The Budget of the United States Government, Fiscal Year 2011 contains the Budget Message of the President, information on the President’s priorities, budget overviews organized by agency, and summary tables. Analytical Perspectives, Budget of the United States Government, Fiscal Year 2011 contains analyses that are designed to highlight specified subject areas or provide other significant presentations of budget data that place the budget in perspective. This volume includes economic and accou

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The Economic Report of the President for 2010 is written by the Chair of the Council of Economic Advisers. An important vehicle for presenting the Administration’s domestic and international economic policies, it provides an overview of the nation’s economic progress with text and extensive data appendices. For more than sixty years, the Economic Report has provided a nearly contemporaneous record of how Administrations have interpreted economic developments, the motivation for policy act

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This book is a replica, produced from digital images of the original. It was scanned at the University of Toronto Libraries and may contain defects, missing pages or blemishes due to the original source content. The UT libraries have worked with various digital partners to provide the best possible customer experience and hope you enjoy the results.

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The report today showed that Thailand’s economy expanded in 2010 with the fastest pace since 1995. The fast economic growth of the Asian countries causes the imbalances in the global economy and the Asian governments may allow their currencies to appreciate and reduce the import gains.

USD/THB fell from 30.5750 to 30.5450 as of 14:53 GMT today.

If you want to comment on the Thai baht’s recent action or have any questions regarding this currency, please, feel free to reply below.

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Suncor Energy Inc., Canada’s biggest energy company, gained 3.1 percent as crude oil futures reached their highest point this year. Teck Resources Ltd. advanced 1.7 percent as zinc and copper climbed. Barrick Gold Corp., the world’s largest gold producer, added 1.6 percent.
“The market’s tone is driven by improving economic data, specifically in Europe,” said Andrew McCreath, a portfolio manager at Sentry Select Capital Corp. in Toronto, which manages about C$4 billion. “The world is back to thinking that it’s synchronous growth; if one guy improves, the other guy’s going to improve.”

The Standard & Poor’s/TSX Composite Index advanced 130.67 points, or 1.2 percent, to 10,831.18. The equity benchmark has risen 21 percent this year as commodity prices rebounded on signs the global economy is recovering from the first simultaneous recessions in the U.S., Europe and Japan since World War II.

Oil climbed to a 10 month high today as the euro strengthened against the dollar after German services and French manufacturing expanded in August, bolstering the appeal of commodities to investors.

Record Increase

Sales of existing U.S. homes rose 7.2 percent to a 5.24 million annual rate, the highest since August 2007, the National Association of Realtors said in Washington. The gain was the biggest since records began in 1999.

Crude oil for October delivery increased 1.3 percent to $73.89 a barrel in New York.

Suncor gained 3.1 percent to C$35.53 to contribute the most to the S&P/TSX’s rally. Petrobank Energy and Resources Ltd. led energy companies with a 6.9 percent surge to C$40.29, its highest price since September.

The weakening U.S. dollar boosted gold prices, which tend to rise as the U.S. dollar falls. Gold futures for December delivery climbed 1.4 percent to $954.70 an ounce in New York.

Barrick added 1.6 percent to C$37.60, for a weekly gain of 0.6 percent. The second-largest gold producer, Goldcorp Inc., rose 1.2 percent to C$38.84. Kinross Gold Corp. jumped 2.5 percent to C$20.99.

Silver Producers

Silver Wheaton Corp., Pan American Silver Corp. and Silver Standard Resources Inc. each gained at least 2.8 percent as silver for September delivery increased 2.1 percent in New York.

Copper for December delivery gained 5.1 percent to $2.89 a pound in New York, while zinc, nickel and lead rose in London.

Teck Resources, Canada’s largest base-metals producer, rallied 1.7 percent to C$28.88. Equinox Minerals Ltd., which mines copper in Zambia, climbed 2.3 percent to C$2.66.

“The weaker U.S. dollar decreases the price of commodities for buyers of commodities outside the United States,” McCreath said. “There’s a belief that it has a tendency to increase demand, and as a result commodity prices go up.”

Energy and raw-materials companies make up 43 percent of the value of the TSX.

Economic Prospects

Shortly after trading began, U.S. Federal Reserve Chairman Ben S. Bernanke told a symposium that “the prospects for a return to growth in the near term appear good” both in the U.S. and internationally.

“We’ve got some good news from Germany, we’ve got some good news from France, we’ve got Bernanke saying the recession is over,” said Steven Conville, a Markham, Ontario-based portfolio manager at Blackmont Capital Inc., which manages about C$8 billion. With real-estate sales improving “from abysmal to horrible that makes for, on light volume, a positive buying day,” he said.

The S&P/TSX pared its losses for the week to 0.2 percent. The index dropped 316.42 points Aug. 17 after foreign direct investment in China fell and Japan’s economy grew less than economists estimated.

Contract manufacturer Celestica Inc. led the S&P/TSX with an 8 percent gain to C$9.60, its highest price since May 2008, after Citigroup increased its rating on the stock to “hold” from “sell.”

Only three stocks on the S&P/TSX lost more than 2 percent. New Gold Inc. plunged 5.8 percent to C$3.77, after a 5.8 percent gain from yesterday. The company said it would sell 26.7 million shares for C$3.75 apiece. New Gold had 356 million shares outstanding as of July 31.

Pharmaceutical-services company Patheon Inc. soared 31 percent to a 10-month high of C$3.38 after receiving an $460 million buyout offer from Lonza Group AG of Switzerland. Mississauga, Ontario-based Patheon isn’t on the S&P/TSX index.

The July ADP private sector payrolls posted a loss of 371k jobs, exceeding calls for 340k, albeit improving from 473k a month prior. The July non-manufacturing ISM unexpectedly deteriorated to 46.4, falling short of estimates for an improvement to 48.0 from a month earlier at 47.0. Meanwhile, the headline durable goods orders for June improved to -2.2% versus -2.5% from May and factory orders rose by 0.4%, off from 1.2% a month earlier. Thursday’s data will see weekly jobless claims.

The key highlight will be Friday’s July labor report. The consensus forecast is for the unemployment rate to creep closer to the 10% figure at 9.7% in July versus 9.5% from June. The non-farm payrolls figure is expected to improve sharply, posting a loss of 320k jobs compared with 467k jobs lost a month earlier.

The FOMC kicked-off its two-day monetary policy meeting today and will be announcing its decision on Wednesday afternoon at 2.15 PM. The Fed is not seen changing interest rates from its current range of 0-0.25%. However, with the Treasury’s purchase plan set to expire in September, it will be interesting to see how the Fed will tackle the issue of extending the plan or permitting it to expire.

On Friday, the preliminary reading of the University of Michigan’s consumer confidence index is forecasted to show a rise to 69.0 in August from 66.0, which would be supportive of claims that the US economy is showing signs of recovery. Indeed, based on the latest US non-farm payrolls results, the pace of job losses has slowed markedly, which may help to boost investor sentiment. On the other hand, the latest retail sales results may indicate that NFPs were somewhat deceiving. That said, the major issue we want to point out with this report is that the official time of release is 10:00 ET, but it typically hits the wires at 9:55 ET, which can exacerbate any surprise factor from the actual results.

Although the movement in the market didn’t have much effect on the Japanese yen, it’s important to pay attention to the Bank of Japan is going to introduce their most recent rate conclusion overnight. The BOJ is expected to leave rates stable at 0.1 %, and whilst several economic indicators such as machine orders, industrial production, and manufacturing PMI, have indicated signs of progress, the central bank will probably keep on focusing on risks stemming from determinedly weak domestic demand and deflation.