Understanding Key Economic Indicators

　　By Desmond Lum In these times when market forces appear increasingly complicated and more volatile， it is all the more important to understand the professional jargon and terminology in the market place in order to be able to better make our investment and business decisions. Understanding key-economic indicators will assist in the decision making process， providing a snapshot of the current situation and an insight into the future. Each economic indicator tells us something about the economy or inflation. Gross Domestic Product (GDP) is probably the most important report as it is the whole framework where other economic indicators fall under. Using the textbook formula where Gross National Product = Consumption + Investment + Government Spending + Exports - Imports， some of the indicators will fall into the above-mentioned category e.g. retail sales figures will fall under Consumption， construction spending under investment， to name a few. There are also indicators that are broader that tell us about the economy itself rather than the component， e.g. employment figures， leading indicators， money supply figures (M3). Inflation figures， Produce Price Index (PPI) and the Consumer Price Index (CPI) will， in short ， inform us of the changes in wholesale prices ， cost of consumer (retail) goods and services respectively. An indicator that is useful must be accurate， timely and reliable. It depends entirely on the integrity of the national statistical system responsible. It is vital to know the accurate components of anindicator. We have to be mindful of the limitation of these statistical figures too. Some indicators can be historic or extremely volatile， and therefore their value are reduced. It is better to compare the most recent data with earlier months， or take a moving average for the past 3，6 or 12 months to smooth the data. It will tell us if there has been a significant change in trend and whether a new direction is under way. Timeliness of an indicator is also significant. Although the reported figures are important， it is crucial to recognise that markets react to the variance to the consensus forecast than to the absolute change in the indicator. Markets do not like surprises and can be frustrated with volatility upon subsequent revisions to the numbers published， even though significance of the absolute number diminishes with each passing month. In the US， together with the monthly employment report released on the first Friday of the month， an important survey by US National Association of Purchasing Management (NAPM) is released within the first three business day of the month， which tracks the economic movements fairly well. These two reports are considered by many as valuable adjunct

　　to the Commerce Department’s index of leading indicators. The Index of Leading Economic Indicators (LEI) in the US acts as an early warning system， telling us when the economy is about to change direction. This composite index of 11 leading indicators has a good record of providing accurate forecasts.The total index performs better as a prediction tool than any of its parts. This monthly figure is available on the last business day of the month and has low volatility. As a general rule， turning points in the economy are signalled by three consecutive months of LEI changes in the same direction. This leading indicator is like a lighthouse， giving the rest of the world economies a glimpse of the direction of the world’s largest economy. Singapore is highly dependent on trade， about four times our GDP in 1997 at US $217.7 billion. The US is the most important destination for our electronics exports， followed by Malaysia. Electronic goods make up about 70% of non-oil domestic exports and about 45% of manufacturing sector. It is therefore imperative to note the demand of electronic goods from the US. As Singapore imports much of the raw materials needed for its value-added processes in the manufacturing concerns， the retained import figures become a good gauge of future activities. Retain Import， a leading indicator (usually about three months) for the manufacturing sector， is still down. It fell 15.6% for 1998. This spells weak manufacturing and electronics figures in the following two quarters. July’s total trade figures fell 9.1%， Singapore-made exports (also known as non-oil domestic exports) fell 2.3% worse than expected， led by the 5% decline in exports of electronic goods. Although the accuracy of the predicting quality is debatable， the retained import figure does give a relatively good indication of the direction of the manufacturing and electronic activities and as such the Singapore economy. Theindicator that reflects the domestic demand is the non-oil imports. It fell 19.3% in July， the fifth month in a row. On a three-month trend basis， the decline is accelerating， reflecting extreme weakness in domestic consumption.

        了解主要經(jīng)濟(jì)指標(biāo)的意義

　　在目前這種時(shí)期，市場(chǎng)越來(lái)越變幻莫測(cè)、波動(dòng)也越來(lái)越大，明白 市場(chǎng)的專業(yè)術(shù)語(yǔ)和名詞因此變得更重要。主要經(jīng)濟(jì)指標(biāo)傳達(dá)的信息包 括當(dāng)前的經(jīng)濟(jì)狀況以及未來(lái)可能出現(xiàn)的情況，能協(xié)助制定投資和商業(yè) 決策。

　　每個(gè)經(jīng)濟(jì)指標(biāo)都能給我們一些有關(guān)經(jīng)濟(jì)表現(xiàn)或通貨膨脹的信息， 其中應(yīng)以國(guó)內(nèi)生產(chǎn)總值最重要，因?yàn)樗�包括了全部的�?jīng)濟(jì)指標(biāo)。經(jīng)濟(jì) 課本把國(guó)內(nèi)生產(chǎn)總值的方程式列為： 　　消費(fèi)+投資+政府開支+出口-進(jìn)口 從以上的方程式可看出它 包含了許多經(jīng)濟(jì)數(shù)據(jù)，如零售銷售數(shù)字包括在消費(fèi)、建筑開支屬投 部分等。

　　除此之外，就業(yè)數(shù)字、領(lǐng)先指標(biāo)和貨幣供應(yīng)也是很有用的數(shù)字。

　　通脹方面，生產(chǎn)物價(jià)指數(shù)和消費(fèi)物價(jià)指數(shù)分別讓我們知道物品和服務(wù) 的批發(fā)和消費(fèi)價(jià)格的變動(dòng)。

　　經(jīng)濟(jì)指標(biāo)必須準(zhǔn)確、及時(shí)和可靠才算有用。這完全依賴有關(guān)統(tǒng)計(jì) 系統(tǒng)是否完善。知道有關(guān)指標(biāo)是由哪些成分組成也非常重要。另外， 我們也應(yīng)知道這些統(tǒng)計(jì)數(shù)字的局限性。

　　有些指標(biāo)可能過(guò)時(shí)或是波動(dòng)劇烈，減低了它們的有效性。因此， 比較妥當(dāng)?shù)淖龇ㄊ前炎钚聰?shù)字與之前幾個(gè)月份的比較，或是利用過(guò)去 3個(gè)月、6個(gè)月或是12個(gè)月的平均移動(dòng)數(shù)。我們將能因此知道是否出現(xiàn) 顯著的趨勢(shì)改變或者在朝新發(fā)展方向。

　　指標(biāo)的及時(shí)性也不容忽略。不過(guò)有一點(diǎn)應(yīng)該注意的是，市場(chǎng)通常 不是對(duì)實(shí)際數(shù)字做出反應(yīng)，而是它與市場(chǎng)的平均預(yù)測(cè)相差有多遠(yuǎn)。市 場(chǎng)不喜歡“驚喜”，也不喜歡波動(dòng)或之后做出調(diào)整。

　　在美國(guó)，除商業(yè)部公布的領(lǐng)先指標(biāo)指數(shù)外，每月初公布的就業(yè)報(bào) 告和采購(gòu)經(jīng)理指數(shù)也是兩份重要的報(bào)告。后者能相當(dāng)準(zhǔn)確地反映制造 業(yè)的活動(dòng)。

　　領(lǐng)先經(jīng)濟(jì)指標(biāo)指數(shù)在當(dāng)?shù)乜墒莻�(gè)預(yù)先警報(bào)系統(tǒng)，能顯示經(jīng)濟(jì)是否 正要轉(zhuǎn)向。它包括11個(gè)指數(shù)，整體指數(shù)比任何一個(gè)單一指數(shù)更準(zhǔn)確地 預(yù)測(cè)走向。通常，這個(gè)數(shù)字在每月的最后一個(gè)工作日公布。

　　一般上，如果連續(xù)三個(gè)月往同個(gè)方向轉(zhuǎn)變，是經(jīng)濟(jì)正轉(zhuǎn)向的征兆 。它也像是個(gè)燈塔，讓全世界窺探美國(guó)這個(gè)世界最大經(jīng)濟(jì)體的走向。

　　新加坡是個(gè)高度依賴對(duì)外貿(mào)易的國(guó)家，去年的對(duì)外貿(mào)易額相等于 國(guó)內(nèi)生產(chǎn)總值的4倍。美國(guó)是我國(guó)電子產(chǎn)品出口的最大市場(chǎng)，馬來(lái)西 亞僅排在之后;而電子產(chǎn)品占非石油國(guó)內(nèi)出口的七成，制造業(yè)的45% 。因此，源自美國(guó)的電子產(chǎn)品需求是個(gè)重要的指標(biāo)。

　　由于我國(guó)生產(chǎn)的增值產(chǎn)品需要許多進(jìn)口原料，保留進(jìn)口因此也是 個(gè)值得注意的數(shù)字。

　　做為制造業(yè)領(lǐng)先指標(biāo)(通常是三個(gè)月)的保留進(jìn)口，目前仍處在 下跌狀態(tài)。今年上半年它跌了15.6%，意味著未來(lái)兩季制造業(yè)和電子 業(yè)的表現(xiàn)會(huì)是疲弱。

　　7月份的數(shù)字便顯示總貿(mào)易額減9.1%，電子產(chǎn)品出口跌5%是非石 油國(guó)內(nèi)出口落2.3%、跌得比預(yù)期還嚴(yán)重的原因。

　　非石油進(jìn)口則能反映國(guó)內(nèi)需求。它在7月份連續(xù)第五個(gè)月下跌， 再跌19.3%。以三個(gè)月的走勢(shì)看，下跌的趨勢(shì)越來(lái)越急，顯示國(guó)內(nèi)需 求非常疲軟。

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