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Special Topics
by Robert Brusca December 20, 2007
…points lower for E-zone readings to come.
The Belgian National bank releases its barometer indices ahead
of the EU each month. The Belgian indices turn out to be harbingers of
the EU releases to come. While Belgium is a small European country it
is right in the middle of the Zone and its trends in commerce tend to
mimic those of the Zone itself and of Germany. In December the rise in
the total industry index has given way to drop a decline. MFG has
posted larger drop. The wholesale/retail sector reading is suddenly
sharply lower. It would be a very bad sign if the EU and German indices
were turn as sharply as the Belgian sector index has. Construction also
has turned negative after posting a reasonably strong reading for two
months in a row.
| Belgium National Bank Indices | ||||||
|---|---|---|---|---|---|---|
| Dec-07 | Nov-07 | Oct-07 | 3-Mo Change | 6-Mo Change | 12-Mo Change | |
| Total Industry | -1.9 | 1.4 | -0.1 | -3.4 | -7.4 | -4.4 |
| Manufacturing | -1.8 | -0.5 | -1.8 | -3.2 | -8.3 | -4.2 |
| Production | 4.0 | 1.0 | -1.0 | 4.0 | -4.0 | 3.0 |
| Domestic Orders | -4.0 | 6.0 | -3.0 | -1.0 | -9.0 | -7.0 |
| Foreign Orders | 4.0 | 2.0 | 3.0 | -4.0 | -7.0 | -1.0 |
| Prices | -1.0 | 2.0 | 3.0 | -4.0 | -14.0 | -12.0 |
| Current assessments | ||||||
| Total Orders | -3.0 | -4.0 | -6.0 | -1.0 | -6.0 | -7.0 |
| Foreign Orders | -3.0 | -5.0 | -5.0 | -4.0 | -7.0 | -3.0 |
| Inventories | 6.0 | 5.0 | 2.0 | 7.0 | 13.0 | 5.0 |
| Wholesales & Retail | -3.3 | 8.2 | 6.7 | -3.3 | -7.5 | -1.3 |
| Construction | -0.7 | 3.7 | 1.0 | -4.1 | -3.0 | -8.4 |
| Business Services | #N/A | 12.8 | 12.8 | #N/A | #N/A | #N/A |
| Comparisons: | Changes lag one month | |||||
| EU Index: Industry | #N/A | 3.0 | 2.0 | -2.0 | -2.0 | -3.0 |
| Germany Index: Industry | #N/A | 3.0 | 3.0 | -5.0 | -5.0 | -8.0 |
| Compare: BNB Index | -- | -- | -- | -1.9 | -2.8 | -2.1 |
