jp-morgan-guide-to-the-markets-q3-2013

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Cyclical Sectors Light Vehicle Sales

Change in Private Inventories

Millions, seasonally adjusted annual rate

Billions of 2005 dollars, seasonally adjusted annual rate

24

$150

22

$100

20

$50

May 2013: 15.2

18 16

Econom my

1Q13: 36.7

$-50

Average: 15.2

14

$0

Average: 28.7

$ 100 $-100

12

$-150

10

$-200

8 '94

'96

'98

'00

'02

'04

'06

'08

'10

'94

'12

'96

'98

'00

'02

'04

'06

'08

'10

'12

Real Capital Goods Orders

Housing Starts

Th Thousands, d seasonally ll adjusted dj t d annuall rate t

Non defense capital goods orders ex. Non-defense ex aircraft, aircraft $ bn bn, seasonally adjusted

2,400

$75 $70

2,000

May 2013: 59.6

$65

1,600 $60

Average: 1,377 1 377

1 200 1,200

May 2013: 914

800

$55

Average: 55.8

$50

400

$45 $40

0 '94 94

'96 96

'98 98

'00 00

'02 02

'04 04

'06 06

'08 08

'10 10

'12 12

'94

'96

'98

'00

'02

'04

'06

'08

'10

Source: (Top left) BEA, FactSet, J.P. Morgan Asset Management. (Top right) Census Bureau, FactSet, J.P. Morgan Asset Management. (Bottom left) Census Bureau, FactSet, J.P. Morgan Asset Management. (Bottom right) Census Bureau, FactSet, J.P. Morgan Asset Management. Capital goods orders deflated using the producer price index for capital goods with a base year of 1982. Data are as of 6/30/13.

18

'12


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