Accessible versions of figures in Part 1

Table data presented with the Monetary Policy Report submitted to the Congress on February 11, 2014, pursuant to section 2B of the Federal Reserve Act

Figure 1. Net Change in Payroll Employment

3-month moving averages
Thousands of jobs

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Figure 2. Measures of Labor Underutilization

Monthly
Percent

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Figure 3. Labor Force Participation Rate and Employment-to-Population Ratio

Monthly
Percent

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Figure 4. Long-Term Unemployed and Part-Time Workers

Percent

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Figure 5. Measures of Change in Hourly Compensation

Quarterly
Percent

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Figure 6. Change in Output per Hour

Percent, annual rate

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Figure 7. Change in the Chain-Type Price Index for Personal Consumption Expenditures

Monthly
Percent

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Figure 8. Prices of Oil and Nonfuel Commodities

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Figure 9. Median Inflation Expectations

Series: Michigan survey expectations for next 5 to 10 years, and SPF expectations for next 10 years

Horizon: 2001 to 2014

Description: Data are plotted as two curves. Units are percent. The two curves do not intersect but follow a similar pattern, although they start in different years.

The series of Michigan survey expectations for the next 5 to 10 years generally stays within the narrow range of 2.5 to 3.5 throughout the time horizon. The series starts in 2001 close to 3, then falls slowly to 2.7 by 2002:Q3. The series generally remains near 3 through 2008, reaching points above 3 several times in late 2005 and late 2006 before reaching its peak at around 3.5 in 2008:Q2. There is then a swift drop to 2.6 by the end of 2008 and a sharp increase back to just above 3 in 2009:Q1. The series generally fluctuates between these two points until it ends in January 2014 just below 3.

The series of SPF expectations for the next 10 years stays within an even narrower range, between about 2 and 2.3, throughout its shorter time horizon. The series starts in 2007 at 2, then gradually increases to its peak near 2.3 in 2008:Q2. The series then slowly declines to 2 in 2010:Q4 before rising back nearly to its peak in 2011:Q2. The series stays close to this point briefly before declining back to 2 in 2013:Q4, where it ends.

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Figure 10. Inflation Compensation

Series: Inflation compensation: 5-year (carry adjusted) and 5 to 10 years ahead

Horizon: 2001 to 2014

Description: Data are plotted as two curves. Units are percent. The curves cross at various points in 2005 and early 2006.

The 5-year (carry adjusted) series starts around 1.3 at the beginning of 2001. From 2001 through 2003 the series fluctuates between approximately 1 and 2, and then it generally increases to around 2.5 by the end of 2004. The series remains slightly above 2 until early 2008, when it falls to around 1.8; by mid-2008, it increases to around 2.5. It then falls sharply to about negative 1.5 over the second half of 2008 and finishes the year at about negative 1. The series trends upward over the next year, reaching about 1.5 by mid-2009 and ending the year around 2. In 2010, the series generally falls through the first three quarters to about 1 but ends the year back up around 1.9. Over 2011 and 2012, the series fluctuates in a range from about 1.5 to about 2.5. After peaking around 2.5 in early 2013 it begins to decrease and reaches about 1.75 during Q2, but it rises to end slightly above 2 on February 6, 2014.

The 5 to 10 years ahead series starts just under 2 at the beginning of 2001 and generally increases to about 2.7 by the end of the year. The series remains around this level through 2002 and into early 2003. It declines to about 2.3 by 2003:Q2 before increasing to about 3.3 in Q4. The series dips briefly before rising back to about 3.3 by mid-2004; it then falls to around 2.5 by mid-2005 and generally remains at that level until the beginning of 2008:Q4, when it briefly jumps to about 3.5 before falling to about 2 by the end of 2008. The series generally increases through 2009 and ends the year around 3.25. The series gradually falls to about 2.2 by 2010:Q3 and then increases slightly to end the year around 3. After falling to around 2.5 over 2011, the series generally rises in 2012 and ends the year just under 3. It declines to about 2.4 in 2013:Q2 but rises gradually through the end of the year to around 2.6. The series declines slightly in early 2014 to 2.5, where it ends on February 6.

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Figure 11. Change in Real Gross Domestic Product

Percent, annual rate

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Figure 12. Gross Domestic Product and Gross Domestic Income

Quarterly
4-quarter percent change

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Figure 13. Change in Real Government Expenditures on Consumption and Investment

Percent, annual rate

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Figure 14. Federal Receipts and Expenditures

Annual
Percent of nominal GDP

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Figure 15. Federal Government Debt Held by the Public

Annual

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Figure 16. Change in Real Personal Consumption Expenditures

Percent, annual rate

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Figure 17. Consumer Sentiment Indexes

Series: Michigan survey, Conference Board

Horizon: 2007 to 2014

Description: Data are plotted as two curves. Units are points; the Conference Board data are indexed to 100 in 1985 and the Michigan survey data are indexed to 100 in 1966. The curves generally follow the same trend and intersect at various points between 2007 and 2008 and 2013 and 2014.

The Michigan survey series starts in 2007 just below 100, its highest point, then generally decreases until 2008:Q2, when it reaches about 55. The series then increases sharply to about 70 before falling back to about 55 in 2008:Q3. It rises to around 65 in 2009:Q2 and generally stays near that level, plus or minus 5, until 2011:Q1, when it rises to almost 80 before falling sharply to about 55 in 2011:Q3. The series then rises back to about 80 by mid-2012 and mostly stays at this level from then onward. The series fluctuates up and down by about 5 points over 2013 and early 2014, ending around 80 in January 2014.

The Conference Board series starts higher and falls lower than the Michigan survey series. Starting at around 110 in 2007, the series generally falls until 2009:Q1, reaching about 25. The series then rises to about 50 in 2009:Q4. From the end of 2009 to 2011:Q1, the series increases and decreases sharply by 2 to 5 points several times before reaching up to around 70 in early 2011. The series then decreases to its second-lowest point, about 40, in 2011:Q4. The series trends up afterward, taking a few more 2-to-5 point dips, and ends at around 80 in January 2014.

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Recent Changes in Household Wealth: Figure A. Changes in Household Net Worth

Trillions of dollars

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Recent Changes in Household Wealth: Figure B. Changes in Household Debt

Billions of dollars, monthly rate

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Recent Changes in Household Wealth: Figure C. Changes in Consumer Credit

Billions of dollars, monthly rate

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Recent Changes in Household Wealth: Figure D. Percent of Mortgages with Negative Equity

Series: LTV > 125, LTV 105-125, LTV 100-105

Horizon: 2010:Q3 to 2013:Q3

Description: Quarterly data are plotted as stacked bars. Units are percent.

The aggregate of the three series starts near 25 in 2010 and stays close to that level until 2012:Q2. The aggregate of the series decreases to about 22 in 2012:Q2 and stays at that level until 2013:Q1; it falls below 20 in that quarter and continues to fall through 2013:Q3, ending at a value close to 12.

The LTV > 125 series starts at about 11 in 2010:Q3 and stays close to that level, between 10 and 12, until 2012:Q2 when it falls below 10. The series continues to decrease afterward, falling less than a percentage point per quarter until 2013:Q2, when it drops below 6. The series ends at around 5 in 2013:Q3.

The LTV 105-125 series starts around 9 and generally stays within a one-point range of that level until 2013:Q2, when it falls to about 6. The series ends at about 5 in 2013:Q3.

The LTV 100-105 series stays at about the same level from 2010:Q3 to 2013:Q1, between 3 and 4. Starting in 2013:Q2 the series falls to just below 3; it ends near 2 in 2013:Q3.

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Figure 18. Interest Rate for New Auto Loans

Series: Interest rate for new auto loans

Horizon: 2001 to 2014

Description: Data are plotted as a curve. Units are percent.

The interest rate for new auto loans series starts at its highest around 8.3 in early 2001. There is a steep drop in the series to about 4 in 2001:Q4, but the series is back up to around 8 by 2002:Q2. The series maintains this level until 2003:Q1, when there is a swift decline to below 5. Afterward the series steadily increases, with several brief dips of 0.5 to 1.5, to about 8 in 2006:Q1. The series then rapidly declines to just below 5 in 2006:Q2 but comes back up to 8 in the same period and maintains this level through the third quarter. The series steadily declines from early 2007 to 2009 to just above 4. It stays within the range of 4 to 5 until it ends in early 2014 around 4.2.

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Figure 19. Change in Real Business Fixed Investment

Percent, annual rate

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Figure 20. Corporate Bond Yields by Securities Rating

Series: High-yield, BBB, and AA

Horizon: 1997 to 2014

Description: Data are plotted as three curves. Units are percentage points. The behavior of all three curves follows a similar pattern.

The high-yield series starts at the beginning of 1997 at just under 10. The series declines generally to about 8.8 in 1998:Q1 before increasing generally to about 13 by the end of 2000. The series then decreases, bottoming out around 7.3 in early 2005. It fluctuates in small increments around 8 before beginning to increase in mid-2007. At the beginning of 2008:Q4 the series jumps quickly, and it nearly reaches 20 in 2009. It then declines quickly to around 14, experiences another jump to about 17 at one point in 2009:Q1, and then continues to decline generally, landing near 7 in early 2012. After increasing slightly to around 7.7 in mid-2012, the series resumes its fall, reaching below 6 in 2013:Q2. The series increases to above 7 in 2013:Q3 before finishing slightly below 7 on February 6, 2014.

The BBB series starts at the beginning of 1997 at about 7.5. It declines generally to about 6.5 in 1998:Q4. The series fluctuates between about 6 and about 8 until mid-2003, when it decreases generally to around 5. It gradually climbs back up to 7 by mid-2008, and then increases quickly, reaching near 10 later in that year. The series sharply declines throughout 2009, reaching about 6 by the end of the year; it then continues to decline more gradually, dipping below 4 near the end of 2012 and again in 2013:Q1. The series increases at the end, reaching about 4.6 on February 6, 2014.

The AA series starts at the beginning of 1997 at about 7. The series declines generally to about 5.5 in 1998:Q4 before increasing generally to about 8 in 2000:Q2. The series then decreases generally to just above 4 in mid-2003. It remains between about 5 and 6 through the beginning of 2008. Then it increases quickly, reaching about 8.5 during 2008:Q4. The series sharply declines in late 2008 and early 2009, and then continues to fall more gradually until it reaches about 2.5 by the end of 2012. The series increases through the beginning of 2014 and ends just below 4 on February 6, 2014.

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Figure 21. Selected Components of Net Financing for Nonfinancial Businesses

Billions of dollars, monthly rate

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Figure 22. Average Interest Rate Spreads on Commercial and Industrial Loans of $1 Million or Less

Quarterly
Basis points

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Figure 23. Change in Real Imports and Exports of Goods and Services

Percent, annual rate

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Figure 24. U.S. Trade and Current Account Balances

Quarterly
Percent of nominal GDP

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Figure 25. U.S. Net Financial Inflows

Billions of dollars, annual rate

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Figure 26. Mortgage Interest Rate and Mortgage Refinance Index

Interest Rate

Refinance Index
March 16, 1990 = 100

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Figure 27. Private Housing Starts and Permits

Monthly
Millions of units, annual rate

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Figure 28. Credit Scores on New Prime Mortgages

Monthly
FICO score

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Figure 29. Prices of Existing Single-Family Houses

Monthly
Peak = 100

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Figure 30. Yields on Nominal Treasury Securities

Daily
Percent

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Figure 31. Yield and Spread on Agency Mortgage-Backed Securities

Series: Yield and spread

Horizon: 2000 to 2014

Description: Data are plotted as two curves. Units are percent for yield and basis points for spread. The curves cross at various points between 2002 and 2003 and between 2008 and 2011.

The yield series starts at the beginning of 2000 around 8, then begins to fall by midyear; it declines generally until mid-2003, nearly reaching 4. After that it increases generally for several years, reaching nearly 6.5 in mid-2006. The series fluctuates around that level until mid-2008, then drops sharply to around 4 by the end of that year. The series remains between 4 and 5 until mid-2010, when it starts to decline, reaching just above 3 late that year. It increases to just over 4 in late 2010, then declines generally until late 2012, bottoming out around 2. The series finishes with a sharp increase in early 2013 and fluctuates around 3.5 in late 2013 and early 2014, ending at approximately that value on February 6, 2014.

The spread series starts at the beginning of 2000 around 135, then increases to about 180 and fluctuates near that level for about two years. The series then decreases to about 140 near mid-2002 before increasing again to fluctuate around 180 until early 2003. At that time the series begins a general decline, gradually falling until it reaches about 100 in the beginning of 2007. It then increases sharply, reaching about 280 by early 2008; it dips briefly but returns to that level by the end of the year. The series generally declines to about 125 by mid-2009 but then increases to over 175 by mid-2011. General declines over the next year precede a sharp drop to around 80 in late 2012. Over 2013 the series rises to around 150, ending on a downward trend to around 120 on February 6, 2014.

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Figure 32. Dollar-Roll-Implied Financing Rates (Front Month), Fannie Mae 30-Year

Series: 4.0 percent coupon and 3.5 percent coupon

Horizon: 2011 to 2014

Description: Data are plotted as two curves. Units are percent. The curves cross in mid- and late 2012 and at several points in 2013. There is a horizontal zero line. A vertical line labeled "fails charge announced" intersects the x-axis in early 2011, and another vertical line labeled "fails charge implemented" intersects the x-axis in early 2012.

The 3.5 percent coupon series starts at the beginning of 2011 just above zero. The series fluctuates between zero and about 0.25 through the first half of 2011, dipping below zero slightly on three occasions. The third occasion coincides with the line labeled "fails charge announced." The series decreases in late 2011, going negative on three occasions and reaching past negative 0.25. The series sharply increases to nearly 0.5 by the end of 2011, before falling barely negative right at year-end. In early 2012 it decreases sharply after crossing the line labeled "fails charge implemented," nearly reaching negative 1.0 before returning to a level between zero and negative 0.5 for a period. Near mid-2012, the series falls to about negative 1.5, then fluctuates between negative 1.0 and negative 1.5. In late 2012 the series begins to increase generally and is around negative 1.0 near year-end. In early 2013, the series jumps up to near zero, quickly retraces its path, then gradually increases again, reaching zero midyear. The series then fluctuates around the zero line through late 2013. The series generally declines from the end of 2013 through February 6, 2014, ending on that date around negative 0.25.

The 4.0 percent coupon series starts in mid-2012 at about negative 0.5. It jumps to just above zero before falling to around negative 1.0 for a short time. The series quickly increases, peaking just below 0; then it declines to about negative 0.75. Near the end of 2012 the series increases, going positive twice briefly, and falls negative once again. In early 2013 the series quickly rises to around 0.5 and remains roughly level until midyear, when it sharply declines to about negative 0.8. The series gradually trends upward for a period, crossing 0 at various points throughout late 2013. The series ends just below zero on February 6, 2014.

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Figure 33. Equity Prices

Series: Dow Jones bank index, and S&P 500 index

Horizon: 1996 to 2014

Description: Data are plotted as two curves. Units are an index in which the base date of December 31, 2007, is equal to 100. The curves cross multiple times between late 1999 and early 2001 and throughout 2008.

The Dow Jones bank index series starts at the beginning of 1996 just below 50. The series increases generally, reaching about 110 in early 1998. After quickly falling to about 75, the series fluctuates from lows of around 80 to highs of around 100 until early 2003, when it begins to increase. It generally continues to increase until around 2007. After reaching about 140, the series begins to decline generally around mid-2007, falling to just above 20, where it bottoms out in early 2009. It increases to about 50 by mid-2009 and fluctuates around 50 through mid-2011. The series then falls below 40 in the fall of 2011 before increasing generally. It passes 60 in early 2013 and ends at about 70 on February 6, 2014.

The S&P 500 index series starts at the beginning of 1996 just above 40. The series increases generally for a few years, reaching about 60 around mid-1997, about 70 in early 1998, about 80 near mid-1998, around 90 in early 1999, and about 100 by the beginning of 2000. The series remains around 100 during 2000; from early 2001 until mid-2002 it generally declines. For about one year the series fluctuates around 60. The series then increases generally, reaching 80 around the end of 2004 and 100 by mid-2007. It starts to fall near the beginning of 2008, reaching a low of about 50 in early 2009. The series then increases generally, reaching about 80 in early 2010 and fluctuating around this level until late 2011, when it resumes increasing. The series reaches about 125 around the start of 2014 and then decreases slightly to end at about 120 on February 6, 2014.

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Figure 34. Change in Use of Financial Leverage by Hedge Funds

Quarterly

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Figure 35. Delinquency and Charge-Off Rates for Commercial Banks

Quarterly
Percent

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Figure 36. Change in Total Bank Credit

Quarterly

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Figure 37. 10-Year Nominal Benchmark Yields

Series: United Kingdom, Germany, and Japan

Horizon: 2012 to 2014

Description: Data are plotted as three curves. Units are percent.

The United Kingdom and Germany series begin at about 2 in January 2012. The United Kingdom series generally increases until reaching a high of about 2.5 in March 2012. The Germany series has a similar contour but is slightly lower than the United Kingdom curve. Both series generally decrease until July 2012, when the United Kingdom series reaches a low of about 1.5 and the Germany series reaches a low of about 1.

The United Kingdom series then generally increases from July 2012 until February 2013, when it reaches a high of about 2. The series declines slightly until April 2013, when it begins to increase again until it reaches about 2.5 in June 2013. While the Germany series has a similar profile, it fluctuates around 1.5 until April 2013, when it hits a low of about 1. From April to June 2013, the series increases until it reaches a high of about 2. Both series trend downward during July 2013 before increasing again to highs in September 2013 of about 3 for the United Kingdom and about 2 for Germany. Both series then generally decline. The United Kingdom series reaches a low of about 2.5 in October 2013 and immediately begins to increase, whereas Germany also reaches its low of about 1.5 in October 2013 but does not begin to increase until December 2013. Both series continue trending upward until reaching highs in January 2014 of about 3 for the United Kingdom and about 2 for Germany. Both series then decline through January and February 2014 until reaching lows of about 2.75 for the United Kingdom and about 1.5 for Germany.

The Japan series begins at about 1 in January 2012. It trends slightly downward until May 2013, when it reaches a low of about 0.5. During May 2013 it quickly increases to about 1. The Japan series then remains around 1 until it begins to decline gradually in July 2013. The gradual decline continues until November 2013, when the series reaches a low of about 0.5. It then increases until January 2014 to a high of about 0.75 before declining through January and February to a low of about 0.5.

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Financial Stress and Vulnerabilities in the Emerging Market Economies: Figure A. Exchange Rates of Selected Emerging Market Currencies Against the U.S. Dollar

Series: Brazil, India, Korea, Mexico, Taiwan, and Turkey

Horizon: 2013 to 2014

Description: Data are plotted as six curves. Units are an index in which the base date of January 2, 2013, is equal to 100.

Starting in January 2013, all six series fluctuate around 100 until the end of the month, when the series begin to separate. At the end of January 2013, the series for Korea and Taiwan decrease sharply to about 97 and then remain relatively steady at that level until mid-March 2013. In contrast to these series, the series for Brazil increases sharply at the end of January 2013 to about 103 and then continues trending upward until reaching a high of about 105 in mid-March 2013. The other three series continue fluctuating around 100 until mid-March 2013.

Starting in mid-March 2013, the series for Taiwan and Korea separate when the series for Korea declines from about 97 to a low of about 93 in mid-April 2013, while the series for Taiwan only declines slightly from about 97 to a low of about 96. Meanwhile, the series for Brazil declines from about 105 to a low of about 100 near the beginning of April 2013 and then increases sharply to about 104 in mid-April 2013. The series for Mexico increases sharply in mid-March from about 100 to about 103 and then continues increasing gradually to a high of more than 105 in mid-April 2013. The series for Turkey decreases slightly through March 2013 and then recovers to about 100 in mid-April 2013. The series for India remains relatively stable around 100 from mid-March 2013 to mid-April 2013.

Starting in mid-April 2013, the series for Mexico and Korea increase steadily to highs of about 105 and about 97, respectively, in the first half of May 2013. The series for Brazil, India, Taiwan, and Turkey remain relatively stable over the same period.

In mid-May 2013, all six series begin to decline. The decline is relatively gradual for Taiwan, which remains fairly steady around 97 to September 2013. The decline is sharper for the other five countries. Between mid-May 2013 and the end of June 2013, Korea drops from about 97 to about 90, Brazil drops from about 103 to about 90, Mexico drops from about 105 to about 95, India drops from about 100 to about 90, and Turkey drops from about 100 to about 90.

At the end of June 2013, the series for Brazil, India, and Turkey increase gradually; they then steeply decrease in August 2013. Brazil reaches a low of less than 85 in the second half of August 2013, India reaches a low of less than 80 at the end of August 2013, and Turkey reaches a low of about 85 at the beginning of September 2013. The series for Mexico has a sharper increase from the end of June 2013 to a high of about 103 in mid-July 2013, but has a similar sharp decrease in August 2013, reaching a low of about 95 at the beginning of September 2013. The series for Taiwan remains steady over the same period.

From September 2013 until the end of the series on February 6, 2014, Mexico fluctuates between about 95 and 100, finishing at around 95. The series for Taiwan increases gradually from September 2013 to a high of about 97 in October 2013, and then falls gradually until the end of the series at about 95 in February 2014. The series for Korea increases sharply in September 2013, and then continues increasing gradually until reaching a high of more than 100 in January 2014. The Korea series then generally decreases until it reaches a low of about 98 at the end of the series in February 2014.

The series for Brazil, India, and Turkey increase sharply in September 2013, reaching highs of about 95, 88, and 90, respectively, at the end of October 2013. The three series then decline sharply through the beginning of November 2013. The series for India remains relatively steady from November 2013 through the beginning of February 2014, finishing at around 87. The series for Brazil rebounds slightly in mid-November 2013 and then generally decreases through January 2014 to a low of less than 85. It then rebounds to about 85 at the end of the series in February 2014. The series for Turkey remains steady through mid-December 2013 and then decreases precipitously until reaching a low of about 75 at the end of January 2014. It then increases sharply over the rest of the series, finishing at about 80 at the beginning of February 2014.

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Financial Stress and Vulnerabilities in the Emerging Market Economies: Figure B. Exchange Rate Appreciation Versus Emerging Market Economy Vulnerability Index

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Figure 38. U.S. Dollar Exchange Rate Against Broad Index and Selected Major Currencies

Daily
January 4, 2012 = 100

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Figure 39. Equity Indexes for Selected Foreign Economies

Series: Emerging markets, euro area, Japan, and United Kingdom

Horizon: 2012 to 2014

Description: Data are plotted as four curves. Units are an index in which the base date of January 4, 2012, is equal to 100.

Starting in January 2012, all four series increase moderately from about 100. The emerging markets series peaks at about 115 in late February 2012. The euro area and Japan series peak at about 110 and 115, respectively, in mid-March 2012. The United Kingdom series peaks at about 105 in mid-March 2012. The emerging markets series begins to decline in March 2012 and reaches a low of about 95 in late May 2012. The euro area, Japan, and United Kingdom series also begin to decline in late March 2012. At the beginning of June 2012, Japan and the United Kingdom reach lows of about 95, and the euro area reaches a low of about 90.

The euro area, emerging markets, and United Kingdom series follow a similar contour through November 2012. These series trend upward from June 2012 until August 2012, when the euro area and emerging markets series reach about 110, and the United Kingdom series reaches about 105. From August 2012 until November 2012, the three series trend downward until the euro area and emerging markets reach a low of about 105, and the United Kingdom reaches a low of about 100. During the same period, the Japan series fluctuates between 95 and 105.

In November 2012, all four series begin to increase at a greater rate through the start of January 2013. The Japan series continues to grow before peaking at about 140 in March 2013. It briefly falls to about 130 in April 2013, before increasing to about 170 in May 2013. Later that month, it begins to fall precipitously until it hits a low of about 140 in June 2013. The series fluctuates between about 140 and 150 through the end of the month. In July 2013, the series begins to increase significantly and reaches more than 160 in mid-July 2013 before beginning a volatile decline that reaches a low of about 150 at the end of August 2013. The series then increases through the end of September 2013 to a high of about 165, but then it sharply decreases to a low of about 155 near the beginning of October 2013. The series generally increases from October 2013 to January 2014, when it reaches a high of about 175. At the end of January 2014 the series begins a steep decline, and it reaches a low of about 155 by its end on February 6, 2014.

As with Japan, the United Kingdom series continues increasing through January 2013, while the euro area and emerging markets series level off. At the beginning of February 2013, the United Kingdom series converges with the euro area series, and the two series follow a similar path through July 2013. Both series fluctuate between about 110 and 120 from February 2013 to April 2013 and then increase through the end of May 2013 to peaks at about 125. They then fall to lows of about 110 in late June 2013 before increasing to about 120 at the end of July 2013. At this point, the two series follow separate paths. The euro area series generally increases through January 2014, when it reaches a high of about 140. The United Kingdom series fluctuates between 115 and 125 over the same period and reaches a high of about 125 in January 2014. Near the end of January 2014, both series steeply decline before reaching lows of about 130 for the euro area and about 120 for the United Kingdom when the series end on February 6, 2014.

The emerging markets series generally decreases from about 115 to 105 from January 2013 to April 2013. During May 2013, the series increases to more than 110 before declining again and hitting a low of about 95. The series then rebounds to a high of about 100 in August 2013 before falling to a low of about 95 at the end of the month. The series then quickly increases to a high of about 110 in September 2013. The series then generally declines to a low of about 100 at its end on February 6, 2014.

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Figure 40. Real Gross Domestic Product Growth in Selected Advanced Foreign Economies

Quarterly
Percent, annual rate

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