Top 5 Economics Graphs of the Week - 18 December 2010

This week we review inflation data from the US and the EU. Also examined is Japan's influential Tankan business sentiment survey, and a check in on US housing starts. Finally we sum up with a look at some of the many monetary policy decisions from the past week.

1. US Inflation
The US recorded a 1.1% y/y headline rate of inflation in November (vs 1.2% in October), and core inflation of 0.7% (vs 0.6% in October). So overall a pretty ho-hum result, inflation at the consumer level is still quite subdued despite inflation pressure beginning to rise at the producer level; particularly in commodities. So the case remains that the Fed still has its work cut out in terms of spurring up inflation - but the question is, when will the new worry of inflation rather than deflation come about? this is one to watch carefully.

2. EU Inflation
Over in the EU, inflation rates were unchanged between October and November, with the EU rate at 2.3%, and the Euro-Area headline rate at 1.9% and the Euro-Area core rate was 1.1%. The same old story of significant diversity across the region applied with the highest rate of 7.7% recorded in Romania, and the lowest rate -0.8% in Ireland. And so the Euro experiment continues, inflation will likely gradually pick up over the next year, provided that the economic recovery doesn't get derailed (and there are a few risks floating around).

3. Japan Tankan
The influential business sentiment survey, the Tankan all companies index had fell to -11 from -10. Large manufacturers declined to 5 from 8, and large non-manufacturers fell to 1 from 2. Small manufacturers improved to -12 from -14 and small non-manufacturers fell to -22 from -21. Thus overall the results were relatively negative, reflecting the challenging economic conditions in Japan. Companies are finding the dual effects of fading stimulus and a stronger Yen to be having a negative impact.

4. US Housing Starts
Housing starts in the US were basically flat again, recording 0.555m vs consensus 0.550m, and previous 0.519. So the results look kinda good, but in a time series (as in the chart below) it's clear the market is still just muddling along. The only real good news out of this piece is that at least it didn't get worse, i.e. there appears to be some stabilizing.

5. Monetary Policy Review
In the past week the central banks of Sri Lanka, US, Hong Kong, Norway, Namibia, Sweden, Botswana, Egypt, Switzerland, India, Poland, Turkey, Chile, Columbia all met to review monetary policy settings. There were a few movements in interest rates with those to tighten being: Sweden +25bps and Chile +25bps, while those that dropped rates were: Namibia -75bps, Botswana -50bps, and Turkey -50bps. While the rest held steady, and the US made no alterations to its quantitative easing program.

Summary

So we saw inflation basically flat-lining in the US for now, over in the EU inflation appears to be gradually picking up but risks remain. Japan saw less than exciting results in the Q4 reading of the Tankan survey, and the US saw flat housing starts as the housing market appears to be stabilizing somewhat. On the monetary policy front we saw a couple tighten, a few drop, and most hold steady as monetary policy becomes more de-synchronized as the global recovery also becomes more de-synchronized.

Sources
1. US Bureau of Labour Statistics www.bls.gov
2. Eurostat epp.eurostat.ec.europa.eu
3. Bank of Japan www.boj.or.jp
4. US Census Bureau www.census.gov
5. CentralBankNews.info www.centralbanknews.info

Article source: http://www.econgrapher.com/top5graphs18dec.html

Japan Tankan Weakens - Double Dip?

The Bank of Japan just released the quarterly Tankan survey of business sentiment; revealing the all companies index had fallen to -11 from -10. Large manufacturers declined to 5 from 8, and large non-manufacturers fell to 1 from 2. Small manufacturers improved to -12 from -14 and small non-manufacturers fell to -22 from -21. Thus overall the results were relatively negative, reflecting the challenging economic conditions in Japan. Companies are finding the dual effects of fading stimulus and a stronger Yen to be having a negative impact.


So the question is, what does this mean? Does this herald a double dip for the Japanese economy? Well growth could well be negative in Q4, but in terms of a second recession, there is the possibility. But the Bank of Japan and the government may well react to worsening data like this by pumping in more money, or undertaking other stimulatory moves such as reducing the corporate tax rate. But with the worsening data it's little wonder that Japanese stock market valuations are below historical averages. For those that are fans of mean reversion, there is the caution that these are not normal times. But if the government and bank of Japan can get it right, and the tides go in favor of Japan, then Japanese equities could be worth considering.

Sources
Econ Grapher Analytics www.econgrapher.com
Bank of Japan www.boj.or.jp

Article Source: http://www.econgrapher.com/15dec-japan.html

Economic Calendar - 11 December 2010

Here's the Economic Calendar for the week commencing the 12th of December 2010. This week China dominates the data again, with the monthly main economic indicators on Monday, Money supply and lending on Wednesday, and FDI on Thursday. The Fed meeting is also on this week, and on that note CPI, PPI and capacity utilisation data for the US is also due out. There's also the Swiss National Bank interest rate decision and Japan's quarterly Tankan survey.

(More commentary follows the table)

Date	GMT	Country/ Currency	Event	Forecast	Previous
SUN	02:00	CNY	Producer Price Index (YoY) (NOV)	5.10%	5.00%
SUN	02:00	CNY	Consumer Price Index (YoY) (NOV)	4.70%	4.40%
SUN	02:00	CNY	Retail Sales (YoY) (NOV)	18.60%	18.60%
SUN	02:00	CNY	Industrial Production (YoY) (NOV)	13.00%	13.10%
SUN	02:00	CNY	Fixed Assets Inv Urban YTD YoY (NOV)	24.40%	24.40%
MON	13:30	CAD	Capacity Utilization Rate (3Q)	75.80%	76.00%
MON	21:00	NZD	REINZ Housing Price Index MoM% (NOV)		-0.90%
MON	21:45	NZD	Retail Sales (MoM) (OCT)	-0.80%	1.60%
MON	21:45	NZD	Retail Sales Ex-Auto (MoM) (OCT)	-1.00%	1.60%
MON	04:30	JPY	Industrial Production (YoY) (OCT F)
MON	04:30	JPY	Industrial Production (MoM) (OCT F)		-1.80%
MON	04:30	JPY	Capacity Utilization (MoM) (OCT F)		-1.10%
TUE	06:30	EUR	French Consumer Price Index (YoY) (NOV)	1.60%	1.60%
TUE	09:30	GBP	Consumer Price Index (MoM) (NOV)	0.30%	0.30%
TUE	09:30	GBP	Consumer Price Index (YoY) (NOV)	3.20%	3.20%
TUE	09:30	GBP	Core Consumer Price Index (YoY) (NOV)	2.70%	2.70%
TUE	10:00	EUR	Euro-Zone Industrial Production w.d.a. (YoY)	7.60%	5.40%
TUE	10:00	EUR	Euro-Zone Industrial Production s.a. (MoM)	1.30%	-0.80%
TUE	13:30	USD	Producer Price Index (MoM) (NOV)	0.50%	0.40%
TUE	13:30	USD	Producer Price Index (YoY) (NOV)	3.30%	4.30%
TUE	13:30	USD	PPI Ex Food & Energy (YoY) (NOV)	1.20%	1.50%
TUE	13:30	USD	Advance Retail Sales (NOV)	0.60%	1.20%
TUE	13:30	USD	Retail Sales Less Autos (NOV)	0.70%	0.40%
TUE	13:30	USD	Retail Sales Excluding Auto & Gas (NOV)	0.60%	0.40%
TUE	19:15	USD	FOMC Rate Decision	0.25%	0.25%
TUE	23:50	JPY	Tankan Large Manufacturers Index (4Q)	3.00	8.00
TUE	23:50	JPY	Tankan Non-Manufacturing Index (4Q)	0.00	2.00
TUE	23:50	JPY	Tankan Large Manufacturers Outlook (4Q)	0.00	-1.00
TUE	23:50	JPY	Tankan Non-Manufacturing Outlook (4Q)	-3.00	-2.00
TUE	23:50	JPY	Tankan Large All Industry Capex (4Q)	2.60%	2.40%
TUE	02:00	CNY	Conference Board China Leading Index
WED	05:00	CNY	Money Supply - M0 (YoY) (NOV)		16.60%
WED	05:00	CNY	Money Supply - M1 (YoY) (NOV)	21.60%	22.10%
WED	05:00	CNY	Money Supply - M2 (YoY) (NOV)	19.20%	19.30%
WED	05:00	CNY	New Yuan Loans (NOV)	550.0B	587.7B
WED	09:30	GBP	Jobless Claims Change (NOV)	-3.0K	-3.7K
WED	13:30	USD	CPI Ex Food & Energy (YoY) (NOV)	0.60%	0.60%
WED	13:30	USD	Consumer Price Index (YoY) (NOV)	1.10%	1.20%
WED	14:15	USD	Capacity Utilization (NOV)	75.0.%	74.80%
WED	14:15	USD	Industrial Production (NOV)	0.30%	0.00%
THU	05:00	CNY	Actual FDI (YoY) (NOV)	10.80%	7.90%
THU	08:15	CHF	Industrial Production (YoY) (3Q)	5.00%	7.80%
THU	08:30	CHF	Swiss National Bank Rate Decision	0.25%	0.25%
THU	09:00	EUR	Italian Consumer Price Index (YoY) (NOV F)	1.80%	1.80%
THU	09:30	GBP	Retail Sales (YoY) (NOV)	1.40%	1.20%
THU	09:30	GBP	Retail Sales with Auto Fuel (YoY) (NOV)	0.70%	-0.10%
THU	10:00	EUR	Euro-Zone CPI - Core (YoY) (NOV)	1.10%	1.10%
THU	10:00	EUR	Euro-Zone Consumer Price Index (YoY)	1.90%	1.90%
THU	13:30	USD	Housing Starts (NOV)	550K	519K
THU	13:30	USD	Building Permits (NOV)	558K	552K
THU	13:30	USD	Current Account Balance (3Q)	-$126.0B	-$123.3B
THU	13:30	USD	Housing Starts (MoM) (NOV)	6.00%	-11.70%
THU	13:30	USD	Housing Starts (NOV)		519K
FRI	10:00	EUR	Euro-Zone Trade Balance (euros) (OCT)	2.5B	2.9B
FRI	10:00	EUR	Euro-Zone Construction Output (YoY) (OCT)		-8.10%
FRI	15:00	USD	Leading Indicators (NOV)	1.10%	0.50%

As noted China dominates this week, first up is the main economic indicators for November; CPI inflation is expected to come in at 4.70% and given the People's Bank of China raised the RRR again on Friday it will probably be a high figure. Also out is retail sales, industrial production, and fixed asset investment - all expected to come in at similar levels to October. On the monetary stats, M2 & M1 are both expected to grow around 20%, and new loans is likely to come in over 500 billion yuan, pushing through the 7.5 trillion quota. Foreign direct investment is also expected to pick up.

Over to the US, the FOMC meets on Tuesday and there shouldn't be any surprises, as always keep a close eye on what they say, especially around alterations to quantitative easing. Inflation is expected to slow further to 1.1% yoy, on a CPI basis with core flat, on a PPI basis consensus is for further drops, and capacity utilisation likely little changed. So the challenge of raising inflation remains for the Fed, should they be doing more?

Elsewhere, the Tankan survey from Japan will be one to catch as a good gauge on how the Japanese economy is tracking through the 4th quarter. Other notables are UK CPI (expect flat), EU industrial production (slight pick up), US retail sales (core up), Swiss National Bank (no change), US housing starts (slight improvement), and a handful of others (see the table above).

So as always, have a great week, watch out for surprises, and stay tuned for updates...

Sources
DailyFX www.dailyfx.com/calendar
Forex Pros www.forexpros.com/economic-calendar/
Forex Factory www.forexfactory.com/calendar.php
Bloomberg www.bloomberg.com
+various statistics websites and central bank websites for verification

Article Source: http://www.econgrapher.com/12dec-calendar.html

Top 5 Economics Graphs of the Week - 2 October 2010

This week we review the apparent rebound in the Chinese manufacturing sector, followed by a look at the quarterly Tankan survey results from Japan. Then we look at the US PMI results which show grim signs; as do the housing and confidence figures. Finally we wrap up with a look at some other statistics from Japan in this top 3 economies of the world version of the top 5 graphs of the week.

1. China PMI: Continued Rebound
China saw a continued rebound in its manufacturing sector, as indicated by the PMI results which had the official index rising to 53.8 from 51.7 in August, and the HSBC index also rising from 51.9 to 52.9. The rebound in the main index is a promising sign, indeed the new orders index rose to 56.3 from 53.1 while the export-order index rose only to 52.8 from 52.2. Also of note in the data was the rise in the input price index component, which rose to 65.3 from 60.5. Seasonal factors aside (it is supposed to be seasonally adjusted), i.e. filling orders for Christmas, the results show an end to the drop in the index, and possibly a new revival as the Chinese economy continues to expand and personal incomes rise.

2. Japan Tankan: Gradual Recovery
Another positive, but somewhat less so, was the Tankan September quarter survey results from Japan. The overall index improved to -10 from -15 in the 2nd quarter this year. Into the detail, the standout was medium-sized manufacturers, who saw a 10 point rise from -6 to positive 4, similarly, large manufacturers solidified their recovery, adding 7 points to positive 8. So in that negatives were getting less negative, and prospects were improving for the 3rd quarter, it was a good result. However the December 2010 forecast figures were much less optimistic, with most firms expecting a reasonably deterioration in conditions. So the story is basically, small improvement, outlook not great.

3. US PMI: Grim Signs
The US also released its PMI results this week, showing what appears to be a continued turn in prospects. If you recall, there was a time when people were asking "what will happen when the inventory cycle and stimulus runs out?" and here's your answer, not a whole lot really for the US. The PMI index fell from 56.3 to 54.4 with the only real strength coming from an increase in the prices sub-index from 61.5 to 70.5, a significant increase - stagflation anyone? All the other indexes that you usually want to see rise didn't, so not a great result from the US.

4. US Housing and Confidence
Staying with the US, and thinking about gloomy economic prospects, there's the US housing market and consumer confidence data details that came out this week. The US housing market continued to flat-line (no surprises there), and will likely do so for an extended period. Meanwhile the US consumer also basically flat-lined, if not deteriorated a little. The Conference Board Consumer Confidence index came out much worse than expected at 48.5 vs 53.5 in August, the present situation index decreased to 23.1 from 24.9 and the expectations index fell to 65.4 from 72 in August. So overall, while it's still not panic time, things are just not good, and they will continue to muddle along because of the damage caused by the excesses everyone got into that caused the financial crisis.

5. Japan Inflation and Unemployment
Back to Japan, there was some slight improvements in the inflation and employment situation with the unemployment rate dipping to 5.1% from 5.2%, and the deflation rate improving slightly to -1.0% from -1.1% in July. So onward with the gradual export driven recovery in Japan - "Yentervention" or not. So it seems that some progress might be getting through from the Bank of Japan in its desperate struggle to stem deflation and stimulate the economy, but there are still serious challenges for the Japanese economy, at least it has China as its neighbor and trade partner, otherwise, muddle along too.

Summary

This week we looked at the 3 largest economies as they release indicators on the prospects of their manufacturing and business sectors. China showed pretty good results all round, Japan showed slight improvement, and the US did not impress with its PMI results. The story of continued economic growth (catch up) and expansion in China remains intact, and the story of a long hard slog in the US and Japan also remains intact.

Japan and the US are the real spots to watch as the global recovery unfolds, though emerging markets are coming up fast and strong, it is these two pillars of stability that will drive or fail to drive much of the growth in the near term. Unfortunately things are still subdued in the US as it goes through the muddle ages of the recovery, and even Japan is showing potential warning signs of a double-dip.

Go emerging markets, hang in there developed markets...

Sources
1. CFLP www.chinawuliu.com.cn & Markit/HSBC www.markiteconomics.com & Yahoo Finance finance.yahoo.com
2. Bank of Japan www.boj.or.jp
3. Institute for Supply Management www.ism.ws
4. Standard & Poors www.standardandpoors.com & Conference Board www.conference-board.org
5. Trading Economics www.tradingeconomics.com

Article Source: http://www.econgrapher.com/top5graphs2oct.html

Top 5 Graphs of the week - 4 July 2010

In this edition we look at the PMI numbers for China, and the US, and review the results of the quarterly Tankan in Japan. We then look more closely at some of the other data points out of the US last week; the Case-Shiller house price index, consumer confidence, and of course nonfarm payrolls.

1. China PMI
China showed further signs of slowing down following the moves by the authorities to prevent asset bubbles. The official CFLP index registered at 52.1, down both against consensus estimates (Reuters) 53.1, and the May figure of 53.9. The HSBC index (which surveys 400 businesses, and is more weighted to smaller/privately owned businesses than the CFLP index) confirmed the direction; down to 50.4 vs 52.7 in May. So these figures potentially point to a slowdown in the manufacturing sector, but will the other sectors of the Chinese economy offset the slowdown? will rising wages help lift consumption? The next big regular data release is due on the 15th of July, and will provide a timely update.


2. Japan Tankan
Japan saw further tentative signs of improvement with the release of the quarterly Bank of Japan Tankan survey. The June quarter reading for large manufacturers broke into positive territory at 1 (consensus was -4), vs -14 in the March quarter, and much improved from the low of -58 in March 2009. Large non-manufacturing firms improved to -5 from -14; but smaller firms showed a slower improvement and are still negative (manufacturers -18, non-manufacturing -26), while the total index jumped to -15 from -24. The overall trend has been for a gradual improvement following the tremendous drop-off during the crisis as international trade fell off a cliff. The Japanese economy still faces the significant challenges of deflation and a large fiscal deficit/government debt problem, but at least some positive signs are emerging.


3. US PMI
The US manufacturing PMI came in well under consensus at 56.2 vs an expected 59, and down sharply from 59.7 in May. The drop was notable in several key areas e.g. new orders down -7.2 to to 58.5, production down -5.2 to 61.4, and exports down -6 to 56. Though the index is still in expansionary territory the drop is possibly cause for concern. But the most notable decrease was in the prices index, down 20.5 points to 57, with 18% (vs 5%) reporting lower prices, 50% (vs 35%) reporting prices staying the same, and 32% (vs 60%) reporting higher prices. So on a net basis people are still seeing price rises (32%-18% = 14%). The prices drop is interesting from an inflation standpoint and a signaling standpoint; i.e. demand < supply.


4. US Housing and Confidence
Another figure to take a dive in June was US consumer confidence, showing a reading of 52.9 vs consensus 63.3, and down sharply on the May reading of a downward revised 62.7, as consumers adjusted their views slightly on the back of a still tepid jobs market. House prices didn't really give too much respite either - April was skewed up due to stimulus measures. The 20-city composite index was up 0.4% month on month, and 4% year on year. This is still an area of vulnerability as the potential for further defaults rise given the tough conditions (as confirmed by the confidence numbers), and slow or no income growth puts a cap on demand. It's likely that further stimulus measure will be put in place to support the housing market.


5. US Nonfarm Payrolls
And to cap off the week US nonfarm payrolls did nothing to ease the pain of the consumer confidence and PMI numbers. Payrolls fell by -125k in June, vs a revised gain of 433k in May. Digging below the census hiring distortion the private sector added 83k jobs, vs consensus for 105k, and previous 41k. So the real results are not too bad, the theme is basically further normalisation, and is consistent with other signs of a gradual rise in activity (note how the PMI fell, but it was still indicating expansion). The volatile unemployment rate metric also fell slightly to 9.5% from 9.7% in May. So how do you read this and the other US data results? Basically the recovery is continuing, but remember - it was a serious crisis and a deep recession, so the recovery is going to be hard work.


Summary

So in the last week we saw the Chinese PMI fall further, and the US PMI showing disappointing results; but with both indexes still in expansionary territory. We saw Japanese large manufacturers barely beat off pessimism enough to break into a reading of 1. But with much of the index still in negative territory.

Meanwhile the rest of the US data failed to give any real cause for comfort, confidence was down significantly, the housing market wasn't really doing anything, and headline jobs were lost, but with the private sector still adding a few jobs.

Overall, all of the data-points are consistent with a tough, gradual, and fragile economic recovery. They did not point to any gains in momentum, but they didn't really give any cause for panic either. The data continues to confirm that we've just dodged a bullet, faced with the worst financial crisis to date, and a deep and structural recession meaning it's going to be a long hard road to a full and meaningful economic recovery.

Sources:
1. National Bureau of Statistics www.stats.gov.cn & CFLP www.chinawuliu.com.cn & Markit/HSBC www.markiteconomics.com
2. Economic and Social Research Institute (Japan) www.esri.cao.go.jp
3. Institute for Supply Management www.ism.ws
4. The Conference Board www.conference-board.org & Standard & Poor's www.standardandpoors.com
5. Bureau of Labour Statistics www.bls.gov

Article Source: http://www.econgrapher.com/top5graphs4jul.html

Top 5 Graphs of the Week - 3 April 2010

After a few weeks of absence, and back by popular demand, here's the top 5 graphs of the week. This week we look at the Asian powerhouses; China's PMI, Japan's influential quarterly Tankan survey and February international trade stats. Then we look at the western powers with EU unemployment and inflation, and a review of the US employment numbers.

To boil it down a little, there's further signs of strength and improvement in China, slightly positive signs in Japan's slow and fragile recovery; ominous signs in the EU with inflation and unemployment rising; and a positive result in the US employment figures even spurring some to call an official end to the recession...

1. China PMI signals a robust manufacturing sector
The Chinese economy showed signs of further strengthening with the release of the March PMI; the official CFLP figure was 55.1, up from 52 in Feb. The figure was in line with estimates, and in the same direction as the HSBC PMI index (57 vs 55.8). The positive figure in some ways confirms the reversal of some stimulus measures thus far and will likely add justification to further removal of stimulus as concerns of overheating certainly trump concerns about the strength of the economy. It may even add to the case of moving on the CNY, which is likely to occur this year - perhaps sometime around mid-year.

2. Japan Tankan survey shows firms less pessimistic
The Tankan survey showed Japanese firms had become significantly less pessimistic about business prospects and the state of the Japanese economy in the March quarter this year. This was especially evident in large manufacturers; obviously much of the improvement is driven by a recovery in trade (see the next chart), with demand from China and inventory rebuilding throughout the world. Japan's economy is very much reliant on international demand because the pesky consumers just wont spend, but that's OK because trade is starting to pick up again. But the facts are there is still the big fiscal and deflation challenges besetting Japan.

3. Japan International Trade continues its slow recovery
As mentioned Japanese trade volumes in both imports and exports have started a slow recovery (much slower than what the Chinese have experience on both imports and exports). In February exports were up 45% year on year (though the comparator figure was the worse in about 5 years or so). Japan has also begun persistently turning trade surpluses since Feb last year. Japan benefits in this area from the fact that much of its key exports are electronics etc, i.e. much of the kinds of things that are impacted by inventory re-stocking; but at the same time are vulnerable to drop-offs in global (US) consumption.

4. EU Inflation and Unemployment both rising
Over in the EU, the week saw inflation and unemployment figures released. Unemployment crept up from 9.9% in Nov through Jan to 10% in February. Likewise annual headline CPI inflation climbed to 1.5% from 0.9% in February; continuing a cyclical resurgence in inflation. As I've mentioned in other articles, the EU economic recovery is one that is very much mixed and fragile. Within the results there are some countries with much worse figures (e.g. Spain), but anyway, rising unemployment and inflation is generally not a good thing. But to be fair there are some bright spots in the EU - so the message is that you can still invest there, but you need to pick and choose between individual member states.

5. US Nonfarm Payrolls finally show genuine improvement
Now for the data point that spurred the NBER's Hall to proclaim the US recession over. US Nonfarm payrolls came in up 162k in March (this lines up with comments I noted a few days ago), against -14k in February, and consensus of 184k. The unemployment rate was reported at 9.7%, the same as February, and consensus estimates. Overall this was a pretty positive result, sure the number could have been higher, but some genuine and significant job growth has been a long time coming (especially if you note all the down pink bars below). Is the US recession over? still a big call but, I guess I'd be comfortable with saying that the first part of it is. From here there are a few scenarios that could unfold.

Summary
Starting with Asia; the power house of Asian economic growth, China, showed it's manufacturing sector was alive and kicking with strengthening PMI figures. But at the same time it will likely herald further stimulus withdrawal measures - which is actually positive for longer term growth prospects. In Japan pessimism is abating, but still present; the recovery in international trade and the inventory cycle are blessings for Japan's export oriented economy. Meanwhile it's still struggling on with its fiscal deficit and debt problems and the persistent deflation problem.

In the western world the EU is muddling through a fragile and uneven recovery, and the recent data shows unemployment still at high levels and climbing; at the same time headline inflation is tracking higher (though there are short-term cyclical factors affecting this). Meanwhile in the US the positive employment results give hope for further improvement in what is still the worlds largest economy. And with that it's probably safe to say that - at least for now - the US recession is over.

Sources
1. CFLP: www.chinawuliu.com.cn & Markit/HSBC: www.markiteconomics.com
2. Bank of Japan: www.boj.or.jp
3. Japan External Trade Organization www.jetro.go.jp
4. Eurostat: ec.europa.eu/eurostat
5. Bureau of Labour Statistics: www.bls.gov

Article Source: http://www.econgrapher.com/top5graphs3apr.html