US Economic Briefing: High Frequency Indicators

US Economic Briefing:
High Frequency Indicators
April 11, 2013
Dr. Edward Yardeni
516-972-7683
eyardeni@yardeni.com
Mali Quintana
480-664-1333
aquintana@yardeni.com
Please visit our sites at
www.yardeni.com
blog.yardeni.com
Yardeni Research, Inc.
thinking outside the box

Table Of Contents Table Of Contents
Key Global Indicators 1
Global Boom Bust Barometer 2
US Leading Indicators 3
ECRI 4
Citigroup Economic Surprise Index 5
US Unemployment Claims 6-7
US Petroleum Usage 8
US Electricity Output 9-10
US Railcar Loadings 11-14
US Federal Tax Receipts & Deposits 15
US Business Credit 16
MBA Mortgage Applications Survey 17
US Commercial Paper 18
US Liquid Assets 19-20
US Profits Cycle 21-23
Confidence, Boom Bust Barometer, S&P 500 24
Gasoline Prices & Rig Count 25
April 11, 2013 / US Economic Briefing: High Frequency Indicators
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Figure 1.
INDUSTRIAL COMMODITY PRICES & WORLD EXPORTS
CRB Raw Industrials Spot Price Index
(1967=100)
Volume of World Exports
(2000=100, sa)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: The Commodity Research Bureau and Netherlands Bureau for Economic Policy (CPB).
Figure 2.
- Key Global Indicators -
INDUSTRIAL COMMODITY PRICES & WORLD EXPORTS
CRB Raw Industrials Spot Price Index*
(1967=100)
Value of World Exports (IMF)
(trillion dollars, annualized, nsa)
Jan
4/10
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.
Source: Commodity Research Bureau and IMF.
Page 1 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
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4/10
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Figure 3.
YRI GLOBAL GROWTH BAROMETER*
2006 2007 2008 2009 2010 2011 2012 2013
* Average of Brent crude oil and CRB raw industrials spot price index times 2 and divided by 10.
Source: The Commodity Research Bureau and Haver Analytics.
Figure 4.
YRI GLOBAL GROWTH BAROMETER COMPONENTS
CRB Raw Industrials
Spot Price Index*
Brent Crude Oil
(dollars per barrel)
- Global Boom Bust Barometer -
4/10
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2005 2006 2007 2008 2009 2010 2011 2012 2013
* Times 2 and divided by 10. Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.
Source: The Commodity Research Bureau and Haver Analytics.
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Figure 5.
LEADING ECONOMIC INDICATORS
ECRI Weekly Leading Index
(1992=100, 4-wa)
Conference Board LEI
(2004=100)
73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15
Note: Shaded areas denote recessions according to the National Bureau of Economic Research.
Source: Conference Board and Economic Cycle Research Institute (ECRI).
Figure 6.
- US Leading Indicators -
LEADING & COINCIDENT ECONOMIC INDICATORS
ECRI Weekly Leading Index
(1992=100, 4-wa)
3/29
Feb
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73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15
Note: Shaded areas denote recessions according to the National Bureau of Economic Research.
Source: Conference Board and Economic Cycle Research Institute (ECRI).
Page 3 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
Conference Board CEI
(2004=100)
3/29
Feb
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ECRI-WLI & HIGH YIELD CORPORATE SPREAD
(basis points, inverted scale)
Spread*
ECRI Weekly Leading Index
(1992=100)
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Note: Shaded areas denote recessions according to the National Bureau of Economic Research.
* High yield corporate less 10-year Treasury yield.
Source: Merrill Lynch, Board of Governors of the Federal Reserve System, and Economic Cycle Research Institute (ECRI).
0
Figure 7.
Figure 8.
ECRI WEEKLY LEADING INDEX & S&P 500
S&P 500
ECRI Weekly
Leading Index
(1992=100)
- ECRI -
4/10
3/29
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73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15
Note: Shaded areas denote recessions according to the National Bureau of Economic Research.
Source: Standard & Poor’s Corporation and Economic Cycle Research Institute (ECRI).
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Figure 9.
CITIGROUP ECONOMIC SURPRISE INDEX
(percent)
2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Citigroup.
Figure 10.
CITIGROUP ECONOMIC SURPRISE INDEX
(percent)
Based on US Dollar
4/10
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2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Citigroup.
- Citigroup Economic Surprise Index -
Based on G10 Currencies
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Figure 11.
INITIAL UNEMPLOYMENT CLAIMS
(thousands, sa)
73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15
Note: Shaded areas denote recessions according to the National Bureau of Economic Research.
Source: US Department of Labor.
Figure 12.
- US Unemployment Claims -
INITIAL UNEMPLOYMENT CLAIMS
(thousands, sa, four-week moving average)
4/6
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73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15
Note: Shaded areas denote recessions according to the National Bureau of Economic Research.
Source: US Department of Labor.
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CONTINUING UNEMPLOYMENT CLAIMS
(millions, sa)
Continuing
Continuing +
Extended*
73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15
* Extended claims are nsa.
Note: Shaded areas denote recessions according to the National Bureau of Economic Research.
Source: Bureau of Labor Statistics.
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Figure 13.
Figure 14.
- US Unemployment Claims -
CONTINUING UNEMPLOYMENT CLAIMS
(millions, sa, four-week moving average)
Number of
Unemployed
Continuing
Continuing +
Extended
3/23
3/30
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73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15
* Extended claims are nsa.
Note: Shaded areas denote recessions according to the National Bureau of Economic Research.
Source: Bureau of Labor Statistics.
Page 7 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
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Figure 15.
US PETROLEUM PRODUCTS SUPPLIED (USAGE)
(million barrels per day, 52-week ma, sa)
yardeni.com
Total
91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
* Includes motor gasoline, distillate fuel oils, and all other products.
Source: US Department of Energy.
Figure 16.
US MOTOR GASOLINE SUPPLIED vs. MILES TRAVELED
91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Source: US Department of Energy.
- US Petroleum Usage -
Page 8 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
Gasoline Supplied
(million barrels per day, 52-wa)
Vehicle Miles Traveled
(trillion miles, 12-month sum)
4/5
Jan
4/5
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Figure 17.
US ELECTRIC UTILITY OUTPUT*
(GW hours, 52-week moving average)
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
* Excluding Hawaii and Alaska.
Source: Edison Electric Institute.
Figure 18.
US ELECTRIC UTILITY OUTPUT* vs. REAL GDP
(yearly percent change)
4/6
yardeni.com
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
* Excluding Hawaii and Alaska.
Source: Edison Electric Institute.
- US Electricity Output -
Electric Utility Output
(52-week moving average)
Real GDP
Page 9 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
Q4
4/6
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Figure 19.
US ELECTRIC UTILITY OUTPUT* vs. PRODUCTION
(52-week moving average)
Electricity Output
(GW hours)
Total Manufacturing Production
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
* Excluding Hawaii and Alaska.
Source: Edison Electric Institute.
Figure 20.
US ELECTRIC UTILITY OUTPUT* vs. GDP
(52-week moving average)
4/6
Feb
yardeni.com
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
* Excluding Hawaii and Alaska.
Source: Edison Electric Institute.
- US Electricity Output -
Electricity Output
(GW hours)
Real GDP
(billion dollars, saar)
Page 10 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
Q4
4/6
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Figure 21.
RAILCAR LOADINGS*
(thousand units, 26-wa)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
* Car loads plus intermodal.
Source: Atlantic Systems and Standard & Poor’s.
Figure 22.
RAILCAR LOADINGS
(thousand units, 26-wa)
Total
3/2
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: Atlantic Systems.
- US Railcar Loadings -
Car Loads
Intermodal
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Figure 23.
RAILCAR LOADINGS: MOTOR VEHICLES
yardeni.com
Motor Vehicle
___________
Loadings
(thousand units, 26-wa)
Assemblies
(million units, saar)
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Source: Atlantic Systems and Federal Reserve.
Figure 24.
RAILCAR LOADINGS: LUMBER & WOOD PRODUCTS
yardeni.com
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Source: Atlantic Systems.
- US Railcar Loadings -
Lumber _____________________
& Wood Products
Loadings
(thousand units, 26-wa, sa)
Housing Starts
(thousand units, saar)
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Figure 25.
RAILCAR LOADINGS
(thousand units, 26-wa)
Coal
3/30
90 92 94 96 98 00 02 04 06 08 10 12 14 16
Chemicals & Petroleum
Products
90 92 94 96 98 00 02 04 06 08 10 12 14 16
Metals & Products
3/30
90 92 94 96 98 00 02 04 06 08 10 12 14 16
Source: Atlantic Systems and American Trucking Association.
- US Railcar Loadings -
3/30
Nonmetallic Minerals
3/30
90 92 94 96 98 00 02 04 06 08 10 12 14 16
90 92 94 96 98 00 02 04 06 08 10 12 14 16
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Pulp & Paper
Products
Waste & Scrap
Materials
3/30
3/30
90 92 94 96 98 00 02 04 06 08 10 12 14 16
12
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190
170
150
130
110
90
80
70
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50
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30
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Figure 26.
ATA TRUCK TONNAGE INDEX vs. INTERMODAL CONTAINERS
Trucking Index
(2000=100, sa)
Railcar Loadings:
Intermodal Containers
(thousand units, 26-wa)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: American Trucking Association and Atlantic Systems.
Figure 27.
RAILCAR LOADINGS: INTERMODAL TRAILERS
(thousand units, 26-wa)
yardeni.com
3/30
Feb
yardeni.com
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Source: Atlantic Systems and American Trucking Association.
- US Railcar Loadings -
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Figure 28.
FEDERAL TAX RECEIPTS & DEPOSITS: INDIVIDUAL & PAYROLL
(billion dollars)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
* Employment and General Retirement, Unemployment Insurance, and Other Retirement.
Source: US Treasury and Haver Analytics.
Figure 29.
- US Federal Tax Receipts & Deposits -
Deposits: Withheld Income & Employment Taxes
(260-day sum)
Receipts: Individual Income Taxes Plus
Social Insurance and Retirement Receipts*
(12-month sum)
FEDERAL TAX RECEIPTS & DEPOSITS: CORPORATE INCOME TAXES
(billion dollars)
Mar
4/9
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source US Treasury and Haver Analytics.
Deposits
(260-day sum)
Receipts
(12-month sum)
Page 15 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
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Figure 30.
SHORT-TERM BUSINESS CREDIT & INVENTORIES
(billion dollars)
C&I Loans Plus
Nonfinancial
Commercial Paper
(nsa)
Manufacturing & Trade
Inventories
(sa)
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
Note: Shaded areas denote recessions according to the National Bureau of Economic Research.
Source: Board of Governors of the Federal Reserve System and US Department of Commerce, Bureau of the Census.
Figure 31.
COMMERCIAL & INDUSTRIAL LOANS
(billion dollars, nsa)
NONFINANCIAL COMMERCIAL PAPER
(billion dollars, nsa)
3/27
Jan
yardeni.com
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
Source: Board of Governors of the Federal Reserve System.
- US Business Credit -
Page 16 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
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Figure 32.
MORTGAGE APPLICATIONS: NEW PURCHASE INDEX vs. SINGLE FAMILY HOME SALES
Mortgage Applications:
New Purchase Index
(4-week average, sa)
New Plus Existing
Single Family Home Sales
(million units, saar)
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Source: Mortgage Bankers of America.
Figure 33.
- MBA Mortgage Applications Survey -
MORTGAGE APPLICATIONS: REFINANCING INDEX
(4-week average, sa)
4/5
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90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Source: Mortgage Bankers Association.
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Figure 34.
COMMERCIAL PAPER OUTSTANDING
(billion dollars, sa)
Total
4/10
02 03 04 05 06 07 08 09 10 11 12 13 14
Asset Backed
Total Financial
02 03 04 05 06 07 08 09 10 11 12 13 14
Source: Board of Governors of the Federal Reserve System.
- US Commercial Paper -
Page 18 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
4/10
4/10
Domestic Financial
Foreign Financial
Foreign Bank (nsa)
4/10
02 03 04 05 06 07 08 09 10 11 12 13 14
Nonfinancial
4/10
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Figure 35.
LIQUID ASSETS*
(billion dollars, sa, ratio scale)
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
* Total savings deposits (including money market deposit accounts), small time deposits, and total money market mutual funds held by individuals &
institutions.
Source: Board of Governors of the Federal Reserve System.
Figure 36.
LIQUID ASSETS*
- US Liquid Assets -
As a percent of
_____________
Wilshire 5000
S&P 500 Market Cap
3/25
yardeni.com
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
* Total savings deposits (including money market deposit accounts), small time deposits, and total money market mutual funds held by individuals &
institutions.
Source: Board of Governors of the Federal Reserve System, Standard & Poor’s Corporation, and Wall Street Journal.
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3/29
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6500
6100
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4900
4500
4100
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2900
2500
2100
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1300
900
500
100
INTEREST-BEARING DEPOSITS
(billion dollars, sa)
Savings Deposits (including
Money Market Deposit Accounts)*
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
* Included in M2.
** Included in M2. IRA and Keogh account balances are excluded.
Source: Board of Governors of the Federal Reserve System.
2.8
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0
.8
.6
.4
Figure 37.
Figure 38.
MONEY MARKET MUTUAL FUNDS
(trillion dollars, sa)
Held By:
_______
Retail*
Institutions**
Total Small Time
Deposits**
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
* Included in M2. IRA and Keogh account balances are excluded.
** Included in MZM, but not in M1 or M2.
Source: Federal Reserve Board.
- US Liquid Assets -
Page 20 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
3/25
3/25
3/25
3/25
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6900
6500
6100
5700
5300
4900
4500
4100
3700
3300
2900
2500
2100
1700
1300
900
500
100
2.8
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0
Yardeni Research, Inc.
www.yardeni.com
.8
.6
.4

120
110
100
90
80
70
60
50
12
8
4
0
-4
-8
-12
Figure 39.
S&P 500 FORWARD EARNINGS & COINCIDENT ECONOMIC INDICATORS
S&P 500 Forward Earnings*
US Coincident Economic Indicators
(2004=100)
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
* Time-weighted average of current and next year’s consensus earnings estimates. Monthly through 3/94, weekly thereafter.
Source: Thomson Reuters I/B/E/S and Conference Board.
Figure 40.
- US Profits Cycle -
S&P 500 FORWARD EARNINGS & COINCIDENT ECONOMIC INDICATORS
(yearly percent change)
S&P 500 Forward Earnings*
US Coincident Economic Indicators
4/4
Feb
yardeni.com
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
* Time-weighted average of current and next year’s consensus earnings estimates. Monthly through 3/94, weekly thereafter.
Source: Thomson Reuters I/B/E/S and Conference Board.
Page 21 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
Feb
4/4
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100
80
60
40
20
0
60
40
20
0
-20
-40
-60
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www.yardeni.com

6.25
6.00
5.75
5.50
5.25
5.00
4.75
4.50
4.25
4.00
3.75
3.50
3.25
45
40
35
30
25
20
15
10
5
0
-5
-10
-15
-20
-25
-30
-35
-40
Figure 41.
S&P 500 FORWARD EARNINGS & FACTORY ORDERS
S&P 500 Forward Earnings*
(weekly)
Total New Factory Orders
(trillion dollars, saar)
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
* 52-week forward consensus expected S&P 500 operating earnings per share. Time-weighted average of current and next year’s consensus earnings
estimates. Monthly through April 1994; weekly thereafter.
Source: Thomson Reuters I/B/E/S and US Department of Commerce, Bureau of the Census.
Figure 42.
S&P 500 FORWARD EARNINGS & NEW FACTORY ORDERS
(yearly percent change)
yardeni.com
- US Profits Cycle -
S&P 500 Forward Earnings*
New Factory Orders
(3-ma)
Feb 4/4
yardeni.com
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
* 52-week forward consensus expected S&P 500 operating earnings per share. Monthly through March 1994, weekly thereafter. Time-weighted average
of current and next year’s consensus earnings estimates.
Source: Thomson Reuters I/B/E/S and Board of Governors of the Federal Reserve System.
Page 22 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
Feb
4/4
125
115
105
95
85
75
65
55
45
35
25
20
15
10
5
0
-5
-10
-15
-20
-25
-30
-35
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www.yardeni.com

20
15
10
5
0
-5
-10
-15
-20
40
20
0
-20
-40
Figure 43.
S&P 500 FORWARD EARNINGS & INDUSTRIAL PRODUCTION
(yearly percent change)
S&P 500 Forward Earnings*
US Industrial Production
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
* 52-week forward consensus expected S&P 500 operating earnings per share. Monthly through March 1994, weekly thereafter. Time-weighted average
of current and next year’s consensus earnings estimates.
Source: Thomson Reuters I/B/E/S and Board of Governors of the Federal Reserve System.
Figure 44.
- US Profits Cycle -
S&P 500 FORWARD EARNINGS & INDEX OF AGGREGATE WEEKLY HOURS
(yearly percent change)
S&P 500 Forward Earnings*
Aggregate Hours
Feb
4/4
yardeni.com
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
* 52-week forward consensus expected operating earnings. Monthly through March 1994, weekly thereafter.
Time-weighted average of current and next year’s consensus earnings estimates.
Source: Bureau of Labor Statistics and Thomson Reuters I/B/E/S.
Page 23 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
Mar
4/4
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50
40
30
20
10
0
-10
-20
-30
-40
10
5
0
-5
-10
Yardeni Research, Inc.
www.yardeni.com

170
160
150
140
130
120
110
100
90
80
70
60
50
40
130
120
110
100
90
80
70
60
50
40
Figure 45.
BOOM BUST BAROMETER vs. CONSUMER COMFORT INDEX
US Boom Bust Barometer*
Consumer Comfort Index
(index plus 100)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
* CRB raw industrials spot price index divided by initial unemployment claims, four-week moving average.
Source: Bloomberg, Commodity Research Bureau, Department of Labor.
Figure 46.
- Confidence, Boom Bust Barometer, S&P 500 -
S&P 500 INDEX & YRI FUNDAMENTAL STOCK MARKET INDICATOR
YRI Fundamental Stock
Market Indicator*
S&P 500 Index
4/6
4/6
yardeni.com
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
* Average of Consumer Comfort Index and Boom-Bust Barometer, which is CRB raw industrials spot price index divided by initial unemployment claims,
four-week moving average.
Source: Bloomberg, Commodity Research Bureau, Department of Labor, and Standard & Poor’s Corporation.
Page 24 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
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170
160
150
140
130
120
110
100
90
80
70
60
50
40
1700
1600
1500
1400
1300
1200
1100
1000
900
800
700
600
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4.2
4.0
3.8
3.6
3.4
3.2
3.0
2.8
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0
.8
.6
2400
2200
2000
1800
1600
1400
1200
1000
800
600
400
200
0
Figure 47.
GASOLINE PRICES
(dollars per gallon)
2006 2007 2008 2009 2010 2011 2012 2013
* Nearby contract.
Source: Oil & Gas Journal and Haver Analytics.
Figure 48.
BAKER HUGHES ACTIVE RIG COUNT
(units)
4/3
National average
pump price (weekly)
Futures price (daily)*
4/10
yardeni.com
91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Source: Baker Hughes Inc.
- Gasoline Prices & Rig Count -
Total US
Gas
Oil
Page 25 / April 11, 2013 / US Economic Briefing: High Frequency Indicators
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4.2
4.0
3.8
3.6
3.4
3.2
3.0
2.8
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0
.8
.6
2400
2200
2000
1800
1600
1400
1200
1000
800
600
400
200
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www.yardeni.com
0

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