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Figure 1: Growth Rate of Output

Date Emerging market economies (4-quarter percent change) Advanced economies (4-quarter percent change)
2005Q1 6.77 2.27
2005Q2 6.93 2.41
2005Q3 7.13 2.56
2005Q4 7.51 2.59
2006Q1 8.15 2.89
2006Q2 7.90 2.93
2006Q3 7.91 2.53
2006Q4 7.82 2.78
2007Q1 8.52 2.46
2007Q2 8.88 2.39
2007Q3 8.70 2.55
2007Q4 8.82 2.31
2008Q1 8.11 1.88
2008Q2 7.20 1.08
2008Q3 6.19 -0.20
2008Q4 2.95 -2.59
2009Q1 0.55 -4.81
2009Q2 1.38 -4.55
2009Q3 3.18 -3.50
2009Q4 5.97 -0.90
2010Q1 8.62 1.97
2010Q2 8.49 2.55

Note: Aggregates weighted by shares of gross domestic product valued at purchasing power parity. Advanced economies consist of Australia, Canada, the euro area, Japan, Sweden, Switzerland, the United Kingdom, and the United States. Emerging market economies consist of Argentina, Brazil, Chile, China, Colombia, Hong Kong, India, Indonesia, Israel, Malaysia, Mexico, the Philippines, Russia, Saudi Arabia, Singapore, South Korea, Taiwan, Thailand, and Venezuela.

Source: Country sources via Haver; International Monetary Fund; Federal Reserve Board staff calculations.

Figure 2: Level of Output

Date Emerging market economies (2005:Q1 = 100) Advanced economies (2005:Q1 = 100)
2005Q1 100.00 100.00
2005Q2 101.78 100.65
2005Q3 103.66 101.37
2005Q4 106.00 101.92
2006Q1 108.15 102.89
2006Q2 109.82 103.60
2006Q3 111.86 103.94
2006Q4 114.28 104.76
2007Q1 117.36 105.42
2007Q2 119.58 106.08
2007Q3 121.59 106.59
2007Q4 124.37 107.17
2008Q1 126.88 107.40
2008Q2 128.19 107.22
2008Q3 129.12 106.37
2008Q4 128.03 104.39
2009Q1 127.57 102.24
2009Q2 129.96 102.34
2009Q3 133.23 102.65
2009Q4 135.68 103.46
2010Q1 138.57 104.25
2010Q2 140.99 104.95

Note: Aggregates weighted by shares of gross domestic product valued at purchasing power parity. Advanced economies consist of Australia, Canada, the euro area, Japan, Sweden, Switzerland, the United Kingdom, and the United States. Emerging market economies consist of Argentina, Brazil, Chile, China, Colombia, Hong Kong, India, Indonesia, Israel, Malaysia, Mexico, the Philippines, Russia, Saudi Arabia, Singapore, South Korea, Taiwan, Thailand, and Venezuela.

Source: Country sources via Haver; International Monetary Fund; Federal Reserve Board staff calculations.

Figure 3: U.S. Real GDP

Date U.S. Real GDP (Percent change, annual rate)
2005Q1 4.05
2005Q2 1.72
2005Q3 3.08
2005Q4 2.08
2006Q1 5.35
2006Q2 1.45
2006Q3 0.10
2006Q4 2.96
2007Q1 0.88
2007Q2 3.24
2007Q3 2.27
2007Q4 2.89
2008Q1 -0.73
2008Q2 0.60
2008Q3 -4.00
2008Q4 -6.77
2009Q1 -4.87
2009Q2 -0.70
2009Q3 1.60
2009Q4 5.01
2010Q1 3.73
2010Q2 1.72
2010Q3 2.01

Note: GDP is gross domestic product.

Source: Bureau of Economic Analysis.

Figure 4: U.S. Labor Market

Date Long-term unemployment rate (Percent)* Unemployment rate (Percent)
2005M01 1.12 5.30
2005M02 1.10 5.40
2005M03 1.13 5.20
2005M04 1.09 5.20
2005M05 1.03 5.10
2005M06 0.93 5.00
2005M07 0.94 5.00
2005M08 0.93 4.90
2005M09 0.95 5.00
2005M10 0.95 5.00
2005M11 0.90 5.00
2005M12 0.92 4.90
2006M01 0.78 4.70
2006M02 0.90 4.80
2006M03 0.88 4.70
2006M04 0.88 4.70
2006M05 0.88 4.60
2006M06 0.77 4.60
2006M07 0.86 4.70
2006M08 0.85 4.70
2006M09 0.81 4.50
2006M10 0.70 4.40
2006M11 0.74 4.50
2006M12 0.71 4.40
2007M01 0.75 4.60
2007M02 0.80 4.50
2007M03 0.82 4.40
2007M04 0.79 4.50
2007M05 0.73 4.40
2007M06 0.76 4.60
2007M07 0.85 4.60
2007M08 0.80 4.60
2007M09 0.82 4.70
2007M10 0.83 4.70
2007M11 0.88 4.70
2007M12 0.87 5.00
2008M01 0.92 5.00
2008M02 0.85 4.80
2008M03 0.87 5.10
2008M04 0.90 5.00
2008M05 1.01 5.40
2008M06 1.02 5.50
2008M07 1.11 5.80
2008M08 1.18 6.10
2008M09 1.30 6.20
2008M10 1.46 6.60
2008M11 1.44 6.90
2008M12 1.69 7.40
2009M01 1.72 7.70
2009M02 1.92 8.20
2009M03 2.12 8.60
2009M04 2.45 8.90
2009M05 2.60 9.40
2009M06 2.81 9.50
2009M07 3.21 9.40
2009M08 3.26 9.70
2009M09 3.52 9.80
2009M10 3.64 10.10
2009M11 3.87 10.00
2009M12 3.98 10.00
2010M01 4.00 9.70
2010M02 3.97 9.70
2010M03 4.28 9.70
2010M04 4.54 9.90
2010M05 4.46 9.70
2010M06 4.32 9.50
2010M07 4.27 9.50
2010M08 4.03 9.60
2010M09 4.00 9.60

*Unemployed for more than 26 weeks. Return to table

Source: Bureau of Labor Statistics.

Figure 5: U.S. Consumer Prices

Date Core PCE price index (12-month percent change) Market-based core PCE price index (12-month percent change) FRB Dallas trimmed-mean PCE price index (12-month percent change) Core CPI (12-month percent change)
2005M01 2.30 1.96 2.42 2.26
2005M02 2.34 1.99 2.46 2.31
2005M03 2.39 1.99 2.49 2.35
2005M04 2.27 1.88 2.40 2.19
2005M05 2.29 1.95 2.33 2.19
2005M06 2.13 1.88 2.24 2.03
2005M07 2.07 1.85 2.22 2.08
2005M08 2.10 1.87 2.25 2.13
2005M09 2.24 1.97 2.45 1.92
2005M10 2.35 2.03 2.54 2.07
2005M11 2.35 2.07 2.57 2.12
2005M12 2.32 2.09 2.54 2.11
2006M01 2.17 1.99 2.48 2.11
2006M02 2.09 1.93 2.38 2.11
2006M03 2.08 2.01 2.40 2.10
2006M04 2.22 2.17 2.50 2.35
2006M05 2.26 2.23 2.64 2.49
2006M06 2.40 2.35 2.79 2.69
2006M07 2.39 2.38 2.84 2.69
2006M08 2.54 2.56 2.91 2.83
2006M09 2.43 2.46 2.78 2.93
2006M10 2.37 2.37 2.72 2.77
2006M11 2.25 2.17 2.64 2.62
2006M12 2.30 2.17 2.76 2.61
2007M01 2.54 2.37 2.89 2.65
2007M02 2.62 2.40 3.04 2.69
2007M03 2.48 2.21 2.98 2.46
2007M04 2.34 2.10 2.87 2.36
2007M05 2.22 1.98 2.72 2.23
2007M06 2.16 1.90 2.61 2.16
2007M07 2.23 1.92 2.55 2.22
2007M08 2.16 1.78 2.47 2.12
2007M09 2.25 1.87 2.56 2.12
2007M10 2.29 2.00 2.63 2.16
2007M11 2.42 2.17 2.77 2.33
2007M12 2.50 2.30 2.74 2.42
2008M01 2.32 2.18 2.60 2.46
2008M02 2.22 2.11 2.49 2.28
2008M03 2.38 2.23 2.55 2.37
2008M04 2.45 2.23 2.58 2.28
2008M05 2.55 2.29 2.65 2.32
2008M06 2.63 2.39 2.70 2.41
2008M07 2.64 2.53 2.82 2.51
2008M08 2.57 2.59 2.76 2.54
2008M09 2.43 2.56 2.67 2.45
2008M10 2.17 2.37 2.52 2.21
2008M11 2.02 2.24 2.46 1.99
2008M12 1.78 2.02 2.34 1.75
2009M01 1.63 2.00 2.38 1.66
2009M02 1.62 2.08 2.37 1.78
2009M03 1.47 2.09 2.23 1.77
2009M04 1.54 2.20 2.20 1.92
2009M05 1.48 2.12 2.10 1.85
2009M06 1.42 2.03 2.02 1.74
2009M07 1.32 1.81 1.76 1.55
2009M08 1.32 1.77 1.74 1.45
2009M09 1.33 1.70 1.63 1.50
2009M10 1.60 1.75 1.73 1.70
2009M11 1.67 1.73 1.61 1.69
2009M12 1.78 1.75 1.58 1.80
2010M01 1.79 1.58 1.40 1.48
2010M02 1.75 1.41 1.28 1.33
2010M03 1.78 1.28 1.22 1.18
2010M04 1.54 1.11 1.10 0.98
2010M05 1.48 1.10 1.03 0.97
2010M06 1.37 1.09 0.95 0.97
2010M07 1.35 1.12 0.96 0.98
2010M08 1.32 1.08 0.97 0.95
2010M09 1.19 0.94 0.97 0.79
2010M10 ND ND ND 0.59

ND No Data Return to table

Note: Core consumer price index (CPI) and core personal consumption expenditures (PCE) price index exclude food and energy.

Source: Bureau of Economic Analysis; Bureau of Labor Statistics; Federal Reserve Bank (FRB) of Dallas.

Figure 6: EME Net International Financial Flows excluding Changes in Reserve Assets

Date Total (Billions of U.S. dollars) Financial derivatives (Billions of U.S. dollars) Other investment (Billions of U.S. dollars) Portolio investment (Billions of U.S. dollars) Direct investment (Billions of U.S. dollars)
2004Q1 47.26 0.78 -9.15 26.40 29.22
2004Q2 -6.35 -0.25 -4.38 -20.30 18.57
2004Q3 -10.96 0.29 -30.37 7.40 11.73
2004Q4 53.67 -0.14 14.32 16.10 23.39
2005Q1 49.38 0.86 13.95 17.78 16.80
2005Q2 42.50 -0.16 -5.51 15.87 32.30
2005Q3 6.93 0.05 -25.86 8.05 24.68
2005Q4 20.34 -0.44 -9.23 5.86 24.13
2006Q1 33.26 1.55 -29.80 23.64 37.87
2006Q2 56.35 -3.29 60.02 -35.23 34.85
2006Q3 -18.97 -1.47 -37.03 7.58 11.95
2006Q4 42.97 2.11 11.47 26.41 2.98
2007Q1 76.41 1.24 17.99 -0.64 57.83
2007Q2 140.57 1.68 86.57 29.75 22.57
2007Q3 37.47 0.57 35.35 -31.54 33.09
2007Q4 112.08 0.54 80.93 9.41 21.20
2008Q1 98.11 -1.03 63.49 -2.32 37.97
2008Q2 93.16 -0.73 69.73 -14.80 38.97
2008Q3 -8.83 -4.29 24.58 -57.93 28.80
2008Q4 -223.10 -12.13 -165.32 -84.07 38.42
2009Q1 -58.54 -10.87 -33.37 -28.63 14.33
2009Q2 16.29 -0.07 -30.35 24.65 22.06
2009Q3 76.32 0.37 -2.70 55.34 23.31
2009Q4 95.11 1.43 28.89 46.85 17.95
2010Q1 70.53 -1.20 -1.55 53.00 20.28
2010Q2 98.83 -1.32 36.10 47.25 16.80

Note: Emerging market economies (EMEs) consist of Argentina, Brazil, Chile, Czech Republic, Hungary, India, Indonesia, Israel, Malaysia, Mexico, the Philippines, Poland, Russia, Singapore, South Korea, Taiwan, Thailand, Turkey, and Ukraine.

Source: Country sources via Haver.

Figure 7: Investment Flows to EME Dedicated Funds

Date Total flows (Billions of U.S. dollars) Bond funds (Billions of U.S. dollars) Equity funds (Billions of U.S. dollars)
2005M01 1.55 0.79 0.76
2005M02 4.46 1.16 3.30
2005M03 1.60 0.56 1.04
2005M04 -0.30 0.17 -0.48
2005M05 0.56 0.41 0.16
2005M06 0.92 0.38 0.54
2005M07 2.64 0.95 1.69
2005M08 3.03 0.67 2.35
2005M09 3.10 0.56 2.54
2005M10 0.29 0.14 0.15
2005M11 3.71 0.05 3.66
2005M12 2.39 -0.12 2.51
2006M01 6.49 1.14 5.35
2006M02 7.89 1.91 5.99
2006M03 5.03 1.16 3.86
2006M04 4.38 0.42 3.96
2006M05 -2.61 -0.57 -2.04
2006M06 -7.76 -1.09 -6.68
2006M07 -0.15 -0.53 0.38
2006M08 2.38 0.77 1.61
2006M09 -1.31 -0.21 -1.10
2006M10 1.17 0.73 0.44
2006M11 4.10 1.37 2.74
2006M12 4.86 1.14 3.72
2007M01 5.07 1.55 3.52
2007M02 2.47 1.19 1.28
2007M03 -5.92 -0.20 -5.71
2007M04 1.78 -0.38 2.16
2007M05 0.63 1.31 -0.69
2007M06 1.96 1.07 0.89
2007M07 8.73 0.10 8.63
2007M08 -3.21 -1.31 -1.91
2007M09 7.32 0.02 7.30
2007M10 11.74 0.73 11.01
2007M11 -4.59 0.13 -4.73
2007M12 3.94 0.07 3.86
2008M01 -10.19 0.10 -10.29
2008M02 -0.06 0.21 -0.27
2008M03 -2.67 0.18 -2.84
2008M04 7.37 0.43 6.95
2008M05 5.63 0.20 5.44
2008M06 -5.34 -0.45 -4.89
2008M07 -6.73 -0.32 -6.41
2008M08 -3.50 -0.54 -2.96
2008M09 -8.86 -3.39 -5.47
2008M10 -15.38 -7.40 -7.98
2008M11 -3.62 -2.51 -1.11
2008M12 -1.76 -1.22 -0.54
2009M01 -0.48 -0.77 0.30
2009M02 -2.67 -1.50 -1.17
2009M03 -1.45 -0.76 -0.69
2009M04 4.17 -0.53 4.71
2009M05 8.48 1.02 7.46
2009M06 4.81 0.38 4.43
2009M07 3.98 0.96 3.01
2009M08 2.03 0.83 1.21
2009M09 3.69 2.10 1.59
2009M10 7.90 2.63 5.27
2009M11 4.85 2.30 2.55
2009M12 2.88 1.62 1.25
2010M01 3.83 1.74 2.09
2010M02 0.41 1.89 -1.47
2010M03 7.37 4.17 3.20
2010M04 8.74 5.06 3.68
2010M05 -3.31 1.32 -4.63
2010M06 4.27 2.91 1.36
2010M07 7.05 3.68 3.38
2010M08 4.07 3.19 0.88
2010M09 9.28 3.93 5.35
2010M10 12.13 4.76 7.38

Note: EME is an emerging market economy.

Source: EPFR Global.

Figure 8: Exchange Rates and Reserves

Country Change in international reserves as a percent of GDP* Percent change in real effective exchange rate*
Brazil 3.19 8.83
Chile 0.25 10.02
China 7.57 1.72
Hong Kong 17.52 -1.71
India 0.89 11.27
Indonesia 4.46 9.3
Malaysia 6.74 8.33
Mexico 3.64 6.91
Philippines 6.98 7.22
Poland 4.73 2.3
Russia 5.12 8.3
Singapore 17.88 4.77
South Korea 4.24 3.6
Taiwan 12.74 -2.89
Thailand 11.91 7.35
Turkey 1.08 5.66

Note: GDP is gross domestic product.

*From September 2009 through September 2010. Return to table

Source: Bloomberg; country sources via Haver; J.P. Morgan via Haver; Federal Reserve Board staff calculations.

Figure 9: EME Reserves

Date EME Reserves (Billions of U.S. dollars)
2000M01 798.67
2000M02 805.98
2000M03 820.09
2000M04 810.31
2000M05 816.65
2000M06 824.84
2000M07 826.59
2000M08 833.04
2000M09 834.08
2000M10 832.97
2000M11 840.47
2000M12 857.81
2001M01 873.06
2001M02 881.96
2001M03 876.70
2001M04 878.70
2001M05 881.76
2001M06 881.32
2001M07 891.67
2001M08 909.87
2001M09 924.59
2001M10 932.40
2001M11 940.98
2001M12 946.72
2002M01 958.13
2002M02 970.76
2002M03 986.09
2002M04 1002.19
2002M05 1022.65
2002M06 1059.71
2002M07 1076.45
2002M08 1090.07
2002M09 1097.84
2002M10 1105.73
2002M11 1122.72
2002M12 1154.71
2003M01 1197.14
2003M02 1203.81
2003M03 1220.63
2003M04 1243.23
2003M05 1288.41
2003M06 1302.24
2003M07 1317.63
2003M08 1333.93
2003M09 1386.80
2003M10 1425.58
2003M11 1470.28
2003M12 1484.82
2004M01 1536.22
2004M02 1573.12
2004M03 1591.72
2004M04 1602.03
2004M05 1620.35
2004M06 1635.56
2004M07 1642.80
2004M08 1663.18
2004M09 1699.08
2004M10 1757.66
2004M11 1838.44
2004M12 1909.83
2005M01 1931.85
2005M02 1984.05
2005M03 2014.05
2005M04 2044.12
2005M05 2059.46
2005M06 2086.14
2005M07 2101.53
2005M08 2133.92
2005M09 2163.41
2005M10 2187.53
2005M11 2208.46
2005M12 2243.66
2006M01 2306.72
2006M02 2328.20
2006M03 2382.56
2006M04 2456.47
2006M05 2534.09
2006M06 2547.50
2006M07 2586.94
2006M08 2600.56
2006M09 2631.58
2006M10 2669.82
2006M11 2747.62
2006M12 2810.79
2007M01 2862.45
2007M02 2968.71
2007M03 3059.40
2007M04 3166.95
2007M05 3278.60
2007M06 3346.80
2007M07 3448.89
2007M08 3476.51
2007M09 3555.28
2007M10 3644.43
2007M11 3750.40
2007M12 3812.40
2008M01 3940.33
2008M02 4050.63
2008M03 4155.53
2008M04 4257.33
2008M05 4309.76
2008M06 4352.48
2008M07 4396.50
2008M08 4394.50
2008M09 4361.22
2008M10 4140.08
2008M11 4124.60
2008M12 4204.34
2009M01 4102.65
2009M02 4091.36
2009M03 4163.95
2009M04 4241.91
2009M05 4403.14
2009M06 4472.05
2009M07 4542.74
2009M08 4635.81
2009M09 4752.49
2009M10 4887.87
2009M11 5011.69
2009M12 5011.93
2010M01 5047.80
2010M02 5052.32
2010M03 5106.75
2010M04 5204.41
2010M05 5119.72
2010M06 5158.46
2010M07 5322.97
2010M08 5345.35
2010M09 5545.98

Note: Emerging market economies (EMEs) consist of Brazil, Chile, China, Hong Kong, India, Indonesia, Malaysia, Mexico, the Philippines, Poland, South Korea, Taiwan, Thailand, Turkey, Singapore, and Russia.

Source: Bloomberg; country sources via Haver.

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Last update: August 2, 2013