Definition of Key Financial / Economic Reports

CPI
The Consumer Price Index (CPI) is a measurement of the average change over time in the price paid by urban consumers for a market basket of consumer goods and services. The CPI provides a way for consumers to compare the market basket of goods and services.

RPI
The Retail Price Index (RPI) is the main national measurement of inflation in the United Kingdom. The survey is conducted by the Office for National Statistics and measures the average change in prices of goods and services purchased by most households in the United Kingdom. The Index is compiled using a large representative selection of more than 600 separate goods and services for which price movements are regularly measured in 146 areas throughout the country. Some 120,000 price quotations are used each month in compiling the index.

PPI
The Producer Price Index is a family of indexes that measures the average change over time in the selling prices received by domestic producers of goods and services. PPIs measure price changes from the perspective of the merchant. This diverges with other measurements, such as the Consumer Price Index (CPI), which measures price change from the purchaser's perspective. Sellers and purchasers prices may differ due to government subsidies, sales and excise taxes, and distribution costs.

Non-Farm Payrolls
The established payroll survey, known as the Current Employment Statistics (CES) survey, is submitted to a monthly sample of nearly 400,000 businesses nationwide. The primary statistics derived from the survey are monthly estimates of employment, hours, and earnings for the Nation, States, and major metropolitan areas. Preliminary national estimates for a given reference month are typically published on the first Friday of the following month, in conjunction with data derived from a separate survey of households, the Current Population Survey (CPS). The CPS is the source of statistics on activities of labour force, including unemployment and the Nation's unemployment rate.

Productivity
Productivity is a measurement of economic efficiency that shows how economic inputs are effectively converted into output. Productivity is measured by comparing the amount of goods and services produced with the inputs, which were used in production. Labour productivity is the ratio of the output of goods and services to the number of laboured hours spend in the production of that output.

Retail Sales
Retail Sales is a monthly report published by the bureau of Census and reports the total receipts of retail stores.

GDP=PIB
Production of goods and services produced by work and property in the United States. Statistics of growth published quarterly.
The US GDP breaks up as follows:
Consumer expenditure of households
Real Estate Investments
Companies Investment
Governmental expenditure
Trade balance
Stocks variation

ISM/NAPM
Monthly survey published by the national association of the directors of purchases to measure the activity in the manufacturing industry sector. The index readings of above 50 indicate the expansion of the sector or the growth of the activity, whereas the readings below 50 indicate its contraction. This survey also relates to ten components (paid prices, production, new orders, order books, suppliers, stocks, employment, export orders and exports), results of independent questions. The ISM is not the average of these components but the activity full indicator.

ISM non-manufacturing (ISM services)
Like the manufacturing ISM but related with the services sector (75% of the GDP). Published two days after the manufacturing ISM. Because of its "youth" (created in 1997), its effectiveness, and its relevance are considered less than those of the manufacturing ISM.

CIPS
The Chartered Institute of Purchasing & Supply (CIPS) is an international organization, based in the United Kingdom that serves the purchasing and supply profession. Each month, the organization conducts three major surveys covering the manufacturing, construction, and service sectors of the British economy. Based on the results of these surveys, CIPS allocates a measurement reading for each item. A reading over 50.0 indicates expansion or improvement in the item whereas a reading below 50.0 suggests a reduction in the item measured.

IFO
The IFO Research Institute is a quasi-German government economic forecasting agency. Each month, the IFO publishes a survey measuring West and East German business confidence levels. Based on the results of surveys, the IFO assigns a reading based on a 100-point index. A reading above 100 suggests that the majority of firms surveyed hold a positive view regarding the item being surveyed while a reading below 100 indicates that the majority of firms are not positive about the items surveyed.

Industrial Production & Capacity Utilization
Index that measures fixed output of a region's factories, mines, and utilities.

Employment Cost Index
The ECI measures changes in labour costs for wages and salaries along with non-cash fringe benefits in non-farm private industry and state and local governments.

Personal Income and Consumption Expenditures
Personal Income represents compensations that individuals receive from all sources including wages and salaries, dividends and interests, and transfer payments. Consumption expenditures represent the market value of all goods and services purchased by individuals.

Merchandise Trade Balance
The trade balance is the difference between the value of merchandise being exported and imported into a particular country.

Durable Goods
A measurement of new orders for factory goods. A durable good is any product that is expected to be in service for at least three years.

Philadelphia Fed Index
Index of manufacturing activity in the area of Philadelphia, the 2nd regional monthly indicator published, a few days after the Manufacturing Empire. Here too a positive figure reflects a growth of the activity and a negative figure a decline.

Index of consumer confidence of the University of Michigan
Measures the degree of consumer confidence. Preliminary estimates published on the 2nd Friday of the month and carried out from approximately 300 questionnaires. Final figures are published on the last Friday of the month, with 5 0000 questioned consumers. Two components are published with the total index: consumer anticipations and their current feelings.

Trade Balance
Difference between exports and imports of goods and services, in BN $. Monthly Statistic.

Current Account Balances
Difference between the incoming and outgoing payments of the United States, the exportations/importations plus income transfers in Mds $. The balance mechanically corresponds to the opposite of the balance of the capital, the difference between the flow of capital entering the United States and the flow outgoing. Quarterly Statistics.

TICS or Net Foreign Security Purchases
(Nets Purchases of titles in the United States by foreigners) Reflects the requests from abroad for titles (stock actions, Treasury obligations, Agencies and corporate) in the United States. Monthly Statistic.

Initial Jobless Claims
A report issued weekly that tracks how many people have filed for unemployment benefits in the previous week.
Taking into account the growth of the working population, a figure lower than 400 000 is supposed to correspond to job creations in queried companies. Between 300 000 and 350 000, the number of job creations rises, in tendency, with more or less 200 000.

Consumer Credits
Monthly Variation of consumer credits (revolving and non-revolving), in Mds $.

New Home Sales
15% of the monthly sales of residences. Published in annualized rate/rhythm. Monthly periodicity.

Housing Starts
Advanced indicator of the sales of new residences. Published in annualized rate/rhythm. Monthly frequency.

Building Permits
Advanced indicator of operational start-ups. Published in annualized rate/rhythm. Monthly periodicity.

Existing Home Sales
85% of the monthly sales of residences. Published in annualized rate/rhythm. Monthly periodicity.

Leading Indicator
Monthly compound indicator of ten economic statistics (average duration of work, unemployment claims, orders of consumer goods, delivery periods, orders of durable goods except defence, building permits, S&P 500, money supply m2, spread of rate 10 years Treasury/Fed Funds, consumer anticipations) which is meant to anticipate the performance of the US economy. In annual slip, the advanced indicator is built to anticipate, through a 3 to 6 months period, the evolution of the GDP in annual slip. In addition, 3 consecutive monthly variations of the index in the same direction are considered to mark a trend in growth variation.

Minutes of the FOMC meeting
Summary of the discussions held during the meeting of the FOMC, with details of the concerns of various members of the committee. Published three weeks after the meeting of the FOMC (or approximately 3 weeks before the next FOMC). Allows an enhanced anticipation of the decisions taken during the next FOMC.

Beige Book
Compilation of the reports/ratios of the EDF regional on the economic activity in their district, published approximately every 6 weeks, and also used as a working focal point during the following FOMC.

Wholesale Inventories
Variation of wholesaler stocks. At the same time the sales are also published. An increase of stocks accompanied by an increase of sales is, in general, positive; wholesalers increase stock in view of an increase in sales. An increase of stocks accompanied with a decrease of sales is, in general, negative; the increase of stocks wasn't desired but had its consequences. An increase of sales and a decrease of stocks generally reflects a non-anticipated growth of the request.

Business inventories
Variation of wholesaler stocks, retailers, and manufacturing companies. Same conclusions than for wholesaler stocks.

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