Економічний календар

The S&P Global Australia Manufacturing PMI is compiled by S&P Global from responses to monthly questionnaires sent to purchasing managers in a panel of around 400 manufacturers. The headline figure is the Purchasing Managers’ Index (PMI), which is a weighted average of the following five indices: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%). For the PMI calculation the Suppliers’ Delivery Times Index is inverted so that it moves in a comparable direction to the other indices. The index varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

In Argentina, tax revenue is defined as the revenues collected from taxes on income and profits, social security contributions, taxes levied on goods and services, payroll taxes, taxes on the ownership and transfer of property, and other taxes.

In Mexico, the public budget includes, not only government expenses and revenues, but also financial balance of entities under indirect budgetary control, and external and internal financing requirement.

In Russia, Monthly GDP YoY measures the change in the value of the goods and services produced by the country's economy compared to the corresponding month in the previous year.

In Russia, the business confidence index measures morale among manufacturers. The index is calculated as the arithmetic average balances of assessments of actually existing levels of demand, stocks of finished products (with opposite sign) as well as change in output expected in the next 3 months. The index shows the difference between the percentage share of executives that are optimistic and the percentage of that is pessimistic. The index takes a value between -100 (all responding entities asses their situation as poor and expect it to become worse) up to 100 (all participants are satisfied with the current situation and expect it to improve); 0 indicates neutrality.

In Russia, Real Wage Growth measures the year-on-year change in average monthly wages adjusted for inflation.

In Russia, the year-over-year change in Retail sales compares the aggregated sales of retail goods and services during a certain month to the same month a year ago.

Russia Money Supply M2 includes M1 plus short-term time deposits in banks.

Change in the number of barrels of crude oil held in storage at the Cushing, Oklahoma during the past week.

Crude Runs refer to the volume of crude oil consumed by refineries.

In the United States, the Core Personal Consumption Expenditure Price Index provides a measure of the prices paid by people for domestic purchases of goods and services, excluding the prices of food and energy. The core PCE is the Fed's preferred inflation measure. The central bank has a 2 percent target.

In the United States, final sales of domestic product equals GDP less change in private inventories. It is also equal to the sum of personal consumption expenditures, gross private fixed investment, government consumption expenditures and gross investment, and net exports of goods and services.

The Personal Consumption Expenditure (PCE) Prices measure the changes in the price of goods and services purchased by consumers for the purpose of consumption. Prices are weighted according to total expenditure per item.

In the United States, personal consumption expenditure (PCE) is the primary measure of consumer spending in the U.S. economy. It is the National Income and Product Account (NIPA) final-demand component that measures the value of the goods and services purchased by, or on the behalf of, persons who reside in the United States.

The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). The HICP is compiled by Eurostat and the national statistical institutes in accordance with harmonised statistical methods. The ECB aims to maintain annual inflation rates as measured by the HICP below, but close to, 2% over the medium term.

In India, infrastructure output refers to a combined index that measures the performance of Eight Core Industries: refinery production (weight: 28%), electricity generation (19.9%), steel production (17.9%), coal production (10.3%), crude oil production (8.9%), natural gas production (6.9%), cement production (5.4%) and fertilizers production (2.6%). Infrastructure accounts for nearly 40 percent of India's industrial output.

In Brazil, government budget value refers to the nominal budget balance, which comprises the central government, regional governments and public enterprises and also includes debt servicing costs and the nominal interest of the federal government.

India Money Supply M3 includes M2 plus long-term time deposits in banks.

The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues.

In the US, the MBA Weekly Mortgage Application Survey is a comprehensive overview of the nationwide mortgage market and covers all types of mortgage originators, including commercial banks, thrift institutions and mortgage banking companies. The entire market is represented by the Market Index which covers all mortgage applications during the week, whether for a purchase or to refinance. The survey covers over 75% of all US retail residential mortgage applications.

The MBA Weekly Mortgage Application Survey is a comprehensive overview of the nationwide mortgage market and covers all types of mortgage originators, including commercial banks, thrift institutions and mortgage banking companies. The entire market is represented by the Market Index which covers all mortgage applications during the week. This includes all conventional and government applications, all fixed-rate mortgages (FRMs), all adjustable-rate mortgages (ARMs), whether for a purchase or to refinance.

The MBA Weekly Mortgage Application Survey is a comprehensive overview of the nationwide mortgage market and covers all types of mortgage originators, including commercial banks, thrift institutions and mortgage banking companies. The entire market is represented by the Market Index which covers all mortgage applications during the week. This includes all conventional and government applications, all fixed-rate mortgages (FRMs), all adjustable-rate mortgages (ARMs), whether for a purchase or to refinance.

The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. In India, government budget value refers to the cumulative amount of the central government fiscal deficit for current fiscal year.

In Italy, the Producer Price Inflation MoM measures a month-over-month change in the price of goods and services sold by manufacturers and producers in the wholesale market.

In Italy, the industrial producer price index measures the evolution of output prices for goods manufactured in Italy and sold on the domestic and non-domestic markets.

The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). The HICP is compiled by Eurostat and the national statistical institutes in accordance with harmonised statistical methods. The ECB aims to maintain annual inflation rates as measured by the HICP below, but close to, 2% over the medium term.

In Germany, Consumer Price index is the most frequently used indicator of inflation and reflect changes in the cost of acquiring a fixed basket of goods and services by the average consumer.

In Germany, Consumer Price index is the most frequently used indicator of inflation and reflect changes in the cost of acquiring a fixed basket of goods and services by the average consumer.

In Germany, Consumer Price index is the most frequently used indicator of inflation and reflect changes in the cost of acquiring a fixed basket of goods and services by the average consumer.

In Germany, Consumer Price index is the most frequently used indicator of inflation and reflect changes in the cost of acquiring a fixed basket of goods and services by the average consumer.

In Germany, Consumer Price index is the most frequently used indicator of inflation and reflect changes in the cost of acquiring a fixed basket of goods and services by the average consumer.

In Germany, Consumer Price index is the most frequently used indicator of inflation and reflect changes in the cost of acquiring a fixed basket of goods and services by the average consumer.

In Germany, Consumer Price index is the most frequently used indicator of inflation and reflect changes in the cost of acquiring a fixed basket of goods and services by the average consumer.

In Germany, Consumer Price index is the most frequently used indicator of inflation and reflect changes in the cost of acquiring a fixed basket of goods and services by the average consumer.

In Germany, Consumer Price index is the most frequently used indicator of inflation and reflect changes in the cost of acquiring a fixed basket of goods and services by the average consumer.

In Germany, Consumer Price index is the most frequently used indicator of inflation and reflect changes in the cost of acquiring a fixed basket of goods and services by the average consumer.

In Germany, Consumer Price index is the most frequently used indicator of inflation and reflect changes in the cost of acquiring a fixed basket of goods and services by the average consumer.

In Germany, Consumer Price index is the most frequently used indicator of inflation and reflect changes in the cost of acquiring a fixed basket of goods and services by the average consumer.

Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).

In Turkey, tourist arrivals refer to the number of visiting foreigners.

Malaysia Money Supply M3 includes M2 plus long-term time deposits in banks.

Turkey's major exports are: machinery and transport equipment (31 percent of total exports), of which road vehicles (15 percent) and electrical machinery, apparatus and appliances (6 percent); manufactured goods (25 percent), of which textile yarn, fabrics, made-up articles (7 percent), iron and steel (6 percent) and manufactures of metals (4 percent); miscellaneous manufactured articles (18 percent), of which articles of apparel and clothing accessories (10 percent); food and live animals (9 percent), of which fruits and vegetables (4 percent); chemicals and related products (6 percent); and gold,non-monetary (4 percent). Turkey's main export partners were: Germany (10 percent of total exports); the UK, the UAE, Iraq and the US (6 percent each); Italy (5 percent); France and Spain (4 percent each).

Turkey's main imports are machinery and transport equipment (31 percent of total imports), of which road vehicles (7 percent) and electrical machinery, apparatus and appliances (6 percent); manufactured goods (16 percent), of which iron and steel (5 percent); mineral fuels, lubricants and related materials (16 percent), of which petroleum and petroleum products (4 percent); chemicals and related products (13 percent), of which plastics (4 percent); gold, non-monetary (7 percent); crude materials, inedible, except fuels (7 percent); miscellaneous manufactured articles (6 percent); and food and live animals (4 percent). The country's main imports' sources were: China (10 percent of total imports); Germany (9 percent); Russia (8 percent); the US and Italy (5 percent each); France, Iran, Switzerland, South Korea, the UK, Spain and India (3 percent each).

In Turkey, Tourism Revenues is defined as the total expenditure made in Turkey by foreigners and citizen visitors resident in abroad (excluding real estate expenditures, repair-maintenance expenses for residences, durables etc.). Tourism income includes the expenditure on food and beverages, accommodation, health, transportation in Turkey, sports, education, culture, international transportation with Turkish firms, mobile phone roaming expenditures, marina service expenditures, souvenirs etc.

The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). The HICP is compiled by Eurostat and the national statistical institutes in accordance with harmonised statistical methods. The ECB aims to maintain annual inflation rates as measured by the HICP below, but close to, 2% over the medium term.

In France, the Producer Price Inflation MoM measures a month-over-month change in the price of goods and services sold by manufacturers and producers in the wholesale market.

Producer prices change refers to year over year change in price of goods and services sold by manufacturers and producers in the wholesale market during a given period.

In Germany, Import Prices correspond to the rate of change in the prices of goods and services purchased by residents of that country from, and supplied by, foreign sellers. Import Prices are heavily affected by exchange rates.

In Germany, Import Prices correspond to the rate of change in the prices of goods and services purchased by residents of that country from, and supplied by, foreign sellers. Import Prices are heavily affected by exchange rates.

South Africa Money Supply M3 includes M2 plus long-term time deposits in banks.

Private sector credit measures year over year change in the bank lending to domestic private sector.

In France, household consumption refers to household expenditure on goods only, providing a short-term information of household consumption behavior relevant for economic analysis. Household consumption expenditure on goods accounted in 2010 for nearly 95 percent of total effective consumption in current euros and accounted for 50 percent of household consumption expenditure on goods and services.

In Japan, construction orders data refer to the value of new orders for construction work received during the month by 50 major constructors. Figures refer to the value of original contracts and construction for own use but not the value of subcontracted orders..

In Australia, the Consumer Price Index or CPI measures changes in the prices paid by consumers for a basket of goods and services.

In Australia, housing credit refers to the month-over-month change of credit extended to the economy's private sector for housing expenditures. It includes securitisations.

In Australia, private sector credit refers to the month-over-month change of credit extended to the economy's private sector for housing, personal and business expenditures. It includes securitizations.

In Australia, private sector credit refers to the month-over-month change of credit extended to the economy's private sector for housing, personal and business expenditures. It includes securitizations.

In Australia, the Weighted median is calculated using the quarterly price changes of all CPI components, with the annual rates based on compounded quarterly calculations.

In Australia, the Weighted median is calculated using the quarterly price changes of all CPI components, with the annual rates based on compounded quarterly calculations.

In China, the NBS Comprehensive Purchasing Manager Index measures the performance of the manufacturing and non-manufacturing sectors. A reading above 50 indicates an expansion of the overall economic trend compared to the previous month; below 50 represents a contraction; while 50 indicates no change.

In Japan, industrial production measures the output of businesses integrated in industrial sector of the economy such as manufacturing, mining, and utilities.

In Japan, the Retail sales report provides an aggregated measure of sales of retail goods and services over a specific time period. In Japan, Retail sales are seasonal, volatile and relatively important to the overall economy.

The Dallas Fed conducts the Texas Service Sector Outlook Survey monthly to obtain a timely assessment of the state's service sector activity. Firms are asked whether revenue, employment, prices, general business activity and other indicators increased, decreased or remained unchanged over the previous month. Responses are aggregated into balance indexes where positive values generally indicate growth while negative values generally indicate contraction.

The Dallas Fed conducts the Texas Service Sector Outlook Survey monthly to obtain a timely assessment of the state's service sector activity. Firms are asked whether revenue, employment, prices, general business activity and other indicators increased, decreased or remained unchanged over the previous month. Responses are aggregated into balance indexes where positive values generally indicate growth while negative values generally indicate contraction.

In Brazil, net payrolls refer to the change in total formal employment, that is, the difference between admitted and dismissed.

In the United States, job quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. The quits rate is computed by dividing the number of quits by employment and multiplying that quotient by 100.

The Global Dairy Trade Price Index measures the weighted-average price of nine dairy products sold at auction every two weeks in New Zealand.

The FHFA (Federal Housing Finance Agency) House Price Index measures month over month changes in average prices of single-family houses with mortgages guaranteed by Fannie Mae and Freddie Mac.

The FHFA (Federal Housing Finance Agency) House Price Index measures month over month changes in average prices of single-family houses with mortgages guaranteed by Fannie Mae and Freddie Mac.

The FHFA (Federal Housing Finance Agency) House Price Index measures month over month changes in average prices of single-family houses with mortgages guaranteed by Fannie Mae and Freddie Mac.

The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index measures changes in residential house prices in 20 metropolitan regions in the United States: Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa and Washington D.C.

The Johnson Redbook Index is a sales-weighted of year-over-year same-store sales growth in a sample of large US general merchandise retailers representing about 9,000 stores. Same-store sales are sales in stores continuously open for 12 months or longer. By dollar value, the Index represents over 80% of the equivalent 'official' retail sales series collected and published by the US Department of Commerce. Redbook compiles the Index by collecting and interpreting performance estimates from retailers. The Index and its sub-groups are sales-weighted aggregates of these estimates. Weeks are retail weeks (Sunday to Saturday), and equally weighted within the month.

Loan Growth in Brazil refers to the monthly change in total credit outstanding, including public and private lending.

The IGP-M Inflation Index in Brazil is an index that measures and tracks the changes in price of goods in the stages before the retail level. Wholesale price indexes (WPIs) report monthly to show the average price changes of goods sold in bulk, and they are a group of the indicators that follow growth in the economy.

In Italy, industrial turnover index measures the monthly changes of industrial sales at current prices.

In Italy, industrial turnover index measures the monthly changes of industrial sales at current prices.

In Euro Area, the Consumer Economic Sentiment Indicator measures the level of optimism that consumers have about the economy. The survey is made by phone and covers 23 000 households in the Euro Area. The number of households sample varies across the zone. The questions focus on current economic and financial situation, savings intention as well as on expected developments regarding: consumer price indexes, general economic situation and major purchases of durable goods. The Consumer ESI measures consumer confidence on a scale of -100 to 100, where -100 indicate extreme lack of confidence, 0 neutrality and 100 extreme confidence.

In the Euro Area, Consumer Confidence Price Trends is shown as the balance between positive and negative answering options, measured as percentage points of total answers.

In the Euro Area, Industrial Sentiment measures the confidence level among manufacturers and accounts for 40 percent of the Economic Sentiment Indicator.

In the Euro Area, Services Sentiment measures the confidence level among service providers and accounts for 30 percent of the Economic Sentiment Indicator.

In the Euro Area, Loans to Private Sector refers to adjusted loans to Euro Area non-financial corporations.

In the Euro Area, loan growth refers to year over year change in loans to households adjusted for sales and securitisation.

Euro Area Money Supply M3 is the sum of M2, repurchase agreements, money market fund shares/units and debt securities with a maturity of up to two years.

In Spain, the core inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes some volatile price items.

The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). The HICP is compiled by Eurostat and the national statistical institutes in accordance with harmonised statistical methods. The ECB aims to maintain annual inflation rates as measured by the HICP below, but close to, 2% over the medium term.

In Turkey, economic confidence index is a composite index that encapsulates consumers’ and producers’ evaluations, expectations and tendencies about general economic situation. The index is combined by means of a weighted aggregation of normalized sub-indices of consumer confidence, seasonally adjusted real sector (manufacturing industry), services, retail trade and construction confidence indices. The economic confidence index indicates an optimistic outlook about the general economic situation when the index is above 100, on contrary it indicates a pessimistic outlook when it is below 100.

The labour force participation rates is the number of persons who are employed and unemployed but looking for a job divided by the total working-age population.

In Indonesia, Foreign Direct Investment refers to the flows of the foreign direct investments received from abroad. The FDI data does not include investment in banking and oil and gas sectors.

The Monthly Wholesale Trade Survey presents estimates of monthly sales for wholesale merchants in Canada, providing information on the performance of the wholesale trade sector as an important indicator of the health of the Canadian economy. In addition, the business community uses the data to analyse market performance.

Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).

In Brazil, Foreign Direct Investment refers to net inflows of foreign direct investments received from abroad, including equity capital and intercompany loans.

The jobseekers total in France refers to the registered number of unemployed at the end of the month at employment center which are obliged to actively seek a job.

In Spain, the Retail sales report provides an aggregated measure of sales of retail goods and services over a specific time period. In Spain, Retail sales are seasonal, volatile and relatively important to the overall economy.

In Spain, the year-over-year change in Retail sales compares the aggregated sales of retail goods and services during a certain month to the same month a year ago.

Producer prices change refers to year over year change in price of goods and services sold by manufacturers and producers in the wholesale market during a given period.

In China, corporate profits refer to total profits of all state-owned industrial enterprises and non-state-owned industrial enterprises with the annual sales revenue above 5 million yuan.

US Crude Oil Rigs refer to the number of active US rigs drilling for oil in a given week.

US Total Rigs refer to the number of active US rigs drilling in a given week.

The government budget balance is the difference between government revenues and expenses, excluding public debt charges. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues.

Government Revenues refer to all receipts the government gets, including taxes, custom duties, revenue from state-owned enterprises, capital revenues and foreign aid. Government Revenues are part of government budget balance calculation.

Government Revenues refer to all receipts the government gets, including taxes, custom duties, revenue from state-owned enterprises, capital revenues and foreign aid. Government Revenues are part of government budget balance calculation.

Government Revenues refer to all receipts the government gets, including taxes, custom duties, revenue from state-owned enterprises, capital revenues and foreign aid. Government Revenues are part of government budget balance calculation.

The Index of Consumer Expectations focuses on three areas: how consumers view prospects for their own financial situation, how they view prospects for the general economy over the near term, and their view of prospects for the economy over the long term. Each monthly survey contains approximately 50 core questions, each of which tracks a different aspect of consumer attitudes and expectations. The samples for the Surveys of Consumers are statistically designed to be representative of all American households, excluding those in Alaska and Hawaii. Each month, a minimum of 500 interviews are conducted by telephone.

The Index of Consumer Expectations focuses on three areas: how consumers view prospects for their own financial situation, how they view prospects for the general economy over the near term, and their view of prospects for the economy over the long term. Each monthly survey contains approximately 50 core questions, each of which tracks a different aspect of consumer attitudes and expectations. The samples for the Surveys of Consumers are statistically designed to be representative of all American households, excluding those in Alaska and Hawaii. Each month, a minimum of 500 interviews are conducted by telephone.

The Index of Consumer Expectations focuses on three areas: how consumers view prospects for their own financial situation, how they view prospects for the general economy over the near term, and their view of prospects for the economy over the long term. Each monthly survey contains approximately 50 core questions, each of which tracks a different aspect of consumer attitudes and expectations. The samples for the Surveys of Consumers are statistically designed to be representative of all American households, excluding those in Alaska and Hawaii. Each month, a minimum of 500 interviews are conducted by telephone.

The Index of Consumer Expectations focuses on three areas: how consumers view prospects for their own financial situation, how they view prospects for the general economy over the near term, and their view of prospects for the economy over the long term. Each monthly survey contains approximately 50 core questions, each of which tracks a different aspect of consumer attitudes and expectations. The samples for the Surveys of Consumers are statistically designed to be representative of all American households, excluding those in Alaska and Hawaii. Each month, a minimum of 500 interviews are conducted by telephone.

In Canada, Manufacturing Sales provides a current 'snapshot' of sales of goods manufactured values by the Canadian manufacturing sector, enabling analysis of the state of the Canadian economy, as well as the health of specific industries in the short- to medium-term.

In Canada, the year-over-year change in Retail sales compares the aggregated sales of retail goods and services during a certain month to the same month a year ago.

In Mexico, the overall index of economic activity measures the evolution of the real sector of the economy, in the short term, providing valuable information for decision-making.

In Mexico, the overall index of economic activity measures the evolution of the real sector of the economy, in the short term, providing valuable information for decision-making.

In Russia, interest rate decisions are taken by the Central Bank of the Russian Federation. From September 16th of 2013, the official interest rate is the one-week auction repo rate. Until September 15th of 2013, the official interest rate was the refinancing rate, which was seen as a ceiling for borrowing money and a benchmark for calculating tax payments.

In India, bank loan growth refers to the year-over-year change of the overall commercial banks credit to the economy, including food credit, non-food credit and loans, cash credit and overdrafts.

In India, deposit growth refers to the year-over-year change of the commercial banks deposits.

In India, Foreign Exchange Reserves are the foreign assets held or controlled by the country central bank. The reserves are made of gold or a specific currency. They can also be special drawing rights and marketable securities denominated in foreign currencies like treasury bills, government bonds, corporate bonds and equities and foreign currency loans.

In Russia, interest rate decisions are taken by the Central Bank of the Russian Federation. From September 16th of 2013, the official interest rate is the one-week auction repo rate. Until September 15th of 2013, the official interest rate was the refinancing rate, which was seen as a ceiling for borrowing money and a benchmark for calculating tax payments.

In the Euro Area, inflation expectations refer to the median expectations for inflation over the next 12 months and are part of the Consumer Expectations Survey published by the ECB. The results include responses from Belgium, Germany, Spain, France, Italy, the Netherlands, Ireland, Greece, Austria, Portugal, and Finland, with the poll's coverage at 96% of the euro area’s GDP and 94% of its population.

In France, the Business Climate Composite Indicator summarizes the information provided by the surveys in manufacturing, services, trade (retail and wholesale), and construction. The business climate is built from 26 balances of opinion from these surveys.

In the United Kingdom, the Retail sales report provides an aggregated measure of sales of retail goods and services over a specific time period. In the United Kingdom, Retail sales are seasonal, volatile and relatively important to the overall economy.

In the United Kingdom, the Retail sales report provides an aggregated measure of sales of retail goods and services over a specific time period. In the United Kingdom, Retail sales are seasonal, volatile and relatively important to the overall economy.

Coincident Index correlates with the business cycle, and is used to identify the current state of the economy. In general, increasing coincident index shows that the economy is in an expansion phase, and decreasing coincident index reflects that the economy is in a contraction phase. The index is calculated using month-over-month percentage changes in 11 leading indicators, 11 coincident indicators, and 6 lagging indicators.

In Japan, the Leading Composite Index consists of 12 indexes such as account inventory ratios, machinery orders, stock prices and other leading economic indicators. The index anticipates changes in the direction of the Japanese economy in the coming months. In general, increase in the index reflects that the economy is in an expansion phase, and decreasing coincident index reflects that the economy is in a contraction phase. The index is used to make official judgement on when the business cycle begins and ends.

Coincident Index correlates with the business cycle, and is used to identify the current state of the economy. In general, increasing coincident index shows that the economy is in an expansion phase, and decreasing coincident index reflects that the economy is in a contraction phase. The index is calculated using month-over-month percentage changes.

In Malaysia, the Leading Index provides early signal on the direction in which the economy is going. It is calculated based on real money supply M1, Bursa Malaysia industrial index, real total traded (eight major trading partners: Japan, USA, Germany, UK, Singapore, Thailand, China, Canada), CPI for services (inverted), industrial material price index, ratio of price to unit labor cost (manufacturing), number of housing permits approved, number of new companies registered, trend adjustment factor. The index has a base value of 100 as of 2005.

Indonesia Money Supply M2 includes M1 plus short-term time deposits in banks.

In Tokyo, the core inflation rate tracks changes in prices that consumers pay for a basket of goods which excludes prices of fresh food.

In Tokyo, the most important categories in the consumer price index are Housing (26 percent of total weight) and Food (25 percent), followed by Culture and recreation (10 percent), Transportation and communication (10 percent), Fuel, light and water charges (6 percent), Miscellaneous (5 percent), Education (5 percent), Clothes and footwear (5 percent), Medical care (4 percent), and Furniture and household utensils (3 percent).

The Primary Mortgage Market Survey (PMMS) is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. The interest rate a lender would charge to lend mortgage money to a qualified borrower exclusive of the fees and points required by the lender. This commitment rate applies only to conventional financing on conforming mortgages with loan-to-value rates of 80 percent or less.

The Federal Reserve Bank of Kansas City Survey of Manufacturers provides information on current manufacturing activity in the Tenth District (Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico, and western Missouri). The monthly survey consists of approximately 150 manufacturing plants across the district of which about 110 respond. Survey results reveal changes in several indicators of manufacturing activity including production, shipments, new orders, and employment along with changes in prices of raw materials and finished products. The diffusion index is calculated as the difference between the percentage of total reporting increases and the percentage reporting decreases.

The Federal Reserve Bank of Kansas City Survey of Manufacturers provides information on current manufacturing activity in the Tenth District (Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico, and western Missouri). The monthly survey consists of approximately 150 manufacturing plants across the district of which about 110 respond. Survey results reveal changes in several indicators of manufacturing activity including production, shipments, new orders, and employment along with changes in prices of raw materials and finished products. The diffusion index is calculated as the difference between the percentage of total reporting increases and the percentage reporting decreases.

Natural Gas Stocks Change refers to the weekly change of the natural gas supply situation.

In Canada, average weekly earnings (including overtime) refers to the gross taxable payroll (including overtime) divided by the number of employees. It is calculated for all types of employees. In general, changes in weekly earnings reflect a number of factors, including wage growth; changes in the composition of employment by industry, occupation and level of job experience; and average hours worked per week.

Continuing Jobless Claims refer to actual number of unemployed and currently receiving unemployment benefits who filed for unemployment benefits at least two weeks ago.

Durable Goods Orders Excluding Defense refer to new orders placed with manufacturers for delivery of hard goods in the future excluding defense orders.

In Turkey, Foreign Exchange Reserves refer to gross foreign exchange reserves held or controlled by the country's central bank, excluding gold.

IBRE/FGV's monthly Consumer Confidence Survey is designed to capture the sentiment of consumers about the general state of economy and their personal finances. Happy and optimistic consumers are likely to spend more; unhappy and pessimistic consumers spend less. Consumer confidence can thus operate to induce or reduce economic growth. Monitoring consumer sentiment can produce signals about future spending and saving that are useful for anticipating what will happen to the economy in the short run. The IBRE/FGV studies obtain, among other information, consumer assessments and forecasts about the local and family economic situation at the time and for the following months, employment prospects, and intentions and likelihood of buying high-value goods in the next six months. The Consumer Confidence Survey was started in 2002, and data are collected from over 2,000 informants in seven major state capitals: Belo Horizonte, Brasilia, Porto Alegre, Recife, Salvador, Rio de Janeiro, and São Paulo.

In South Africa, the Producer Price Inflation MoM measures a month-over-month change in the price of goods and services sold by manufacturers and producers in the wholesale market.

In South Africa, Producer prices change refers to year over year change in price of goods and services sold by manufacturers and producers in the wholesale market during a given period.

In Switzerland, the CS-CFA Society Economic Sentiment Index measures the level of optimism that analysts have about the expected economic developments over the next 6 months. The survey covers up to 350 financial and economic analysts. The index is constructed as the difference between the percentage share of analysts that are optimistic and the percentage of analysts that are pessimistic about the development of the economy. Therefore, the indicator measures the confidence on a scale of -100 (all analysts expect the economy to deteriorate) up to 100 (all analysts expect it to improve). A 0 value indicates neutrality.

Assessment of the Business Situation.

Expectations With Regard to Business Developments in the Next 6 Months.

In Indonesia, loan growth refers to year over year change in total value of outstanding credits of commercial banks.

Producer prices change refers to year over year change in price of goods and services sold by manufacturers and producers in the wholesale market during a given period.

In Turkey, Capacity Utilization is a measure of how much of the economy's potential output is being used.

The net data shows the difference between acquisition and disposition of long-term debt securities: a plus sign indicates net purchases of foreign securities by Japanese investors; a minus sign indicates net selling and inflows of funds into Japan. It excludes Bank of Japan.

Foreign Investments in Japanese Stocks refers to the net difference between inflow and outflow of investments in Japanese stock market by foreigners.

In New Zealand, ANZ Roy Morgan Consumer Confidence is a monthly measure of consumer confidence across New Zealand households and how this affects their spending behavior.

In Argentina, retail sales measure the annual change in the value of retail sales in shopping malls in the greater Buenos Aires area.

In the United States, the authority to set interest rates is divided between the Board of Governors of the Federal Reserve (Board) and the Federal Open Market Committee (FOMC). The Board decides on changes in discount rates after recommendations submitted by one or more of the regional Federal Reserve Banks. The FOMC decides on open market operations, including the desired levels of central bank money or the desired federal funds market rate.

Corporate Profits in Russia is balanced financial result (profit minus loss) of organizations, excluding small businesses, banks, insurance companies and budgetary institutions. Corporate Profits is cumulative value.

In Russia, industrial production measures the output of businesses integrated in industrial sector of the economy. Manufacturing is the most important sector and accounts for 55 percent of total production. The biggest segments within manufacturing are: metallurgy (9.6 percent); coke and refined petroleum products (9.5 percent); food beverages and tobacco (8.4 percent); chemicals (4 percent); machinery and equipment (3.8 percent); transport (3.7 percent) and electrical equipment (3.4 percent). Mining and quarrying accounts for 35 percent, and natural gas and crude oil exploration represents 29 percent of total output. Also, electricity, gas and water supply accounts for 11 percent.