Pacific Rim Nations Predict Sizeable Gains in Net Sales and Profits in Second Quarter; Growth in United Kingdom Expected to Surge.MURRAY HILL Murray Hill may refer to one of the following places:
Other European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. nations expected to lag, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Dun & Bradstreet Brad·street , Anne Dudley 1612-1672. English-born colonial poet who wrote several collections of verse, including The Tenth Muse Lately Sprung Up in America (1650). international survey Overall expectations have global economy improving, with little chance of inflation Executives in developed economies worldwide predict overall improved conditions, particularly for net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight and profits, in the second quarter. According to The Dun & Bradstreet Corporation's most recent quarterly survey of international business expectations, the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. nations - which have operated under severe recessionary conditions since August 1998 - are set to bounce back bounce v. bounced, bounc·ing, bounc·es v.intr. 1. To rebound after having struck an object or a surface. 2. . Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan in particular expressed major turnarounds in optimism Optimism See also Hope. Bontemps, Roger personification of cheery contentment. [Fr. Lit.: “Roger Bontemps” in Walsh Modern, 66] Candide beset by inconceivable misfortunes, hero indifferently shrugs them off. [Fr. for the quarter. Among European nations, the economy in the United Kingdom will experience robust growth in every category, executives predict, marking a return to the expectation levels recorded by D&B in the first half of 1998. Generally, the other European nations in the survey expressed declining optimism or remained at relatively low levels. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , which has surprised economists This is an alphabetical list of notable economists. Economists are experts in the science of economics. There is also a list of politicians and statesmen with economic training. with stronger than expected growth levels in recent quarters, has nevertheless recorded three consecutive quarters of declining optimism for sales, profits and employment levels. However this pattern has turned around in the second-quarter survey. In Dun & Bradstreet's second-quarter 1999 international business expectations survey, the World Indexes of optimism levels advanced in every category except for selling prices. The World Net Sales Index increased 11 points to 44 and the World Net Profits Index added nine points to 35. The World Selling Prices Index, however, remained unchanged at 14. The World Employment Levels Index moved up five points to 16. The World Inventories Index also rose, but by only four points, to 11. "The state of the global economy is clearly improving, but many nations still remain mired mire n. 1. An area of wet, soggy, muddy ground; a bog. 2. Deep slimy soil or mud. 3. A disadvantageous or difficult condition or situation: the mire of poverty. v. in recession," said Joseph W. Duncan Duncan, city (1990 pop. 21,732), seat of Stephens co., SW Okla., in an oil, farm, and cattle area; inc. 1892. There is an oil industry, and electronics, concrete, and apparel are manufactured. During the late 19th cent. , chief economic advisor to The Dun & Bradstreet Corporation. "Taiwan and Hong Kong, for example, are climbing out from the cellar cellar Portion of a building beneath ground level, used for utilitarian and storage purposes. It is often called a basement, especially when constructed as part of a foundation. A cellar used for food storage (e.g. and Japan is showing some signs of optimism, yet more executives predict their economies will falter before reflecting any marked improvements." Methodology The current surveys use similar sampling and interviewing procedures in all countries. Hence, the results provide unique "apples-to-apples" comparisons of trends in business expectations worldwide. The D&B index figures used here represent the net percentage of survey respondents In the context of marketing research, a representative sample drawn from a larger population of people from whom information is collected and used to develop or confirm marketing strategy. expecting higher sales, profits, etc. The indexes are calculated by subtracting the percentage of respondents expecting decreases from those expecting increases. The survey measures expectations in selected economies in North America, Asia, Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , and Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. . Unless otherwise noted, the increases and
decreases in indexes represent changes from the previous quarter.
Pacific Nations' Economies Expected to Improve The Pacific Nations, which have been largely dormant Latent; inactive; silent. That which is dormant is not used, asserted, or enforced. A dormant partner is a member of a partnership who has a financial interest yet is silent, in that he or she takes no control over the business. for the past year, expect to rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective significantly this quarter. This is particularly true for Hong Kong and Taiwan. In the past two quarters executives reflected highly pessimistic pes·si·mism n. 1. A tendency to stress the negative or unfavorable or to take the gloomiest possible view: "We have seen too much defeatism, too much pessimism, too much of a negative approach" expectations for both nations. In this survey, while overall expectations for their economies remain subdued sub·due tr.v. sub·dued, sub·du·ing, sub·dues 1. To conquer and subjugate; vanquish. See Synonyms at defeat. 2. To quiet or bring under control by physical force or persuasion; make tractable. 3. , expectations for sales and profits have improved. In Hong Kong, the Net Sales Index jumped 28 points from minus 11 to 17. The Net Profits Index added 26 points, moving from minus 15 to 11. The Selling Prices Index also increased, by 10 points, but remains in negative territory at minus 17, indicating that, overall, Hong Kong executives still expect prices to decline. And the Employment Levels Index for Hong Kong declined three points to zero. The Inventories Index lifted seven points to minus 1. In Taiwan, the Net Sales Index gained 33 points, from minus 12 to 21. The Net Profits Index for Taiwan was also up from negative territory, moving 36 points to 19. The Prices Index also lifted seven points, but remains entrenched en·trench also in·trench v. en·trenched, en·trench·ing, en·trench·es v.tr. 1. To provide with a trench, especially for the purpose of fortifying or defending. 2. in the negative range at minus 14. The second-quarter Employment Levels index in Taiwan edged up four points to zero. In Japan, the Net Sales Index jumped 25 points, but remains negative at minus 4. Net Profits Index surged 27 points but is also still negative, at minus 10. The Selling Prices Index, however, remains severely depressed Depressed A description of a market, security, or product that is experiencing weak demand and lowering prices. Notes: A depressed market, security, or product implies that prices and volume are low. There are many reasons for a depressed market, security, or product. despite a seven point advance, at minus 37. The Employment Levels Index added nine points to minus 8. Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. continue to exhibit strong prospects for growth, with their already high Sales and Profits Indexes rising steadily. New Zealand in particular reported 19-points jumps for both Indexes, to 56 and 42 respectively. Optimism for raising prices in both countries, however, remain subdued, as do employment growth expectations. The overall Pacific Index, covering five nations, improved across the board. The Net Sales and Net Profits Indexes each added 18 points, to 35 and 26, respectively. The Employment Levels Index added four points to 6.The Inventories Index moved ahead three points but is still low at 4, and the overall Selling Prices Index remains negative, though increasing two points for the quarter, at minus 3. Executives Predict Growth Levels in the United Kingdom Will Explode (1) To break down an assembly into its component pieces. Contrast with implode. (2) To decompress data back to its original form. Executives surveyed in the U.K. indicated that the British economy would experience dynamic growth through June June: see month. . Strong expectations for Britain Britain (brĭt`ən), alternate term for Great Britain, comprised of England, Scotland, and Wales. Often used synonymously with the United Kingdom, the name Britain is derived from Britannia, caused the overall second-quarter European Indexes to advance across the board. Similar growth, however, is not to be expected for many of the United Kingdom's neighbors, where executives predicted growth, in certain cases, to decline. In the United Kingdom, the Net Sales Index for the second quarter increased 31 points to 46 and the Net Profits Index added 29 points to 36. The Employment Index added 21 points to 24. The Selling Prices Index increased 12 points to 11 and the Inventories Index increased 19 points to 10. "It is ironic that the nation most opposed op·pose v. op·posed, op·pos·ing, op·pos·es v.tr. 1. To be in contention or conflict with: oppose the enemy force. 2. to the creation of a European monetary union European Monetary Union An agreement by participating European Union member countries that includes protocols for the pooling of currency reserves and the introduction of a common currency. today feels most optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about future economic developments," commented Duncan. The overall European indexes for second-quarter net sales and employment levels reflected significant increases, with the Employment Index adding 9 points to 14 and the Net Sales Index increasing 11 points to 35. The Net Profits Index added six points to 23 and the Selling Prices Index added one point to 8. The Inventories Index rose five points to 5. Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. Lift Optimism; Recent Decline in U.S. Plateaus The economies of Canada, Mexico and the United States Relations between the United States and Mexico are among the most important and complex that each nation maintains. They are shaped by a mixture of mutual interests, shared problems, and growing interdependence. overall are expected to remain strong through the second quarter. But growth levels in Canada and Mexico are expected to far surpass those in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , according to North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. executives surveyed by Dun & Bradstreet. In fact, optimism for growth in net sales and profits in Canada far exceeds U.S. optimism levels for the first time in the history of the survey. For North America, the second-quarter Net Sales Index gained eight points to 52 and the Net Profits Index added seven points to 46. The Employment Levels Index lifted four points to 22. The Inventories Index also advanced slightly, moving three points to 19. The Selling Prices Index declined two points to 23. In Canada, the Net Sales Index for the second quarter increased 16 points to 57 and the Net Profits Index advanced 15 points to 51. Inventory levels are expected to increase, however, with that index adding eight points to 25. More Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. executives expect to be able to increase selling prices during the quarter, with that index rising four points to 20. And the Employment Levels Index moved ahead five points to 21. The declining optimism of the past three quarters in the United States seems to have bottomed out, but expectations for growth remain modest. "Recent surveys have similarly predicted modest economic growth for the United States only to be proven too conservative since recent growth has far exceeded forecasts," noted Duncan. The U.S. Net Sales Index for the second quarter moved up one point to 47 and the Net Profits Index added two points to 40. The Employment Levels Index increased three points to 23. However, expectations among U.S. executives to lift prices have declined slightly. The Selling Prices Index came down four points to 23. The Inventories Index slipped one point to 14. The Dun & Bradstreet Corporation The Dun & Bradstreet Corporation (NYSE NYSE See: New York Stock Exchange : DNB DNB Dictionary of National Biography DNB Drum N Bass (music) DNB De Nederlandsche Bank DNB Dun & Bradstreet (stock symbol) DNB Den Norske Bank DNB David Nelson Band ), with world headquarters in Murray Hill, New Jersey
A business that engages in transactions with outsiders. (D&B), the leading provider of commercial credit, marketing and purchasing information, and receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed management services, and Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , the leading debt-rating agency and a major publisher of financial information for investors. Employing approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 12,500 associates in 37 countries with majority-owned company entities, The Dun & Bradstreet Corporation generated 1998 revenue of $1.93 billion. Additional information about The Dun & Bradstreet Corporation is available through its Web site at www.dnbcorp.com.
THE DUN & BRADSTREET CORPORATION - ECONOMIC ANALYSIS DEPARTMENT
INTERNATIONAL SURVEY OF BUSINESS EXPECTATIONS - Optimism Indices for
Countries, Regions and the World Expected Results - 1991 through 1999Q2
NET SALES
1991 1992 1993
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
------------------- ------------------ -----------------
Australia -19 -12 -1 15 17 17 25 35 30 47 43 50
Hong Kong -- -- -- -- -- -- -- -- -- -- -- --
New Zealand 13 6 23 15 33 57 58 50 65 57 51 61
Japan 57 54 48 40 12 -3 -2 -8 -19 -20 -1 -22
Taiwan -- -- -- -- -- -- -- -- -- -- -- --
Pacific Index 5 7 15 21 19 21 26 29 27 34 35 36
Austria 31 43 38 34 32 33 27 26 26 ** ** **
Belgium 39 34 25 24 26 30 24 14 -4 -6 -7 -7
France 54 52 47 38 38 37 37 24 12 16 17 18
Germany 63 69 44 49 42 50 43 32 11 14 10 11
Italy 73 67 63 63 63 49 55 40 24 46 50 45
Netherlands 59 53 49 49 34 35 33 28 6 1 6 25
Switzerland 10 4 -7 -19 -12 -12 -2 -14 -19 -9 -3 17
United Kingdom -19 -4 -13 11 7 25 30 2 17 42 47 51
European Index 30 33 24 29 26 31 32 17 11 21 23 28
Hungary -- -- -- -- -- -- -- -- -- -- --
Central European
Index -- -- -- -- -- -- -- -- -- -- -- --
Canada 2 18 18 19 18 30 30 36 34 49 48 44
Mexico 62 78 78 80 ** 71 69 73 69 76 70 74
United States 36 36 48 46 40 52 61 54 55 61 62 56
No. Amer.
Index 24 32 38 38 31 45 50 48 48 57 57 52
Brazil -62 2 23 14 -13 15 6 7 49 ** 62 40
World Index 21 27 30 31 26 35 38 33 32 42 42 42
1994 1995 1996
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
------------------ ----------------- -------------------
Australia 57 65 63 60 53 39 35 28 17 32 34 37
Hong Kong -- -- -- -- -- -- -- -- 41 27 48 39
New Zealand 62 74 77 67 57 57 43 45 36 30 30 50
Japan -32 -7 13 25 31 29 21 15 26 34 40 33
Taiwan -- -- -- -- -- -- -- -- 16 10 14 9
Pacific Index 38 51 55 54 49 41 34 29 25 28 33 34
Austria 28 30 25 27 28 35 44 45 17 16 ** 16
Belgium 16 30 39 32 40 28 13 4 -1 47 ** 45
France 25 16 36 49 52 51 56 54 37 39 46 45
Germany 5 34 50 47 44 41 30 41 13 17 8 20
Italy 22 34 42 40 50 66 42 64 67 58 52 60
Netherlands 13 35 41 52 55 59 54 53 47 50 47 48
Switzerland 11 37 52 40 22 35 20 22 -13-10 3 -14
United Kingdom 55 60 59 59 58 57 52 46 48 53 47 48
European Index 28 38 46 46 47 49 42 43 32 39 39 38
Hungary -- -- -- -- -- -- -- -- -- -- -- --
Central European
Index -- -- -- -- -- -- -- -- -- -- -- --
Canada 43 53 58 56 48 53 42 42 37 40 48 46
Mexico 75 82 90 82 91 -3 ** ** ** ** ** 76
United States 57 61 66 58 62 60 61 59 53 53 54 54
No. Amer.
Index 53 59 64 59 58 54 53 52 47 48 52 52
Brazil 17 51 65 82 81 58 9 -18 -2 ** ** **
World Index 41 51 57 55 54 50 45 43 36 40 44 44
1997 1998 1999
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
--------------------- ---------------------- ----------
Australia 40 44 49 54 51 54 31 49 51 54
Hong Kong 54 54 57 49 20 -30 -5 -23 -11 17
New Zealand 42 63 ** ** 67 ** 7 8 37 56
Japan 39 25 43 29 -2 -12 -21 -24 -29 -4
Taiwan 28 52 46 15 31 25 13 -23 -12 21
Pacific Index 40 47 49 41 37 21 11 9 17 35
Austria 10 ** 14 16 13 21 ** 19 19 20
Belgium 57 41 42 45 39 50 35 31 34 **
France ** 32 ** 43 47 54 42 43 23 28
Germany 18 31 15 33 14 24 5 26 9 21
Italy 55 57 56 59 53 54 57 51 46 48
Netherlands 38 49 ** 53 64 56 58 53 50 45
Switzerland -4 0 20 34 26 32 38 34 1 10
United Kingdom 55 55 54 54 56 50 31 11 15 46
European Index 39 42 40 45 44 46 38 31 24 35
Hungary -- -- -- 63 68 70 67 48 68 62
Central European
Index -- -- -- 63 68 70 67 48 68 62
Canada 48 51 51 54 48 57 47 45 39 57
Mexico 65 83 82 81 78 72 73 73 62 77
United States 55 63 51 66 66 63 66 55 46 47
No. Amer.
Index 53 60 53 62 60 61 59 52 44 52
Brazil ** ** ** ** ** ** ** ** ** **
World Index 46 51 47 53 50 49 42 36 33 44
n/a = less than 50 respondents
-- = Not applicable
** = Not available
Source: The Dun & Bradstreet Corporation - Economic Analysis
Department
-0-
THE DUN & BRADSTREET CORPORATION - ECONOMIC ANALYSIS DEPARTMENT
INTERNATIONAL SURVEY OF BUSINESS EXPECTATIONS - Optimism Indices for
Countries, Regions and the World Expected Results - 1991 through 1999Q2
NET PROFITS
1991 1992 1993
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
----------------- ---------------- ----------------
Australia -14 -14 -4 9 16 5 14 16 20 36 32 39
Hong Kong -- -- -- -- -- -- -- -- -- -- -- --
New Zealand 17 13 28 9 34 50 59 46 60 51 43 57
Japan 23 26 18 5 -10 -17 -18 -26 -33 -27 -16 -32
Taiwan -- -- -- -- -- -- -- -- -- -- -- --
Pacific Index 1 1 8 8 14 10 17 13 17 25 24 27
Austria 25 33 28 27 28 20 26 28 16 ** ** **
Belgium 21 26 18 19 16 17 16 3 -14 -9 -14 -10
France 41 38 34 26 22 15 26 18 3 0 -1 6
Germany 49 42 23 33 26 30 17 15 1 -1 -4 -10
Italy 67 46 42 39 45 38 52 23 16 18 43 29
Netherlands 55 41 44 38 27 25 31 16 3 -11 -13 12
Switzerland -21 -22 -34 -51 -34 -30 -29 -32 -36 -22 -30 -25
United Kingdom -20 -12 -30 8 15 13 10 -12 17 21 19 14
European Index 20 19 9 17 19 16 19 5 4 4 4 6
Hungary -- -- -- -- -- -- -- -- -- -- -- --
Central European
Index -- -- -- -- -- -- -- -- -- -- -- --
Canada 3 17 15 13 16 23 23 26 28 40 41 37
Mexico 58 67 61 60 ** 65 65 65 68 69 78 75
United States 34 36 47 40 35 44 52 46 47 53 53 48
No. American
Index 24 31 36 31 27 37 42 40 41 49 50 45
Brazil -74 -35 -21 -27 -41 -17 -14 -28 13 ** 34 0
World Index 17 21 21 21 20 24 28 22 24 31 31 29
1994 1995 1996
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
---------------- ---------------- -----------------
Australia 44 55 58 55 45 33 24 22 14 24 26 24
Hong Kong -- -- -- -- -- -- -- -- 29 18 43 28
New Zealand 57 55 69 49 46 47 40 31 35 26 23 44
Japan -40 -18 2 12 11 11 2 3 10 11 19 15
Taiwan -- -- -- -- -- -- -- -- 2 -10 -6 -1
Pacific Index 28 39 48 44 38 31 23 20 17 16 22 22
Austria 26 20 8 16 7 7 15 4 5 4 ** 5
Belgium 0 13 26 11 39 26 5 5 4 44 ** 39
France 13 0 22 29 32 34 40 38 19 25 31 29
Germany -10 15 19 12 9 15 5 16 3 -2 -7 0
Italy 18 32 22 20 33 n/a 17 40 32 39 27 54
Netherlands 3 19 25 40 42 49 43 49 44 46 36 32
Switzerland -16 1 16 -2 -6 6 -9 -6 -23 -19 -30 -27
United Kingdom 41 42 46 40 46 41 39 35 37 40 38 37
European Index 16 22 28 25 31 30 25 27 21 28 23 26
Hungary -- -- -- -- -- -- -- -- -- -- -- --
Central European
Index -- -- -- -- -- -- -- -- -- -- -- --
Canada 36 48 50 50 42 47 40 33 37 37 40 40
Mexico 83 82 88 72 91 10 ** ** ** ** ** 70
United States 51 53 58 51 56 53 53 51 48 51 44 45
No. American
Index 47 53 57 52 53 48 48 44 44 45 42 45
Brazil -6 23 30 50 52 31 -17 -35 -24 ** ** **
World Index 32 39 45 42 43 39 33 31 28 33 32 34
1997 1998 1999
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
---------------- ----------------- -------
Australia 32 33 37 43 37 43 22 33 39 44
Hong Kong 40 41 47 40 18 -33 -7 -35 -15 11
New Zealand 35 60 ** ** 59 ** 15 -4 23 42
Japan 17 4 22 6 -14 -23 -29 -30 -37 -10
Taiwan 21 46 46 13 28 16 3 -13 -17 19
Pacific Index 30 36 38 30 28 12 6 0 8 26
Austria -2 ** 4 3 7 9 ** 4 8 10
Belgium 64 50 34 37 32 43 40 16 22 **
France ** 26 ** 30 30 37 21 33 21 12
Germany 2 9 -6 6 0 -6 -10 0 -1 4
Italy 28 43 60 25 41 45 58 37 42 36
Netherlands 32 42 ** 42 57 52 52 49 45 35
Switzerland -29 -21 -11 0 9 19 16 9 -6 -3
United Kingdom 42 46 42 39 44 37 25 3 7 36
European Index 27 33 27 27 32 33 29 18 17 23
Hungary -- -- -- 55 63 63 55 44 61 56
Central European
Index -- -- -- 55 63 63 55 44 61 56
Canada 43 46 47 45 42 52 44 40 36 51
Mexico 54 68 64 73 68 70 71 78 67 70
United States 45 54 45 58 57 58 56 46 38 40
No. American
Index 45 52 47 54 52 56 52 46 39 46
Brazil ** ** ** ** ** ** ** ** ** **
World Index 36 43 38 41 41 41 35 27 26 35
n/a = Less than 50 respondents
-- = Not applicable
** = Not available
Source: The Dun & Bradstreet Corporation - Economic Analysis
Department
-0-
THE DUN & BRADSTREET CORPORATION - ECONOMIC ANALYSIS DEPARTMENT
INTERNATIONAL SURVEY OF BUSINESS EXPECTATIONS - Optimism Indices for
Countries, Regions and the World Expected Results - 1991 through 1999Q2
SELLING PRICES
1991 1992 1993
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
----------------- ----------------- -----------------
Australia 20 21 13 14 11 10 14 14 20 23 18 26
Hong Kong -- -- -- -- -- -- -- -- -- -- -- --
New Zealand 20 7 6 3 11 24 46 17 21 9 24 18
Japan 34 30 17 12 -1 -2 -9 -17 -21 -24 -29 -48
Taiwan -- -- -- -- -- -- -- -- -- -- -- --
Pacific Index 23 20 12 11 8 10 16 8 11 9 9 8
Austria 16 16 13 20 14 12 14 34 7 ** ** **
Belgium 30 40 28 24 27 31 20 8 5 7 3 -1
France 57 45 25 36 41 30 27 28 34 14 22 16
Germany 42 34 25 22 30 32 35 26 20 19 6 -2
Italy 33 54 35 38 27 28 36 14 n/a n/a 24 22
Netherlands 37 30 31 31 31 27 33 27 33 12 17 16
Switzerland 44 26 3 -1 16 0 1 -22 -15 -13 -21 -27
United Kingdom 23 26 17 -22 -19 -14 -13 -25 -20 -2 1 2
European Index 34 34 22 13 15 14 14 6 5 5 8 5
Hungary -- -- -- -- -- -- -- -- -- -- -- --
Central European
Index -- -- -- -- -- -- -- -- -- -- -- --
Canada 27 20 14 13 10 5 7 6 11 18 14 9
Mexico 55 61 56 40 ** 30 35 40 54 51 86 70
United States 35 24 23 21 19 18 21 16 22 23 23 20
No. American
Index 33 25 21 19 15 14 17 14 20 23 23 19
Brazil -74 -38 -14 -16 -31 -20 -26 -23 -2 ** 8 -21
World Index 30 26 19 15 12 12 14 9 13 15 15 11
1994 1995 1996
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
------------------ ----------------- ------------------
Australia 30 30 32 31 33 37 37 24 17 20 13 13
Hong Kong -- -- -- -- -- -- -- -- 8 11 16 4
New Zealand 15 8 15 20 14 20 11 10 13 9 2 29
Japan -50 -43 -44 -40 -43 -35 -46 -33 -36 -29 -26 -25
Taiwan -- -- -- -- -- -- -- -- -7 -19 -21 -19
Pacific Index 9 9 11 13 12 17 13 8 3 3 1 3
Austria 18 14 10 14 12 16 10 12 3 4 ** 1
Belgium 5 9 16 22 38 17 9 7 2 14 ** 12
France 26 14 22 24 37 27 28 30 24 19 22 23
Germany 3 6 13 12 20 20 8 20 1 -7 -6 -10
Italy 28 29 21 27 27 51 49 50 58 33 24 18
Netherlands -1 18 16 18 36 35 30 33 29 30 26 21
Switzerland -12 -23 -7 -15 2 1 -14 2 -35 -35 -32 -41
United Kingdom 20 23 25 27 40 38 31 21 28 23 13 20
European Index 13 14 17 19 30 29 23 23 18 14 11 10
Hungary -- -- -- -- -- -- -- -- -- -- -- --
Central European
Index -- -- -- -- -- -- -- -- -- -- --
Canada 16 22 20 25 29 27 25 18 22 20 21 22
Mexico 85 74 86 76 95 95 ** ** ** ** ** 55
United States 25 34 34 31 42 46 38 36 36 29 34 30
No. Amer. Index 25 32 32 31 40 42 33 29 30 25 29 28
Brazil -15 10 10 1 10 11 -16 -31 -31 ** ** **
World Index 17 22 24 24 32 33 26 24 21 17 17 17
1997 1998 1999
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
------------------ ----------------- -------
Australia 17 15 15 14 25 28 24 27 19 16
Hong Kong 1 8 16 5 9 -31 -29 -83 -27 -17
New Zealand 9 28 ** ** 32 ** 12 4 14 9
Japan -20 -13 -12 -21 -29 -29 -30 -32 -44 -37
Taiwan -6 13 6 -5 20 -12 -9 -7 -21 -14
Pacific Index 4 11 9 3 15 0 1 -8 -5 -3
Austria 0 ** 4 6 4 5 ** 1 4 7
Belgium 13 9 23 9 13 6 9 12 15 **
France ** 11 ** 11 21 9 -1 -7 -2 -3
Germany -5 -2 -7 0 4 -2 -15 -5 -5 1
Italy 20 17 10 10 13 8 19 -1 14 13
Netherlands 29 21 ** 29 54 41 38 41 45 32
Switzerland -36 -34 -33 -20 -19 -23 -1 -21 -9 -14
United Kingdom 23 25 18 15 22 18 9 -6 -1 11
European Index 11 12 8 10 17 11 9 1 7 8
Hungary -- -- -- 67 55 65 61 65 68 55
Central European
Index -- -- -- 67 55 65 61 65 68 55
Canada 20 21 18 16 24 18 14 20 16 20
Mexico 75 59 59 51 65 51 61 72 62 50
United States 31 36 33 33 31 29 26 24 27 23
No. Amer. Index 29 32 29 28 30 26 23 25 25 23
Brazil ** ** ** ** ** ** ** ** ** **
World Index 18 21 18 18 23 17 15 12 14 14
n/a = Less than 50 respondents
-- = Not applicable
** = Not available
Source: The Dun & Bradstreet Corporation - Economic Analysis Department
-0-
THE DUN & BRADSTREET CORPORATION - ECONOMIC ANALYSIS DEPARTMENT
INTERNATIONAL SURVEY OF BUSINESS EXPECTATIONS - Optimism Indices for
Countries, Regions and the World Expected Results - 1991 through 1999Q2
INVENTORIES
1991 1992 1993
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
----------------- ---------------- ----------------
Australia -19 -17 -11 -5 -8 -6 -6 -1 -1 3 6 8
Hong Kong -- -- -- -- -- -- -- -- -- -- -- --
New Zealand -18 -22 -4 -12 -20 -18 16 1 11 -23 16 16
Japan 11 9 4 4 5 -2 -12 -12 -11 -20 -17 -21
Taiwan -- -- -- -- -- -- -- -- -- -- -- --
Pacific Index -12 -12 -6 -5 -8 -8 -2 -3 -1 -8 3 3
Austria 13 15 14 21 11 8 12 15 7 ** ** **
Belgium -5 9 -3 -2 -6 -10 -9 -7 -11 -15 -25 -26
France 6 9 0 7 6 0 -1 -5 -13 -2 -12 -10
Germany 20 30 12 14 8 15 9 6 -4 -5 -11 -8
Italy 41 17 29 27 21 28 14 7 n/a 25 3 3
Netherlands 21 10 19 12 n/a n/a 30 -9 -8 -8 -15 -6
Switzerland -29 -10 -20 -27 -14 -26 -31 -29 -34 -36 -26 -23
United Kingdom n/a n/a -19 20 3 13 16 -6 8 25 32 36
European Index 7 8 0 11 4 6 7 -4 -5 4 0 3
Hungary -- -- -- -- -- -- -- -- -- -- -- --
Central
European Index -- -- -- -- -- -- -- -- -- -- --
Canada -11 1 0 2 -4 3 6 5 4 9 11 8
Mexico 27 1 -14 22 ** 39 39 38 29 31 52 34
United States 10 7 9 8 7 12 17 13 13 18 17 14
No. American
Index 3 4 4 7 3 10 14 11 11 15 17 13
Brazil -50 -27 -17 -24 -26 -22 -24 -31 -10 ** -12 -24
World Index 1 2 0 5 0 5 8 3 3 8 8 7
1994 1995 1996
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
---------------- ---------------- ----------------
Australia 10 23 16 27 19 9 5 8 -2 1 3 8
Hong Kong -- -- -- -- -- -- -- -- 9 2 9 2
New Zealand 13 14 28 26 12 20 17 15 11 9 -2 0
Japan -26 -15 -16 -19 -14 -7 -3 -8 -4 2 3 3
Taiwan -- -- -- -- -- -- -- -- 3 1 3 -1
Pacific Index 3 13 12 17 10 8 6 6 2 2 2 3
Austria 8 12 12 20 5 11 10 16 -1 2 ** 4
Belgium -10 -12 -13 -7 3 -2 -5 -3 -8 12 ** 12
France -8 -2 0 0 10 5 13 5 0 3 2 3
Germany -12 -3 1 -8 -2 2 1 1 -9 -6 -11 -3
Italy 27 2 7 16 23 21 28 30 37 12 24 21
Netherlands -6 -3 2 -1 5 11 3 6 0 7 -1 -3
Switzerland -24 -16 -10 -5 -18 0 -20 -18 -21 -24 -31 -23
United Kingdom 6 15 13 10 13 13 9 10 3 10 5 11
European Index -1 2 3 4 7 9 6 7 1 4 1 5
Hungary -- -- -- -- -- -- -- -- -- -- -- --
Central European
Index -- -- -- -- -- -- -- -- -- -- -- --
Canada 9 14 18 20 17 20 19 14 10 17 17 14
Mexico 32 44 60 32 57 5 ** ** ** ** ** 37
United States 15 19 18 18 19 22 20 19 16 14 20 13
No. American
Index 14 19 20 20 20 20 20 17 14 15 19 15
Brazil -17 -20 -10 -19 -2 6 -17 -18 -21 ** ** **
World Index 6 13 14 15 15 15 13 12 8 9 9 9
1997 1998 1999
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
------------------- -------------------- ---------
Australia 0 9 17 20 17 13 5 10 17 12
Hong Kong 15 12 18 6 -4 -25 -7 n/a -8 -1
New Zealand 10 42 ** ** -20 ** -10 -19 -13 0
Japan 0 0 -2 -2 -12 -15 -19 -16 -23 -23
Taiwan -14 -13 -6 5 12 -9 0 -19 4 1
Pacific Index 4 12 11 10 -1 6 -1 -5 1 4
Austria -3 ** 2 5 2 6 ** 4 5 6
Belgium 7 4 25 -2 7 -5 -17 12 -5 **
France ** -2 ** -2 3 2 6 8 -7 -10
Germany -6 -5 -9 -7 -7 -1 -16 -2 -7 -4
Italy 33 13 26 10 28 29 34 26 34 28
Netherlands 3 3 ** 3 0 14 7 7 8 4
Switzerland -16 -21 -20 -11 -14 -10 -6 -6 -11 -12
United Kingdom 12 10 7 12 13 9 -2 -5 -9 10
European Index 7 3 7 3 6 7 1 4 0 5
Hungary -- -- -- 22 25 20 23 7 4 4
Central European
Index -- -- -- 22 25 20 23 7 4 4
Canada 18 20 23 25 23 24 20 17 17 25
Mexico 33 50 32 35 35 42 42 42 21 36
United States 18 21 16 24 23 21 25 22 15 14
No. American Index 19 22 20 25 24 23 24 21 16 19
Brazil ** ** ** ** ** ** ** ** ** **
World Index 12 14 14 15 13 15 12 10 7 11
n/a = Less than 50 respondents
-- = Not applicable
** = Not available
Source: The Dun & Bradstreet Corporation, Economic Analysis Department
-0-
THE DUN & BRADSTREET CORPORATION - ECONOMIC ANALYSIS DEPARTMENT
INTERNATIONAL SURVEY OF BUSINESS EXPECTATIONS - Optimism Indices for
Countries, Regions and the World Expected Results - 1991 through 1999Q2
EMPLOYEES
1991 1992 1993
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
----------------- ---------------- ----------------
Australia -15 -16 -9 -3 1 2 1 7 8 7 6 9
Hong Kong -- -- -- -- -- -- -- -- -- -- -- --
New Zealand -8 -21 4 -8 -4 5 13 12 18 19 16 16
Japan 36 49 34 35 29 30 26 17 4 13 8 -5
Taiwan -- -- -- -- -- -- -- -- -- -- -- --
Pacific Index -2 -3 3 4 6 9 9 10 9 11 9 7
Austria 7 12 10 6 4 5 6 5 1 ** ** **
Belgium 3 7 5 6 -2 -4 -2 -4 -14 -21 -21 -22
France 14 7 6 4 5 2 0 0 -10 -4 -9 -6
Germany 20 24 15 12 6 16 12 7 0 1 0 -8
Italy 7 8 0 2 2 3 7 3 0 0 22 13
Netherlands 31 22 25 28 18 17 14 5 7 -8 -4 -2
Switzerland -16 -22 -24 -27 -31 -27 -34 -46 -46 -46 -27 -15
United Kingdom -30 -25 -30 -24 -18 -13 -7 -18 -17 4 10 11
European Index -1 -1 -4 -3 -4 -2 -1 -7 -11 -7 -1 -1
Hungary -- -- -- -- -- -- -- -- -- -- -- --
Central European
Index -- -- -- -- -- -- -- -- -- -- -- --
Canada -5 2 4 4 1 5 9 6 6 13 14 9
Mexico 13 15 18 14 ** 17 16 11 7 15 28 48
United States 8 10 11 9 7 11 17 12 14 19 19 16
No. American Index 3 7 9 7 5 9 14 10 11 17 18 15
Brazil -63 -38 -17 -14 -35 -21 -28 -33 -4 ** -12 -28
World Index 0 2 3 3 1 4 7 3 3 8 9 7
1994 1995 1996
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
------------------ ----------------- -----------------
Australia 15 26 25 27 23 15 14 11 1 8 7 7
Hong Kong -- -- -- -- -- -- -- -- 14 7 5 9
New Zealand 26 31 34 29 21 27 21 17 14 6 6 14
Japan -10 3 -2 -8 0 7 3 -2 0 14 16 6
Taiwan -- -- -- -- -- -- -- -- 15 11 13 8
Pacific Index 12 22 21 20 17 16 13 9 7 9 9 8
Austria 2 4 10 12 6 7 13 11 6 -2 ** 1
Belgium -13 -10 -6 -2 0 -4 -3 -1 -8 11 ** 17
France -1 -4 4 8 11 12 9 12 7 7 3 4
Germany -5 5 5 4 -1 7 8 8 -3 -4 -9 -5
Italy 0 5 13 6 13 15 2 10 14 8 11 6
Netherlands -4 0 1 4 8 18 14 14 14 18 16 14
Switzerland -13 -10 12 5 -5 9 -2 -5 -20 -21 -24 -19
United Kingdom 17 27 29 25 25 27 24 22 19 26 19 21
European Index 1 6 12 11 11 14 11 12 7 10 7 9
Hungary -- -- -- -- -- -- -- -- -- -- -- --
Central European
Index -- -- -- -- -- -- -- -- -- -- -- --
Canada 11 16 20 20 19 16 15 13 11 14 17 15
Mexico 10 42 50 12 n/a -53 ** ** ** ** ** 25
United States 15 26 29 27 30 32 28 30 26 27 29 24
No. American
Index 13 23 27 24 26 21 23 23 20 22 24 21
Brazil -19 -3 0 13 19 14 -18 -35 -31 ** ** **
World Index 8 17 20 18 19 18 16 15 11 15 14 14
1997 1998 1999
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
------------------ ----------------- -------
Australia 12 13 12 18 16 15 4 14 14 16
Hong Kong 12 14 13 15 5 -19 n/a n/a 3 0
New Zealand 8 31 ** ** 34 ** 1 -15 -6 5
Japan 3 15 11 1 4 8 -2 -13 -17 -8
Taiwan 17 16 16 8 15 21 13 13 -4 0
Pacific Index 11 17 13 13 15 9 4 4 2 6
Austria 1 ** 3 5 4 6 ** 4 6 7
Belgium 19 8 25 10 17 17 16 13 5 **
France ** 10 ** 7 8 15 14 12 0 7
Germany -8 -4 -5 2 -1 1 -14 7 0 6
Italy 8 5 11 7 7 9 13 3 7 6
Netherlands 16 17 ** 15 25 20 29 20 29 22
Switzerland -15 -23 -10 7 -5 2 5 4 -5 3
United Kingdom 27 27 26 27 27 27 19 5 3 24
European Index 12 11 14 13 14 15 14 8 5 14
Hungary -- -- -- 14 21 10 15 6 13 10
Central European
Index -- -- -- 14 21 10 15 6 13 10
Canada 15 22 23 22 19 25 20 16 16 21
Mexico 20 27 28 18 23 29 28 24 16 26
United States 24 29 20 35 37 35 33 27 20 23
No. American
Index 20 26 22 29 29 31 28 23 18 22
Brazil ** ** ** ** ** ** ** ** ** **
World Index 16 20 17 21 21 21 19 14 11 16
n/a = Less than 50 respondents
-- = Not applicable
** = Not available
Source: The Dun & Bradstreet Corporation, Economic Analysis Department
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