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IETSupplement Cross-CountryComparison August 2010 Contents Page 2 Output and Growth 6 Productivity 14 Labor Markets 20 Measures of Inflation 24 Government Finance 30 International Accounts 36 Foreign Exchange Reserves 38 Exchange Rates 40 Monetary Aggregates 43 Interest Rates 46 Stock Exchange Indices 48 Notes and Sources Conventions used in this publication: 1. Charts and tables contain data that were current through July 2010. Unless otherwise indicated, data are quarterly. 2. The percent change refers to the percent change from the same period in the previous year. For example, the percent change in x between quarter t – 4 and the current quarter t is: [(xt /x t – 4)–1] ×100. 3. All data with significant seasonal patterns are adjusted accordingly. We welcome your comments addressed to: Editor, IET Supplement Research Division Federal Reserve Bank of St. Louis P.O. Box 442 St. Louis, MO 63166-0442 or to: stlsIET@stls.frb.org IET Supplement is published by the Research Division of the Federal Reserve Bank of St. Louis. Visit the Research Division’s website at research.stlouisfed.org/publications/IETsupplement to download this publication or register for e-mail notification updates. For more information on data in this publication, please call (314) 444-8590. IET Supplement Cross-Country Comparison Real Gross Domestic Product for Canada, Japan, United Kingdom, and United States Percent change from year ago 8 6 4 2 0 -2 -4 -6 -8 -10 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 2 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Real Gross Domestic Product for Euro Area, France, Germany, and Italy Percent change from year ago 6 4 2 0 -2 -4 -6 -8 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 3 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Nominal Gross Domestic Product for Canada, Japan, United Kingdom, and United States Percent change from year ago 12 9 6 3 0 -3 -6 -9 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 4 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Nominal Gross Domestic Product for Euro Area, France, Germany, and Italy Percent change from year ago 12 9 6 3 0 -3 -6 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 5 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Industrial Production for Canada, Japan, United Kingdom, and United States Percent change from year ago 30 15 0 -15 -30 -45 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 6 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Industrial Production for Euro Area, France, Germany, and Italy Percent change from year ago 15 10 5 0 -5 -10 -15 -20 -25 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 7 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Retail Sales for Canada, Japan, United Kingdom, and United States Percent change from year ago 16 12 8 4 0 -4 -8 -12 93 93 94 94 95 95 96 96 97 97 98 98 99 99 Canada 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States* *Data prior to 1993 may not be strictly comparable with later figures (see Notes). Research Division 8 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Retail Sales for Euro Area, France, Germany, and Italy Percent change from year ago 12 8 4 0 -4 -8 -12 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 9 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Capacity Utilization for Canada, Japan, United Kingdom, and United States Percent 2000 = 100 90 120 85 110 80 100 75 90 70 80 65 70 60 60 93 93 94 94 95 95 96 96 Canada 1 Left Scale, 2 97 1 97 98 98 99 99 00 00 Japan 01 2 01 02 02 03 03 04 04 05 05 06 06 United Kingdom 1 07 07 08 08 09 09 10 10 United States 11 1 Right Scale Research Division 10 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Capacity Utilization for Euro Area, France, Germany, and Italy Percent 90 85 80 75 70 65 60 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 11 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Output per Worker for Canada, Japan, United Kingdom, and United States Percent change from year ago 6 4 2 0 -2 -4 -6 -8 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 12 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Output per Worker for Euro Area, France, Germany, and Italy Percent change from year ago 6 4 2 0 -2 -4 -6 -8 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 13 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Real Earnings for Canada, Japan, United Kingdom, and United States Percent change from year ago 10 8 6 4 2 0 -2 -4 -6 -8 -10 93 93 94 94 95 95 96 96 Canada 1 Hourly Earnings, 2 Monthly Earnings, 3 97 97 1 98 98 99 99 00 00 Japan 01 2 01 02 02 03 03 04 04 05 05 United Kingdom 06 3 06 07 07 08 08 09 09 United States 10 10 11 1 Weekly Earnings Research Division 14 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Real Hourly Earnings for Euro Area, France, Germany, and Italy Percent change from year ago 10 8 6 4 2 0 -2 -4 -6 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 15 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Employment for Canada, Japan, United Kingdom, and United States Percent change from year ago 5 4 3 2 1 0 -1 -2 -3 -4 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 16 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Employment for Euro Area, France, Germany, and Italy Percent change from year ago 5 4 3 2 1 0 -1 -2 -3 -4 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 17 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Unemployment Rate for Canada, Japan, United Kingdom, and United States Percent 12 11 10 9 8 7 6 5 4 3 2 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 18 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Unemployment Rate for Euro Area, France, Germany, and Italy Percent 12 11 10 9 8 7 6 5 4 3 2 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 19 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Consumer Price Index for Canada, Japan, United Kingdom, and United States Percent change from year ago 8 6 4 2 0 -2 -4 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 20 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Consumer Price Index for Euro Area, France, Germany, and Italy Percent change from year ago 8 6 4 2 0 -2 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 21 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Producer Price Index for Canada, Japan, United Kingdom, and United States Percent change from year ago 10 8 6 4 2 0 -2 -4 -6 -8 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 22 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Producer Price Index for Euro Area, France, Germany, and Italy Percent change from year ago 10 8 6 4 2 0 -2 -4 -6 -8 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 23 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Gross Debt for Canada, Japan, United Kingdom, and United States Percent of GDP, annual data 210 190 170 150 130 110 90 70 50 30 92 92 93 93 94 94 95 95 Canada 96 96 97 97 98 98 99 99 Japan 00 00 01 01 02 02 03 03 04 04 United Kingdom 05 05 06 06 07 07 08 08 09 09 10 United States Research Division 24 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Gross Debt for Euro Area, France, Germany, and Italy Percent of GDP, annual data 160 140 120 100 80 60 40 20 92 92 93 93 94 94 95 95 96 Euro Area 96 97 97 98 98 99 99 France 00 00 01 01 02 02 03 03 04 Germany 04 05 05 06 06 07 07 08 08 09 09 10 Italy Research Division 25 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Net Debt for Canada, Japan, United Kingdom, and United States Percent of GDP, annual data 120 100 80 60 40 20 0 92 92 93 93 94 94 95 95 Canada 96 96 97 97 98 98 99 99 Japan 00 00 01 01 02 02 03 03 04 04 United Kingdom 05 05 06 06 07 07 08 08 09 09 10 United States Research Division 26 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Net Debt for Euro Area, France, Germany, and Italy Percent of GDP, annual data 120 100 80 60 40 20 0 92 92 93 93 94 94 95 95 96 Euro Area 96 97 97 98 98 99 99 France 00 00 01 01 02 02 03 03 04 Germany 04 05 05 06 06 07 07 08 08 09 09 10 Italy Research Division 27 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Budget Balance for Canada, Japan, United Kingdom, and United States Percent of GDP, annual data 4 0 -4 -8 -12 -16 92 92 93 93 94 94 95 95 Canada 96 96 97 97 98 98 99 99 Japan 00 00 01 01 02 02 03 03 04 04 United Kingdom 05 05 06 06 07 07 08 08 09 09 10 United States Research Division 28 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Budget Balance for Euro Area, France, Germany, and Italy Percent of GDP, annual data 4 0 -4 -8 -12 92 92 93 93 94 94 95 95 96 Euro Area 96 97 97 98 98 99 99 France 00 00 01 01 02 02 03 03 04 Germany 04 05 05 06 06 07 07 08 08 09 09 10 Italy Research Division 29 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison International Trade - Imports of Goods and Services for Canada, Japan, United Kingdom, and United States Percent of GDP 50 40 30 20 10 0 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 30 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison International Trade - Imports of Goods and Services for Euro Area, France, Germany, and Italy Percent of GDP 50 40 30 20 10 0 93 93 94 94 95 95 96 96 97 Euro Area 1 1 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Imports of Goods Only Research Division 31 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison International Trade - Exports of Goods and Services for Canada, Japan, United Kingdom, and United States Percent of GDP 50 40 30 20 10 0 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 32 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison International Trade - Exports of Goods and Services for Euro Area, France, Germany, and Italy Percent of GDP 50 40 30 20 10 0 93 93 94 94 95 95 96 96 97 Euro Area 1 1 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Exports of Goods Only Research Division 33 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Current Account Balance for Canada, Japan, United Kingdom, and United States Percent of GDP 8 6 4 2 0 -2 -4 -6 -8 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 34 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Current Account Balance for Euro Area, France, Germany, and Italy Percent of GDP 8 6 4 2 0 -2 -4 -6 -8 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 35 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Foreign Exchange Reserves Canada, Japan, United Kingdom, and United States Billions of US$ Billions of US$ 120 1200 100 1000 80 800 60 600 40 400 20 200 0 0 93 93 94 94 95 95 96 96 Canada 1 Left Scale, 2 97 1 97 98 98 99 99 00 00 Japan 01 2 01 02 02 03 03 04 04 05 05 06 06 United Kingdom 1 07 07 08 08 09 09 10 10 United States 11 1 Right Scale Research Division 36 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Foreign Exchange Reserves for France, Germany, and Italy Billions of US$ 120 100 80 60 40 20 0 93 93 94 94 95 95 96 96 97 97 98 98 99 France 99 00 00 01 01 02 02 03 03 Germany 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 37 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Real Effective Exchange Rate for Canada, Euro Area, Japan, United Kingdom, and United States Index 2005 = 100 170 160 150 140 130 120 110 100 90 80 70 60 93 93 94 94 95 95 Canada 96 96 97 97 98 98 99 Euro Area 99 00 00 01 01 02 02 Japan 03 03 04 04 05 05 06 06 07 United Kingdom 07 08 08 09 09 10 10 11 United States Research Division 38 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Exchange Rates for Canada, Euro Area, Japan, United Kingdom, and United States Per US$ Per US$ 1.75 165 1.50 150 1.25 135 1.00 120 0.75 105 0.50 90 0.25 75 0.00 60 93 93 94 94 95 95 Canada 1 Canadian dollar, Left Scale, 2 96 96 97 1 euro, Left Scale, 97 98 98 99 99 Euro Area 3 00 00 01 01 02 2 Japanese yen, Right Scale, 02 Japan 4 UK pound, Left Scale, 5 03 03 04 04 05 05 3 06 06 07 07 United Kingdom 4 08 08 09 09 10 10 11 United States 5 US TWEX, March 1973=100, Right Scale Research Division 39 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Reserve Money for Canada, Japan, United Kingdom, and United States Percent change from year ago 125 100 75 50 25 0 -25 93 93 94 94 95 95 96 96 Canada 1 Reserve Money, 2 Adjusted Monetary Base, 3 97 97 98 98 99 99 1 00 00 Japan 01 2 01 02 02 03 03 04 04 05 05 United Kingdom 06 3 06 07 07 08 08 09 09 United States 10 10 11 2 Coins and Notes in Circulation Research Division 40 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Narrow Money for Canada, Euro Area, Japan, United Kingdom, and United States Percent change from year ago 35 30 25 20 15 10 5 0 -5 93 93 94 94 95 95 Canada 1 M1B, 2 M1, 3 M2, 4 1 96 96 97 97 98 98 99 99 Euro Area 2 00 00 01 01 02 02 Japan 2 03 03 04 04 05 05 06 06 07 United Kingdom 3 07 08 08 09 09 10 10 United States 11 4 MZM Research Division 41 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Broad Money for Canada, Euro Area, Japan, United Kingdom, and United States Percent change from year ago 20 15 10 5 0 -5 93 93 94 94 95 95 Canada 1 M2, 2 M3, 3 1 96 96 97 97 98 98 99 99 Euro Area 2 00 00 01 01 02 02 Japan 1 03 03 04 04 05 05 06 06 07 United Kingdom 3 07 08 08 09 09 10 10 United States 11 1 M4 Research Division 42 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Short-Term Interest Rates for Canada, Euro Area, Japan, United Kingdom, and United States Percent 12 10 8 6 4 2 0 93 93 94 94 95 95 Canada 1 90-Day Prime Corporate Paper, 96 96 97 97 1 2 98 98 Euro Area 90-Day Deposits, 3 3-Month CDs, 99 99 4 00 00 01 2 01 02 02 Japan 3 03 03 04 04 05 05 06 06 07 United Kingdom 4 07 08 08 09 09 10 10 United States 11 3 3-Month Interbank Loans Research Division 43 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Long-Term Interest Rates for Canada, Japan, United Kingdom, and United States Percent 14 12 10 8 6 4 2 0 93 93 94 94 95 95 96 96 Canada 1 10-Year Government Bonds, 2 97 97 98 98 99 1 99 00 00 Japan 01 1 01 02 02 03 03 04 04 05 05 United Kingdom 06 1 06 07 07 08 08 09 09 United States 10 10 11 2 Composite of Long-Term Government Bonds Research Division 44 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Long-Term Interest Rates for Euro Area, France, Germany, and Italy Percent 14 12 10 8 6 4 2 0 93 93 94 94 95 95 96 96 Euro Area 1 97 97 98 98 99 99 00 1 Weighted Average of 10-Year Government Bonds, 00 France 2 10-Year Benchmark Bonds, 3 01 01 02 02 03 03 2 7- to 15-Year Public Sector Bonds, 04 04 05 Germany 4 3 05 06 06 07 07 08 08 Italy 09 09 10 10 11 4 Government Bonds, 15- to 20-Year through 1990 and 10-Year starting in 1991 Research Division 45 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Stock Exchange Indices for Canada, Japan, United Kingdom, and United States 2005 = 100 150 125 100 75 50 25 0 93 93 94 94 95 95 96 96 Canada 1 Toronto Stock Exchange 2 97 97 1 98 98 99 99 00 00 Japan 3 Tokyo Stock Exchange Financial Times Stock Exchange 4 01 01 02 02 2 03 03 04 04 05 05 United Kingdom 06 3 06 07 07 08 08 09 09 United States 10 10 11 4 New York Stock Exchange Research Division 46 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Stock Exchange Indices for Euro Area, France, Germany, and Italy 2005 = 100 150 125 100 75 50 25 0 93 93 94 94 95 95 96 96 Euro Area 1 SM Dow Jones EURO STOXX , 2 SBF 250, 3 97 97 98 98 99 1 CDAX, 99 00 00 France 4 01 2 01 02 02 03 03 04 04 05 Germany 3 05 06 06 07 07 08 08 Italy 09 09 10 10 11 4 Milan Stock Exchange Research Division 47 Federal Reserve Bank of St. Louis IET Supplement Notes Euro-Area Data: Euro-area countries are Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Slovakia, and Spain. Data series are break adjusted and include all euro area countries for the full sample, with these exceptions: Series for interest rates are not break adjusted. Euro-area interest rates prior to December 1998 are calculated on the basis of national government yields weighted by GDP. Starting in 1999, short-term rates are euro interbank offered rates. Long-term rates are calculated on the basis of national government bond yields weighted by the nominal outstanding amounts of government bonds in each maturity band. The euro/dollar exchange rate used in the chart on page 12 is a synthetic rate prior to January 1999. This is constructed by calculating a weighted average of the exchange rates of the euro-area countries, excluding Greece and Luxembourg, against the dollar. The weights are based on 1997 GDP shares. German Data: As a result of reunification, data for all of Germany are now incorporated in the statistical series. The starting periods for unified German data are listed below. Care should be exercised when interpreting the data around these break periods. Third quarter 1992: capacity utilization. First quarter 1993: stock exchange index. Third quarter 1993: employment. First quarter 1995: hourly earnings. Capacity Utilization covers the manufacturing sector for Canada, France, Japan, the United Kingdom, the United States, and the euro area; manufacturing excluding food, beverage, and tobacco for Germany; and mining and manufacturing for Italy. Consumer Price Index is for all items. The current index is based on goods and services consumed by all individuals for Canada; all multi-person households excluding those mainly engaged in agriculture, forestry, and fisheries for Japan; all households except pensioners dependent on state pension and high income households for the United Kingdom; and all urban households for the United States. Data for the euro area, France, Germany, and Italy are based on the harmonized index of consumer prices. Current Account Balance is the sum of merchandise and service exports and income receipts on domestic assets abroad minus the sum of merchandise and service imports and income payments from foreign assets in the domestic economy plus net unilateral transfers. Real Earnings are based on hourly earnings in manufacturing for Canada, Germany, the United States, and the euro area; hourly earnings in manufacturing excluding construction for France, hourly earnings in industry for Italy; monthly earnings in manufacturing for Japan; and weekly earnings in manufacturing for the United Kingdom. German real earnings data prior to 2007 are not strictly comparable with the new figures: Before 2007, gross hourly earnings covered full-time wage earners only. Since the first quarter of 2007, the data refer to the index of gross hourly earnings (excluding extra payments) of full-time wage earners and salaried employees. The Exchange Rate for all countries except the United States is expressed as units of local currency per U.S. dollar. For the United States the trade-weighted exchange rate, TWEX, is used. This is a weighted average of the exchange value of the U.S. dollar relative to the major international currencies—the euro, Canadian dollar, Japanese yen, British pound, Swiss franc, Australian dollar, and Swedish kronor. Prior to 1999, the currencies of the euro-area countries (with the exception of Greece) are used instead of the euro. Real Effective Exchange Rate uses normalized unit labor costs in manufacturing. The weighting scheme used to construct the rates, for all except the euro area, is based on disaggregated data for trade among 21 industrial countries in manufactured goods for 2005. For the euro area the weights relate to the trade of the euro area with the other countries. The weights reflect the relative importance of a country’s trading partners in its direct bilateral trade relations 48 Notes and Sources and competition in third markets. Normalized unit labor costs in manufacturing are calculated by dividing an index of actual hourly compensation per worker by a five-year moving average index of output per man-hour. Employment data refer to civilian employment for Canada, Germany, Italy, Japan, and the United States; industrial employment for France; and total employment for the euro area and the United Kingdom. Foreign Exchange Reserve data are end of period. The dollar value of reserves may fluctuate as a result of changes in reserve holdings and/or changes in the value of the currencies held vis-à-vis the U.S. dollar. Government Budget Balance is the difference between general government current receipts and total outlays. Total outlays consist of current expenditures and net capital expenditures. Gross Government Debt incorporates all financial liabilities of the general government sector. The general government sector consolidates the accounts of the central, state, local, and social security sectors. Net Government Debt measures the gross financial liabilities of the general government sector less the financial assets of the general government sector. Industrial Production measures the change in the volume of output in the mining, manufacturing, oil, electricity, gas, and water industries. Long-Term Interest Rate data refer to the government bond rate. The government bond rate is a composite of yields on federal government bonds with maturities of more than 10 years for the United States; long-term public and semi-public sector bonds for France; 7- to 15-year public sector bonds for Germany; 15- to 20-year government bonds through 1990 and 10-year government bonds starting in 1991 for Italy; and 10-year government bonds for Canada, the euro area, Japan, and the United Kingdom. Reserve Money data refer to the adjusted monetary base for Japan and the United States; monetary base for Canada; and M0 for the United Kingdom. Reserve Money is currency in circulation, deposits of the deposit money banks, and demand deposits of other residents (with the exception of the central government) with the monetary authority. Adjusted Monetary Base Japan: currency in circulation and current deposits at the Bank of Japan. United States: the sum of currency in circulation outside Federal Reserve banks and the U.S. Treasury, deposits of depository financial institutions at Federal Reserve banks, and an adjustment for the effects of changes in statutory reserve requirements on the quantity of base money held by depositories. Notes and Coins in Circulation United Kingdom: After reforming the rules governing bank reserves, the Bank of England discontinued its M0 series in May 2006 because the data would not be comparable to previous data. IET now presents a related series, “Notes and Coins in Circulation,” in place of M0. The Bank of England directs interested parties to “Publication of narrow money data: the implication of money market reform” in its Autumn 2005 Quarterly Bulletin (http://www.bankofengland.co.uk/publications/quarterlybulletin/ qb050304.pdf). M1 Japan: cash, currency in circulation, and deposit money. Euro area: currency in circulation and overnight deposits. M1B Canada: currency outside banks, chartered bank checkable deposits, less inter-bank checkable deposits. MZM United States: currency in circulation, travelers’ checks, total publicly-held checkable deposits minus cash items in the process of collection and Federal Reserve float, savings deposits, shares in retail money market mutual funds (funds with initial investments of less than $50,000), net of retirement accounts, and institutional money market mutual funds. M2 Canada: currency outside banks, chartered bank demand and notice deposits, chartered bank personal term deposits, adjustments to M2 (continuity adjustments and inter-bank demand and notice deposits). United Kingdom: currency in circulation and sterling retail deposits with the U.K. banks and building societies. United States: MZM less institutional money market mutual funds plus small Research Division Federal Reserve Bank of St. Louis Notes and Sources denomination (less than $100,000) time deposits. M2 + CDs Japan: M1 plus private deposits, public deposits less demand deposits, and certificates of deposit. M3 Euro area: M1 plus deposits with a maturity up to 2 years, deposits redeemable at notice up to 3 months, repurchase agreements, money market funds, and debt securities up to 2 years. M4 United Kingdom: M2 plus wholesale deposits with the U.K. banks and building societies. Output Per Worker is the ratio of real GDP to employment. Producer Price Index covers manufacturing for Canada and the United Kingdom; and total industry for Japan and the United States. Data for the euro area, France, Germany, and Italy are based on the harmonized index of total industry excluding construction. Retail Sales are based on a volume index. The percent change in retail sales for the United States is based on the Standard Industrial Classification system through 1992 and the North American Industrial Classification System from 1993 on. Stock Exchange Index refers to all share prices except for the United Kingdom, which excludes financial firms. Unemployment Rate is the standardized unemployment rate. It is the percentage of the civilian labor force that is unemployed. The unemployed are all persons of working age who are without work, readily available for work, and actively seeking work. The standardized rate may differ from the national unemployment rate calculations. Sources Abbreviations Board of Governors of the Federal Reserve System (BOG) Bureau of Economic Analysis, U.S. Department of Commerce (BEA) Bureau of Labor Statistics, U.S. Department of Labor (BLS) International Monetary Fund, International Financial Statistics (IMF) Organization for Economic Cooperation and Development, Economic Outlook (OECD1) Main Economic Indicators (OECD2) National Accounts Quarterly (OECD3) Canada Bank of Canada: M1B and M2. BOG: exchange rate. IMF: foreign exchange reserves, merchandise and service trade, real effective exchange rate, and reserve money. OECD1: gross government debt, net government debt, and budget balance. OECD2: capacity utilization, consumer price index, current account balance, GDP, hourly earnings, industrial production, interest rates, producer price index, retail sales, stock exchange index, and unemployment rate. Statistics Canada: employment. Euro Area European Central Bank: currrent account balance and employment . Eurostat: capacity utilization, consumer price index, GDP, interest rates, merchandise trade, producer price index, and retail sales. Haver Analytics: synthetic euro exchange rate. IMF: real effective exchange rate. OECD1: gross government debt, net government debt, and budget balance. OECD2: hourly earnings, industrial production, M1, M3, stock exchange index, and unemployment. IET Supplement Eurostat: capacity utilization, consumer price index, and producer price index. IMF: foreign exchange reserves, merchandise and service trade, and real effective exchange rate. Institut National de la Statistique et des Etudes Economiques: employment. OECD1: gross government debt, net government debt, and budget balance. OECD2: current account balance, GDP, hourly earnings, industrial production, retail sales, interest rates, stock exchange index, and unemployment. Germany BOG: exchange rate. Bundesanstalt Fur Arbeit: employment. Eurostat: capacity utilization, consumer price index, and producer price index. IMF: foreign exchange reserves, merchandise and service trade, and real effective exchange rate. OECD1: gross government debt, net government debt, and budget balance. OECD2: current account balance, GDP, hourly earnings, industrial production, M1, M3, retail sales, interest rates, stock exchange index, and unemployment. Italy BOG: exchange rate. Eurostat: capacity utilization, consumer price index, and producer price index. IMF: foreign exchange reserves, merchandise and service trade, and real effective exchange rate. Instituto Nazionale di Statistica: employment. OECD1: gross government debt, net government debt, and budget balance. OECD2: current account balance, GDP, hourly earnings, industrial production, long-term interest rates, retail sales, stock exchange index, and unemployment. Japan Bank of Japan: adjusted monetary base and long-term interest rate. BOG: exchange rate. IMF: foreign exchange reserves, merchandise and service trade, and real effective exchange rate. OECD1: gross government debt, net government debt, and budget balance. OECD2: capacity utilization, consumer price index, current account balance, employment, GDP, hourly earnings, industrial production, M1, M2, producer price index, retail sales, short-term interest rate, stock exchange index, and unemployment. United Kingdom Bank of England: M2. BOG: exchange rate. IMF: foreign exchange reserves, merchandise and service trade, and real effective exchange rate. OECD1: gross government debt, net government debt, and budget balance. OECD2: capacity utilization, consumer price index, current account balance, GDP, industrial production, interest rates, M4, producer price index, retail sales, stock exchange index, unemployment, and weekly earnings. U.K. Office for National Statistics: employment and Notes and Coins in Circulation. United States BOG: capacity utilization, exchange rate, industrial production index, M2, and interest rates. BEA: GDP, current account balance, merchandise and service trade, and retail sales. BLS: employment, consumer price index, and producer price index. Federal Reserve Bank of St. Louis: adjusted monetary base and MZM. IMF: foreign exchange reserves and real effective exchange rate. OECD1: gross government debt, net government debt, and budget balance. OECD2: hourly earnings, stock exchange index, and unemployment. France BOG: exchange rate. Research Division Federal Reserve Bank of St. Louis 49
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