DBNotes Countries - Jun07

MAIN ECONOMIC INDICATORS DATABASE NOTES
JUNE 2007

AVAILABLE ON DISK FROM 09-06-2007
(STA05)DBNotes/Jun

SEASONAL ADJUSTMENTS


New seasonal adjustments by OECD are generally carried out once a year, when the December figure is available. Revisions to individual series due to new seasonal adjustments by national source or by OECD are not signalled in this note.

INTRODUCTION OF EUROPEAN UNION SERIES AND CHANGES TO EURO AREA SERIES
 

 

With the recent expansion of both the Euro Area to include Slovenia and the European Union to 27 countries the Main Economic Indicators has been introducing a change in its approach for compiling and disseminating statistics related to these regions. The new strategy implies that wherever possible, Euro Area and European Union data will be sourced from the relevant European authorities and the OECD will soon cease to perform our own calculations for these regions. In terms of codes, OECD compiled data for the Euro Area is indicated by the prefix EUZ whereas data supplied by European authorities uses the prefix of EMU. Note that the MEI has always published a combination of EUZ and EMU series, often for the same subject. In the case of the European Union, the prefix EUU will be used whereas OECD compiled series only relate to the former European Union of 15 countries indicated by the prefix E15.

The attached spreadsheet "European Union series for June MEI.xls" indicates the new EUU series published for the June MEI and the E15 series they essentially replace, together with newly added EMU series. To aid users in this transition, MEI electronic products will continue to publish EUZ and E15 series for the remainder of 2007. Also, for several subjects, EUU and EMU series will be linked to existing EUZ and E15 series to form long time series where this is seen as appropriate from a methodological perspective. The MEI online metadata at http://stats.oecd.org/mei/ will indicate where such linking has been performed.

Quarterly national accounts

There is one important exception to the above rule. As foreshadowed in the May DB notes, EUU series for quarterly national accounts have been introduced for this June MEI to replace the currently published E15 series. Thus for quarterly national accounts E15 series are no longer published. In addition, Euro area series for quarterly national accounts for June MEI are now sourced from Eurostat but are still published under the same prefix of EMU, thus revisions are expected for these series.

 

INTRODUCTION OF RELATIVE UNIT LABOUR COSTS IN MANUFACTURING

 

The spreadsheet "Relative Unit Labour Costs in Manufacturing.xls" contains the new competitiveness indicators (Relative unit labour costs in manufacturing) published for the June 2007 MEI.

Relative unit labour costs in manufacturing take into account not only changes in market exchange rates, but also variations in relative price levels using ULC in manufacturing, and therefore can be used as indicators of competitiveness. The change in a country's index of relative ULC in manufacturing between two years is obtained by comparing the change in the country's ULC index (converted into US dollars at market exchange rates) to a weighted average of changes in its competitors' ULC indices (also expressed in US dollars), using the weighting matrix for the current year (based on the importance of bilateral trade).

All unit labour costs in manufacturing data used in the compilation of the relative ULC in manufacturing index is sourced via the OECD System of Unit Labour Cost Indicators. All data and metadata for this indicator can be found in the following link: http://stats.oecd.org/mei/default.asp?rev=3

 

INTRODUCTION OF NEW BALANCE OF PAYMENTS SERIES

New series of Balance of Payments listed in the the spreadsheet "BOP_Series_June_MEI.xls" have been included.

FOR FURTHER DETAILS


Detailed methodological information, updated in real time, is available at http://stats.oecd.org/mei/.
Questions relating to these database notes should be directed by e-mail to stat.contact@oecd.org.

Countries List

CANADA    UNITED STATES    JAPAN    NEW ZEALAND    CZECH REPUBLIC    FINLAND    FRANCE    GREECE    ICELAND    SWEDEN    UNITED KINGDOM    




CANADA

(Back to the countries list)

Leading Indicators OECD
 The following series have been included:
   CLI Business climate indicator (PMI) saCAN.LOCNC003.STSA
   CLI Business climate indicator (PMI) saCAN.LOCNC007.STSA
   CLI Consumer confidence saCAN.LOCNCS01.STSA
   CLI Consumer confidence saCAN.LOCNCS07.STSA
   CLI Inventories to shipments ratioCAN.LOCNMI01.STSA
   Ratio of inventories to shipmentsCAN.LOCNMI07.STSA
 The following series have been suppressed:
   CLI Production: future tend. manuf.CAN.LOCNK203.STSA
   CLI Production: future tend. manuf. (BS) saCAN.LOCNK207.STSA
   CLI Weekly hours of work (mfg.)CAN.LOCNLW01.STSA
   CLI Weekly hours of work (mfg.) saCAN.LOCNLW07.STSA
   CLI Finished goods stocks: level (mfg)CAN.LOCNS303.STSA
   CLI Finished goods stocks: level (mfg) (BS) saCAN.LOCNS307.STSA
 The following series have been revised as a result of a review of CLI components:
   CLI leading indicator ratio to trendCAN.LOCSTL01.ST
   CLI Leading indicator amplitude adjustedCAN.LOCSTL04.ST
   CLI Leading indicator trend restoredCAN.LOCSTL05.ST
   CLI 6-Months rate of change at annual rateCAN.LOCSTL09.ST






UNITED STATES

(Back to the countries list)

Leading Indicators OECD
 Data for the series were revised by the source due to benchmarking; adjusting for consistency with the benchmarked shipments and inventory data; correcting for late receipts, reclassifications of reported data, and revisions to previously reported data:
   CLI Net new orders - durable goods sa USA.LOCNMN07.NCMLSA
Sales
 Data for the series were revised by the source due to benchmarking; adjusting for consistency with the benchmarked shipments and inventory data; correcting for late receipts, reclassifications of reported data, and revisions to previously reported data:
   Sales of total manufactured goods (Value) USA.SLMNTO02.NCML
   Sales of total manufactured goods (Value) saUSA.SLMNTO02.NCMLSA
Orders
 Data for the series were revised by the source due to benchmarking; adjusting for consistency with the benchmarked shipments and inventory data; correcting for late receipts, reclassifications of reported data, and revisions to previously reported data:
   Orders for total manufactured goods (Value) USA.ODMNTO02.NCML
   Orders for total manufactured goods (Value) saUSA.ODMNTO02.NCMLSA
   Orders for manufactured investment goods (Value) USA.ODMNVG02.NCML
   Orders for manufactured investment goods (Value) saUSA.ODMNVG02.NCMLSA
Work in progress
 Data for the series were revised by the source due to benchmarking; adjusting for consistency with the benchmarked shipments and inventory data; correcting for late receipts, reclassifications of reported data, and revisions to previously reported data:
   Work in progress for total manufactured goods (Value) saUSA.WIMNTO02.STSA
Stocks
 Data for the series were revised by the source due to benchmarking; adjusting for consistency with the benchmarked shipments and inventory data; correcting for late receipts, reclassifications of reported data, and revisions to previously reported data:
   Stocks of manufactured finished goods (Value) saUSA.STMNFG02.STSA
   Ratio of inventories to shipmentsUSA.STMNIS01.ST
   Ratio of inventories to shipments saUSA.STMNIS01.STSA
   Stocks of raw materials (Value) saUSA.STMNRM02.STSA
   Stocks of total manufactured goods (Value) USA.STMNTO02.ST
   Stocks of total manufactured goods (Value) saUSA.STMNTO02.STSA





JAPAN

(Back to the countries list)

Leading Indicators OECD
 The following series have been included:
   Small Business Survey: Sales tendencyJPN.LOCNA101.STSA
   Small Business Survey: Sales tendencyJPN.LOCNA107.STSA
 The following series have been revised as a result of a review of CLI components:
   CLI leading indicator ratio to trendJPN.LOCSTL01.ST
   CLI Leading indicator amplitude adjustedJPN.LOCSTL04.ST
   CLI Leading indicator trend restoredJPN.LOCSTL05.ST
   CLI 6-Months rate of change at annual rateJPN.LOCSTL09.ST
Sales
 The following series have been revised by source:
   Total retail trade (Value) JPN.SLRTTO02.IXOB
   Total retail trade (Value) saJPN.SLRTTO02.IXOBSA
   Total wholesale trade (Value) JPN.SLWHTO02.IXOB
   Total wholesale trade (Value) saJPN.SLWHTO02.IXOBSA
Orders
 The following series have been revised by source:
   Orders for exported manufactured goods (Value) saJPN.ODMNEX02.NCMLSA
   Orders for manufactured intermediate goods (Value) saJPN.ODMNIG02.NCMLSA
   Orders for total manufactured goods (Value) saJPN.ODMNTO02.NCMLSA


NEW ZEALAND

(Back to the countries list)

Orders
 The following series have been revised by source:
   Permits issued for buildings NZL.ODCNPI02.NCML


CZECH REPUBLIC

(Back to the countries list)

Consumer Price Index
 New national base year (2005=100) for the following series:
   CPI All ItemsCZE.CPALTT01.IXOB
   CPI Food excl. restaurantsCZE.CPGDFD02.IXOB
   CPI EnergyCZE.CPGREN01.IXOB
   CPI All items non-food non-energyCZE.CPGRLE01.IXOB
   CPI HousingCZE.CPSEHO01.IXOB
   CPI Services less housingCZE.CPSELR01.IXOB




FINLAND

(Back to the countries list)

Leading Indicators OECD
 The following series have been included:
   Manufacturing - Finished goods stocks: level saFIN.LOCNS303.STSA
   Manufacturing - Finished goods stocks: level saFIN.LOCNS307.STSA
 The following series have been suppressed:
   CLI Firms expecting equipment bottleneck mfg.FIN.LOCNBB03.ST
   CLI Firms expecting equipment bottleneck mfg.FIN.LOCNBB07.ST
   CLI Order books: tendency saFIN.LOCNO103.STSA
   CLI Order books: tendency saFIN.LOCNO107.STSA
   CLI ITS Exports volume index: paper industryFIN.LOCNXP01.ST
   CLI ITS Exports volume index: paper industryFIN.LOCNXP07.IXOB
 The following series have been revised as a result of a review of CLI components:
   CLI leading indicator ratio to trendFIN.LOCSTL01.ST
   CLI Leading indicator amplitude adjustedFIN.LOCSTL04.ST
   CLI Leading indicator trend restoredFIN.LOCSTL05.ST
   CLI 6-Months rate of change at annual rateFIN.LOCSTL09.ST



FRANCE

(Back to the countries list)

Production
 Data have been revised since December 2002 due to an actualisation of productivity coefficients applied to the number of hours worked. Such coefficients have been heavily modified after taking into account the national accountability of new data:
   Production of total construction FRA.PRCNTO01.IXOB
 Data have been revised since January 2003 due to an actualisation of productivity coefficients applied to the number of hours worked. Such coefficients have been heavily modified after taking into account the national accountability of new data:
   Production of total construction saFRA.PRCNTO01.IXOBSA





GREECE

(Back to the countries list)

Leading Indicators OECD
 The following series have been included:
   Services - Employment: future tendency saGRC.LOCNE203.STSA
   Services - Employment: future tendency saGRC.LOCNE207.STSA
   Manufacturing - Production: future tendency saGRC.LOCNK203.STSA
   Production of manufactured non-durable consumer goods saGRC.LOCNKD01.STSA
   Production of manufactured non-durable consumer goods saGRC.LOCNKD07.IXOBSA
   CLI Vol. retail sales saGRC.LOCNRO01.STSA
   CLI Vol. retail sales saGRC.LOCNRO07.IXOBSA
   Retail trade - Volume of stocks: level saGRC.LOCNS103.STSA
   Retail trade - Volume of stocks: level saGRC.LOCNS107.STSA
 The following series has been included:
   CLI Production: future tendency saGRC.LOCNK207.STSA
 The following series have been suppressed:
   CLI Vol. retail sales: clothes and footwear saGRC.LOCNRA01.STSA
   CLI Vol. retail sales: clothes and footwear saGRC.LOCNRA07.IXOBSA
   CLI Export order books: levelGRC.LOCNX307.ST
 The following series have been revised as a result of a review of CLI components:
   CLI leading indicator ratio to trendGRC.LOCSTL01.ST
   CLI Leading indicator amplitude adjustedGRC.LOCSTL04.ST
   CLI Leading indicator trend restoredGRC.LOCSTL05.ST
   CLI 6-Months rate of change at annual rateGRC.LOCSTL09.ST


ICELAND

(Back to the countries list)

Labour compensation
 New national base year (2005=100) for the following series:
   Monthly earnings: private sectorISL.LCEAPR03.IXOB
   Monthly earnings: private sector saISL.LCEAPR03.IXOBSA




SWEDEN

(Back to the countries list)

Leading Indicators OECD
 The following series has been included:
   CLI Finished goods stocks: level saSWE.LOCNS303.STSA
 The following series have been suppressed:
   CLI Export orders inflow: tendency saSWE.LOCNI103.STSA
   CLI Export orders inflow: tendency saSWE.LOCNI107.STSA
   CLI Notices of layoffs saSWE.LOCNLL01.STSA
   CLI Notices of layoffs saSWE.LOCNLL07.STSA
   CLI Purchase price raw materials: tendencySWE.LOCNR103.ST
   CLI Purchase price raw materials: tendencySWE.LOCNR107.ST
   CLI Finished goods stocks: level saSWE.LOCNS301.STSA
 The following series have been revised as a result of a review of CLI components:
   CLI leading indicator ratio to trendSWE.LOCSTL01.ST
   CLI Leading indicator amplitude adjustedSWE.LOCSTL04.ST
   CLI Leading indicator trend restoredSWE.LOCSTL05.ST
   CLI 6-Months rate of change at annual rateSWE.LOCSTL09.ST





UNITED KINGDOM

(Back to the countries list)

Leading Indicators OECD
 The following series have been included:
   CLI Business climate indicator saGBR.LOCNC003.STSA
   CLI Business climate indicator saGBR.LOCNC007.STSA
   CLI Finished good stocks: tendency saGBR.LOCNS103.STSA
   CLI Finished goods: tendency saGBR.LOCNS107.STSA
 The following series have been suppressed:
   CLI Stocks raw materials: future tendencyGBR.LOCNR203.ST
   CLI Stocks raw materials: future tendencyGBR.LOCNR207.ST
 The following series have been revised as a result of a review of CLI components:
   CLI leading indicator ratio to trendGBR.LOCSTL01.ST
   CLI Leading indicator amplitude adjustedGBR.LOCSTL04.ST
   CLI Leading indicator trend restoredGBR.LOCSTL05.ST
   CLI 6-Months rate of change at annual rateGBR.LOCSTL09.ST
Sales
 The series has been suppressed by country since October 2006:
   Sales of total manufactured goods (Volume) saGBR.SLMNTO01.IXOBSA