Surplus in general refers to an excess of income over expenditure. Deficitrefers to the negative of the budget surplus, thus the excess of expenditureover income.

Methodology; Each quarter a panel of around 1400 chief executives or theirnominees in the three main sectors manufacturing and building, merchants, andservices are asked to respond. The sample is of enterprises selected from thebusiness directory of Statistics New Zealand and the UBD New Zealand BusinessDirectory. The selection of firms in the panel is based on the number ofemployees, divided into several class intervals. All firms with fewer than sixemployees are excluded, due to problems establishing the database. All firmswith more than 200 employees are included. The remaining size categories aresampled in proportion to their total employment. The results are obtained byweighting the responses by class interval. An economy wide aggregation isundertaken for those questions common to all sectoral questionnaires. QSBO is atendency survey and the results report the net percent of respondents reportingupwards or downwards movements in variables, such as the outlook for businessconditions to improve/deteriorate over the next six months (businessconfidence). The net percent of respondents is obtained by subtracting thepercentage of respondents saying down from those saying up and dividing thevalue by a corrective factor (100 percent of N/A responses).

The British Retail Consortium (BRC) is the lead trade association representingthe whole range of retailers, from the large multiples and department storesthrough to independents, selling a wide selection of products through centre oftown, out of town, rural and virtual stores.

Business confidence is a measure of respondents expectations of businessconditions in their industry for the upcoming period. Business conditions is asimple average of trading, profitability and employment indices, reported byrespondents for their company. The trading, profitability and other indices arecalculated by taking the difference between the percentage of respondentsnominating good or very good, or a rise and those nominating poor or very poor,or a fall.Confidence indicator is a measure of the mood of consumers or businesses. It isusually based on a survey during which respondents rate their opinion ondifferent issues concerning current and future conditions. There are many kindsof confidence indicators as institutions measuring them use different questions,sizes of samples or frequency of publications.

Business confidence is a measure of respondents expectations of businessconditions in their industry for the upcoming period. Business conditions is asimple average of trading, profitability and employment indices, reported byrespondents for their company. The trading, profitability and other indices arecalculated by taking the difference between the percentage of respondentsnominating good or very good, or a rise and those nominating poor or very poor,or a fall. For example, if 25 per cent of respondents state that trading levelsare good or very good and 10 per cent state these levels to be poor or verypoor, the corresponding index of trading performance would be 15. The CapacityUtilisation Rate measures the degree to which an industry is operating at orbelow its full capacity level. The full capacity rate is defined as the maximumdesirable level of output given existing capital equipment. The CapacityUtilisation Rate is calculated as the average of respondents capacityutilisation for the quarte

Industry is a basic category of business activity. Firms in the same industryare on the same side of the market, produce goods which are close substitutesand compete for the same customers. For statistical purposes, industries arecategorized following a uniform classification code such as Standard IndustrialClassification (SIC). Changes in the volume of the physical output of thenations factories, mines and utilities are measured by the index of industrialproduction. The figure is calculated as a weighted aggregate of goods andreported in headlines as a percent change from previous months. It is oftenadjusted by season or weather conditions and thus volatile. However, it is usedas a leading indicator and helps in forecasting GDP changes. Rising industrialproduction figures signify increasing economic growth and can positivelyinfluence the sentiment towards local currency.

Industry is a basic category of business activity. Firms in the same industryare on the same side of the market, produce goods which are close substitutesand compete for the same customers. For statistical purposes, industries arecategorized following a uniform classification code such as Standard IndustrialClassification (SIC). Changes in the volume of the physical output of thenations factories, mines and utilities are measured by the index of industrialproduction. The figure is calculated as a weighted aggregate of goods andreported in headlines as a percent change from previous months. It is oftenadjusted by season or weather conditions and thus volatile. However, it is usedas a leading indicator and helps in forecasting GDP changes. Rising industrialproduction figures signify increasing economic growth and can positivelyinfluence the sentiment towards local currency.The monthly IoP is currently published for total production and three broadindustry categories: -Energy -Manufacturing -Mining and quarrying

Industry is a basic category of business activity. Firms in the same industryare on the same side of the market, produce goods which are close substitutesand compete for the same customers. For statistical purposes, industries arecategorized following a uniform classification code such as Standard IndustrialClassification (SIC).Changes in the volume of the physical output of the nation's factories, minesand utilities are measured by the index of industrial production. The figure iscalculated as a weighted aggregate of goods and reported in headlines as apercent change from previous months.It is often adjusted by season or weather conditions and thus volatile. However,it is used as a leading indicator and helps in forecasting GDP changes.Rising industrial production figures signify increasing economic growth and canpositively influence the sentiment towards local currency.

The Centre for European Economic Research (Zentrum fuer EuropaeischeWirtschaftsforschung, ZEW). The ZEW Financial Market Survey has been carried outon a monthly basis since December 1991. It displays the expectations offinancial experts for six important international financial markets. About 350financial analysts from banks, insurance companies and large industrialenterprises participate in this survey. Among the respondents are experts fromthe finance, research and economic departments as well as traders, fund managersand investment consultants. These experts are questioned about their medium-termexpectations for the development of the macroeconomic trend, the inflation rate,the short-term and long-term interest rates, the stock market and the exchangerates.

About 350 financial analysts from banks, insurance companies and largeindustrial enterprises participate in this survey. Among the respondents areexperts from the finance, research and economic departments as well as traders,fund managers and investment consultants. These experts are questioned abouttheir medium-term expectations for the development of the macroeconomic trend,the inflation rate, the short-term and long-term interest rates, the stockmarket and the exchange rates. The survey deals with the markets of Germany, theUnited States, Japan, Great Britain, France and Italy. Since 1999 dataconcerning the EU-11 countries are also being collected. In addition thefinancial experts are requested to estimate the profit situation of 13 Germanindustries (banks, insurance, trade and commerce, construction, automotive,chemistry, steel, electricity, mechanical engineering, utilities, services,telecommunication and information technology).

Wages and salaries are defined as "the total remuneration, in cash or in kind,payable to all persons counted on the payroll (including homeworkers), in returnfor work done during the accounting period" regardless of whether it is paid onthe basis of working time, output or piecework and whether it is paid regularlyor not.

The consumer price index (CPI) is a measure of the average change in the pricespaid by urban consumers for a fixed market basket of goods and services. The CPIis based on prices of food, clothing, shelter, fuel, drugs, transportationfares, doctors and dentists fees, and other goods and services that people buyfor day-to-day living. The quantity and quality of these items are keptessentially unchanged between major revisions so that only price changes will bemeasured. All taxes directly associated with the purchase and use of items areincluded in the index."

CPI for all urban consumersThe consumer price index (CPI) is a measure of the average change in the pricespaid by urban consumers for a fixed market basket of goods and services. The CPIis based on prices of food, clothing, shelter, fuel, drugs, transportationfares, doctors and dentists fees, and other goods and services that people buyfor day-to-day living. The quantity and quality of these items are keptessentially unchanged between major revisions so that only price changes will bemeasured. All taxes directly associated with the purchase and use of items areincluded in the index.

The consumer price index (CPI) is a measure of the average change in the pricespaid by urban consumers for a fixed market basket of goods and services. The CPIis based on prices of food, clothing, shelter, fuel, drugs, transportationfares, doctors' and dentists' fees, and other goods and services that people buyfor day-to-day living. The quantity and quality of these items are keptessentially unchanged between major revisions so that only price changes will bemeasured. All taxes directly associated with the purchase and use of items areincluded in the index.

The consumer price index (CPI) is a measure of the average change in the pricespaid by urban consumers for a fixed market basket of goods and services. The CPIis based on prices of food, clothing, shelter, fuel, drugs, transportationfares, doctors and dentists fees, and other goods and services that people buyfor day-to-day living. The quantity and quality of these items are keptessentially unchanged between major revisions so that only price changes will bemeasured. All taxes directly associated with the purchase and use of items areincluded in the index.

The Consumer Sentiment Index is calculated as the balance of optimism relatingto five questions about the general economic outlook. The five questions includepeople?s assessment of:1. Current family finances compared to a year ago,2. Family finances over the coming 12 months,3. Economic conditions in Australia over the coming 12 months,4. Economic conditions in Australia over the next five years and5. Whether it is a good or bad time to buy major household items.Each question can be represented by an index that is equal to the per cent ofoptimists minus per cent of pessimists plus 100. The Consumer Sentiment Index isan average of the five component indexes. The Current Conditions Index is theaverage of question 1 and 5 above. The Consumer Expectations Index is theaverage of questions 2, 3 and 4.

By setting the OCR, the Reserve Bank is able to substantially influence short-term interest rates, such as the 90-day bill rate, floating mortgages and thelike. Short-term interest rates have a big impact on the overall level ofeconomic activity in the country and therefore on inflation.The OCR influences short-term interest rates in the following way. When an OCRis announced it is a percentage number the Reserve Bank undertakes to payfinancial institutions an interest rate 0.25 per cent below the OCR for moneydeposited in Reserve Bank settlement accounts. The Reserve Bank also undertakesto provide overnight cash to banks, for which the Reserve Bank charges interestat 0.25 per cent above the OCR. Most importantly, the Reserve Bank sets no limiton the amount of cash that it will take in or let out, at 0.25 per cent above orbelow the OCR. The effect of this is that no commercial bank is likely to offershort-term loans at a rate significantly higher than the Official Cash Rate.Thats because other banks would undercut that, using credit from the ReserveBank. Similarly a bank is not likely to lend short-term at below the OCR becauseit can lend to the Reserve Bank at the OCR level.Previously the Reserve Banksprimary device by which it conducted monetary policy was via control over thequantity of cash made available to settlement banks, as opposed to its price.

HICPs are compiled on the basis of a legislated methodology, binding for allMember States. The focus is on quality and comparability among the indices ofdifferent countries as well as on their relative movements. The HICPs aim atmeasuring pure price changes using a harmonized methodology. These harmonizedinflation figures will be used to inform decisions on which Member States meetprice stability convergence criterion for EMU. However, they are not intended toreplace existing national Consumer Price Indices (CPIs). The coverage of theindices is based on the EU classification COICOP (classification of individualconsumption by purpose).

HICPs are compiled on the basis of a legislated methodology, binding for allMember States. The focus is on quality and comparability among the indices ofdifferent countries as well as on their relative movements. The HICPs aim atmeasuring pure price changes using a harmonized methodology. These harmonizedinflation figures will be used to inform decisions on which Member States meetprice stability convergence criterion for EMU. However, they are not intended toreplace existing national Consumer Price Indices (CPIs). The coverage of theindices is based on the EU classification COICOP (classification of individualconsumption by purpose).

The consumer price index (CPI) is a measure of change in the general level ofprices of goods and services bought by households over a specified period oftime. It compares a household's cost for a specific basket of finished goods andservices with the cost of the same basket during an earlier benchmark period.The consumer price index is used as a measurement of inflation and is a keyeconomic figure. Likely impact:1) Interest Rates: Larger-than-expected quarterly increase in price inflation orincreasing trend is considered inflationary; this will cause bond prices to dropand yields and interest rates to rise.2) Stock Prices: Higher than expected price inflation is bearish on the stockmarket as higher inflation will lead to higher interest rates.3) Exchange Rates: High inflation has an uncertain effect. It would lead todepreciation as higher prices mean lower competitiveness. Conversely, higherinflation causes higher interest rates and a tighter monetary policy that leadsto an appreciation.

The consumer price index (CPI) is a measure of change in the general level ofprices of goods and services bought by households over a specified period oftime. It compares a household's cost for a specific basket of finished goods andservices with the cost of the same basket during an earlier benchmark period.The consumer price index is used as a measurement of inflation and is a keyeconomic figure. Likely impact:1) Interest Rates: Larger-than-expected quarterly increase in price inflation orincreasing trend is considered inflationary; this will cause bond prices to dropand yields and interest rates to rise.2) Stock Prices: Higher than expected price inflation is bearish on the stockmarket as higher inflation will lead to higher interest rates.3) Exchange Rates: High inflation has an uncertain effect. It would lead todepreciation as higher prices mean lower competitiveness. Conversely, higherinflation causes higher interest rates and a tighter monetary policy that leadsto an appreciation.

Total industry excluding construction The index of production measures changesin the volume of the gross value added created by industry, the branch indicesbeing aggregated by means of a system of weighting according to gross valueadded at factor cost.Investors can use the IPI of various industries to examine the growth in therespective industry. If the IPI is growing month-over-month for a particularindustry, this is a sign that the companies in the industry are performing well.

Total industry excluding construction The index of production measures changesin the volume of the gross value added created by industry, the branch indicesbeing aggregated by means of a system of weighting according to gross valueadded at factor cost.Investors can use the IPI of various industries to examine the growth in therespective industry. If the IPI is growing month-over-month for a particularindustry, this is a sign that the companies in the industry are performing well.

The survey covers retail enterprises according to the following type of dealers:-General dealers-Retail trade in specialised food, beverages and tobacco stores-Retailers in pharmaceutical and medical goods, cosmetic and toiletries-Retail trade in textiles, clothing, footwear and leather goods-Retailers in household furniture, appliances and equipment-Retailers in hardware, paint and glass-All other retailers, including repair of personal and household goods.

Import price index is a measure of the average prices of the goods that acountry imports. The headline is the percentage change in the index from theprevious month or year. It is generally preferable when the index is based onprices taken directly from the importer. However, in the absence of nationalsources, data for wholesale prices are taken from world commodity markets andare converted into national currency at period average exchange rates.

Export price index is a measure of the average prices of a group of the goodsthat a country exports. The headline is the percentage change in the index fromthe previous month or year. It is generally preferable when the index is basedon prices taken directly from the exporter. However, in the absence of nationalsources, data for wholesale prices are taken from world commodity markets andare converted into national currency at period average exchange rates.

Distillate fuel oil: A general classification for one of the petroleum fractionsproduced in conventional distillation operations. It includes diesel fuels andfuel oils. Products known as No. 1, No. 2, and No. 4 diesel fuel are used inon-highway diesel engines, such as those in trucks and automobiles, as well asoff-highway engines, such as those in railroad locomotives and agriculturalmachinery. Products known as No. 1, No. 2, and No. 4 fuel oils are usedprimarily for space heating and electric power generation.

Balance of payments is a set of accounts recording all economic transactionsbetween the residents of the country and the rest of the world in a given periodof time, usually one year. Payments into the country are called credits,payments out of the country are called debits. There are three main componentsof a balance of payments: - current account - capital account - financialaccount Either a surplus or a deficit can be shown in any of these components.Balance of payments shows strenghts and weaknesses in a country's economy andtherefore helps to achieve balanced economic growth. The release of a balance ofpayments can have a significant effect on the exchange rate of a nationalcurrency against other currencies. It is also important to investors of domesticcompanies that depend on exports.Securities investment, contract basis.Securities investment refers to flows from the public sector excluding Bank ofJapan. Bonds include beneficiary certificates but exclude all bills. The Netdata shows the difference of capital inflow and outflow.

The unemployment rate represents the number of unemployed persons expressed as apercentage of the labour force. The unemployment rate for a particular age/sexgroup is the number of unemployed in that group expressed as a percentage of thelabour force for that group.Unemployed persons aged 15 and over who were not employed during the referenceweek, and had actively looked for full-time or part-time work at any time in thefour weeks up to the end of the reference week and were available for work inthe reference week, or were waiting to start a new job within the four weeksfrom the end of the reference week and would have started in the reference weekif the job had been available then; or were waiting to be called back to afull-time or part-time job from which they had been stood down without pay forless than four weeks up to the end of the reference week (including the whole ofthe reference week) for reasons other than bad weather or plant breakdown.

Participation rate: For any group, the labour force expressed as a percentage ofthe civilian population aged 15 and over in the same group.Labour force: For any group, persons who were employed or unemployed, asdefined.Unemployed: Persons aged 15 and over who were not employed during the referenceweek, and had actively looked for full-time or part-time work at any time in thefour weeks up to the end of the reference week and: were available for work inthe reference week, or were waiting to start a new job within the four weeksfrom the end of the reference week and would have started in the reference weekif the job had been available then; or were waiting to be called back to a full-time or part-time job from which they had been stood down without pay for lessthan four weeks up to the end of the reference week (including the whole of thereference week) for reasons other than bad weather or plant breakdown.Employed: Persons aged 15 and over who, during the reference week: worked forone hour or more for pay, profit, commission or payment in kind in a job orbusiness,or on a farm (comprising employees, employers and own account workers).

Harmonised Index of Consumer Prices (HICP) in an index of consumer pricescalculated and published by Eurostat, the Statistical Office of the EuropeanUnion (EU), on the basis of a statistical methodology that has been harmonisedacross all EU Member States. HICP is a measure of prices used by the GoverningCouncil of EU to define and assess price stability in the euro area as a wholein quantitative terms.The HICP are designed expressly for internationalcomparisons of consumer price inflation across EU Member States. theseharmonized inflation figures will be used to inform decisions on which MemberStates meet price stability convergence criterion for EMU. However, they are notintended to replace existing national Consumer Price Indices (CPIs). Thecoverage of the indices is based on the EU classification COICOP (classificationof individual consumption by purpose).

The consumer price index (CPI) is a measure of change in the general level ofprices of goods and services bought by households over a specified period oftime. It compares a household's cost for a specific basket of finished goods andservices with the cost of the same basket during an earlier benchmark period.The consumer price index is used as a measurement of inflation and is a keyeconomic figure. Likely impact:1) Interest Rates: Larger-than-expected quarterly increase in price inflation orincreasing trend is considered inflationary; this will cause bond prices to dropand yields and interest rates to rise.2) Stock Prices: Higher than expected price inflation is bearish on the stockmarket as higher inflation will lead to higher interest rates.3) Exchange Rates: High inflation has an uncertain effect. It would lead todepreciation as higher prices mean lower competitiveness. Conversely, higherinflation causes higher interest rates and a tighter monetary policy that leadsto an appreciation.

Harmonised Index of Consumer Prices (HICP) in an index of consumer pricescalculated and published by Eurostat, the Statistical Office of the EuropeanUnion (EU), on the basis of a statistical methodology that has been harmonisedacross all EU Member States. HICP is a measure of prices used by the GoverningCouncil of EU to define and assess price stability in the euro area as a wholein quantitative terms.The HICP are designed expressly for internationalcomparisons of consumer price inflation across EU Member States. theseharmonized inflation figures will be used to inform decisions on which MemberStates meet price stability convergence criterion for EMU. However, they are notintended to replace existing national Consumer Price Indices (CPIs). Thecoverage of the indices is based on the EU classification COICOP (classificationof individual consumption by purpose).

The consumer price index (CPI) is a measure of change in the general level ofprices of goods and services bought by households over a specified period oftime. It compares a household's cost for a specific basket of finished goods andservices with the cost of the same basket during an earlier benchmark period.The consumer price index is used as a measurement of inflation and is a keyeconomic figure. Likely impact:1) Interest Rates: Larger-than-expected quarterly increase in price inflation orincreasing trend is considered inflationary; this will cause bond prices to dropand yields and interest rates to rise.2) Stock Prices: Higher than expected price inflation is bearish on the stockmarket as higher inflation will lead to higher interest rates.3) Exchange Rates: High inflation has an uncertain effect. It would lead todepreciation as higher prices mean lower competitiveness. Conversely, higherinflation causes higher interest rates and a tighter monetary policy that leadsto an appreciation.

Harmonised Index of Consumer Prices (HICP) in an index of consumer pricescalculated and published by Eurostat, the Statistical Office of the EuropeanUnion (EU), on the basis of a statistical methodology that has been harmonisedacross all EU Member States. HICP is a measure of prices used by the GoverningCouncil of EU to define and assess price stability in the euro area as a wholein quantitative terms.Consumer Price Indices (CPIs) are economic indicatorsconstructed to measure the changes over time in the prices of consumer goods andservices acquired, used or paid for by households. Harmonized Indices ofConsumer Prices (HICPs) are designed for international comparisons of consumerprice inflation.The coverage of the HICPs is defined in terms of 'household final monetaryconsumption expenditure',by reference to the national accounts concepts of theEuropean System of Accounts (ESA 1995). Expenditures are classified according tothe COICOP/HICP (Classification of Individual Consumption by Purpose adapted tothe needs of HICPs).

Harmonised Index of Consumer Prices (HICP) in an index of consumer pricescalculated and published by Eurostat, the Statistical Office of the EuropeanUnion (EU), on the basis of a statistical methodology that has been harmonisedacross all EU Member States. HICP is a measure of prices used by the GoverningCouncil of EU to define and assess price stability in the euro area as a wholein quantitative terms.Consumer Price Indices (CPIs) are economic indicatorsconstructed to measure the changes over time in the prices of consumer goods andservices acquired, used or paid for by households. Harmonized Indices ofConsumer Prices (HICPs) are designed for international comparisons of consumerprice inflation.The coverage of the HICPs is defined in terms of 'household final monetaryconsumption expenditure',by reference to the national accounts concepts of theEuropean System of Accounts (ESA 1995). Expenditures are classified according tothe COICOP/HICP (Classification of Individual Consumption by Purpose adapted tothe needs of HICPs).

The HICP(Harmonised Index of Consumer Prices)are designed expressly forinternational comparisons of consumer price inflation across EU Member States.these harmonized inflation figures will be used to inform decisions on whichMember States meet price stability convergence criterion for EMU. However, theyare not intended to replace existing national Consumer Price Indices (CPIs).

The HICP(Harmonised Index of Consumer Prices)are designed expressly forinternational comparisons of consumer price inflation across EU Member States.these harmonized inflation figures will be used to inform decisions on whichMember States meet price stability convergence criterion for EMU. However, theyare not intended to replace existing national Consumer Price Indices (CPIs).

The consumer price index (CPI) is a measure of change in the general level ofprices of goods and services bought by households over a specified period oftime. It compares a household's cost for a specific basket of finished goods andservices with the cost of the same basket during an earlier benchmark period.The consumer price index is used as a measurement of inflation and is a keyeconomic figure. Likely impact:1) Interest Rates: Larger-than-expected quarterly increase in price inflation orincreasing trend is considered inflationary; this will cause bond prices to dropand yields and interest rates to rise.2) Stock Prices: Higher than expected price inflation is bearish on the stockmarket as higher inflation will lead to higher interest rates.3) Exchange Rates: High inflation has an uncertain effect. It would lead todepreciation as higher prices mean lower competitiveness. Conversely, higherinflation causes higher interest rates and a tighter monetary policy that leadsto an appreciation.

The consumer price index (CPI) is a measure of change in the general level ofprices of goods and services bought by households over a specified period oftime. It compares a household's cost for a specific basket of finished goods andservices with the cost of the same basket during an earlier benchmark period.The consumer price index is used as a measurement of inflation and is a keyeconomic figure. Likely impact:1) Interest Rates: Larger-than-expected quarterly increase in price inflation orincreasing trend is considered inflationary; this will cause bond prices to dropand yields and interest rates to rise.2) Stock Prices: Higher than expected price inflation is bearish on the stockmarket as higher inflation will lead to higher interest rates.3) Exchange Rates: High inflation has an uncertain effect. It would lead todepreciation as higher prices mean lower competitiveness. Conversely, higherinflation causes higher interest rates and a tighter monetary policy that leadsto an appreciation.

Policy Rates, Central Bank O/N Borrowing RateMonetary policy refers to the actions undertaken by a country's monetaryauthority, central bank or government to achieve certain national economicgoals. It is based on the relationship between interest rates at which money canbe borrowed and total supply of money. Policy rates are the most important rateswithin a country's monetary policy. These can be: deposit rates, lombard rates,rediscount rates, reference rates etc. Changing them influences economic growth,inflation, exchange rates and unemployment.

The Philadelphia Fed Regional Index is an indicator that measures the currentconditions in the manufacturing sector in the district of Philadelphia, which isthe third largest in the United States.Arises from a survey conducted by the Philadelphia Fed on the general health ofthe economy and businesses.Participants must indicate in the interview, according to its assessment, thechanges from the previous month and the forecast for the next six months.The general index indicates growth when it is above zero and contraction when isbelow zero.Then there are various components, such as the prices paid, prices received,employment, hours worked, new orders and backlog of those, the delivery time andshipment orders.

The Philadelphia Fed Regional Index is an indicator that measures the currentconditions in the manufacturing sector in the district of Philadelphia, which isthe third largest in the United States.Arises from a survey conducted by the Philadelphia Fed on the general health ofthe economy and businesses.Participants must indicate in the interview, according to its assessment, thechanges from the previous month and the forecast for the next six months.The general index indicates growth when it is above zero and contraction when isbelow zero.Then there are various components, such as the prices paid, prices received,employment, hours worked, new orders and backlog of those, the delivery time andshipment orders.

Retail sales data represents total consumer purchase from retail stores. Itprovides valuable information about consumer spending which makes up theconsumption part of GDP. The most volatile components like autos, gas prices andfood prices are often removed from the report to show more underlying demandpatterns as changes in sales in these categories are frequently a result ofprice changes. It is not adjusted for inflation. Spending on services is notincluded. Rising retail sales indicate stronger economic growth. However, if theincrease is larger than forecast, it may be inflationary.

Retail sales data represents total consumer purchase from retail stores. Itprovides valuable information about consumer spending which makes up theconsumption part of GDP. The most volatile components like autos, gas prices andfood prices are often removed from the report to show more underlying demandpatterns as changes in sales in these categories are frequently a result ofprice changes. It is not adjusted for inflation. Spending on services is notincluded.

Retail sales data represents total consumer purchase from retail stores. Itprovides valuable information about consumer spending which makes up theconsumption part of GDP. The most volatile components like autos, gas prices andfood prices are often removed from the report to show more underlying demandpatterns as changes in sales in these categories are frequently a result ofprice changes. It is not adjusted for inflation. Spending on services is notincluded.

U.S Labor Department report of initial state jobless benefit claims.Unemploymentinsurance data for regular state programs. Initial claims - Any notice ofunemployment filed:(1) to request a determination of entitlement to and eligibility forcompensation or(2) to begin a second or subsequent period of eligibility within a benefit yearor period of eligibility.

These data are ESTIMATES derived from a computation process that uses both EIAmonthly survey data and AGA (The American Gas Association) weekly survey data.

The Consumers Price Index (CPI) measures the rate of price change of goods andservices purchased by households. It measures changes in the average level ofprices over a period of time. In other words, prices indicator of what ishappening to prices consumers are paying for items purchased. With a givenstarting point or base period which is usually taken as 100, the CPI can be usedto compare current period consumer prices with those in the base period.The CPI All Groups Index is prepared quarterly. The food group is the onlycommodity group of the CPI for which an index is prepared each month.

The consumer price index (CPI) is a measure of change in the general level ofprices of goods and services bought by households over a specified period oftime. It compares a household's cost for a specific basket of finished goods andservices with the cost of the same basket during an earlier benchmark period.The consumer price index is used as a measurement of inflation and is a keyeconomic figure. Likely impact:1) Interest Rates: Larger-than-expected quarterly increase in price inflation orincreasing trend is considered inflationary; this will cause bond prices to dropand yields and interest rates to rise.2) Stock Prices: Higher than expected price inflation is bearish on the stockmarket as higher inflation will lead to higher interest rates.3) Exchange Rates: High inflation has an uncertain effect. It would lead todepreciation as higher prices mean lower competitiveness. Conversely, higherinflation causes higher interest rates and a tighter monetary policy that leadsto an appreciation.The Consumers Price Index (CPI) measures the rate of pricechange of goods and services purchased by households. The CPI All Groups Indexis prepared quarterly.

The Reuters Tankan is a monthly survey of leading Japanese companies, and it wasformally known as Telerate Tankan until it was renamed after the acquisition ofQuick Moneyline Telerate Corp. by Reuters Group. It covers a panel of 200manufacturers and 200 non-manufacturers. The monthly figures are designed toprovide early indications of the BOJ's quarterly tankan. The indexes are derivedby subtracting the percentage of respondents who say business conditions arepoor from the percentage of those who say they are good.

Exports free on board (f.o.b.) and Imports cost insurance freight (c.i.f.) are,in general, customs statistics reported under the general trade statisticsaccording to the recommendations of the UN International Trade Statistics. Forsome countries Imports are reported as f.o.b. instead of c.i.f. which isgenerally accepted. When reporting Imports as f.o.b. you will have the effect ofreducing the value of Imports by the amount of the cost of insurance andfreight.

The consumer price index (CPI) is a measure of change in the general level ofprices of goods and services bought by households over a specified period oftime. It compares a household's cost for a specific basket of finished goods andservices with the cost of the same basket during an earlier benchmark period.The consumer price index is used as a measurement of inflation and is a keyeconomic figure. Likely impact:1) Interest Rates: Larger-than-expected quarterly increase in price inflation orincreasing trend is considered inflationary; this will cause bond prices to dropand yields and interest rates to rise.2) Stock Prices: Higher than expected price inflation is bearish on the stockmarket as higher inflation will lead to higher interest rates.3) Exchange Rates: High inflation has an uncertain effect. It would lead todepreciation as higher prices mean lower competitiveness. Conversely, higherinflation causes higher interest rates and a tighter monetary policy that leadsto an appreciation.This series covers euro area with 13 Member States (Belgium, Germany,Spain, France, Ireland, Italy, Luxembourg, Netherlands, Austria, Portugal,Slovenia, Finland, Greece)

Trade balance, called also net export, is the difference between the value ofcountry's exports and imports, over a period of time. A positive balance (tradesurplus) means that exports exceed imports, a negative one means the opposite.Positive trade balance illustrates high competitiveness of country's economy.This strengthens investor's interest in the local currency, appreciating itsexchange rate.

The consumer price index (CPI) is a measure of change in the general level ofprices of goods and services bought by households over a specified period oftime. It compares a household's cost for a specific basket of finished goods andservices with the cost of the same basket during an earlier benchmark period.The consumer price index is used as a measurement of inflation and is a keyeconomic figure. Likely impact:1) Interest Rates: Larger-than-expected quarterly increase in price inflation orincreasing trend is considered inflationary; this will cause bond prices to dropand yields and interest rates to rise.2) Stock Prices: Higher than expected price inflation is bearish on the stockmarket as higher inflation will lead to higher interest rates.3) Exchange Rates: High inflation has an uncertain effect. It would lead todepreciation as higher prices mean lower competitiveness. Conversely, higherinflation causes higher interest rates and a tighter monetary policy that leadsto an appreciation.This series covers euro area with 13 Member States (Belgium, Germany,Spain, France, Ireland, Italy, Luxembourg, Netherlands, Austria, Portugal,Slovenia, Finland, Greece)

Rising number of new construction starts or value of construction completedreflects higher consumer and business optimism. Expanding construction indicatesgrowth in the housing market and predicts an increase in the overall economy.However, an excessive supply of new buildings may result in a drop in housingprices.

Building permits-quantity of formal approvals of building plans by thedesignated government agency as meeting the requirements of prescribed codes.Itis an authorization to proceed with the construction or reconfiguration of aspecific structure at a particular site, in accordance with the approveddrawings & specifications.Quantity of received Building Permits is used as theearliest indicator for developments in the housing market.Additionally,becauseof the high outlays needed to begin construction projects;an increase inBuilding Permits implies an increase in investment & corporate optimism.Finally,the figure gives insight into consumer activity, since new homepurchases are associated with an increase in sales of durable goods.These seriesprovide building permit statistics on new privately-owned residentialconstruction. The statistics are based upon reports submitted by local buildingpermit officials in response to a mail survey.There is a sample of 8,500 permit-issuing places, selected from a universe of approximately 19,000 places.Thetypes of structures reported within Residential Housekeeping Buildings aredefined below:A)Single Family Houses - Excludes mobile homes,(B)Two-Family Buildings,(C)Three-and Four-Family Buildings & (D)Five-or-More Family Buildings

Building permits-quantity of formal approvals of building plans by thedesignated government agency as meeting the requirements of prescribed codes.Itis an authorization to proceed with the construction or reconfiguration of aspecific structure at a particular site, in accordance with the approveddrawings & specifications.Quantity of received Building Permits is used as theearliest indicator for developments in the housing market.Additionally,becauseof the high outlays needed to begin construction projects;an increase inBuilding Permits implies an increase in investment & corporate optimism.Finally,the figure gives insight into consumer activity, since new homepurchases are associated with an increase in sales of durable goods.These seriesprovide building permit statistics on new privately-owned residentialconstruction. The statistics are based upon reports submitted by local buildingpermit officials in response to a mail survey.There is a sample of 8,500 permit-issuing places, selected from a universe of approximately 19,000 places.Thetypes of structures reported within Residential Housekeeping Buildings aredefined below:A)Single Family Houses - Excludes mobile homes,(B)Two-Family Buildings,(C)Three-and Four-Family Buildings & (D)Five-or-More Family Buildings

Rising number of new construction starts or value of construction completedreflects higher consumer and business optimism. Expanding construction indicatesgrowth in the housing market and predicts an increase in the overall economy.However, an excessive supply of new buildings may result in a drop in housingprices.

The Survey of Consumers is an ongoing nationally representative survey based onapproximately 500 telephone interviews with adult men and women living inhouseholds in the coterminous United States (48 States plus the District ofColumbia).The Michigan sentiment index includes two major components, a "currentconditions" component and an "expectations" component. The current conditionscomponent index is based on the answers to two standard questions and theexpectations component index is based on three standard questions. All fivequestions have equal weight in determining the overall index.