 million in IQ2008 to €3,085,536 million in IVQ2017. The estimate of GDP of €2,610,789.8 million in IVQ2017 is 15.4 percent below trend.

Table VD-1, Euro Area, Real GDP, Percentage Change from Prior Quarter, Calendar and Seasonally and Working Day Adjusted ∆%

	IQ	IIQ	IIIQ	IVQ
2017	0.6	0.7	0.7	0.6
2016	0.5	0.4	0.4	0.6
2015	0.8	0.3	0.4	0.4
2014	0.4	0.1	0.4	0.5
2013	-0.3	0.5	0.4	0.3
2012	-0.1	-0.3	-0.2	-0.4
2011	0.8	0.0	0.0	-0.3
2010	0.4	0.9	0.5	0.6
2009	-2.9	-0.3	0.3	0.5
2008	0.5	-0.4	-0.6	-1.7
2007	0.7	0.6	0.5	0.5
2006	0.9	1.1	0.6	1.1
2005	0.2	0.7	0.7	0.6
2004	0.6	0.5	0.3	0.4
2003	-0.2	0.1	0.5	0.8
2002	0.1	0.5	0.4	0.1
2001	0.8	0.2	0.1	0.2
2000	1.1	0.9	0.5	0.8
1999	0.9	0.7	1.1	1.3

Source: EUROSTAT

http://ec.europa.eu/eurostat

http://ec.europa.eu/eurostat/data/database

Table VD-2 provides percentage change in real GDP in the euro area in a quarter relative to the same quarter a year earlier. Growth rates were quite strong from 2004 to 2007. There were five consecutive quarters of sharp declines in GDP in a quarter relative to the same quarter a year earlier from IVQ2008 to IVQ2009 with sharp contractions of 5.5 percent in IQ2009, 5.4 percent in IIQ2009 and 4.6 percent in IIIQ2009.  Growth rates decline in magnitude with 1.4 percent in IIIQ2011, 0.5 percent in IVQ211 and minus 0.5 percent in IQ2012 followed by contractions of 0.8 percent in IIQ2012, 1.0 percent in IIIQ2012 and 1.1 percent in IVQ2012. GDP contracted 1.2 percent in IQ2013 relative to a year earlier and contracted 0.4 percent in IIQ2013 relative to a year earlier. Euro area GDP increased 0.1 percent in IIIQ2013 relative to a year earlier. The GDP of the euro area increased 0.8 percent in IVQ2013 relative to a year earlier. The GDP of the euro area increased 1.5 percent in IQ2014 relative to a year earlier. In IIQ2014, the GDP of the euro area increased 1.2 percent relative to a year earlier. The GDP of the euro area increased 1.3 percent in IIIQ2014 relative to a year earlier and increased 1.5 percent in IVQ2014 relative to a year earlier. Euro area GDP increased 1.8 percent in IQ2015 relative to a year earlier and increased 2.0 percent in IIQ2015 relative to a year earlier. The GDP of the euro area increased 2.0 percent in IIIQ2015 relative to a year earlier. Euro area GDP increased 2.0 percent in IVQ2015 relative to a year earlier. The GDP of the euro area increased 1.7 percent in IQ2016 relative to a year earlier. Euro area GDP increased 1.7 percent in IIQ2016 relative to a year earlier. The GDP of the euro area increased 1.7 percent in IIIQ2016 relative to a year earlier. Euro area GDP increased 2.0 percent in IVQ2016 relative to a year earlier. Euro area GDP increased 2.1 percent in IQ2017 relative to a year earlier. The GDP of the euro area increased 2.4 percent in IIQ2017 relative to a year earlier. Euro area GDP increased 2.7 percent in IIIQ2017 relative to a year earlier. The GDP of the euro area increased 2.7 percent in IVQ2017 relative to a year earlier.

Table VD-2, Euro Area, Real GDP Percentage Change in a Quarter Relative to Same Quarter a

Year Earlier, Seasonally and Working Day Adjusted ∆%

	IQ	IIQ	IIIQ	IV
2017	2.1	2.4	2.7	2.7
2016	1.7	1.7	1.7	2.0
2015	1.8	2.0	2.0	2.0
2014	1.5	1.2	1.3	1.5
2013	-1.2	-0.4	0.1	0.8
2012	-0.5	-0.8	-1.0	-1.1
2011	2.9	1.9	1.4	0.5
2010	1.0	2.2	2.4	2.4
2009	-5.5	-5.4	-4.6	-2.4
2008	2.2	1.2	0.1	-2.1
2007	3.6	3.2	3.0	2.4
2006	3.0	3.4	3.3	3.8
2005	1.4	1.5	2.0	2.2
2004	1.9	2.4	2.2	1.8
2003	0.8	0.4	0.5	1.1
2002	0.6	0.9	1.2	1.2
2001	3.1	2.3	1.8	1.3
2000	4.2	4.5	3.9	3.4
1999	2.1	2.4	2.9	4.0

Source: EUROSTAT

http://ec.europa.eu/eurostat

http://ec.europa.eu/eurostat/data/database

Table VD-3 provides growth of euro area real GDP in a quarter relative to the same quarter a year earlier not seasonally adjusted. GDP increased 0.4 percent in IIIQ2013 NSA relative to a year earlier and increased 0.7 percent in IVQ2013 relative to a year earlier. GDP increased 1.6 percent in IQ2014 relative to a year earlier and 1.0 percent in IIQ2014 relative to a year earlier. GDP increased 1.3 percent in IIIQ2014 relative to a year earlier and 1.5 percent in IVQ2014 relative to a year earlier. GDP increased 1.9 percent in IQ2015 relative to a year earlier and increased 2.0 percent in IIQ2015 relative to a year earlier. GDP increased 2.1 percent in IIIQ2015 relative to a year earlier. GDP increased 2.2 percent in IVQ2015 relative to a year earlier. GDP increased 1.7 percent in IQ2016 relative to a year earlier. GDP increased 2.4 percent in IIQ2016 relative to a year earlier and increased 1.6 percent in IIIQ2016 relative to a year earlier. GDP increased 1.6 percent in IVQ2016 relative to a year earlier and increased 2.7 percent in IQ2017 relative to a year earlier. GDP increased 1.8 percent in IIQ2017 relative to a year earlier. Euro area GDP increased 2.5 percent in IIIQ2017 relative to a year earlier. The GDP of the euro area increased 2.4 percent in IVQ2017 relative to a year earlier. GDP fell 0.3 percent in IIQ2013 relative to a year earlier without seasonal adjustment and declined 1.8 percent in IQ2013 relative to a year earlier without seasonal adjustment. Growth rates in 2006 and 2007 were quite strong followed by sharp declines of 5.6 percent in IQ2009, 6.0 percent in IIQ2009 and 4.4 percent in IQ2009.

Table VD-3, Euro Area, Real GDP Percentage Change in a Quarter Relative to Same Quarter a Year Earlier, Not Seasonally Adjusted ∆%

	IQ	IIQ	IIIQ	IV
2017	2.7	1.8	2.5	2.4
2016	1.7	2.4	1.6	1.6
2015	1.9	2.0	2.1	2.2
2014	1.6	1.0	1.3	1.5
2013	-1.8	-0.3	0.4	0.7
2012	-0.2	-1.2	-1.1	-1.1
2011	3.0	2.0	1.4	0.1
2010	1.1	2.5	2.4	2.3
2009	-5.6	-6.0	-4.4	-2.1
2008	1.8	1.6	0.6	-2.1
2007	3.5	3.2	3.1	2.4
2006	3.7	2.7	3.1	3.5
2005	1.0	2.0	1.9	1.8
2004	2.2	2.8	2.2	2.0
2003	1.0	0.1	0.5	1.1
2002	0.2	1.1	1.6	1.0
2001	2.9	2.3	1.8	1.5
2000	4.9	4.3	3.4	2.7
1999	2.1	2.6	2.9	4.1

Source: EUROSTAT

http://ec.europa.eu/eurostat

http://ec.europa.eu/eurostat/data/database

Table VD-4 provides GDP growth in IVQ2017 and relative to the same quarter a year earlier with SAWDA (seasonal and working day adjustment) and NSA (not seasonally adjusted) for the Euro zone, European Union, Japan and the US. The second estimate of euro area GDP SAWDA for IVQ2017 in Table VD-4 is growth of 0.6 percent in IVQ2017 and 2.7 percent relative to a year earlier. The GDP of the euro zone increased 2.4 percent NSA in IVQ2017 relative to a year earlier. The GDP of the European Union increased 0.6 percent in IVQ2017, increased 2.7 percent SWDA in IVQ2017 relative to a year earlier and increased 2.3 percent relative to a year earlier NSA in IVQ2017. Growth has been weak worldwide with somewhat stronger performance by the US in the cycle as a whole but still insufficient to reduce unemployment and underemployment (https://cmpassocregulationblog.blogspot.com/2018/03/mediocre-cyclical-united-states.html and earlier https://cmpassocregulationblog.blogspot.com/2018/01/continuing-dollar-devaluation-mediocre.html).

Table VD-4, Euro Zone, European Union, Japan and USA, Real GDP Growth

	∆% IVQ2017/ IVQ2017 SAWDA	∆% IVQ2017/ IVQ2016 SWDA	∆% IVQ2017/ IVQ2016 NSA
Euro Zone	0.6	2.7	2.4
European Union	0.6	2.7	2.3
Germany	0.6	2.9	2.3
France	0.6	2.5	2.4
Netherlands	0.8	3.1	2.9
Finland	0.7	2.8	2.6
Belgium	0.5	1.9	1.9
Portugal	0.7	2.4	2.4
Ireland1	4.2	10.4	10.5a
Italy	0.3	1.6	1.3
Greece	0.1	1.9	1.3a
Spain	0.7	3.1	3.0
United Kingdom	0.4	1.4	1.1
Japan	0.3	NA	2.0
USA	0.6	2.5	NA

1 IIIQ2017/IIQ2017 a IIIQ2017/IIIQ2016

*SAWDA: Seasonally and Working Day Adjusted except UK, Japan and USA

***NSA

Source: EUROSTAT

http://ec.europa.eu/eurostat

http://ec.europa.eu/eurostat/data/database

VE Germany. Table VE-DE provides yearly growth rates of the German economy from 1971 to 2017, price adjusted chain-linked and price and calendar-adjusted chain-linked. Germany’s GDP fell 5.6 percent in 2009 after growing below trend at 1.1 percent in 2008. Recovery has been robust in contrast with other advanced economies. The German economy grew at 4.1 percent in 2010, 3.7 percent in 2011 and 0.5 percent in 2012. Growth stabilized to 0.5 percent in 2013, increasing to 1.9 percent in 2014. The German economy grew at 1.7 percent in 2015 and grew at 1.9 percent in 2016. Germany’s GDP increased 2.2 percent in 2017.

The Federal Statistical Agency of Germany analyzes the fall and recovery of the German economy (http://www.destatis.de/jetspeed/portal/cms/Sites/destatis/Internet/EN/Content/Statistics/VolkswirtschaftlicheGesamtrechnungen/Inlandsprodukt/Aktuell,templateId=renderPrint.psml):

“The German economy again grew strongly in 2011. The price-adjusted gross domestic product (GDP) increased by 3.0% compared with the previous year. Accordingly, the catching-up process of the German economy continued during the second year after the economic crisis. In the course of 2011, the price-adjusted GDP again exceeded its pre-crisis level. The economic recovery occurred mainly in the first half of 2011. In 2009, Germany experienced the most serious post-war recession, when GDP suffered a historic decline of 5.1%. The year 2010 was characterised by a rapid economic recovery (+3.7%).”

Table VE-DE, Germany, GDP ∆% on Prior Year

	Price Adjusted Chain-Linked	Price- and Calendar-Adjusted Chain Linked
Average ∆% 1991-2017	1.4
Average ∆% 1991-1999	1.5
Average ∆% 2000-2007	1.4
Average ∆% 2003-2007	2.2
Average ∆% 2007-2017	1.2
Average ∆% 2009-2017	2.1
2017	2.2	2.5
2016	1.9	1.9
2015	1.7	1.5
2014	1.9	1.9
2013	0.5	0.6
2012	0.5	0.7
2011	3.7	3.7
2010	4.1	3.9
2009	-5.6	-5.6
2008	1.1	0.8
2007	3.3	3.4
2006	3.7	3.9
2005	0.7	0.9
2004	1.2	0.7
2003	-0.7	-0.7
2002	0.0	0.0
2001	1.7	1.8
2000	3.0	3.2
1999	2.0	1.9
1998	2.0	1.8
1997	1.8	1.9
1996	0.8	0.9
1995	1.7	1.8
1994	2.5	2.5
1993	-1.0	-1.0
1992	1.9	1.5
1991	5.1	5.2
1990	5.3	5.5
1989	3.9	4.0
1988	3.7	3.4
1987	1.4	1.3
1986	2.3	2.3
1985	2.3	2.6
1984	2.8	2.9
1983	1.6	1.5
1982	-0.4	-0.5
1981	0.5	0.6
1980	1.4	1.3
1979	4.2	4.3
1978	3.0	3.1
1977	3.3	3.5
1976	4.9	4.5
1975	-0.9	-0.9
1974	0.9	1.0
1973	4.8	5.0
1972	4.3	4.3
1971	3.1	3.0
1970	NA	NA

Source: Statistisches Bundesamt Deutschland (Destatis)

https://www.destatis.de/EN/FactsFigures/NationalEconomyEnvironment/NationalAccounts/NationalAccounts.html

https://www.destatis.de/EN/FactsFigures/NationalEconomyEnvironment/NationalAccounts/DomesticProduct/CurrentRevision.html

https://www.destatis.de/EN/Methods/NationalAccountRevision/Revision2014_BackgroundPaper.pdf?__blob=publicationFile

https://www.destatis.de/EN/PressServices/Press/pr/2014/02/PE14_048_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2013/08/PE13_278_811.html https://www.destatis.de/EN/PressServices/Press/pr/2013/11/PE13_381_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2014/01/PE14_016_811.html

https://www.destatis.de/DE/PresseService/Presse/Pressekonferenzen/2014/BIP2013/Pressebroschuere_BIP2013.html

https://www.destatis.de/EN/PressServices/Press/pr/2014/05/PE14_167_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2014/09/PE14_306_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2014/11/PE14_401_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2015/02/PE15_048_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2015/02/PE15_61_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2015/05/PE15_173_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2015/05/PE15_187_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2015/08/PE15_293_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2015/08/PE15_305_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2015/11/PE15_419_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2015/11/PE15_430_811.html

https://www.destatis.de/EN/FactsFigures/NationalEconomyEnvironment/NationalAccounts/DomesticProduct/DomesticProduct.html

https://www.destatis.de/EN/PressServices/Press/pr/2016/02/PE16_056_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2016/02/PE16_044_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2016/05/PE16_162_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2016/05/PE16_171_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2016/08/PE16_279_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2016/08/PE16_291_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2016/11/PE16_403_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2016/11/PE16_413_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2017/02/PE17_050_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2017/02/PE17_062_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2017/05/PE17_155_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2017/05/PE17_169_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2017/08/PE17_277_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2017/08/PE17_294_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2017/11/PE17_422_811.html

https://www.destatis.de/EN/PressServices/Press/pr/2018/02/PE18_044_811.html

https://www.destatis.de/EN/FactsFigures/NationalEconomyEnvironment/NationalAccounts/NationalAccounts.html

The Flash Germany Composite Output Index of the IHS Markit Flash Germany PMI^®, combining manufacturing and services, decreased from 59.0 in Jan to 57.4 in Feb. The index of manufacturing output reached 61.2 in Feb, decreasing from 62.2 in Jan, while the index of services decreased to 55.3 in Feb from 57.3 in Jan. The overall Flash Germany Manufacturing PMI^® decreased from 61.1 in Jan to 60.3 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/84141c5fc1d84ba599aa5c6e0c9e9f5b). New orders and new export orders in manufacturing increased. Phil Smith, Principal Economist at IHS Markit, finds consistent growth of the private sector of Germany (https://www.markiteconomics.com/Survey/PressRelease.mvc/84141c5fc1d84ba599aa5c6e0c9e9f5b). The IHS Markit Germany Composite Output Index of the IHS Markit Germany Services PMI^®, combining manufacturing and services with close association with Germany’s GDP, decreased from 59.0 in Jan to 57.6 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/65b5e9e91f4b41598719de0187119376). Phil Smith, Principal Economist at IHS Markit, finds growth of Germany (https://www.markiteconomics.com/Survey/PressRelease.mvc/65b5e9e91f4b41598719de0187119376). The Germany Services Business Activity Index decreased from 57.3 in Jan to 55.3 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/65b5e9e91f4b41598719de0187119376). The IHS Markit/BME Germany Purchasing Managers’ Index^® (PMI^®), showing close association with Germany’s manufacturing conditions, decreased from 61.1 in Jan to 60.6 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/34af65ffd0ff48329cd55d6665adea49). New export orders increased. Phil Smith, Principal Economist at IHS Markit, finds continuing growth conditions (https://www.markiteconomics.com/Survey/PressRelease.mvc/34af65ffd0ff48329cd55d6665adea49). Table DE provides the country data table for Germany.

Table DE, Germany, Economic Indicators

GDP	IVQ2017 0.6 ∆%; IVQ2017/IVQ2016 NCSA ∆% 2.3 CA 2.9 2016/2015: 1.9% 2017/2016: 2.2 CA 2.5 GDP ∆% 1970-2017 Blog 8/26/12 5/27/12 11/25/12 2/24/13 5/19/13 5/26/13 8/18/13 8/25/13 11/17/13 11/24/13 1/26/14 2/16/14 3/2/14 5/18/14 5/25/14 8/17/14 9/7/14 11/16/14 11/30/14 2/15/15 3/1/15 5/17/15 5/24/15 8/16/15 8/30/15 11/22/15 11/29/15 2/14/16 2/28/16 5/15/16 5/29/16 8/14/16 8/28/16 11/20/16 11/27/16 2/19/17 02/26/17 05/14/17 5/28/17 8/20/17 8/27/17 11/26/17 2/18/18 2/25/18
Consumer Price Index	Jan month NSA ∆%: -0.7 Jan 12-month NSA ∆%: 1.6 Blog 2/18/18
Producer Price Index	Jan month ∆%: 0.5 NSA, 0.2 CSA 12-month NSA ∆%: 2.1 Blog 2/25/18
Industrial Production	MFG Dec month CSA ∆%: -0.8 12-month NSA: 3.2 Earlier Data: Blog 4/12/15
Machine Orders	MFG Dec month ∆%: 3.8 Dec 12-month ∆%: 3.1 Earlier Data: Blog 4/12/15
Retail Sales	Jan Month ∆% -0.7 Dec -1.1 12-Month Jan % 2.3 Dec -0.2 Earlier Data: Blog 4/5/15
Employment Report	Unemployment Rate SA Dec 3.6% Blog 3/4/18
Trade Balance	Exports Dec 12-month NSA ∆%: 3.9 Imports Dec 12 months NSA ∆%: 5.0 Exports Dec month CSA ∆%: 0.3; Imports Dec month CSA 1.4 Earlier Data: Blog 4/12/15

Links to blog comments in Table DE: 3/4/18 https://cmpassocregulationblog.blogspot.com/2018/03/mediocre-cyclical-united-states.html

2/25/18 https://cmpassocregulationblog.blogspot.com/2018/02/world-inflation-waves-united-states.html

2/18/18 https://cmpassocregulationblog.blogspot.com/2018/02/united-states-inflation-trend-or.html

2/4/18 https://cmpassocregulationblog.blogspot.com/2018/02/twenty-four-million-unemployed-or.html

1/21/18 https://cmpassocregulationblog.blogspot.com/2018/01/dollar-devaluation-and-increasing.html

11/26/17 https://cmpassocregulationblog.blogspot.com/2017/11/the-lost-economic-cycle-of-global_25.html

8/27/17 https://cmpassocregulationblog.blogspot.com/2017/08/dollar-devaluation-and-interest-rate.html

5/28/17 https://cmpassocregulationblog.blogspot.com/2017/05/mediocre-cyclical-united-states.html

5/14/17 https://cmpassocregulationblog.blogspot.com/2017/05/recovery-without-hiring-ten-million_14.html

2/26/17 https://cmpassocregulationblog.blogspot.com/2017/02/united-states-commercial-banks-assets.html

02/19/17 https://cmpassocregulationblog.blogspot.com/2017/02/world-inflation-waves-united-states.html

11/27/16 http://cmpassocregulationblog.blogspot.com/2016/11/dollar-revaluation-rising-yields-and.html

11/20/16 http://cmpassocregulationblog.blogspot.com/2016/11/interest-rate-increase-could-well.html

11/13/16 http://cmpassocregulationblog.blogspot.com/2016/11/dollar-revaluation-and-valuations-of.html

11/6/16 http://cmpassocregulationblog.blogspot.com/2016/11/the-case-for-increase-in-federal-funds.html

8/28/16 http://cmpassocregulationblog.blogspot.com/2016/08/and-as-ever-economic-outlook-is.html

8/14/16 http://cmpassocregulationblog.blogspot.com/2016/08/rising-valuations-of-risk-financial.html

5/29/16 http://cmpassocregulationblog.blogspot.com/2016/05/appropriate-for-fed-to-increase.html

5/15/16 http://cmpassocregulationblog.blogspot.com/2016/05/recovery-without-hiring-ten-million.html

2/28/16 http://cmpassocregulationblog.blogspot.com/2016/02/mediocre-cyclical-united-states.html

2/14/16 http://cmpassocregulationblog.blogspot.com/2016/02/subdued-foreign-growth-and-dollar.html

11/29/15 http://cmpassocregulationblog.blogspot.com/2015/11/dollar-revaluation-constraining.html

11/22/15 http://cmpassocregulationblog.blogspot.com/2015/11/interest-rate-liftoff-followed-by.html

08/30/15 http://cmpassocregulationblog.blogspot.com/2015/08/fluctuations-of-global-financial.html

08/16/15 http://cmpassocregulationblog.blogspot.com/2015/08/exchange-rate-and-financial-asset.html

5/24/15 http://cmpassocregulationblog.blogspot.com/2015/05/interest-rate-policy-and-dollar.html

5/17/15 http://cmpassocregulationblog.blogspot.com/2015/05/fluctuating-valuations-of-financial.html

4/12/15 http://cmpassocregulationblog.blogspot.com/2015/04/dollar-revaluation-recovery-without.html

4/5/15 http://cmpassocregulationblog.blogspot.com/2015/04/volatility-of-valuations-of-financial.html

3/1/15 http://cmpassocregulationblog.blogspot.com/2015/03/irrational-exuberance-mediocre-cyclical.html

2/15/15 http://cmpassocregulationblog.blogspot.com/2015/02/g20-monetary-policy-recovery-without.html

11/30/14 http://cmpassocregulationblog.blogspot.com/2014/11/valuations-of-risk-financial-assets.html

11/16/14 http://cmpassocregulationblog.blogspot.com/2014/11/fluctuating-financial-variables.html

9/7/14 http://cmpassocregulationblog.blogspot.com/2014/09/competitive-monetary-policy-and.html

8/17/2014 http://cmpassocregulationblog.blogspot.com/2014/08/weakening-world-economic-growth.html

5/25/14 http://cmpassocregulationblog.blogspot.com/2014/05/united-states-commercial-banks-assets.html

5/18/14 http://cmpassocregulationblog.blogspot.com/2014/05/world-inflation-waves-squeeze-of.html

3/2/14 http://cmpassocregulationblog.blogspot.com/2014/03/financial-risks-slow-cyclical-united.html

2/16/14 http://cmpassocregulationblog.blogspot.com/2014/02/theory-and-reality-of-cyclical-slow.html

1/26/14 http://cmpassocregulationblog.blogspot.com/2014/01/capital-flows-exchange-rates-and.html

11/24/13 http://cmpassocregulationblog.blogspot.com/2013/11/risks-of-zero-interest-rates-world.html

11/17/13 http://cmpassocregulationblog.blogspot.com/2013/11/risks-of-unwinding-monetary-policy.html

8/25/13 http://cmpassocregulationblog.blogspot.com/2013/08/interest-rate-risks-duration-dumping.html

8/18/13 http://cmpassocregulationblog.blogspot.com/2013/08/duration-dumping-and-peaking-valuations.html

VF France. Table VF-FR provides growth rates of GDP of France with the estimates of Institut National de la Statistique et des Études Économiques (INSEE). The long-term rate of GDP growth of France from IVQ1949 to IVQ2017 is quite high at 3.1 percent. France’s growth rates were quite high in the four decades of the 1950s, 1960, 1970s and 1980s with an average growth rate of 4.0 percent compounding the average rates in the decades and discounting to one decade. The growth impulse diminished with 2.1 percent in the 1990s and 1.8 percent from 2000 to 2007. The average growth rate from 2000 to 2017, using fourth quarter data, is 1.2 percent because of the sharp impact of the global recession from IVQ2007 to IIQ2009. Cobet and Wilson (2002) provide estimates of output per hour and unit labor costs in national currency and US dollars for the US, Japan and Germany from 1950 to 2000 (see Pelaez and Pelaez, The Global Recession Risk (2007), 137-44). The average yearly rate of productivity change from 1950 to 2000 was 2.9 percent in the US, 6.3 percent for Japan and 4.7 percent for Germany while unit labor costs in USD increased at 2.6 percent in the US, 4.7 percent in Japan and 4.3 percent in Germany. From 1995 to 2000, output per hour increased at the average yearly rate of 4.6 percent in the US, 3.9 percent in Japan and 2.6 percent in Germany while unit labor costs in US fell at minus 0.7 percent in the US, 4.3 percent in Japan and 7.5 percent in Germany. There was increase in productivity growth in the G7 in Japan and France in the second half of the 1990s but significantly lower than the acceleration of 1.3 percentage points per year in the US. Lucas (2011May) compares growth of the G7 economies (US, UK, Japan, Germany, France, Italy and Canada) and Spain, finding that catch-up growth with earlier rates for the US and UK stalled in the 1970s.

Table VF-FR, France, Average Growth Rates of GDP Fourth Quarter, 1949-2016

Period	Average ∆%
1949-2017	3.1
2007-2017***	0.7
2007-2016**	0.5
2007-2015*	0.5
2007-2014	0.4
2000-2017	1.2
2000-2016	1.1
2000-2015	1.1
2000-2014	1.1
2000-2007	1.8
1990-1999	2.1
1980-1989	2.6
1970-1979	3.7
1960-1969	5.7
1950-1959	4.2

*IVQ2007 to IVQ2015 **IVQ2007 to IVQ2016 ***IVQ2007 to IVQ2017

Source: Institut National de la Statistique et des Études Économiques

https://www.insee.fr/en/statistiques/3359640

http://www.bdm.insee.fr/bdm2/choixTheme?request_locale=en&code=10#arbo:montrerbranches=theme312

The IHS Markit Flash France Composite Output Index decreased from 59.7 in Jan to 57.8 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/e558205ab1514533bb7311bc4a531dde). Alex Gill, Economist at IHS Markit, finds expanding activity (https://www.markiteconomics.com/Survey/PressRelease.mvc/e558205ab1514533bb7311bc4a531dde). The IHS Markit France Composite Output Index, combining services and manufacturing with close association with French GDP, decreased from 59.6 in Jan to 57.3 in Feb, indicating activity of the private sector (https://www.markiteconomics.com/Survey/PressRelease.mvc/2f508ca6fa67421f88bef0809b01a132). Alex Gill, Economist at IHS Markit that compiles the France Services PMI^®, finds continuing growth (https://www.markiteconomics.com/Survey/PressRelease.mvc/2f508ca6fa67421f88bef0809b01a132). The IHS Markit France Services Activity index decreased from 59.2 in Jan to 57.4 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/2f508ca6fa67421f88bef0809b01a132). The IHS Markit France Manufacturing Purchasing Managers’ Index^® decreased to 55.9 in Feb from 58.4 in Jan (https://www.markiteconomics.com/Survey/PressRelease.mvc/28c4b2c891f744fa945a5b534d945fa3). Alex Gill, Economist at IHS Markit, finds strong manufacturing (https://www.markiteconomics.com/Survey/PressRelease.mvc/28c4b2c891f744fa945a5b534d945fa3). Table FR provides the country data table for France.

Table FR, France, Economic Indicators

CPI	Jan month ∆% -0.1 12 months ∆%: 1.4 2/25/18
PPI	Jan month ∆%: 0.1 Jan 12 months ∆%: 1.9 Blog 3/4/18
GDP Growth	IVQ2017/IIIQ2017 ∆%: 0.6 IVQ2017/IVQ2016 ∆%: 2.5 Blog 3/31/13 5/19/12 6/30/13 9/29/13 11/17/13 12/29/13 2/16/14 4/6/14 5/18/14 6/29/14 8/17/14 9/28/14 11/16/14 12/28/14 2/15/15 3/29/15 5/17/15 6/28/15 8/16/15 9/27/15 11/15/15 12/27/15 1/31/16 2/28/16 3/27/16 5/1/16 6/5/16 06/26/16 8/7/16 9/4/16 9/25/16 10/30/16 12/4/16 1/1/17 2/12/17 3/5/17 3/26/17 5/7/17 6/4/17 6/25/17 8/20/17 9/3/17 11/12/17 12/10/17 12/31/17 2/11/18 3/4/18
Industrial Production	Jan ∆%: Manufacturing -0.9 Quarter ∆%: 0.4 YOY 0.1 Earlier Data: Blog 4/12/15
Consumer Spending	Manufactured Goods Dec ∆%: -1.0 12-Month Manufactured Goods ∆%: 1.3 Earlier Data: Blog 4/5/15
Employment	Unemployment Rate: IVQ2017 8.6% Blog 2/18/18
Trade Balance	Dec Exports ∆%: month 5.9 12 months 4.1 Imports ∆%: month 0.4 12 months 3.0 Earlier Data: Blog 4/12/15
Confidence Indicators	Historical average 100 Feb Mfg Business Climate 112 Earlier Data: Blog 3/29/15

Links to blog comments in Table FR: 3/4/18 https://cmpassocregulationblog.blogspot.com/2018/03/mediocre-cyclical-united-states.html

2/25/18 https://cmpassocregulationblog.blogspot.com/2018/02/world-inflation-waves-united-states.html

2/18/18 https://cmpassocregulationblog.blogspot.com/2018/02/united-states-inflation-trend-or.html

2/11/18 https://cmpassocregulationblog.blogspot.com/2018/02/collateral-effects-of-unwinding.html

2/4/18 https://cmpassocregulationblog.blogspot.com/2018/02/twenty-four-million-unemployed-or.html

1/14/18 https://cmpassocregulationblog.blogspot.com/2018/01/dollar-devaluation-and-rising.html

12/31/17 https://cmpassocregulationblog.blogspot.com/2017/12/dollar-devaluation-cyclically.html

12/10/17 https://cmpassocregulationblog.blogspot.com/2017/12/twenty-one-million-unemployed-or.html

11/26/17 https://cmpassocregulationblog.blogspot.com/2017/11/the-lost-economic-cycle-of-global_25.html

11/12/17 https://cmpassocregulationblog.blogspot.com/2017/11/recovery-without-hiring-ten-million.html

9/3/17 https://cmpassocregulationblog.blogspot.com/2017/09/mediocre-cyclical-united-states.html

8/20/17 https://cmpassocregulationblog.blogspot.com/2017/08/fluctuating-valuations-of-risk.html

6/25/17 https://cmpassocregulationblog.blogspot.com/2017/06/united-states-commercial-banks-united.html

6/4/17 https://cmpassocregulationblog.blogspot.com/2017/06/twenty-two-million-unemployed-or.html

5/7/17 https://cmpassocregulationblog.blogspot.com/2017/05/twenty-two-million-unemployed-or.html

3/26/17 https://cmpassocregulationblog.blogspot.com/2017/03/recovery-without-hiring-ten-million.html

3/5/17 https://cmpassocregulationblog.blogspot.com/2017/03/rising-valuations-of-risk-financial.html

2/12/17 https://cmpassocregulationblog.blogspot.com/2017/02/recovery-without-hiring-ten-million.html

1/1/17 http://cmpassocregulationblog.blogspot.com/2017/01/rules-versus-discretionary-authorities.html

12/4/16 http://cmpassocregulationblog.blogspot.com/2016/12/rising-yields-and-dollar-revaluation.html

10/30/16 http://cmpassocregulationblog.blogspot.com/2016/10/mediocre-cyclical-united-states_30.html

9/25/16 http://cmpassocregulationblog.blogspot.com/2016/09/the-economic-outlook-is-inherently.html

9/4/16 http://cmpassocregulationblog.blogspot.com/2016/09/interest-rates-and-valuations-of-risk.html

8/7/16 http://cmpassocregulationblog.blogspot.com/2016/08/global-competitive-easing-or.html

6/26/16 http://cmpassocregulationblog.blogspot.com/2016/06/of-course-considerable-uncertainty.html

6/5/16 http://cmpassocregulationblog.blogspot.com/2016/06/financial-turbulence-twenty-four.html

5/1/16 http://cmpassocregulationblog.blogspot.com/2016/05/economic-activity-appears-to-have.html

3/27/16 http://cmpassocregulationblog.blogspot.com/2016/03/contraction-of-united-states-corporate.html

2/28/16 http://cmpassocregulationblog.blogspot.com/2016/02/mediocre-cyclical-united-states.html

1/31/16 http://cmpassocregulationblog.blogspot.com/2016/01/closely-monitoring-global-economic-and.html

12/27/15 http://cmpassocregulationblog.blogspot.com/2015/12/dollar-revaluation-and-decreasing.html

11/15/15 http://cmpassocregulationblog.blogspot.com/2015/11/interest-rate-policy-conundrum-recovery.html

9/27/15 http://cmpassocregulationblog.blogspot.com/2015/09/monetary-policy-designed-on-measurable.html

08/16/15 http://cmpassocregulationblog.blogspot.com/2015/08/exchange-rate-and-financial-asset.html

6/28/2015 http://cmpassocregulationblog.blogspot.com/2015/06/international-valuations-of-financial.html

5/17/15 http://cmpassocregulationblog.blogspot.com/2015/05/fluctuating-valuations-of-financial.html

4/12/15 http://cmpassocregulationblog.blogspot.com/2015/04/dollar-revaluation-recovery-without.html

4/5/15 http://cmpassocregulationblog.blogspot.com/2015/04/volatility-of-valuations-of-financial.html

3/29/15 http://cmpassocregulationblog.blogspot.com/2015/03/dollar-revaluation-and-financial-risk.html

2/15/15 http://cmpassocregulationblog.blogspot.com/2015/02/g20-monetary-policy-recovery-without.html

12/28/14 http://cmpassocregulationblog.blogspot.com/2014/12/valuations-of-risk-financial-assets.html

11/16/14 http://cmpassocregulationblog.blogspot.com/2014/11/fluctuating-financial-variables.html

9/28/14 http://cmpassocregulationblog.blogspot.com/2014/09/financial-volatility-mediocre-cyclical.html

8/17/2014 http://cmpassocregulationblog.blogspot.com/2014/08/weakening-world-economic-growth.html

6/29/14 http://cmpassocregulationblog.blogspot.com/2014/06/financial-indecision-mediocre-cyclical.html

5/18/14 http://cmpassocregulationblog.blogspot.com/2014/05/world-inflation-waves-squeeze-of.html

4/6/14 http://cmpassocregulationblog.blogspot.com/2014/04/interest-rate-risks-twenty-eight.html

2/16/14 http://cmpassocregulationblog.blogspot.com/2014/02/theory-and-reality-of-cyclical-slow.html

12/29/13 http://cmpassocregulationblog.blogspot.com/2013/12/collapse-of-united-states-dynamism-of.html

11/17/13 http://cmpassocregulationblog.blogspot.com/2013/11/risks-of-unwinding-monetary-policy.html

9/29/13 http://cmpassocregulationblog.blogspot.com/2013/09/mediocre-and-decelerating-united-states.html

6/30/13 http://cmpassocregulationblog.blogspot.com/2013/06/tapering-quantitative-easing-policy-and.html

5/19/13 http://cmpassocregulationblog.blogspot.com/2013/05/word-inflation-waves-squeeze-of.html

VG Italy. Table VG-IT provides revised percentage changes of GDP in Italy of quarter on prior quarter and quarter on same quarter a year earlier. In IVQ2017, the GDP of Italy increased 0.3 percent and increased 1.6 percent relative to a year earlier. Italy’s GDP increased 0.4 percent in IIIQ2017 and increased 1.7 percent relative to a year earlier. In IIQ2017, the GDP of Italy increased 0.4 percent and increased 1.6 percent relative to a year earlier. Italy’s GDP increased 0.5 percent in IQ2017 and increased 1.3 percent relative to a year earlier. In IVQ2016, the GDP of Italy increased 0.4 percent and increased 1.1 percent relative to a year earlier. Italy’s GDP increased 0.2 percent in IIIQ2016 and increased 0.9 percent relative to a year earlier. In IIQ2016, GDP increased 0.1 percent and increased 0.8 percent relative to a year earlier. GDP increased 0.3 percent in IQ2016 and increased 1.1 percent relative to a year earlier. GDP increased 0.2 percent in IVQ2015 and increased 1.0 percent relative to a year earlier. In IIIQ2015, GDP increased 0.2 percent and increased 0.9 percent relative to a year earlier. GDP increased 0.3 percent in IIQ2015 and 0.9 percent relative to a year earlier. GDP increased 0.3 percent in IQ2015 and increased 0.5 percent relative to a year earlier. GDP increased 0.1 percent in IVQ2014 and increased 0.3 percent relative to a year earlier. GDP increased 0.2 percent in IIIQ2014 and changed 0.0 percent relative to a year earlier. Italy’s GDP decreased 0.1 percent in IIQ2014 and increased 0.2 percent relative to a year earlier. The GDP of Italy changed 0.0 percent in IQ2014 and increased 0.3 percent relative to a year earlier. Italy’s GDP decreased 0.1 percent in IVQ2013 and fell 0.8 percent relative to a year earlier. The GDP of Italy increased 0.3 percent in IIIQ2013 and fell 1.2 percent relative to a year earlier. Italy’s GDP changed 0.0 percent in IIQ2013 and fell 2.0 percent relative to a year earlier. Italy’s GDP fell 1.0 percent in IQ2013 and declined 2.9 percent relative to IQ2012. GDP had been growing during six consecutive quarters but at very low rates from IQ2010 to IIQ2011. Italy’s GDP fell in seven consecutive quarters from IIIQ2011 to IQ2013 at increasingly higher rates of contraction from 0.6 percent in IIIQ2011 to 0.9 percent in IVQ2011, 0.9 percent in IQ2012, 0.9 percent in IIQ2012 and 0.5 percent in IIIQ2012. The pace of decline accelerated to minus 0.6 percent in IVQ2012 and minus 1.0 percent in IQ2013. GDP contracted cumulatively 5.3 percent in seven consecutive quarterly contractions from IIIQ2011 to IQ2013 at the annual equivalent rate of minus 3.1 percent. The yearly rate has fallen from 2.2 percent in IVQ2010 to minus 2.8 percent in IVQ2012, minus 2.9 percent in IQ2013, minus 2.0 percent in IIQ2013 and minus 1.2 percent in IIIQ2013. GDP fell 0.8 percent in IVQ2013 relative to a year earlier. GDP increased 0.3 percent in IQ2014 relative to a year earlier and increased 0.2 percent in IIQ2014 relative to a year earlier. GDP changed 0.0 percent in IIIQ2014 relative to a year earlier and increased 0.3 percent in IVQ2014 relative to a year earlier. GDP increased 0.5 percent in IQ2015 relative to a year earlier and increased 0.9 percent in IIQ2015 relative to a year earlier. GDP increased 0.9 percent in IIIQ2015 relative to a year earlier and increased 1.0 percent in IVQ2015 relative to a year earlier. GDP increased 1.1 percent in IQ2016 relative to a year earlier and increased 0.8 percent in IIQ2016 relative to a year earlier. GDP increased 0.9 percent in IIIQ2016 relative to a year earlier and increased 1.1 percent in IVQ2016 relative to a year earlier. GDP increased 1.3 percent in IQ2017 relative to a year earlier and increased 1.6 percent in IIQ2017 relative to a year earlier. GDP increased 1.7 percent in IIIQ2017 relative to a year earlier and increased 1.6 percent in IVQ2017 relative to a year earlier. Using seasonally and calendar adjusted chained volumes in the dataset of EUROSTAT (http://ec.europa.eu/eurostat), the GDP of Italy in IVQ2017 of €401,108.9 million (http://www.istat.it/it/archivio/209843) is lower by 5.8 percent relative to €425,734.7 million in IQ2008 (http://ec.europa.eu/eurostat). Using seasonally and calendar adjusted chained volumes in the dataset of EUROSTAT (http://ec.europa.eu/eurostat), the GDP of Italy increased from €368,105.8 million in IQ1998 to €425,734.7 million in IQ2008 at the annual equivalent rate of 1.5 percent. The fiscal adjustment of Italy is significantly more difficult with the economy not growing especially on the prospects of increasing government revenue. The strategy is for reforms to improve productivity, facilitating future fiscal consolidation.

Table VG-IT, Italy, GDP ∆%

	Quarter ∆% Relative to Preceding Quarter	Quarter ∆% Relative to Same Quarter Year Earlier
IVQ2017	0.3	1.6
IIIQ2017	0.4	1.7
IIQ2017	0.4	1.6
IQ2017	0.5	1.3
IVQ2016	0.4	1.1
IIIQ2016	0.2	0.9
IIQ2016	0.1	0.8
IQ2016	0.3	1.1
IVQ2015	0.2	1.0
IIIQ2015	0.2	0.9
IIQ2015	0.3	0.9
IQ2015	0.3	0.5
IVQ2014	0.1	0.3
IIIQ2014	0.2	0.0
IIQ2014	-0.1	0.2
IQ2014	0.0	0.3
IVQ2013	-0.1	-0.8
IIIQ2013	0.3	-1.2
IIQ2013	0.0	-2.0
IQ2013	-1.0	-2.9
IVQ2012	-0.6	-2.8
IIIQ2012	-0.5	-3.1
IIQ2012	-0.9	-3.2
IQ2012	-0.9	-2.3
IVQ2011	-0.9	-1.1
IIIQ2011	-0.6	0.4
IIQ2011	0.1	1.6
IQ2011	0.3	2.0
IVQ2010	0.6	2.2
IIIQ2010	0.5	1.9
IIQ2010	0.5	1.9
IQ2010	0.4	0.6
IVQ2009	0.4	-2.6
IIIQ2009	0.6	-5.2
IIQ2009	-0.8	-7.0
IQ2009	-2.8	-7.2
IVQ2008	-2.3	-3.5
IIIQ2008	-1.4	-1.4
IIQ2008	-1.0	-0.1
IQ2008	1.1	0.8
IV2007	-0.1	-0.1
IIIQ2007	0.0	1.3
IIQ2007	-0.1	1.7
IQ2007	0.2	2.4

Source: Istituto Nazionale di Statistica http://www.istat.it/it/archivio/209843

The IHS Markit Italy Business Activity Index decreased from 57.7 in Jan to 55.0 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/72760442e16f48eb90f1d19e29c4a4c1). Paul Smith, Director at IHS Markit that compiles the Italy Services PMI^®, finds strong conditions (https://www.markiteconomics.com/Survey/PressRelease.mvc/72760442e16f48eb90f1d19e29c4a4c1). The IHS Markit Italy Purchasing Managers’ Index^® (PMI^®), decreased from 59.0 in Jan to 56.8 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/fe0b110155614acfa60805ba15bfa674). New export orders continued to increase. Paul Smith, Director at HIS Markit that compiles the Italian Manufacturing PMI^®, finds consistent manufacturing (https://www.markiteconomics.com/Survey/PressRelease.mvc/fe0b110155614acfa60805ba15bfa674). Table IT provides the country data table for Italy.

Table IT, Italy, Economic Indicators

Consumer Price Index	Feb month ∆% 0.1 12 months ∆%: 0.6 Blog 3/4/18
Producer Price Index	Dec month ∆%: 0.0 Oct 12-month ∆%: 2.2 Blog 2/4/18
GDP Growth	IVQ2017/IIIQ2017 SA ∆%: 0.3 IVQ2017/IVQ2016 NSA ∆%: 1.6 Blog 3/17/13 6/16/13 8/11/13 9/15/13 11/17/13 12/15/13 2/16/14 3/16/14 5/18/14 6/15/14 8/10/14 8/31/14 10/19/14 11/16/14 12/7/14 2/15/15 3/15/15 5/17/15 5/31/15 8/16/15 9/6/15 11/15/15 12/6/15 2/14/16 3/6/16 5/15/16 6/5/16 8/14/16 9/11/16 11/20/16 12/4/16 02/26/17 3/12/17 5/21/17 6/4/17 8/20/17 9/3/17 11/26/17 12/10/17 2/18/18 3/11/18
Labor Report	Jan 2018 Participation rate 65.5% Employment ratio 58.1% Unemployment rate 11.1% Youth Unemployment 31.5% Blog 3/11/18
Industrial Production	Dec month ∆%: 1.6 12 months CA ∆%: 4.9 Earlier Data: Blog 4/19/15
Retail Sales	Dec month ∆%: -0.3 Dec 12-month ∆%: -0.1 Earlier Data: Blog 4/26/15
Business Confidence	Mfg Feb 110.6, Oct; 110.8 Construction Feb 132.0, Oct 130.3 Earlier Data: Blog 4/5/15
Trade Balance	Balance Dec SA €3607 million Exports Dec month SA ∆%: 0.6; Imports month ∆%: 3.3 Exports 12 months Dec NSA ∆%: 2.0 Imports 12 months NSA ∆%: 3.7 Earlier Data: Blog 4/19/15

Links to blog comments in Table IT: 3/4/18 https://cmpassocregulationblog.blogspot.com/2018/03/mediocre-cyclical-united-states.html

2/18/18 https://cmpassocregulationblog.blogspot.com/2018/02/united-states-inflation-trend-or.html

2/11/18 https://cmpassocregulationblog.blogspot.com/2018/02/collateral-effects-of-unwinding.html

2/4/18 https://cmpassocregulationblog.blogspot.com/2018/02/twenty-four-million-unemployed-or.html

12/10/17 https://cmpassocregulationblog.blogspot.com/2017/12/twenty-one-million-unemployed-or.html

11/26/17 https://cmpassocregulationblog.blogspot.com/2017/11/the-lost-economic-cycle-of-global_25.html

9/3/17 https://cmpassocregulationblog.blogspot.com/2017/09/mediocre-cyclical-united-states.html

8/20/17 https://cmpassocregulationblog.blogspot.com/2017/08/fluctuating-valuations-of-risk.html

6/4/17 https://cmpassocregulationblog.blogspot.com/2017/06/twenty-two-million-unemployed-or.html

5/21/17 https://cmpassocregulationblog.blogspot.com/2017/05/dollar-devaluation-world-inflation.html

3/12/17 https://cmpassocregulationblog.blogspot.com/2017/03/increasing-interest-rates-twenty-four.html

2/26/17 https://cmpassocregulationblog.blogspot.com/2017/02/united-states-commercial-banks-assets.html

12/4/16 http://cmpassocregulationblog.blogspot.com/2016/12/rising-yields-and-dollar-revaluation.html

11/20/16 http://cmpassocregulationblog.blogspot.com/2016/11/interest-rate-increase-could-well.html

9/11/16 http://cmpassocregulationblog.blogspot.com/2016/09/interest-rate-uncertainty-and-valuation.html

8/14/16 http://cmpassocregulationblog.blogspot.com/2016/08/rising-valuations-of-risk-financial.html

6/5/16 http://cmpassocregulationblog.blogspot.com/2016/06/financial-turbulence-twenty-four.html

5/15/16 http://cmpassocregulationblog.blogspot.com/2016/05/recovery-without-hiring-ten-million.html

3/6/16 http://cmpassocregulationblog.blogspot.com/2016/03/twenty-five-million-unemployed-or.html

2/14/16 http://cmpassocregulationblog.blogspot.com/2016/02/subdued-foreign-growth-and-dollar.html

12/6/15 http://cmpassocregulationblog.blogspot.com/2015/12/liftoff-of-fed-funds-rate-followed-by.html

11/15/15 http://cmpassocregulationblog.blogspot.com/2015/11/interest-rate-policy-conundrum-recovery.html

9/6/15 http://cmpassocregulationblog.blogspot.com/2015/09/interest-rate-policy-dependent-on-what.html

08/16/15 http://cmpassocregulationblog.blogspot.com/2015/08/exchange-rate-and-financial-asset.html

5/31/15 http://cmpassocregulationblog.blogspot.com/2015/06/dollar-revaluation-squeezing-corporate.html

5/17/15 http://cmpassocregulationblog.blogspot.com/2015/05/fluctuating-valuations-of-financial.html

4/26/2015 http://cmpassocregulationblog.blogspot.com/2015/04/imf-view-of-economy-and-finance-united.html

4/19/2015 http://cmpassocregulationblog.blogspot.com/2015/04/global-portfolio-reallocations-squeeze.html

4/5/15 http://cmpassocregulationblog.blogspot.com/2015/04/volatility-of-valuations-of-financial.html

3/15/15 http://cmpassocregulationblog.blogspot.com/2015/03/global-exchange-rate-struggle-recovery.html

2/15/15 http://cmpassocregulationblog.blogspot.com/2015/02/g20-monetary-policy-recovery-without.html

12/7/14 http://cmpassocregulationblog.blogspot.com/2014/12/financial-risks-twenty-six-million.html

11/16/14 http://cmpassocregulationblog.blogspot.com/2014/11/fluctuating-financial-variables.html

10/19/14 http://cmpassocregulationblog.blogspot.com/2014/10/imf-view-squeeze-of-economic-activity.html

8/31/14 http://cmpassocregulationblog.blogspot.com/2014/09/geopolitical-and-financial-risks.html

8/10/14 http://cmpassocregulationblog.blogspot.com/2014/08/volatility-of-valuations-of-risk_10.html

6/15/2014 http://cmpassocregulationblog.blogspot.com/2014/06/financialgeopolitical-risks-recovery.html

5/18/14 http://cmpassocregulationblog.blogspot.com/2014/05/world-inflation-waves-squeeze-of.html

3/16/2014 http://cmpassocregulationblog.blogspot.com/2014/03/global-financial-risks-recovery-without.html

2/16/14 http://cmpassocregulationblog.blogspot.com/2014/02/theory-and-reality-of-cyclical-slow.html

12/15/13 http://cmpassocregulationblog.blogspot.com/2013/12/theory-and-reality-of-secular.html

11/17/13 http://cmpassocregulationblog.blogspot.com/2013/11/risks-of-unwinding-monetary-policy.html

9/15/13 http://cmpassocregulationblog.blogspot.com/2013/09/recovery-without-hiring-ten-million.html

8/11/13 http://cmpassocregulationblog.blogspot.com/2013/08/recovery-without-hiring-loss-of-full.html

6/16/13 http://cmpassocregulationblog.blogspot.com/2013/06/recovery-without-hiring-seven-million.html

3/17/13 http://cmpassocregulationblog.blogspot.com/2013/03/recovery-without-hiring-ten-million.html

Table VG-1 provides revised percentage changes of GDP in Italy of quarter on prior quarter and quarter on same quarter a year earlier. In IVQ2017, the GDP of Italy increased 0.3 percent and increased 1.6 percent relative to a year earlier. Italy’s GDP increased 0.4 percent in IIIQ2017 and increased 1.7 percent relative to a year earlier. In IIQ2017, the GDP of Italy increased 0.4 percent and increased 1.6 percent relative to a year earlier. Italy’s GDP increased 0.5 percent in IQ2017 and increased 1.3 percent relative to a year earlier. In IVQ2016, the GDP of Italy increased 0.4 percent and increased 1.1 percent relative to a year earlier. Italy’s GDP increased 0.2 percent in IIIQ2016 and increased 0.9 percent relative to a year earlier. In IIQ2016, GDP increased 0.1 percent and increased 0.8 percent relative to a year earlier. GDP increased 0.3 percent in IQ2016 and increased 1.1 percent relative to a year earlier. GDP increased 0.2 percent in IVQ2015 and increased 1.0 percent relative to a year earlier. In IIIQ2015, GDP increased 0.2 percent and increased 0.9 percent relative to a year earlier. GDP increased 0.3 percent in IIQ2015 and 0.9 percent relative to a year earlier. GDP increased 0.3 percent in IQ2015 and increased 0.5 percent relative to a year earlier. GDP increased 0.1 percent in IVQ2014 and increased 0.3 percent relative to a year earlier. GDP increased 0.2 percent in IIIQ2014 and changed 0.0 percent relative to a year earlier. Italy’s GDP decreased 0.1 percent in IIQ2014 and increased 0.2 percent relative to a year earlier. The GDP of Italy changed 0.0 percent in IQ2014 and increased 0.3 percent relative to a year earlier. Italy’s GDP decreased 0.1 percent in IVQ2013 and fell 0.8 percent relative to a year earlier. The GDP of Italy increased 0.3 percent in IIIQ2013 and fell 1.2 percent relative to a year earlier. Italy’s GDP changed 0.0 percent in IIQ2013 and fell 2.0 percent relative to a year earlier. Italy’s GDP fell 1.0 percent in IQ2013 and declined 2.9 percent relative to IQ2012. GDP had been growing during six consecutive quarters but at very low rates from IQ2010 to IIQ2011. Italy’s GDP fell in seven consecutive quarters from IIIQ2011 to IQ2013 at increasingly higher rates of contraction from 0.6 percent in IIIQ2011 to 0.9 percent in IVQ2011, 0.9 percent in IQ2012, 0.9 percent in IIQ2012 and 0.5 percent in IIIQ2012. The pace of decline accelerated to minus 0.6 percent in IVQ2012 and minus 1.0 percent in IQ2013. GDP contracted cumulatively 5.3 percent in seven consecutive quarterly contractions from IIIQ2011 to IQ2013 at the annual equivalent rate of minus 3.1 percent. The yearly rate has fallen from 2.2 percent in IVQ2010 to minus 2.8 percent in IVQ2012, minus 2.9 percent in IQ2013, minus 2.0 percent in IIQ2013 and minus 1.2 percent in IIIQ2013. GDP fell 0.8 percent in IVQ2013 relative to a year earlier. GDP increased 0.3 percent in IQ2014 relative to a year earlier and increased 0.2 percent in IIQ2014 relative to a year earlier. GDP changed 0.0 percent in IIIQ2014 relative to a year earlier and increased 0.3 percent in IVQ2014 relative to a year earlier. GDP increased 0.5 percent in IQ2015 relative to a year earlier and increased 0.9 percent in IIQ2015 relative to a year earlier. GDP increased 0.9 percent in IIIQ2015 relative to a year earlier and increased 1.0 percent in IVQ2015 relative to a year earlier. GDP increased 1.1 percent in IQ2016 relative to a year earlier and increased 0.8 percent in IIQ2016 relative to a year earlier. GDP increased 0.9 percent in IIIQ2016 relative to a year earlier and increased 1.1 percent in IVQ2016 relative to a year earlier. GDP increased 1.3 percent in IQ2017 relative to a year earlier and increased 1.6 percent in IIQ2017 relative to a year earlier. GDP increased 1.7 percent in IIIQ2017 relative to a year earlier and increased 1.6 percent in IVQ2017 relative to a year earlier. Using seasonally and calendar adjusted chained volumes in the dataset of EUROSTAT (http://ec.europa.eu/eurostat), the GDP of Italy in IVQ2017 of €401,108.9 million (http://www.istat.it/it/archivio/209843) is lower by 5.8 percent relative to €425,734.7 million in IQ2008 (http://ec.europa.eu/eurostat). Using seasonally and calendar adjusted chained volumes in the dataset of EUROSTAT (http://ec.europa.eu/eurostat), the GDP of Italy increased from €368,105.8 million in IQ1998 to €425,734.7 million in IQ2008 at the annual equivalent rate of 1.5 percent. The fiscal adjustment of Italy is significantly more difficult with the economy not growing especially on the prospects of increasing government revenue. The strategy is for reforms to improve productivity, facilitating future fiscal consolidation.

Table VG-IT, Italy, GDP ∆%

	Quarter ∆% Relative to Preceding Quarter	Quarter ∆% Relative to Same Quarter Year Earlier
IVQ2017	0.3	1.6
IIIQ2017	0.4	1.7
IIQ2017	0.4	1.6
IQ2017	0.5	1.3
IVQ2016	0.4	1.1
IIIQ2016	0.2	0.9
IIQ2016	0.1	0.8
IQ2016	0.3	1.1
IVQ2015	0.2	1.0
IIIQ2015	0.2	0.9
IIQ2015	0.3	0.9
IQ2015	0.3	0.5
IVQ2014	0.1	0.3
IIIQ2014	0.2	0.0
IIQ2014	-0.1	0.2
IQ2014	0.0	0.3
IVQ2013	-0.1	-0.8
IIIQ2013	0.3	-1.2
IIQ2013	0.0	-2.0
IQ2013	-1.0	-2.9
IVQ2012	-0.6	-2.8
IIIQ2012	-0.5	-3.1
IIQ2012	-0.9	-3.2
IQ2012	-0.9	-2.3
IVQ2011	-0.9	-1.1
IIIQ2011	-0.6	0.4
IIQ2011	0.1	1.6
IQ2011	0.3	2.0
IVQ2010	0.6	2.2
IIIQ2010	0.5	1.9
IIQ2010	0.5	1.9
IQ2010	0.4	0.6
IVQ2009	0.4	-2.6
IIIQ2009	0.6	-5.2
IIQ2009	-0.8	-7.0
IQ2009	-2.8	-7.2
IVQ2008	-2.3	-3.5
IIIQ2008	-1.4	-1.4
IIQ2008	-1.0	-0.1
IQ2008	1.1	0.8
IV2007	-0.1	-0.1
IIIQ2007	0.0	1.3
IIQ2007	-0.1	1.7
IQ2007	0.2	2.4

Source: Istituto Nazionale di Statistica http://www.istat.it/it/archivio/209843

There is evident trend of deceleration with increasingly sharper contraction and mild moderation in 2013 and 2014. GDP increased in IQ2015, IIQ2015, IIIQ2015 and IVQ2015. GDP increased in IQ2016 and stabilized in IIQ2016, increasing in IIIQ2016 and IVQ2016. Growth continued in IQ2017, IIQ2017, IIIQ2017 and IVQ2017.

Chart VG-1, Italy, GDP at Market Prices, ∆% on Same Quarter Year Earlier

Source: Istituto Nazionale di Statistica

http://www.istat.it/it/

Levels and rates of growth of GDP in Italy in IVQ2017 are in Table VG-2. GFCF (Gross Fixed Capital formation) increased 1.7 percent in IVQ2017, increasing 4.4 percent relative to a year earlier. Final consumption increased 0.1 percent in IVQ2017, increasing 0.9 percent relative to a year earlier.

Table VG-2, Italy, GDP in Chained Volumes SCA Euro and ∆%

Aggregate	Chained Volumes Million Euro	∆% IVQ2017/ IIIQ2017	∆% IVQ2017/ IVQ2016
GDP	401,109	0.3	1.6
Imports	121,322	1.0	5.2
Final Consumption	320,076	0.1	0.9
Household and NPISH	241,361	0.1	1.2
Government	78,605	0.1	0.2
GFCF	73,424	1.7	4.4
Equipment	33,668	1.3	2.4
Transport	7,033	8.2	28.2
Construction	32,853	0.9	2.4
Change in Inventories	-	-	-
Exports	130,554	2.0	6.2

Source: Istituto Nazionale di Statistica

http://www.istat.it/it/archivio/209843

Contributions to quarterly growth of GDP in Italy are in Table VG-2. GDP grew at 0.3 percent in IVQ2017. Final national consumption contributed 0.1 percentage points. Inventory investment deducted 0.4 percentage points. Net traded contributed 0.3 percentage points and fixed investment added 0.3 percentage points.

Table VG-3, Italy, Contributions to Quarterly Change of GDP, %

	IQ2017	IIQ2017	IIIQQ2017	IVQ2017
Internal Demand Net of Stocks	0.0	0.3	0.8	0.4
Final National Consumption	0.4	0.1	0.2	0.1
Fixed Investment	-0.4	0.3	0.5	0.3
Change in Stocks	-0.1	0.6	-0.5	-0.4
Net Exports	0.5	-0.5	0.1	0.3
GDP	0.5	0.4	0.4	0.3

Source: Istituto Nazionale di Statistica

http://www.istat.it/it/archivio/209843

Data on Italy’s labor market since 2004 are in Table VG-1A. The unemployment rate has risen from 6.2 percent in Dec 2006 to 11.1 percent in Jan 2018. The rate of youth unemployment for ages 15 to 24 years increased from 20.1 percent in Dec 2006 to 31.5 percent in Jan 2018. As in other advanced economies, unemployment has reached high levels.

Table VG-1A, Italy, Labor Report

	Participation Rate %	Employment Ratio %	Unemployment Rate %	Unemployment Rate 15-24 Years %
Jan 2018	65.5	58.1	11.1	31.5
Dec 2017	65.3	58.0	10.9	32.8
Nov	65.6	58.2	11.1	33.1
Oct	65.5	58.1	11.1	34.2
Sep	65.5	58.1	11.1	34.8
Aug	65.6	58.1	11.2	34.0
Jul	65.5	57.9	11.3	34.8
Jun	65.4	57.9	11.1	34.5
May	65.3	57.7	11.3	36.5
Apr	65.3	57.9	11.2	36.1
Mar	65.5	57.8	11.5	35.7
Feb	65.4	57.8	11.5	35.4
Jan	65.4	57.6	11.7	37.5
Dec 2016	65.4	57.6	11.7	37.8
Nov	65.3	57.4	11.9	39.0
Oct	65.1	57.3	11.7	37.0
Sep	65.2	57.4	11.8	37.0
Aug	64.8	57.2	11.5	36.9
Jul	65.0	57.3	11.6	38.1
Jun	65.0	57.3	11.7	37.1
May	65.0	57.4	11.5	36.9
Apr	64.9	57.1	11.7	36.8
Mar	64.5	56.9	11.5	37.7
Feb	64.4	56.7	11.7	38.8
Jan	64.4	56.8	11.5	39.5
Dec 2015	64.2	56.7	11.6	38.3
Nov	64.1	56.6	11.4	37.3
Oct	64.2	56.7	11.6	39.2
Sep	64.1	56.6	11.4	39.2
Aug	64.1	56.6	11.5	39.9
Jul	64.0	56.4	11.7	38.5
Jun	64.2	56.2	12.2	42.0
May	64.0	56.0	12.3	41.6
Apr	64.1	56.2	12.1	41.4
Mar	64.0	55.9	12.5	42.5
Feb	63.9	55.9	12.3	42.5
Jan	63.9	55.8	12.4	41.2
Dec 2014	64.0	56.0	12.3	41.1
Nov	64.3	55.8	13.0	42.5
Oct	64.3	55.9	12.9	42.4
Sep	64.3	56.0	12.7	41.2
Aug	63.7	55.7	12.4	43.1
Jul	64.0	55.8	12.6	43.4
Jun	63.7	55.8	12.1	42.4
May	63.9	55.7	12.6	42.1
Apr	63.6	55.4	12.6	43.3
Mar	63.8	55.6	12.7	43.4
Feb	63.7	55.5	12.8	42.9
Jan	63.7	55.4	12.8	43.2
Dec 2013	63.5	55.5	12.4	42.0
Dec 2012	63.5	56.1	11.4	38.1
Dec 2011	62.9	56.8	9.5	31.2
Dec 2010	61.9	56.8	8.1	28.2
Dec 2009	62.2	56.9	8.3	26.4
Dec 2008	62.4	58.2	6.8	22.9
Dec 2007	62.9	58.7	6.6	21.5
Dec 2006	62.4	58.5	6.2	20.1
Dec 2005	62.5	57.8	7.5	23.5
Dec 2004	62.5	57.6	7.8	24.1

Source: Istituto Nazionale di Statistica

http://www.istat.it/it/archivio/209803

Table VG-2A provides more detail on the labor report for Italy in Jan 2018. The level of employment increased 0.1 percent from Dec 2017 to Jan 2018 and increased 156,000 from Jan 2017 to Jan 2018. Unemployment increased 64,000 in Jan 2018 and decreased 147,000 from a year earlier. A dramatic aspect found in most advanced economies is the high rate of unemployment of youth at 31.5 percent in Jan 2018 for ages 15 to 24 years.

Table VG-2, Italy, Labor Report, NSA

Jan 2018	1000s	Change from Prior Month 1000s	∆% from Prior Month	Change from Prior Year 1000s	∆% from Prior Year
EMP	23,066	25	0.1	156	0.7
UNE	2,882	64	2.3	-147	-4.9
INA   15-64	13,335	-83	-0.6	-75	-0.6
EMP 15-24	1,074	61	6.0	106	10.9
UNE 15-24	495	1	0.2	-87	-14.9
INA 15-24	4,294	-64	-1.5	-43	-1.0
EMP %	58.1		0.1		0.0*
UNE %	11.1		0.2		-0.1*
Youth UNE %  15-24	31.5		-1.2		-1.8*
INA % 15-64	34.5		-0.2		0.1*

Notes: EMP: Employed; UNE: Unemployed; INA 15-64: Inactive aged 15 to 64; EMP %: Employment Rate; UNE %: Unemployment Rate; Youth UNE % 15-24: Youth Unemployment Rate aged 15 to 24; INA % 15-64: Inactive Rate aged 15 to 64. *Percentage change from prior quarter to current quarter

Source: Istituto Nazionale di Statistica

http://www.istat.it/it/archivio/209803

Chart VG-1A provides the rate of unemployment in Italy that decreased from 11.7 percent in Jan 2017 to 11.1 percent in Jan 2018.

Chart VG-1A, Italy, Rate of Unemployment, %

Source: Istituto Nazionale di Statistica

http://www.istat.it/en/

Chart VG-2A of the Istituto Nazionale di Statistica provides the total number of employed persons in Italy. The level of employment increased from 22.910 million in Jan 2017 to 23.066 million in Jan 2018.

Chart VG-2, Italy, Total Number of Employed Persons, Millions, SA

Source: Istituto Nazionale di Statistica

http://www.istat.it/en/

VH United Kingdom. Annual data in Table VH-UK show the strong impact of the global recession in the UK with decline of GDP of 4.2 percent in 2009 after dropping 0.5 percent in 2008. Recovery of 1.7 percent in 2010 is relatively low in comparison with annual growth rates in 2007 and earlier years. Growth was only 1.5 percent in 2011 and 1.5 percent in 2012. Growth increased to 2.1 percent in 2013 and 3.1 percent in 2014. Growth fell to 2.3 percent in 2015, and 1.9 percent in 2016.  GDP grew 1.7 percent in 2017. The bottom part of Table VH-UK provides average growth rates of UK GDP since 1948. The UK economy grew at 2.5 percent per year on average between 1948 and 2017, which is relatively high for an advanced economy. The growth rate of GDP between 2000 and 2007 is higher at 2.7 percent. Growth in the current cyclical expansion from 2010 to 2017 has been only at 2.0 percent as advanced economies struggle with weak internal demand and world trade. GDP in 2017 is higher by 11.4 percent relative to 2007 while it would have been 30.5 higher at trend of 2.7 percent as from 2000 to 2007.

Table VH-UK, UK, Gross Domestic Product, ∆%

	∆% on Prior Year
1998	3.1
1999	3.2
2000	3.7
2001	2.5
2002	2.5
2003	3.3
2004	2.4
2005	3.1
2006	2.5
2007	2.4
2008	-0.5
2009	-4.2
2010	1.7
2011	1.5
2012	1.5
2013	2.1
2014	3.1
2015	2.3
2016	1.9
2017	1.7
Average Growth Rates ∆% per Year
1948-2017	2.5
1950-1959	3.1
1960-1969	3.1
1970-1979	2.6
1980-1989	3.2
1990-1999	2.3
2000-2007	2.7
2007-2013*	1.9
2007-2014*	5.0
2007-2015	0.9
2007-2016	1.0
2007-2017	1.1
2000-2017	1.7

*Absolute change from 2007 to 2013 and 2007 to 2014

Source: UK Office for National Statistics

https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/secondestimateofgdp/octobertodecember2017

The HIS Markit Flash UK PMI^® Composite Output Index fell from 52.4 in Jun to 47.7 in Jul, which is the lowest in 87 months (https://www.markiteconomics.com/Survey//PressRelease.mvc/b68c3686a48c40198505b81e4e55cd81). Chris Williamson, Chief Economist at Markit, finds the index suggests pace of contraction of GDP at 0.4 percent in IIIQ2016 (https://www.markiteconomics.com/Survey//PressRelease.mvc/b68c3686a48c40198505b81e4e55cd81). The Business Activity Index of the IHS Markit/CIPS UK Services PMI^® increased from 53.0 in Jan to 54.5 in Feb (https://www.markiteconomics.com/Survey/PressRelease.mvc/2d99f3e499a04b509689cedb57cd60f7). Chris Williamson, Chief Business Economist at IHS Markit, finds the combined indices consistent with the UK economy growing close to 0.4 percent in IQ2018 (https://www.markiteconomics.com/Survey/PressRelease.mvc/2d99f3e499a04b509689cedb57cd60f7). The IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index^® (PMI^®) decreased to 55.2 in Feb from 55.3 in Jan (https://www.markiteconomics.com/Survey/PressRelease.mvc/96ba41bca3ee47309dc2fe2635b93216). New export orders increased. Rob Dobson, Director at IHS Markit that compiles the Markit/CIPS Manufacturing PMI^®, finds slowing manufacturing (https://www.markiteconomics.com/Survey/PressRelease.mvc/96ba41bca3ee47309dc2fe2635b93216). Table UK provides the economic indicators for the United Kingdom.

Table UK, UK Economic Indicators

CPI	Jan month ∆%: -0.5 Jan 12-month ∆%: 3.0 Blog 2/18/18
Output/Input Prices	Output Prices: Dec 12-month NSA ∆%: 2.8; excluding food, petroleum ∆%: 2.2 Input Prices: Dec 12-month NSA ∆%: 4.7 Excluding ∆%: 4.6 Blog 2/18/18
GDP Growth	IVQ2017 prior quarter ∆% 0.4; year earlier same quarter ∆%: 1.4 Blog 3/31/13 4/28/13 5/26/13 7/28/13 8/25/13 9/29/13 10/27/13 12/1/13 12/22/13 2/2/14 3/2/14 4/6/14 5/4/14 5/25/14 6/29/14 7/27/14 8/17/14 10/5/14 10/26/14 11/30/14 12/28/14 2/1/15 3/1/15 4/5/15 5/3/15 5/31/15 7/5/15 8/2/15 9/6/15 10/4/15 11/1/15 11/29/15 12/27/15 1/31/16 2/28/16 4/3/16 5/1/16 5/29/16 7/3/16 7/31/16 9/4/16 10/9/16 10/30/16 11/27/16 1/1/17 2/5/17 2/26/17 4/9/17 5/7/2017 5/28/17 7/9/17 7/30/17 8/27/17 10/8/17 10/29/17 11/26/17 12/31/17 2/4/18 2/25/18
Industrial Production	Dec 2017/Dec 2016 ∆%: Production Industries 2.1; Manufacturing 2.8 Earlier Data: Blog 4/12/15
Retail Sales	Jan month ∆%: 0.1 Jan 12-month ∆%: 1.6 Earlier Data: Blog 4/26/15
Labor Market	Oct-Dec 2017 Unemployment Rate: 4.4% Blog 2/25/18 LMGDP 5/17/15
GDP and the Labor Market	IQ2015 Employment 104.8 IQ2008 =100 GDP IQ15=104.0 IQ2008=100 Blog 5/17/14
Trade Balance UK Trade in Goods and Services	Balance SA Dec -£4896 million Exports Dec ∆%: 0.8; Oct-Dec ∆%: 4.5 Imports Dec ∆%: 3.0 Oct-Dec ∆%: 6.8 EARLIER DATA: Blog 4/12/15

Links to blog comments in Table UK: 2/25/18 https://cmpassocregulationblog.blogspot.com/2018/02/world-inflation-waves-united-states.html

2/18/18 https://cmpassocregulationblog.blogspot.com/2018/02/united-states-inflation-trend-or.html

2/4/18 https://cmpassocregulationblog.blogspot.com/2018/02/twenty-four-million-unemployed-or.html

1/28/18 https://cmpassocregulationblog.blogspot.com/2018/01/continuing-dollar-devaluation-mediocre.html

1/21/18 https://cmpassocregulationblog.blogspot.com/2018/01/dollar-devaluation-and-increasing.html

12/31/17 https://cmpassocregulationblog.blogspot.com/2017/12/dollar-devaluation-cyclically.html

11/26/17 https://cmpassocregulationblog.blogspot.com/2017/11/the-lost-economic-cycle-of-global_25.html

10/29/17 https://cmpassocregulationblog.blogspot.com/2017/10/dollar-revaluation-and-increase-of.html

10/8/17 https://cmpassocregulationblog.blogspot.com/2017/10/twenty-one-million-unemployed-or.html

8/27/17 https://cmpassocregulationblog.blogspot.com/2017/08/dollar-devaluation-and-interest-rate.html

7/30/17 https://cmpassocregulationblog.blogspot.com/2017/07/data-dependent-monetary-policy-with_30.html

7/9/17 https://cmpassocregulationblog.blogspot.com/2017/07/rising-yields-twenty-two-million.html

5/28/17 https://cmpassocregulationblog.blogspot.com/2017/05/mediocre-cyclical-united-states.html

2/26/17 https://cmpassocregulationblog.blogspot.com/2017/02/united-states-commercial-banks-assets.html

2/5/17 https://cmpassocregulationblog.blogspot.com/2017/02/twenty-six-million-unemployed-or.html

1/1/17 http://cmpassocregulationblog.blogspot.com/2017/01/rules-versus-discretionary-authorities.html

11/27/16 http://cmpassocregulationblog.blogspot.com/2016/11/dollar-revaluation-rising-yields-and.html

10/30/16 http://cmpassocregulationblog.blogspot.com/2016/10/mediocre-cyclical-united-states_30.html

10/9/16 http://cmpassocregulationblog.blogspot.com/2016/10/twenty-four-million-unemployed-or.html

9/4/16 http://cmpassocregulationblog.blogspot.com/2016/09/interest-rates-and-valuations-of-risk.html

7/31/16 http://cmpassocregulationblog.blogspot.com/2016/07/business-fixed-investment-has-been-soft.html

7/3/16 http://cmpassocregulationblog.blogspot.com/2016/07/financial-asset-values-rebound-from.html

5/29/16 http://cmpassocregulationblog.blogspot.com/2016/05/appropriate-for-fed-to-increase.html

5/1/16 http://cmpassocregulationblog.blogspot.com/2016/05/economic-activity-appears-to-have.html

4/3/16 http://cmpassocregulationblog.blogspot.com/2016/04/proceeding-cautiously-in-monetary.html

2/28/16 http://cmpassocregulationblog.blogspot.com/2016/02/mediocre-cyclical-united-states.html

1/31/16 http://cmpassocregulationblog.blogspot.com/2016/01/closely-monitoring-global-economic-and.html

12/27/15 http://cmpassocregulationblog.blogspot.com/2015/12/dollar-revaluation-and-decreasing.html

11/29/15 http://cmpassocregulationblog.blogspot.com/2015/11/dollar-revaluation-constraining.html

11/1/15 http://cmpassocregulationblog.blogspot.com/2015/11/interest-rate-increase-considered.html

10/4/15 http://cmpassocregulationblog.blogspot.com/2015/10/labor-market-uncertainty-and-interest.html

9/6/15 http://cmpassocregulationblog.blogspot.com/2015/09/interest-rate-policy-dependent-on-what.html

08/02/15 http://cmpassocregulationblog.blogspot.com/2015/08/turbulence-of-valuations-of-financial.html

7/5/15 http://cmpassocregulationblog.blogspot.com/2015/07/turbulence-of-financial-asset.html

5/31/15 http://cmpassocregulationblog.blogspot.com/2015/06/dollar-revaluation-squeezing-corporate.html

5/17/15 http://cmpassocregulationblog.blogspot.com/2015/05/fluctuating-valuations-of-financial.html

5/3/15 http://cmpassocregulationblog.blogspot.com/2015/05/dollar-devaluation-and-carry-trade.html

4/26/2015 http://cmpassocregulationblog.blogspot.com/2015/04/imf-view-of-economy-and-finance-united.html

4/12/15 http://cmpassocregulationblog.blogspot.com/2015/04/dollar-revaluation-recovery-without.html

4/5/15 http://cmpassocregulationblog.blogspot.com/2015/04/volatility-of-valuations-of-financial.html

3/1/15 http://cmpassocregulationblog.blogspot.com/2015/03/irrational-exuberance-mediocre-cyclical.html

2/1/15 http://cmpassocregulationblog.blogspot.com/2015/02/financial-and-international.html

12/28/14 http://cmpassocregulationblog.blogspot.com/2014/12/valuations-of-risk-financial-assets.html

11/30/14 http://cmpassocregulationblog.blogspot.com/2014/11/valuations-of-risk-financial-assets.html

10/26/14 http://cmpassocregulationblog.blogspot.com/2014/10/financial-oscillations-world-inflation.html

10/5/14 http://cmpassocregulationblog.blogspot.com/2014/10/world-financial-turbulence-twenty-seven.html

8/17/2014 http://cmpassocregulationblog.blogspot.com/2014/08/weakening-world-economic-growth.html

7/27/14 http://cmpassocregulationblog.blogspot.com/2014/07/world-inflation-waves-united-states.html

6/29/14 http://cmpassocregulationblog.blogspot.com/2014/06/financial-indecision-mediocre-cyclical.html

5/25/14 http://cmpassocregulationblog.blogspot.com/2014/05/united-states-commercial-banks-assets.html

5/4/2014 http://cmpassocregulationblog.blogspot.com/2014/05/financial-volatility-mediocre-cyclical.html

4/6/14 http://cmpassocregulationblog.blogspot.com/2014/04/interest-rate-risks-twenty-eight.html

3/2/14 http://cmpassocregulationblog.blogspot.com/2014/03/financial-risks-slow-cyclical-united.html

2/2/14 http://cmpassocregulationblog.blogspot.com/2014/02/mediocre-cyclical-united-states.html

12/22/13 http://cmpassocregulationblog.blogspot.com/2013/12/tapering-quantitative-easing-mediocre.html

12/1/13 http://cmpassocregulationblog.blogspot.com/2013/12/exit-risks-of-zero-interest-rates-world.html

10/27/13 http://cmpassocregulationblog.blogspot.com/2013/10/twenty-eight-million-unemployed-or.html

9/29/13 http://cmpassocregulationblog.blogspot.com/2013/09/mediocre-and-decelerating-united-states.html

8/25/13 http://cmpassocregulationblog.blogspot.com/2013/08/interest-rate-risks-duration-dumping.html

7/28/13 http://cmpassocregulationblog.blogspot.com/2013/07/duration-dumping-steepening-yield-curve.html

5/26/13 http://cmpassocregulationblog.blogspot.com/2013/05/united-states-commercial-banks-assets.html

4/28/13 http://cmpassocregulationblog.blogspot.com/2013/04/mediocre-and-decelerating-united-states_28.html

03/31/13 http://cmpassocregulationblog.blogspot.com/2013/04/mediocre-and-decelerating-united-states.html

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