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March 22, 2005 - Dr. Ed Yardeni's Economics Network

March 22, 2005 - Dr. Ed Yardeni's Economics Network

16.5 16.0 - U.S.

16.5 16.0 - U.S. Manufacturers Exports - Figure 3. MANUFACTURED EXPORTS EX-PETROLEUM (as percent of manufactured shipments excluding petroleum) 16.5 16.0 15.5 15.5 15.0 Jan 15.0 14.5 14.5 14.0 14.0 13.5 13.5 13.0 13.0 Exports account for 15% of nominal factory shipments and are an important source of sales growth for manufacturers. 12.5 25 20 yardeni.com 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Department of Commerce. Figure 4. MANUFACTURED EXPORTS vs. SHIPMENTS (yearly percent change) 12.5 25 20 15 15 10 Jan 10 5 5 0 0 -5 -5 -10 -10 -15 -20 Manufactured Exports Ex Petroleum Manufactured Shipments Ex Petroleum yardeni.com 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Department of Commerce. -15 -20 Page 8 / March 22, 2005 / Investment Strategy Weekly OAK ASSOCIATES, ltd. www.oakassociates.com

- U.S. Manufacturers Exports - 400 Figure 5. U.S. MERCHANDISE EXPORTS (billion dollars, 12-month sum) U.S. MERCHANDISE EXPORTS (yearly percent change in 12-month sum) 30 25 350 300 Jan Jan 20 15 10 5 250 0 200 Capital Goods Ex Autos Capital Goods Ex Autos -5 -10 -15 150 93 94 95 96 97 98 99 00 01 02 03 04 05 06 93 94 95 96 97 98 99 00 01 02 03 04 05 06 -20 225 25 200 Jan Jan 20 15 175 10 5 150 125 Industrial Supplies & Materials Industrial Supplies & Materials 0 -5 -10 100 93 94 95 96 97 98 99 00 01 02 03 04 05 06 93 94 95 96 97 98 99 00 01 02 03 04 05 06 -15 120 20 110 100 Jan Jan 15 10 90 5 80 70 60 Consumer Goods Ex Autos Consumer Goods Ex Autos 0 -5 50 93 94 95 96 97 98 99 00 01 02 03 04 05 06 yardeni.com 93 94 95 96 97 98 99 00 01 02 03 04 05 06 -10 Source: U.S. Department of Commerce, Bureau of the Census. Page 9 / March 22, 2005 / Investment Strategy Weekly OAK ASSOCIATES, ltd. www.oakassociates.com

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