Measures the monthly change in total output of factories, mines, and utilities. A rising trend generally indicates a strengthening economy.

The Industrial Product Price Index (IPPI) measures the prices that manufacturers are paid as goods leave the plant gate. Unlike the CPI, the IPPI excludes indirect taxes and all the costs that occur between the time a good leaves the plant and the time the final user takes possession of it, including the transportation, wholesale, and retail costs.

The Raw Materials Price Index (RMPI) measures price changes for raw materials purchased by industries in Canada for further processing.

Measures the monthly change in average personal income received from all sources.

Measures the total value of consumer purchases of goods and services over the past month. Consumer spending makes up a third of GDP and therefore a rising trend generally strengthens a country's currency.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

Measures the average level of expenditure per household headed by an employed citizen. Rising trends are a positive sign for the economy, as consumer spending accounts for half of Japan's GDP.

Measures the number of new single-family homes or buildings constructed throughout the previous year.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

Measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

Industrial Confidence measures the mood of manufacturers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher indicator readings point to higher manufacturer optimism. When manufacturers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

Measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency. GfK, a leading German market research company, publishes this indicator monthly.

The data should remain firm.

Gross Domestic Product (GDP) measures the value of all goods and services produced by the economy. The reading represents the quarterly change in value. GDP is the broadest measure of economic activity and the primary gauge of an economy's health. It therefore can have a significant impact on the value of a country's currency.

The Employment Cost Index (ECI) measures the monthly change in total employee compensation costs, including wages, salaries, and benefits. The ECI is the broadest measure of labor costs.

Measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

The prices index will be watched closely.

The National Association of Purchasing Managers (NAPM) Chicago compiles this index to measure business conditions in the Chicago area. Readings above 50 percent indicate an expanding business sector. The index is considered a leading indicator of the ISM manufacturing index.

A 0.25% rate increase looks a done deal and the statement will be crucial. Flexibility will be a key issue for the Fed.

The Federal Open Market Committee (FOMC) Interest Rate Statement is released shortly after a meeting in which the FOMC, headed by Alan Greenspan, makes a decision on where to set the federal funds target rate. The statement is released eight times per year and contains the latest rate decision, along with commentary on the state of the economy and how the FOMC intends to shift monetary policy in the future. The FOMC focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

Measures the annual change in sales volume for cars, light trucks, sport utility vehicles, and vans. Motor vehicle sales are good indicators of trends in consumer spending.

The Manufacturing Purchasing Manager's Index (PMI) measures the health of the manufacturing sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

A firm reading is likely.

The Manufacturing Purchasing Manager's Index (PMI) measures the health of the manufacturing sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Manufacturing Purchasing Manager's Index (PMI) measures the health of the manufacturing sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance. The Chartered Institute of Purchasing and Supply (CIPS) publishes this indicator monthly.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

Price and employment components will be watched closely.

The Institute of Supply Management (ISM) Manufacturing Index measures growth in the manufacturing sector. To produce the index, the ISM surveys 400 manufacturing firms on employment, production, new orders, supplier deliveries, and inventories. A reading above 50 indicates an expanding manufacturing sector.

Measures the monthly change in value of new construction projects.

Measures the number of cars, light trucks, sport utility vehicles, and vans sold in the previous month. Motor vehicle sales are a good indicator of trends in consumer spending.

Measures the annual change in Japan's outstanding currency in circulation, including banknotes, coins, and current account balances. It uncovers the level of additional currency being supplied by the Bank of Japan. An increasing monetary base generally results in higher inflation.

Measures the monthly change in total value of construction intentions. This data is a leading indicator for the construction industry since the issuance of a building permit is one of the first steps in the construction process.

The Producer Price Index (PPI) measures the rate of inflation experienced by manufacturers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by manufacturers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The press conference will need to be watched closely.

The European Central Bank (ECB) Governing Council Interest Rate Statement is released shortly after a meeting in which the ECB, headed by Jean-Claude Trichet, makes a decision on where to set short-term interest rates (refinancing rate). The ECB focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

Measures the number of individuals who filed for unemployment insurance for the first time over the past week. A rising trend indicates a deteriorating labor market, which can weigh on the economy.

Measures the quarterly growth in labor efficiency for producing goods and services outside the farming sector. A rising trend indicates future inflationary pressures as manufacturers raise prices in response to an at-capacity factory environment.

Measures the quarterly growth in the labor cost of producing output. A rising trend indicates future inflationary pressures as the labor cost of producing goods rises.

Federal Reserve Governor Susan Schmidt Bies will speak in Washington, about risk management.

Measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

The Services Purchasing Manager's Index (PMI) measures the health of the services sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

A firm reading is likely for the index.

The Services Purchasing Manager's Index (PMI) measures the health of the services sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Services Purchasing Manager's Index (PMI) measures the health of the services sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

Measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

Seasonal factors should help produce a strong figure.

Measures the number of new jobs created in the previous month. Employment growth will generally strengthen a country's currency, as it is one of the most important indicators of economy health.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

Earnings data will be important for the Fed.

Measures the monthly change in the hourly rate paid to the jobholders indicated in nonfarm payrolls.

Measures consumer attitudes concerning both the present situation and future expectations. It's derived from a monthly 500-person survey conducted by the University of Michigan. Higher sentiment levels are a leading indicator of rising consumer spending, which accounts for a third of the economy.

Measure the monthly change in the value of manufacturer's new orders for goods. A rising trend indicates a growing economy. This report gives more in-depth information than the durable goods report released about two weeks earlier.

The Institute of Supply Management (ISM) Non-Manufacturing Index measures growth in various industries, including agriculture, mining, construction, transportation, communications, wholesale and retail trade. To produce the index, the ISM surveys 400 firms on employment, production, new orders, supplier deliveries, and inventories. A reading above 50 indicates an expanding services sector.

The Leading Economic Index is a composite of ten indicators that measure overall economic activity by considering factory workweek, new orders for consumer goods, new orders for nondefense capital goods, stock prices, initial jobless claims, vendor performance, building permits, money supply, consumer expectations.

The Coincident Index is a key gauge of overall economic conditions meant to indicate the current state of the economy.

The Retail Purchasing Manager's Index (PMI) measures the health of the retail sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Retail Purchasing Manager's Index (PMI) measures the health of the retail sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

Measures the monthly change in the value of manufacturer's new orders for goods. A rising trend indicates a growing economy.

Dallas Federal Reserve Bank President Richard Fisher will speak at the Institute of Economic Affairs conference, in London, about the US economy.

Measures the monthly change in total value of construction intentions. This data is a leading indicator for the construction industry since the issuance of a building permit is one of the first steps in the construction process.

Keynote speech delivered by the President on “Monetary policy and economic prospects in the eurozone” at the 23rd conference hosted by iea – The Institute of Economic Affairs on “The State of the Economy – Overcoming key challenges to sustainable economic growth” in London, United Kingdom. The text will be made available on the ECB's website after delivery.

The Ivey Purchasing Manager's Index (PMI) measures the value of purchases made by Canadian companies. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's purchases were higher than, the same as, or lower than the previous month. The 175 survey participants are carefully selected geographically and by sector of activity to match the Canadian economy as a whole. An index reading above 50 indicates expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

Measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

Measures the monthly change in total output of factories, mines, and utilities. A rising trend generally indicates a strengthening economy.

Consumer Credit measures the monthly growth in outstanding consumer installment credit. It gives insight into the state of consumer finances and can act as a leading indicator of consumer spending.

No change is likely.

The Reserve Bank of Australia (RBA) Interest Rate Statement is released shortly after a meeting in which the RBA makes a decision on where to set short-term interest rates (interest rate on overnight loans in the money market). The RBA focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

M2+CD Money Supply measures Japan's outstanding currency. The indicator is developed by comparing year over year currency levels.

M1 = currency in circulation + overnight deposits
M2+CD = M1 + Quasi-Money (Time Deposits etc.) + CDs

The Nationwide Consumer Confidence Index (NCCI) measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

The manufacturing sector is likely to remain under pressure.

Measures the monthly change in total output of factories, mines, and utilities. A rising trend generally indicates a strengthening economy.

Manufacturing Production, like Industrial Production, measures the total output of factories, mines, and utilities. The difference is that it only measures the 13 sub-sectors of Industrial Production that relate directly to manufacturing. Manufacturing industries make up about 80% of total Industrial Production.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

Measures the number of new jobs created in the previous month. Employment growth will generally strengthen a country's currency, as it is one of the most important indicators of economy health.

Measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

The Bank of Japan (BOJ) monthly Policy Report gives the bank's view of Japan's economy, reviews major economic indicators, and discusses market operations that determine short term interest rates.

The oil balance will be important.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

Unchanged rates are likely on another split vote.

The Bank of England (BOE) Monetary Policy Committee Interest Rate Decision is released shortly after a meeting in which the BOE, headed by Mervyn King, makes a decision on where to set the short-term interest rate (base rate). The BOC focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

Another figure below 300,000 would benefit the dollar.

Measures the number of individuals who filed for unemployment insurance for the first time over the past week. A rising trend indicates a deteriorating labor market, which can weigh on the economy.

Chicago Federal Reserve Bank President Michael Moskow will speak about the US economy in Chicago. Audience questions expected.

Household Spending measures the level of expenditure per household. It's derived by comparing the year over year total spending divided by the number of households. Higher readings are a positive sign for the economy, as consumer spending accounts for half of Japan's GDP.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

Measures the number of new jobs created in the previous month. Employment growth will generally strengthen a country's currency, as it is one of the most important indicators of economy health.

A record defciit would hurt dollar confidence. Import volatility could produce a big surprise in either direction.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

Commodity earnings will offer support.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

Balance of Payments account that measures the difference in value between total imports and total exports of goods, services, income, and current transfers. It's essentially a statement of the country's trade with other nations over a period of time.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

The Australian Reserve Bank (RBA) Quarterly Statement on Monetary Policy qualitatively and quantitatively assess current economic conditions, prospects for inflation, and output growth.

Measures the monthly change in total output of factories, mines, and utilities. A rising trend generally indicates a strengthening economy.

The Producer Price Index (PPI) Input measures the rate of inflation experienced by manufacturers when buying goods and services. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by manufacturers.

The Producer Price Index (PPI) Output measures the rate of inflation experienced by manufacturers when selling goods and services. The reading represents the monthly change in the average price of a fixed basket of goods and services sold by manufacturers.

Cleveland Federal Reserve Bank President Sandra Pianalto to address the Cleveland Association for Business Economics.

Gross Domestic Product (GDP) measures the value of all goods and services produced by the economy. The reading represents the quarterly change in value. GDP is the broadest measure of economic activity and the primary gauge of an economy's health. It therefore can have a significant impact on the value of a country's currency.

Seasonal factors tend to cause January volatility.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The Retail Price Index (RPI) measures the rate of inflation experienced by retailers The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by retailers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

A significant drop in the index would hurt Euro sentiment.

Zentrum für Europäische Wirtschaftsforschung (ZEW) Economic Sentiment measures institutional investor sentiment. The monthly indicator reflects the difference between the share of investors that are optimistic and the share of analysts that are pessimistic. For example, if 30% of participants expect the economic situation to improve within the next six months, 30% expect no change and 40% expect the economic situation to deteriorate, the ZEW Indicator of Economic Sentiment would take a value of -10. Thus, a positive number means that the share of optimists outweighs the share of pessimists.

A figure of 0.5% or better would support the Euro.

Gross Domestic Product (GDP) measures the value of all goods and services produced by the economy. The reading represents the quarterly change in value. GDP is the broadest measure of economic activity and the primary gauge of an economy's health. It therefore can have a significant impact on the value of a country's currency.

Warm weather should help to support spending.

Measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

This indicator is a derivative of Retail Sales that excludes the volatile Automobile Sales component.

Measures the dollar amount of inventories held by manufacturers, wholesalers, and retailers.

Richmond Federal Reserve Bank President Jeffrey Lacker will speak about transition and continuity at the Federal Reserve.

Measures the change in number of people claiming unemployment related benefits over the previous month. A rising trend indicates a deteriorating labor market, which can weight on the economy.

The Average Earnings Index (AEI) measures the average wage, including bonuses, paid to employees. The indicator reading represents the change in the current quarter when compared to the same quarter in the previous year.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

A soft stance would undermine Sterling.

The Bank of England (BOE) quarterly Inflation Report sets out the detailed economic analysis and inflation projections on which the Bank's Monetary Policy Committee bases its interest rate decisions, and presents an assessment of the prospects for UK inflation over the following two years.

Measures the mood of manufacturers in New York State. The New York Fed conducts this monthly survey that asks roughly 175 manufacturing executives to rate their business on an assortment of indicators, concerning both the present situation and future expectations.

Some decline from recent elevated levels is likely.

The Treasury International Capital (TIC) Report measures foreign demand for US debt and assets. Strong demand tends to strengthen the dollar as foreigners convert their money in order to purchase US securities.

Measures the monthly change in total output of factories, mines, and utilities. A rising trend generally indicates a strengthening economy.

This will be the most important element for the Fed.

Measures the percentage of available resources being utilized among factories, mines and utilities. A rising rate signals that resources are being utilized to their fullest capacity, which is a leading indicator of inflationary pressures.

The comments will be very important for UK interest rate expectations.

Federal Reserve Chairman Ben Bernanke will give semiannual monetary policy testimony to House Financial Services Committee.

The Royal Institution of Chartered Surveyors (RICS) House Price Balance measures the price change of homes in the UK. This leading indicator represents the percentage of chartered surveyors reporting price falls in their designated area.

Measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

Measures the value of all filled manufacturing orders over the previous month. The reading is derived from the Monthly Survey of Manufacturing (MSM).

Measures the rate of inflation for imported goods. The reading represents the monthly change in the average price of a fixed basket of imported goods and services.

Measures the number of new single-family homes or buildings constructed throughout the previous month.

Measures the number of individuals who filed for unemployment insurance for the first time over the past week. A rising trend indicates a deteriorating labor market, which can weigh on the economy.

The area of focus in the second part of the testimony will be important. A firm stance remains likely.

Federal Reserve Chairman Ben Bernanke will give semiannual monetary policy testimony to Senate Banking Committee.

Measures the mood of manufacturers in the Philadelphia Federal Reserve District. The Philadelphia Fed conducts a monthly survey that asks respondents to rate their business on an assortment of indicators, concerning both the present situation and future expectations. The survey results are converted into a general index of business and manufacturing conditions within the Philadelphia Federal Reserve district.

St. Louis Fed President Poole will speak on Inflation Targeting.

The quarterly data is always volatile. A figure above 5.0% would boost the yen.

Gross Domestic Product (GDP) measures the value of all goods and services produced by the economy. The reading represents the quarterly change in value. GDP is the broadest measure of economic activity and the primary gauge of an economy's health. It therefore can have a significant impact on the value of a country's currency.

Measures the monthly change in total output of factories, mines, and utilities. A rising trend generally indicates a strengthening economy.

Measures value and volume in the wholesale sector. The indicator is derived by comparing the month over month change in total value of sales.

The Producer Price Index (PPI) measures the rate of inflation experienced by manufacturers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by manufacturers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The underlying figure will be important for the Fed.

This indicator is a derivative of the PPI that excludes the volatile Food and Energy items.

Confidence should remain firm.

Measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

The Producer Price Index (PPI) measures the rate of inflation experienced by manufacturers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by manufacturers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The Forex market as a whole will not be closed, but your broker may close for a period. This creates a situation where you could have a position in the open market but not have access to close your position or place orders. Make sure you check the schedule of your specific broker and plan accordingly.

All US markets will be closed for President's Day.

Measures overall economic activity by combining ten indicators that lead cyclical activity in the economy and together represent all major categories of Gross Domestic Product (GDP).

Introductory Statement by the ECB President Jean-Claude Trichet at the Quarterly Testimony before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels, Belgium.

Measures the number of new vehicles sold in the previous month. New vehicle sales are a good indicator of trends in consumer spending.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

Measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

This indicator is a derivative of Retail Sales that excludes the volatile Automobile Sales component.

Measures overall economic activity by combining ten indicators including factory workweek, new orders for consumer goods, new orders for nondefense capital goods, stock prices, initial jobless claims, vendor performance, building permits, money supply, consumer expectations and the spread between the 10-year note and the federal funds rate. Many of the components were previously reported which minimizes the indicator's market impact. The Conference Board publishes this indicator monthly.

Any splits within the Fed would be very significant.

The Federal Open Market Committee (FOMC) Meeting Minutes are a verbatim record of the committee's meeting held about two weeks earlier. The minutes give traders insight into the latest interest rate decision and policy shifts.

Dallas Federal Reserve Bank President Richard Fisher will speak at the University of Texas at El Paso about Mexico and global competition.

The Wage Price Index (WPI) measures the monthly rate of inflation found in the hourly rate paid to workers.

Measures the difference in value between total imports and total exports of goods, services, income, and current transfers. It's essentially a statement of the country's trade with other nations over a period of time.

The Bank of England (BOE) Meeting Minutes are a verbatim record of the bank's meeting held about two weeks earlier. The minutes give traders insight into the latest interest rate decision and policy shifts.

The Confederation of British Industry (CBI) Industrial Trends Indicator measures the level of optimism within manufacturing firms. It's derived from a monthly survey conducted by CBI where the balance of responses from firms saying they are 'more' or 'less' optimistic about the future than in the previous month. The indicator reading tends to correlate with annual GDP growth.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The Bank of Canada will be watching the underlying data closely.

This indicator is a derivative of the Consumer Price Index (CPI) that excludes the eight most volatile items.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The underlying figure is key for the Fed.

This indicator is a derivative of the Consumer Price Index (CPI) that excludes the volatile food and energy items.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

A further recovery would reinforce the case for tighter monetary policy.

Measures the monthly change in production activity in Japan's service industries. Traders watch this indicator closely, as a rising trend generally leads to higher overall economic growth.

Adds data from the primary sector (including fishing, farming, forestry, mining, and manufacturing) to the Tertiary Industry Index.

The Information and Forschung (Ifo) Business Climate Index measures the mood of firms in manufacturing, construction, wholesale and retail. The index is derived from a monthly survey of over 7,000 firms where respondents are asked to give their assessments of the current business situation and their expectations for the next six months. The indicator reading is a transformed mean of the balances of the business situations and the expectations, and can fluctuate between extreme values of -100 (i.e., all responding firms appraise their situation as poor or expect business to become worse) and +100 (i.e., all responding firms assessed their situation as good or expect an improvement in their business).

The Information and Forschung (Ifo) Business Expectations Index measures the mood of firms in regard to future expectations for the economy.

Measures the number of individuals who filed for unemployment insurance for the first time over the past week. A rising trend indicates a deteriorating labor market, which can weigh on the economy.

The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly increase in barrels of commercial crude oil held in inventory by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation and other economic forces.

Philadelphia Federal Reserve Bank President Anthony Santomero will speak in Philadelphia Pennsylvania, about the U.S. economic outlook.

Dallas Federal Reserve Bank President Richard Fisher will address the Greater Dallas Asian American Chamber of Commerce.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

Gross Domestic Product (GDP) measures the value of all goods and services produced by the economy. The reading represents the quarterly change in value. GDP is the broadest measure of economic activity and the primary gauge of an economy's health. It therefore can have a significant impact on the value of a country's currency.

Capital goods spending will be an important element.

Measures the monthly increase in new purchase orders placed with domestic manufacturers for hard goods. The reading points to how busy manufacturers will be in the months to come as they work to fill the orders.

St. Louis Federal Reserve President William Poole will speak in Clayton Missouri.

Federal Reserve Chairman Ben Bernanke will speak at Princeton University about the evolution of central banking. Audience questions expected.

M3 Money Supply measures the Eurozone's outstanding currency. The indicator is developed by comparing year over year currency levels.

M1 = currency in circulation + overnight deposits
M2 = M1 + deposits with agreed maturity up to 2 years + deposits redeemable up to 3 months' notice
M3 = M2 + repurchase agreements + money market fund shares/units and money market paper + debt securities issued up to 2 years

ECB President Jean-Claude Trichet will deliver keynote speech “Looking at EU and euro area enlargement from a central banker’s angle: the views of the ECB” at an event organised by the Bulgarian Diplomatic Institute in Sofia, Bulgaria.

Measures the difference in value between total imports and total exports of goods, services, income, and current transfers. It's essentially a statement of the country's trade with other nations over a period of time.

Seasonal distortions are liable to continue.

Measures the number of newly constructed homes sold in the previous month.

Measures the monthly change in total output of factories, mines, and utilities. A rising trend generally indicates a strengthening economy.

Measures the annual change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

Measures the annual sales activity of Japan's largest retailers.

Measures the difference in value between total imports and total exports of goods, services, income, and current transfers. It's essentially a statement of the country's trade with other nations over a period of time.

Measures the annual change in the number of new single-family homes or buildings constructed.

Measures the monthly change in the average price for a house in the UK. It serves as an inflation indicator for the housing market.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

Measures the mood of manufacturers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher indicator readings point to higher manufacturer optimism. When manufacturers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

Measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

Measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency. GfK, a leading German market research company, publishes this indicator monthly.

The data is not likely to have a major impact on the Bank of Canada.

Gross Domestic Product (GDP) measures the value of all goods and services produced by the economy. The reading represents the monthly change in value. GDP is the broadest measure of economic activity and the primary gauge of an economy's health. It therefore can have a significant impact on the value of a country's currency.

A significant upward revision is likely.

Gross Domestic Product (GDP) measures the value of all goods and services produced by the economy. The reading represents the quarterly change in value. GDP is the broadest measure of economic activity and the primary gauge of an economy's health. It therefore can have a significant impact on the value of a country's currency.

The Gross Domestic Product (GDP) Deflator measures the implicit rate of inflation for all economic activity. The deflator is used to calculate the difference between nominal and real GDP, thereby acting as the economy's broadest measure of inflation.

New York Federal Reserve President Timothy Geither speaks at Risk Management Conference in New York.

Measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

The data is prone to monthly volatility

The National Association of Purchasing Managers (NAPM) Chicago Purchasing Manager's Index (PMI) measures the health of the Chicago business environment. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

Measures the number of previously constructed homes that were sold last month. Existing Home Sales make up a larger portion of the housing market than New Home Sales, and therefore are an important indicator of trends in the housing market. This indicator is published monthly by the National Association of Realtors.

Chicago Federal Reserve President Michael Moskow speaks about Pensions.

Markets are looking for a firm figure which could lead to AUD vulnerability.

Gross Domestic Product (GDP) measures the value of all goods and services produced by the economy. The reading represents the quarterly change in value. GDP is the broadest measure of economic activity and the primary gauge of an economy's health. It therefore can have a significant impact on the value of a country's currency.

The Manufacturing Purchasing Manager's Index (PMI) measures the health of the manufacturing sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Manufacturing Purchasing Manager's Index (PMI) measures the health of the manufacturing sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Manufacturing Purchasing Manager's Index (PMI) measures the health of the manufacturing sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance. The Chartered Institute of Purchasing and Supply (CIPS) publishes this indicator monthly.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the annual change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The Industrial Product Price Index (IPPI) measures the prices that manufacturers are paid as goods leave the plant gate. Unlike the CPI, the IPPI excludes indirect taxes and all the costs that occur between the time a good leaves the plant and the time the final user takes possession of it, including the transportation, wholesale, and retail costs.

The Raw Materials Price Index (RMPI) measures price changes for raw materials purchased by industries in Canada for further processing.

Measures the monthly change in average personal income received from all sources.

Measures the total value of consumer purchases of goods and services over the past month. Consumer spending makes up a third of GDP and therefore a rising trend generally strengthens a country's currency.

A weak Chicago report means increased importance for the national figure.

The Institute of Supply Management (ISM) Manufacturing Index measures growth in the manufacturing sector. To produce the index, the ISM surveys 400 manufacturing firms on employment, production, new orders, supplier deliveries, and inventories. A reading above 50 indicates an expanding manufacturing sector.

Measures the monthly change in value of new construction projects.

Federal Reserve Governor Donald L. Kohn Testifies before the Senate about Regulatory Relief.

The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly increase in barrels of commercial crude oil held in inventory by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation and other economic forces.

Measures the number of cars, light trucks, sport utility vehicles, and vans sold in the previous month. Motor vehicle sales are a good indicator of trends in consumer spending.

Measures the annual change in Japan's outstanding currency in circulation, including banknotes, coins, and current account balances. It uncovers the level of additional currency being supplied by the Bank of Japan. An increasing monetary base generally results in higher inflation.

Measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

Measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

The Construction Purchasing Manager's Index (PMI) measures the health of the construction sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance. The Chartered Institute of Purchasing and Supply (CIPS) publishes this indicator monthly.

The Producer Price Index (PPI) measures the rate of inflation experienced by manufacturers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by manufacturers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The European Central Bank (ECB) Governing Council Interest Rate Statement is released shortly after a meeting in which the ECB, headed by Jean-Claude Trichet, makes a decision on where to set short-term interest rates (refinancing rate). The ECB focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

Measures the number of individuals who filed for unemployment insurance for the first time over the past week. A rising trend indicates a deteriorating labor market, which can weigh on the economy.

Trichet's comments will be important and a firm stance is likely.

ECB President Jean-Claude Trichet to speak at press conference following the Governing Council meeting of the ECB in Frankfurt

Federal Reserve Governor Mark Olson speaks at Banking Forum in New Orleans.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

The CPI report will be very important for the Bnak of Japan policy shift timing.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

The Services Purchasing Manager's Index (PMI) measures the health of the services sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Services Purchasing Manager's Index (PMI) measures the health of the services sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Services Purchasing Manager's Index (PMI) measures the health of the services sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance. The Chartered Institute of Purchasing and Supply (CIPS) publishes this indicator monthly.

Gross Domestic Product (GDP) measures the value of all goods and services produced by the economy. The reading represents the quarterly change in value. GDP is the broadest measure of economic activity and the primary gauge of an economy's health. It therefore can have a significant impact on the value of a country's currency.

Measures consumer attitudes concerning both the present situation and future expectations. It's derived from a monthly 500-person survey conducted by the University of Michigan. Higher sentiment levels are a leading indicator of rising consumer spending, which accounts for a third of the economy.

The price component could be significant in the data.

The Institute of Supply Management (ISM) Non-Manufacturing Index measures growth in various industries, including agriculture, mining, construction, transportation, communications, wholesale and retail trade. To produce the index, the ISM surveys 400 firms on employment, production, new orders, supplier deliveries, and inventories. A reading above 50 indicates an expanding services sector.

Federal Reserve Vice Chairman Roger W. Ferguson, Jr. speaks at the Economic Outlook Howard University Economics Forum, in Washington.

The Retail Purchasing Manager's Index (PMI) measures the health of the retail sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Retail Purchasing Manager's Index (PMI) measures the health of the retail sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

Measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

Measures the monthly change in total value of construction intentions. This data is a leading indicator for the construction industry since the issuance of a building permit is one of the first steps in the construction process.

Measures the monthly change in the value of manufacturer's new orders for goods. A rising trend indicates a growing economy. This report gives more in-depth information than the durable goods report released about two weeks earlier.

The Ivey Purchasing Manager's Index (PMI) measures the value of purchases made by Canadian companies. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's purchases were higher than, the same as, or lower than the previous month. The 175 survey participants are carefully selected geographically and by sector of activity to match the Canadian economy as a whole. An index reading above 50 indicates expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

Measures the annual change in the value of new orders place for machine tools, which includes capital goods that are used in the production of many such products as motor vehicles and their parts, electrical products, aircrafts and their parts, and dyes and moulds.

Measures the monthly change in the value of manufacturer's new orders for goods. A rising trend indicates a growing economy.

Measures the quarterly growth in labor efficiency for producing goods and services outside the farming sector. A rising trend indicates future inflationary pressures as manufacturers raise prices in response to an at-capacity factory environment.

The Bnak of Canada statement following the decision will need to be watched closely.

The Bank of Canada (BOC) Interest Rate Statement is released shortly after a meeting in which the BOC, headed by David Dodge, makes a decision on where to set short-term interest rates (overnight rate). The BOC focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

Consumer Credit measures the monthly growth in outstanding consumer installment credit. It gives insight into the state of consumer finances and can act as a leading indicator of consumer spending.

An unchanged policy is likely.

The Reserve Bank of Australia (RBA) Interest Rate Statement is released shortly after a meeting in which the RBA makes a decision on where to set short-term interest rates (interest rate on overnight loans in the money market). The RBA focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

Chicago Federal Reserve President Michael Moskow will speak at the University of Chicago Business School.

Measures the annual change in Japan's outstanding currency. M2+CD is calculated as follows:

M1 = currency in circulation + overnight deposits
M2+CD = M1 + Quasi-Money (Time Deposits etc.) + CDs

The Nationwide Consumer Confidence Index (NCCI) measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism.

Measures overall economic activity by combining ten indicators including factory workweek, new orders for consumer goods, new orders for nondefense capital goods, stock prices, initial jobless claims, vendor performance, building permits, money supply and consumer expectations.

Measures the current state of the economy. A rising Coincident Index signals an expansion phase while a falling reading is a sign of a contraction phase.

Measures the number of new single-family homes or buildings constructed throughout the previous month.

St. Louis Federal Reserve President William Poole will speak to the Economic Development Group in St. Louis, Missouri.

The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly increase in barrels of commercial crude oil held in inventory by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation and other economic forces.

Federal Reserve Chairman Ben Bernanke will address general session of the Independent Community Bankers of America, in Las Vegas, Nevada.

Eurpean Central Bank Governing Council member Yves Mersch will speak in Luxembourg.

Measures the number of new jobs created in the previous month. Employment growth will generally strengthen a country's currency, as it is one of the most important indicators of economy health.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

Some form of policy change is likely.

There is a chance that the BOJ raises rates during this meeting. This would end a five year zero-interest-rate policy and would have a huge impact on the currency markets. Most analysts, however, expect the policy shift to come in April. The time listed for this event is tentative so watch for changes.

The Bank of Japan (BOJ) Interest Rate Statement is released shortly after a meeting in which the BOJ Monetary Policy Committee, headed by Toshihiko Fukui, makes a decision on where to set short-term interest rates. The BOJ focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

The Bank of Japan (BOJ) monthly Monetary Policy Report covers recent economic and financial developments that may effect the Bank's open market operations.

Measures the monthly change in total output of factories, mines, and utilities. A rising trend generally indicates a strengthening economy.

Manufacturing Production, like Industrial Production, measures the total output of factories, mines, and utilities. The difference is that it only measures the 13 sub-sectors of Industrial Production that relate directly to manufacturing. Manufacturing industries make up about 80% of total Industrial Production.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

Measures the monthly change in total output of factories, mines, and utilities. A rising trend generally indicates a strengthening economy.

No change in interest rates is likely.

The Bank of England (BOE) Monetary Policy Committee Interest Rate Decision is released shortly after a meeting in which the BOE makes a decision on where to set the short-term interest rate (base rate). The BOC focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

The New Housing Price Index (NHPI) measures monthly changes in the selling prices of new residential houses. The NHPI is used as the inflation measure of new home construction.

A firm figure is likely.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

Volatile imports could result in an erratic trade figure.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

A low figure would boost confidence in the payroll report.

Measures the number of individuals who filed for unemployment insurance for the first time over the past week. A rising trend indicates a deteriorating labor market, which can weigh on the economy.

Federal Reserve Governor Donald Kohn will speak at the new Detroit Federal Reserve Branch.

New York Federal Reserve Bank President Timothy Geithner will speak about the U.S. economy, at the Japan Society in New York.

The Corporate Goods Price Index (CGPI) measures the rate of inflation experienced by corporations. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by corporations.