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UNITED STATES OF AMERICA: FROM 2006-2012.

AN INSIGHT OF GROWTH AND DEVELOPMENT:

Submited by Ramya Balakrishnan Ex-MBA-Christ University Reg No: 1122027 Submitted to Dr. K.Srinivasan Subject: Indian Financial System Subject Code: MBAE341 Due Date: 04/07/2012 Word Count: 2187 (Ex-Tables, reference and appendix)

An insight of Growth and development of United States of America: from 2006-2012

An insight of Growth and development of United States of America: from 2006-2012.


Country Overview The USA is the world's foremost economic and military power, with global interests and an unmatched global reach. It has a population of about 317.6 million (UN, 2010) with Washington DC as its capital, the total area is 9.8 million sq km (3.8 million sq miles) with English as the major language and Christianity as major religion. The average life expectancy: 76 years (men), 81 years (women) (UN) (BBC, 2010). It is now ruled by Democratic Senator President Barack Obama. Overview on current economic status GDP (purchasing power parity): $15.04 trillion (2011 est.), $14.82 trillion (2010 est.). GDP (official exchange rate): $15.06 trillion (2011 est.). GDP Growth: 2.8% (2011 est.). Inflation: 1.6% (2011 est.). Labour force: 153.9 million (includes unemployed 2010 est.). Unemployment: 8.6% (December 2011). Budget: Revenues $2.162 trillion, expenditures $3.456 trillion (2010 est.). Major Industries: Leading industrial power in the world, highly diversified and technologically advanced; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining, defence. Major Trading Partners: The US is a global trader with global markets. Its main trading partners are Canada, Mexico, China, Japan, UK and Germany.. Exports: $1.289 trillion (2010 est.). Exports - commodities: capital goods, automobiles, industrial supplies and raw materials, consumer goods, agricultural products. Imports: $1.935 trillion (2009 est.). Imports - commodities: crude oil and refined petroleum products, machinery, automobiles, consumer goods, industrial raw materials, food and beverages. Debt - national: $14.71 trillion (30 June 20011). (CIA, The world fact book, 2012). Growth and development of USA from 2006 to 2012. 2006. The domestic consumption of oil by US was about 55% of its oil imports. It was during the year 2005 the oil prices went high and doubles to that was in 2003-04. This was a reason for the increase in inflation in US and around the world where the purchase power of citizens went down. (CIA, 2012) The Oil prices doubled between 2001 and 2006, lead to chain of events that conglomerated causing a huge fall in its economy. The same year home prices peaked; higher gasoline prices plagued into consumers' budgets and many individuals fell behind in their mortgage payments (BBC, 2012). Yet the demand for housing was being fueled by banks mortgage policies which tempted the buyers to purchase more houses. . In 2006, the bubble burst as housing prices started to decline. This caught many homeowners off

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An insight of Growth and development of United States of America: from 2006-2012

guard, who had taken loans with little money down. As they realized they would lose money by selling the house for less than their mortgage, they foreclosed. An escalating foreclosure rate panicked many banks and hedge funds those who had bought mortgage-backed securities on the secondary market and now realized they were facing huge losses (Acharya, V.V. and M. Richardson, 2010). The combination of perverse incentives in the financial sector and goals of increasing homeownership rates created the setting for the emergence of so-called sub-prime housing market in the US. Such sub-prime borrowers who would not be regarded as credit-worthy under normal prudential standards were deemed to be profitable and worthy business targets by yield-seeking lenders and investors. Aggressive lending and a drop in lending standards during the period resulted in rapid growth in non-prime loans. By 2006, 48 per cent of all mortgage originations were sub-prime or home equity, up from just 15 per cent in 2001. The deterioration in lending standards that accompanied this growth was clear: households were taking out adjustable rate mortgages (ARMs), sometimes with a loanvalue ratio of 100 per cent (i.e. no initial equity). To entice borrowers, these loans had low initial repayments for the first few years (also known as teaser interest rates) (Baily et al. 2008). In addition to the rise in these types of mortgages, speculation in states such as Florida helped fuel the housing bubble (Garnaut, R, 2009). From Appendix 1 Key Figures for 2006 GDP CPI Inflation: Unemployment rate (Oct 2006) Current account balance (% of GDP) Budget (fiscal) balance (% of GDP) 13 336.2 3.2% 8.43% -3.41% -7.64%

Interest rates (% on 10-year govt borrowing) 1.95% Consumer spending Government Investment Exports Imports 64.88% 17.67% 16.6% 12.82% 13.8%

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An insight of Growth and development of United States of America: from 2006-2012

2007 Despite a sharp housing market correction, overall growth has been holding up fairly well. Strong foreign demand and a decline in import growth have slowed the rise in the external deficit. With activity near capacity limits, some inflationary pressures have emerged. Reining them in without stifling growth is the main challenge for monetary policy. Looking further ahead, the key challenges are to sustain healthy growth and ensure fiscal sustainability in the face of population ageing. Against this backdrop, the Survey focuses on the following issues:. Against this backdrop, the trigger for the crisis unsurprisingly was the US housing market. After the Federal Reserve started increasing interest rates, the delinquency rate on home loans began to rise in 2006 before gaining momentum in 2007 (Astley et al. 2009). The end of low, introductory interest (teaser) rates on sub-prime loans was a major factor in driving this rise in delinquencies. This rise in bad loans subsequently led to the failure of a number of US mortgage lenders. Over 2007, hedge funds were hit hard by the defaults and subsequent unwinding of the sub-prime market (Baker, G, 2007). However, the real problem was that banks and other investors around the globe were exposed to this situation, but because of the complex nature of the financial products, particularly the collateral debt obligations and credit default swaps, did not know the size of their exposure and losses. Consequently, in mid-2007, financial institutions started to hoard liquidity, which led to a freezing of the market for asset-backed commercial paper. By August 2007, banks became afraid to lend to each other because they didn't want these toxic loans as collateral (Bezemer, D. 2009). Key Figures for 2007 GDP CPI Inflation: Unemployment rate (Oct 2007) Current account balance (% of GDP) Budget (fiscal) balance (% of GDP) 13 995.0 2.9% 8.21% -2.41% -8.4%

Interest rates (% on 10-year govt borrowing) 2.5% Consumer spending Government Investment Exports Imports 74.3% 18.7% 14.6% 13.42% 15.3%

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An insight of Growth and development of United States of America: from 2006-2012

2008 The National Bureau of Economic Research announced that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy. By 2008 employers have trimmed payrolls by 1.2 million jobs in the first 10 months of this year. And the government also reported a loss of another 325,000 jobs for November.. From the appendix 1 it also looks at real personal income, industrial production as well as wholesale and retail sales has faced the worst times of any previous decade. In addition, the gross domestic product, which is the reading most typically associated with a recession in the general public was also at its lowest. In 2008, soaring oil prices threatened inflation and caused deterioration in the US merchandise trade deficit, which peaked at $840 billion. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations. 2008 November - Democratic Senator Barack Obama becomes the first black president of the United States. Key Figures for 2008 GDP CPI Inflation: Unemployment rate (Oct 2008) Current account balance (% of GDP) Budget (fiscal) balance (% of GDP) 14 296.9 3.8% 10.1.% -6.41% -7.4%

Interest rates (% on 10-year govt borrowing) 2.5% Consumer spending Government Investment Exports Imports 73.5% 12.7% 10.6% 9.87% 12.3%

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An insight of Growth and development of United States of America: from 2006-2012

2009 Following events in 2008, particularly the collapse of Lehman Brothers in September, risk loving banks and investors around the world rapidly reversed their perceptions. Due to the complexity of the mortgage-backed securities, they were, however, unaware of the true extent of the liabilities linked ultimately to a rapidly deteriorating US housing sector. Consequently, liquidity quickly dried up, almost bringing the global financial system to its knees. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. In February, Congress passed a $170 billion tax rebate meant to stimulate the economy. But that only boosted GDP during the second quarter.. Gross domestic product, rose 0.9% in the first quarter. In the second quarter, GDP advanced an estimated 2.8For the year U.S. economy actually fell 0.55%. The U.S. economy last posted a full years negative GDP in 1991, when it declined 0.2%. Industrial production output by the nations factories and mines dropped 2.8% in September, and a very steep 6.0% in the third quarter. 2009. The unemployment rate was 6.5%, a jump of 0.4 also was highest level in 14 years. The economy has lost a total of 1.2 million jobs since the beginning of the year 2009, From Appendix 1, the personal income increased $24.5 billion, or 0.2%, and disposable personal income increased $25.7 billion, or 0.2%, in September. . Finally the recession was under recovering with the steps and measures that were being taken, although most of the markets, housing and banking sector were vulnerable of being drowned again by low financial backup. Key Figures for 2009 GDP CPI Inflation: Unemployment rate (Oct 2009) Current account balance (% of GDP) Budget (fiscal) balance (% of GDP) 14 043.9 -0.4% 9.2% -4.1% -8.4%

Interest rates (% on 10-year govt borrowing) 2.5% Consumer spending Government Investment Exports Imports 62.5% 18.7% 12.6% 13.7% 16.5%

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An insight of Growth and development of United States of America: from 2006-2012

2010 The economic recovery in the United States from arguably the most significant recession since the Great Depression of the 1930s is underway amid substantial economic stimulus (Appendix 1). Real output has grown at a notable pace since the third quarter of 2009 and net job gains, which typically lag output, turned positive at the start of 2010. The most notable is the significant tightening of credit and the loss of one-quarter of household net worth between the middle of 2007 and early 2009. Rebuilding the remaining lost net worth and reducing debt burdens was put as main priority for the upcoming years. . Growth in the United States economy, the worlds largest economy, lost momentum after the first few months of this year. GDP growth slowed from 3.7% in the first quarter to 1.7% and 2.5% in the second and third quarters respectively, and the unemployment rate, at 9.6% in October, remained stubbornly high. The recovery in the labour market has been lacklustre and the economy has only regained about one-fifth of the jobs lost during the recession. The U.S. housing market continues to demonstrate weakness with housing starts at historically low levels. As a result of the slow pace of recovery, the U.S. Federal Reserve pledged on November 3, 2010 to embark on a second round of quantitative easing (known as QE2), involving the purchase of US$600 billion of long-term U.S. Government debt over the next seven months. QE2 is intended to lower longer-term borrowing costs and the value of the U.S. dollar, thereby strengthening exports and investment, and creating employment. Key Figures for 2010 GDP CPI Inflation: Unemployment rate (Oct 2010) Current account balance (% of GDP) Budget (fiscal) balance (% of GDP) 14 582.4 e (+1.6)% 1.6% 8.9% -2.1% -7.4%

Interest rates (% on 10-year govt borrowing) 2.01% Consumer spending Government Investment Exports Imports 76.5% 15.5% 14.6% 15.7% 14.62%

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An insight of Growth and development of United States of America: from 2006-2012

2011 2011 for the US economy was a year of slow growth and fears of a double-dip recession, but there were some more positive signs as 2011 came to a close. After months of wrangling and fears of government meltdown, in August 2011 - President Obama and congressional leaders reached a deal which agreed to raise the debt ceiling by US $400 billion immediately, whilst also cutting government spending by hundreds of billions of dollars over the next decade In the summer of 2011, the credit rating agency S&P downgraded US sovereign debt for the first time - Standard & Poors downgraded US treasury debt from the highest rating of AAA to AA+ although the main reasons for doing so appeared to be political rather than economic namely the debt ceiling impasse in the summer which was eventually resolved. Unemployment is high. At 9% there are 13.9 million unemployed, while the broader measure of unemployed (U-6) is 25 million. While unemployment has been dropping at a snails pace, jobs are not being created at a sufficient rate to substantially reduce unemployment. New jobless claims have been hovering around the 400,000 per week for the entire year. Real disposable income is falling. Personal savings have fallen from a post-crash high of 5.8% in June 2010 to 3.6% as of September 2011 because consumers are using savings to fund consumption. GDP is static rather than growing, and the latest third-quarter boost will likely not continue. It is likely that the third-quarter report will be revised downward. Household debt ($13.9 trillion) is still historically very high and has not been substantially reduced. U.S. sovereign debt is 100% of GDP ($15 trillion and growing). All government spending (federal, state, and local) constitutes 45.6% of GDP. The euro crisis will have a substantial impact on the rest of the world, including the US. That is difficult to predict, but well know very soon. According to recent data, the world is heading into recession in almost all economies. The federal government is currently running a $1.3 trillion annual deficit. Unfunded liabilities for Social Security, Medicare, and prescription drug are $116.4 trillion and growing. This does not include the pending problem with student loans (Sallie Mae) or obligations to government-sponsored enterprises. The MF Global (MFGLQ.PK) problem is indicative of a declining economy. It is likely that in a growing economy, MF Global would have been able to ride out its crisis. In a declining economy, company weaknesses tend to be revealed, as with Lehman. That creates market uncertainty. Oil prices have raised from $40 a barrel post-crash to $110 a barrel in April 2011, and presently are at $97 a barrel. Such oil price increases are associated with and often presage recessions.

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An insight of Growth and development of United States of America: from 2006-2012

Key Figures for 2011 GDP CPI Inflation: Unemployment rate (Oct 2011) Current account balance (% of GDP) Budget (fiscal) balance (% of GDP) +1.8% 3.2% 9.0% -3.1% -9.0%

Interest rates (% on 10-year govt borrowing) 2.01% Consumer spending Government Investment Exports Imports 70.5% 19.5% 12.6% 12.7% 15.9%

2012 Real gross domestic product (GDP) increased in 43 states and the District of Columbia in 2011, according to new statistics released today by the U.S. Bureau of Economic Analysis (BEA) that breakdown GDP by state. Durable-goods manufacturing, professional, scientific, and technical services, and information services were the leading contributors to real U.S. economic growth. U.S. real GDP by state grew 1.5% in 2011 after a 3.1% increase in 2010. Real U.S. GDP by metropolitan area increased 2.5% in 2010 after declining 2.5% in 2009, according to new statistics released today by the U.S. Bureau of Economic Analysis. The economic growth was widespread as real GDP increased in 304 of 366 (83%) metropolitan areas, led by national growth in durable-goods manufacturing, trade, and financial activities. The cash pile has grown by about $1 trillion, currently adding up to over $2 trillion. Given that annual US GDP is about $15.5 trillion, the corporate cash-stash is a huge source of economic firepower. And thats not all at the same time, these same corporations have an additional $2.4 trillion of trade receivables. Converting this to cash doubles this already-substantial economic arsenal. Shortly after getting the weak GDP growth numbers, we received yet another pitiful reading on employment growth. For a second month, the economy produced fewer than 100,000 new jobs, and Mays unemployment rate nudged up from 8.1% to 8.2%, an increase that is probably not statistically meaningful. After a net overall gain in 2011 (+2.2%), driven by fiscal stimuli and jobs recovery, household

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An insight of Growth and development of United States of America: from 2006-2012

consumption showed signs of easing at the end of 2011 and early 2012, with much lower growth in spending (+1.4% year/year in January, compared to the long-term average of 3.3%). High unemployment (still coming down in only limited fashion) is partially to blame, but more importantly, disposable personal income after taxes has grown at a paltry 0.6% year/year rate while gasoline prices have also risen sharply. Key Figures for 2012 (As of June) GDP (June-2012) CPI Inflation: (March-2012) Unemployment rate (May-2012) Current account balance (% of GDP) Budget (fiscal) balance (% of GDP) 15.094 (+1.7%) 2.7% 8.2%% 2.9% 1.8%

Interest rates (% on 10-year govt borrowing) 2.01% Consumer spending Government Investment Exports Imports 74.5% 17.5% 19.6% 16.7% 14.9%

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An insight of Growth and development of United States of America: from 2006-2012

Reference Income, Poverty, and Health Insurance Coverage in the United States: 2010. Acharya, V.V. and M. Richardson (2010). Causes of the financial crisis, Critical Review, Economy. W.W. Norton and Company, New York Astley, M., Giese, J., Hume, M. and C. Kubelec (2009). Global imbalances and the financial Baily, M.N., Litan, R.E., and M.S. Johnson (2008). The origins of the financial crisis Initiative on Business and Public Policy at Brookings, Fixing Financial Series, Paper 3, November 2008. Baker, G. (2007). Welcome to the Great Moderation, The Times, January 19. Bezemer, D. (2009). No One Saw This Coming: Understanding Financial Crisis through crisis, Bank of England Quarterly Bulletin, 2009Q3. Consumer Price Index Summary, Bureau of Labor Statistics, retrieved Updated monthly Deloitte, Switching Channels: Global Powers of Retailing 2012, STORES, January 2012, G20. Garnaut, R. (with Smith, D.L.) (2009). The Great Crash of 2008. Melbourne University Gross Domestic Product. 2011 Final Estimate, Bureau of Economic Analysis, retrieved April 7, 2012 Obstfeld, M. and K. Rogoff (2009). Global imbalances and the financial crisis: products of common causes, Paper prepared for the Federal Reserve Bank of San Francisco Asia Economic Policy Conference, Santa Barbara, CA, October 18-20 2009. OECD (2011), "Country statistical profile: United States", Country statistical profiles: Key tables from OECD. doi: 10.1787/csp-usa-table-2011-1-en Press, Clayton, VIC. Roubini, N., and B. Setser (2004). The US as a Net Debtor: The Sustainability of the US External Imbalance, mimeo, New York University Stiglitz, J.E. (2010a). Freefall: America, Free Markets, and the Sinking of the World Vol. 21, No. 2-3. Washington, D.C. World Bank (2010). Global Economic Prospects: Crisis, Finance, and Growth. World Bank, Forbes.com". Forbes. November 15, 2011. Retrieved July 02, 2012. United States. International Monetary Fund. Retrieved July 02, 2012.
Websites http://money.cnn.com/2008/12/01/news/economy/recession/index.htm http://www.americanprogress.org/issues/2006/12/economic_review.html http://www.bbc.co.uk/news/world-us-canada-16761057 http://www.economics.gov.nl.ca/ER2010/TheEconomicReview2010.pdf http://www.fco.gov.uk/en/travel-and-living-abroad/travel-advice-by-country/countryprofile/north-central-america/united-states/?profile=economy http://www.oecd.org/newpublicationdocuments/0,3764,en_33873108_33873886_1_1_1_23_ 1,00.html http://www.bea.gov/international/index.htm https://members.weforum.org/pdf/CSI/Global_Risks_2007.pdf https://www.cia.gov/library/publications/the-world-factbook/geos/us.html

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An insight of Growth and development of United States of America: from 2006-2012

Appendix 1:
Country statistical profiles: Key tables from OECD - ISSN 2075-2288 - OECD 2011

Country statistical profile: United States 2011-2012


Unit
Production and income Gross domestic product (GDP)

2003 2004 2005 2006 2007 2008 2009 2010


11 089.2 11 812.3 12 579.7 13 336.2 13 995.0 14 296.9 14 043.9 14 582.4 e 47 024

2011 15862.8e
48 890

GDP per capita

Gross national income (GNI) per capita Household disposable income

Bln USD curr. PPPs USD current PPPs USD current PPPs Annual growth %

38 128

40 246

42 466

44 595

46 337

46 901

45 674

38 307

40 583

43 063

45 575

46 675

47 026

45 567

45 602

46 805

2.9

3.0

1.4

3.9

2.0

1.9

0.9

1.1

1.5

Economic growth Real GDP growth

Net saving rate in household disposable income Gross fixed capital formation

Annual growth % %

2.5

3.6

3.1

2.7

1.9

-0.0

-2.7

2.9 e

3.0e
6.4

3.8

3.4

1.5

2.5

2.1

4.2

6.2

5.8

% of GDP

2.9

6.2

5.3

2.3

-1.4

-5.1

-15.5

-8.0

-4.6

Economic structure Real value added: agriculture, forestry, fishing Real value added: industry Real value added: services

Annual growth % Annual growth % Annual growth %

12.2

2.9

11.6

-4.7

-10.8

8.9

6.5

6.7

5.2

1.9

7.5

0.8

3.0

3.7

-3.6

-5.5

-4.3

2.8

1.9

1.5

1.1

1.7

1.5

2.3

-0.4

0.1

0.9

Government deficits and debt Government deficit General government debt General government revenues General government expenditures

% of GDP % of GDP % of GDP % of GDP

-5.0 60.2 31.3

-4.4 61.2 31.6

-3.3 61.4 33.0

-2.2 60.8 33.8

-2.9 62.0 33.9

-6.3 71.0 32.6

-11.3 84.3 30.9

-10.6 93.6 31.6

-8.7 94.6 32.8

36.3

36.0

36.2

36.0

36.8

39.0

42.2

42.3

40.2

Trade Imports of goods and services Exports of goods and services % of GDP % of GDP 13.9 9.4 15.2 10.0 16.1 10.4 16.8 11.0 17.0 11.9 17.9 12.9 14.0 11.2 15.2 12.2 14.9 13.5

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An insight of Growth and development of United States of America: from 2006-2012


Goods trade balance: exports minus imports of goods Imports of goods Exports of goods Service trade balance: exports minus imports of services Imports of services Exports of services Current account balance of payments Bln USD -581.4 -707.4 -828.0 -882.0 -854.6 -864.9 -545.2 -689.4 -745.6

Bln USD Bln USD Bln USD

1 305.1 723.7 47.4

1 525.3 817.9 56.3

1 732.3 904.3 69.6

1 919.0 1 037.0 80.2

2 017.1 1 162.5 121.1

2 164.8 1 299.9 135.9

1 601.9 1 056.7 132.0

1 966.5 1 277.1 151.4

2013.4 1314.2 145.2

Bln USD Bln USD % of GDP

244.3 291.6 -4.7

282.4 338.7 -5.3

302.5 372.2 -5.9

336.7 416.9 -6.0

367.2 488.3 -5.1

398.3 534.1 -4.7

370.3 502.3 -2.7

394.2 545.5 -3.2

345.6 5648.0 -4.2

Foreign direct investment (FDI) Outward FDI stocks Inward FDI stocks Inflows of foreign direct investment Outflows of foreign direct investment

Mln USD Mln USD Mln USD Mln USD

.. .. .. ..

.. .. 316 222 145 966

.. .. 36 236 112 638

.. .. 244 922 243 151

3 553 095 2 345 923 414 039 221 166

3 748 512 2 397 396 329 080 310 091

4 067 501 2 441 705 303 605 158 581

4 429 426 2 658 932 351 350 236 227

5245145.0 2564157.0 354862.0 251561.0

Prices and interest rates Inflation rate: all items Inflation rate: all items non food non energy Inflation rate: food

Inflation rate: energy Producer Price Indices (PPI): manufacturing Long-term interest rates

Annual growth % Annual growth % Annual growth % Annual growth % Annual growth % %

2.3

2.7

3.4

3.2

2.9

3.8

-0.4

1.6

1.8

1.5

1.8

2.2

2.5

2.3

2.3

1.7

1.0

0.9

2.1

3.8

1.9

1.8

4.2

6.4

0.5

0.3

0.2

12.2

10.9

16.9

11.2

5.5

13.9

-18.4

9.5

10.5

2.5

4.3

5.5

4.0

3.8

7.9

-4.9

5.0

5.0

4.02

4.27

4.29

4.79

4.63

3.67

3.26

3.21

3.4

Purchasing power and Exchange rates Purchasing power parities Exchange rates

Indices of price levels

USD per USD USD per USD OECD = 100

1.00

1.00

1.00

1.00

1.00

1.00

1.00

1.00

1.0

1.00

1.00

1.00

1.00

1.00

1.00

1.00

1.00

1.0

103

98

98

100

97

94

98

97

98.0

Employment Employment rate in population aged 15-24 % 53.9 53.9 53.9 54.2 53.1 51.2 46.9 45.0 44.0

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Employment rate in population aged 25-54 Employment rate in population aged 55-64 Incidence of parttime employment Self-employment rate: total civilian employment Self-employment rate, men: male civilian employment Self-employment rate, women: female civilian employment % 78.8 79.0 79.3 79.8 79.9 79.1 75.8 75.1 78.6

59.9

59.9

60.8

61.8

61.8

62.1

60.6

60.3

61.2

% %

13.2 7.6

13.2 7.6

12.8 7.5

12.6 7.4

12.6 7.2

12.8 7.0

14.1 7.1

13.5 7.0

14.2 7.2

8.8

8.9

8.8

8.6

8.4

8.3

8.4

8.3

84.0

6.1

6.1

5.9

6.0

5.8

5.6

5.7

5.6

5.0

Unemployment Unemployment rate: total civilian labour force Unemployment rate, men: male civilian labour force Unemployment rate, women: female civilian labour force Long-term unemployment: total unemployed % 6.0 5.5 5.1 4.6 4.6 5.8 9.3 9.6 7.2

6.3

5.6

5.1

4.6

4.7

6.1

10.3

10.5

8.4

5.7

5.4

5.1

4.6

4.5

5.4

8.1

8.6

5.2

11.8

12.7

11.8

10.0

10.0

10.6

16.3

29.0

21.0

Last updated: 18 January 2012 .. | Not available Break in series

e Estimated value Note: e: Estimated value, |: Break Source: OECD Factbook statistics. (DOI: 10.1787/factbook-2011-en) For explanatory notes, see OECD Factbook 2011-2012

doi: 10.1787/csp-usa-table-2011-1-en

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