Article: National Economic Conditions - 2nd Quarter 2011

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Although the U.S. Economy has now shown positive growth in eight consecutive quarters, that growth has been slow, and there are signs that it is slowing further. During its June meeting, the Federal Open Market Committee (“FOMC”) said that the pace of the economic recovery had “slowed in recent months and that conditions in the labor market had softened,” contrary to expectations during its previous meeting.[1]FOMC members cited the following as contributors to the failure of the economic recovery to progress at the previously projected pace:

  • Financial retrenchment at every level of government,
  • A persistently weak housing market,
  • The continued efforts by many American households to substantially reduce existing debt obligations,
  • A recent lull in the growth rates of personal incomes and personal consumption, and
  • The unwillingness of private firms to hire and invest in an uncertain economic environment.

FOMC members also expressed disappointment with the unemployment rate. The rate of unemployment increased in the second quarter of 2011; earlier projections anticipated that it would contract in response to expected economic growth. Given that the FOMC’s primary constitutional mandate is to “foster maximum employment and price stability,” participants were concerned about the elevated unemployment rate at the end of the first half of 2011 and the future impact that persistent high unemployment might have on the economy.

Meeting participants generally noted that the most recent data on employment had been disappointing, and new claims for unemployment insurance remained elevated. The recent deterioration in labor market conditions was a particular concern for FOMC participants because the prospects for job growth were seen as an important source of uncertainty in the economic outlook, particularly in the outlook for consumer spending.[2]

At its June meeting, the FOMC agreed to complete its $600 billion purchase of Treasury securities and opted to make no changes to the existing federal funds rate, explaining:

The information received over the intermeeting period indicated that the economic recovery was continuing at a moderate pace, though somewhat more slowly than the Committee had expected, and that the labor market was weaker than anticipated. Inflation had increased in recent months as a result of higher prices for some commodities, as well as supply chain disruptions related to the tragic events in Japan. Nonetheless, members saw the pace of the economic expansion as picking up over the coming quarters and the unemployment rate resuming its gradual decline toward levels consistent with the Committee’s dual mandate.[3]

Despite numerous indications that point to a slowing economic recovery, the FOMC projects that economic expansion will begin accelerating over the approaching quarters and “unemployment will gradually decline toward levels consistent with the Committee’s dual mandate [of full employment and no inflation].”[4]

Gross Domestic Product

The most commonly cited measure of general economic conditions is growth in real GDP. Real GDP is the real (adjusted for inflation) dollar value of all goods and services produced within the country in a given period. The Bureau of Economic Analysis (“BEA”) quarterly measure of real GDP is seasonally adjusted at annual rates (SAAR), which means that the figure has been annualized with seasonal effects removed.

Real GDP increased 1.3% (SAAR) in the second quarter of 2011 from $13,227.90 billion to $13,270.10 billion after increases of 2.5%, 2.3%, and 0.4% during the third and fourth quarters of 2010 and the first quarter of 2011, respectively. Real GDP increased 3.0% in 2010, after changes of 1.9%, -0.3%, and -3.5% in 2007, 2008, and 2009 respectively.[5]

The increase in real GDP in the second quarter primarily reflected positive contributions from exports, nonresidential fixed investment, private inventory investment, and federal government spending that were partly offset by a negative contribution from state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.

The acceleration in real GDP in the second quarter primarily reflected a deceleration in imports, an upturn in federal government spending, and an acceleration in nonresidential fixed investment that were partly offset by a sharp deceleration in personal consumption expenditures.[6]

In June 2011, the FOMC predicted that real GDP growth would have a central tendency between 2.7% and 2.9%, between 3.3% and 3.7%, and between 3.5% and 4.2% during 2011, 2012, and 2013, respectively. In its longer-run projection,[7]the FOMC predicted that real GDP growth would have a central tendency between 2.5% and 2.8% (consistent with its previous longer-run projection).[8]

The second quarter Philadelphia Federal Reserve Survey of Professional Forecasters (the “Philly Survey”) predicts real GDP growth of 3.4%, 3.5%, 2.9%, and 2.5% (SAAR) for the third and fourth quarters of 2011 and the first and second quarters of 2012, respectively. The Philly Survey further predicts annual GDP growth of 2.7%, 3.0%, 2.8%, and 3.3% during 2011, 2012, 2013, and 2014, respectively.[9]

The July Wall Street Journal Survey of Economic Forecasters (the “WSJ Survey”) estimates that real GDP grew at an annualized rate of approximately 1.9% in the second quarter of 2011. In addition, the WSJ Survey predicts growth rates of 3.1%, 3.1%, 2.8%, and 2.9% (SAAR), for the third and fourth quarters of 2011 and the first and second quarters of 2012, respectively. The WSJ Survey projects GDP will experience annual growth rates of 2.6% and 3.0% in 2011 and 2012, respectively.[10]

According to a WSJ MarketWatch article regarding the release of the 2011 second quarter GDP results, the government’s report (which includes revisions to the past three years of data) raises concerns about the expected acceleration of economic activity to take place in the second half of 2011. The revisions to the prior data imply that the recession was deeper than initially reported and that subsequent growth has been lower than initially reported.

The new data on the inflation- and seasonally-adjusted value of all goods and services produced in the United States showed the economy barely grew at all in the January-to-March quarter, rising just 0.4% from the initially reported 1.9% improvement. At the same time, the government said the recession proved to be deeper than initially projected.[11]

Given the continuing debate over the raising of the debt ceiling, some economists believe the latest GDP release might act to suppress the willingness of Congress to begin reducing government spending. According to Mr. Mark Vitner, senior economist at Wells Fargo, the GDP report is a “game changer.”

It does raise some legitimate questions concerning how quickly we can rein in government spending without doing more harm than good.[12]

[13]

Prices and Inflation

Inflation is the increase in the general price level of goods and services in an economy. The Consumer Price Index (CPI) is the most commonly cited measure of inflation. The CPI measures the price of a standard market basket of goods designed to be representative of the items purchased by a typical urban consumer.

The CPI increased at an annualized rate of approximately 0.4% during the second quarter of 2011, from 223.5 in the first quarter of 2011 to 224.3 (1982-1984=100, seasonally adjusted). The second quarter increase came after growth rates of 0.7%, 0.8%, and 1.5% for the third and fourth quarters of 2010 and the first quarter of 2011, respectively. Additionally, the CPI increased approximately 3.4% in the last twelve months (from June 2010 to June 2011), compared to annual growth rates in the CPI (not seasonally adjusted, “NSA”) of 2.8%, 3.8%,-0.4%, and 1.6% during 2007, 2008, 2009, and 2010, respectively.[14]

The Philly Survey anticipates annualized growth in the CPI of 2.2%, 2.0%, 2.3%, and 2.1% (SAAR) for the third and fourth quarters of 2011 and the first and second quarters of 2012, respectively. Furthermore, the Philly Survey predicts annual (quarter four over quarter four) CPI growth of 3.1%, 2.2%, and 2.3% for 2011, 2012, and 2013, respectively.[15]

The WSJ Survey predicts the CPI will grow 3.1%, 2.3%, and 2.4% for the last twelve months ended December 2011 and June and December 2012, respectively.[16]

Economists at Bank of America/Merrill Lynch (“BAC economists”) expect the CPI to increase 3.2%, 1.6%, 1.7% and 1.8% (SAAR) during the third and fourth quarters of 2011 and first and second quarters of 2012, respectively. In addition, BAC economists project annual CPI growth rates of 3.2% and 2.1% for 2011 and 2012, respectively.[17]

The CPI for food increased from 225.2 in the first quarter of 2011 to 227.5 in the second quarter of 2011 (1982–1984=100), a 1.0% increase. The second quarter increase followed changes of 0.4% for both the third and fourth quarters of 2010 and 1.8% for the first quarter of 2011.The CPI for food increased 3.7% in the last twelve months (from June 2010 to June 2011). In comparison, the CPI for food (NSA) had annual growth rates of 4.0%, 5.5%, 1.8%, and 0.8% during 2007, 2008, 2009, and 2010, respectively.[18]

The CPI for energy decreased 3.3% in the second quarter of 2011 from 245.9 in the first quarter of 2011 to 237.9 (1982–1984=100). The second quarter decrease followed changes of 6.0%, 6.7%, and 9.2% in the third and fourth quarters of 2010 and first quarter of 2011, respectively. The CPI for energy increased approximately 19.6% in the last twelve months (from June 2010 to June 2011). In comparison, the CPI for energy (NSA) experienced annual growth rates of 5.5%, 13.9%, -18.4%, and 9.5% in 2007, 2008, 2009, and 2010, respectively.[19]

[20]

At its June meeting, the FOMC acknowledged that certain measures of consumer price inflation had risen in 2011 as a result, in part, of increases in the prices of oil and other commodities.

…Participants’ forecasts for total personal consumption expenditures (PCE) inflation in 2011 were little changed from April…Most participants anticipated that the influence of higher commodity prices and supply disruptions from Japan on inflation would be temporary, and that inflation pressures in the future would be subdued as commodity prices stabilized, inflation expectations remained well anchored, and large margins of slack in labor markets kept labor costs in check.[21]

The Producer Price Index (PPI) is another commonly cited measure of inflation. The PPI measures the price of a standard market basket of goods designed to be representative of the items purchased by a typical producer. The PPI for all finished goods increased 0.6% in the second quarter of 2011 from 189.8 in the first quarter of 2011 to 191.0 (1982=100). The second quarter increase followed changes of 1.0%, 1.9%, and 3.3% in the third and fourth quarters of 2010 and first quarter of 2011, respectively. The PPI for all finished goods increased 7.0% in the last twelve months (from June 2010 to June 2011). In comparison, the PPI for all finished goods (NSA) experienced annual changes of 3.9%, 6.3%, -2.6%, and 4.2% during 2007, 2008, 2009, and 2010, respectively.[22]

[23]

The average price per barrel of oil decreased 6.4% in the second quarter of 2011 from an average of $102.86 in March 2011 to an average of $96.26 in June 2011. The price per barrel of oil increased 27.8% in the last twelve months (from June 2010 to June 2011). In comparison, the average price per barrel of oil had an annual growth rate of 9.5%, 37.8%, -37.8%, and 28.3% in 2007, 2008, 2009, and 2010, respectively.[24]

The WSJ Survey projects the price per barrel of oil will be $95.59 by December 31, 2011 and $97.28 by June 30, 2012.[25]

IBISWorld estimates that the price per barrel of oil will increase 28.4% in 2011, and predicts the price per barrel of oil will experience annual growth rates of 4.9%, -8.8%, and 11.7% in 2012, 2013, and 2014, respectively. Furthermore, IBISWorld predicts that the price per barrel of oil will grow at an average annualized rate of approximately 4.1% in the five years to 2016.[26]

 [27]

Trade Deficit

Real net exports increased (became less negative) from a first quarter total of -$424.4 billion (SAAR) to -$405.7 billion in the second quarter of 2011. The 2011 second quarter level of real net exports was preceded by real net exports of -$458.7 billion, -$414.2 billion and -$424.4 billion in the third and fourth quarters of 2010, respectively. Prior to the end of 2010, real net exports had consistently increased, posting annual totals of -$648.8 billion, -$494.8 billion, and -$358.8 billion in 2007, 2008, and 2009, respectively. However, the prevailing trend reversed in 2010 with real net exports decreasing to -$421.8 billion.[28]

The Philly Survey predicts real net exports will be -$400.1 billion, -$402.3 billion, and -$399.2 billion in the third and fourth quarters of 2011 and the first quarter of 2012, respectively. On an annual basis, the Philly Survey projects real net exports will increase from -$422.5 billion in 2010 to -$399.9 billion in 2011. However, in 2012, the Philly Survey expects real net exports to decrease to -$403.2 billion.[29]

BAC economists project that real net exports will reach -$381.0 billion and -$365.0 billion during 2011 and 2012, respectively.[30]

[31]

Interest Rates

Interest rates remained stable during the second quarter of 2011. The discount window rate remained constant at 0.75% during the second quarter of 2011, as it had for the majority of 2010. The 0.75% rate is an increase from the rate of interest prevalent throughout 2009 (0.50%), a historically low rate that was the result of a downward trend that began in July 2007 (6.25%).[32]

The federal funds rate decreased 5 basis points in the second quarter of 2011 from 0.14% in first quarter of 2011 to 0.09%. The current rate represents a decrease of 9 basis points in the last twelve months (from June 2010 to June 2011).[33] At its June 2011 meeting, the FOMC maintained its target for the federal funds rate between 0.00% and 0.25%. The Committee’s decision was based largely on the following:

To promote the ongoing economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to keep the target range for the federal funds rate at 0 to ¼ percent. The Committee continues to anticipate that economic conditions – including low rates of resource utilization and a subdued outlook for inflation over the medium run – are likely to warrant exceptionally low levels for the federal funds rate for an extended period. [34]

The yield to maturity on 20-year U.S. Treasury bonds decreased 36 basis points in the second quarter of 2011 from 4.27% in the first quarter of 2011 to 3.91%. The yield decreased 4 basis points during the last twelve months (from June 2010 to June2011).[35]The average yield to maturity on Aaa rated (Moody’s) corporate bonds decreased14 basis points from 5.13% in March 2011 to 4.99% in June 2011. The yield increased 11 basis points during the last twelve months.[36]

[37]

Financial Markets

The Dow Jones Industrial Average (DJIA) increased 0.8% in the second quarter of 2011 from 12,319.73 on March 31, 2011 to 12,414.34 on June 30, 2011. The second quarter increase followed changes of 10.4%, 7.3%, and 6.4% in the third and fourth quarters of 2010 and the first quarter of 2011, respectively. The DJIA increased 27.0% in the last twelve months (from June 30, 2010 to June 30, 2011). In comparison, the DJIA had annual (December to December) growth rates of 6.4%, -33.8%, 18.8%, and 11.0% during 2007, 2008, 2009, and 2010, respectively. The DJIA peaked on October 11, 2007 at 14,279.96 and then reached a recent low of 6,440.08 on March 9, 2009.[38]

The S&P 500 decreased 0.4% from 1,325.83 on March 31, 2011 to 1,320.64 on March 31,2011. The second quarter decrease in the S&P followed changes of 10.7%, 10.2%, and 5.4% during the third and fourth quarters of 2010 and the first quarter of 2011, respectively. The index increased 28.1% in the last twelve months (from June 30, 2010 to June 30, 2011). Historically, the index had annual changes of 3.5%, -38.5%, 23.5%, and 12.8% in 2007, 2008, 2009, and 2010, respectively. The S&P 500 hit its recent high of 1,576.09 on October 11, 2007, and its recent low of 666.79 on March 6, 2009.[39]

The NASDAQ Composite Index decreased 0.3% from 2,781.07 on March 31, 2011 to 2,773.52 on June 30, 2011. The second quarter decrease followed changes of 12.3%, 12.0%, and 4.8% in the third and fourth quarters of 2010 and the first quarter of 2011, respectively. The index increased 31.5% in the last twelve months (from June 30, 2010 to June 30, 2011). In comparison, the NASDAQ had annual changes of 9.8%, -40.5%, 43.9%, and 16.9% in 2007, 2008, 2009, and 2010, respectively. The NASDAQ reached its recent high of 2,861.51 on October 31, 2007 and its recent low of 1,265.52 on March 9, 2009.[40]

[41]

Housing, Construction, and Real Estate

Average mortgage rates for 30-year fixed mortgages decreased 33 basis points in the second quarter of 2011, from 4.84% (the average rate for March 2011) to 4.51% (the average rate for June 2011). However, average mortgage rates decreased 23 basis points during the last twelve months (from June 2010 to June 2011).[42]According to IBISWorld, the average annual 30-year conventional mortgage rates during 2009 and 2010 were approximately 5.04% and 4.69%, respectively. In addition, IBISWorld projects average annual 30-year mortgage rates of 5.23%, 6.16%, 6.56%, 7.09%, 7.32%, and 7.39% during the years 2011 through 2016, respectively.[43]

[44]

In spite of the low cost of financing, the housing market continued to remain generally depressed during the second quarter of 2011. Housing starts increased 6.1% by the end of the second quarter of 2011, from 593,000 starts (SAAR) in March 2011 to 629,000 starts in June 2011. The second quarter increase followed changes of 10.8%, -11.9%, and 12.7% during the third and fourth quarters of 2010 and the first quarter of 2011, respectively. Annual housing starts increased 16.7% over the last 12 months (from June 2010 to June 2011). In comparison, housing starts experienced annual (NSA) rates of growth of -24.8%, -33.2%, -38.8%, and 5.9% during 2007, 2008, 2009, and 2010, respectively.[45]

The Philly Survey projects total housing starts will reach an annual rate of approximately 620,000, and 660,000 in the third and fourth quarters of 2011, respectively, with an increase to 690,000 starts in the first quarter of 2012. The Philly Survey estimates that in 2010 there were approximately 590 thousand housing starts.Moreover, the Philly Survey predicts annual housing starts will total 610,000 and 770,000 in 2011 and 2012, respectively. Housing starts hit a recent peak of 2.3 million (SAAR) in January 2006.[46] 

As of July, the WSJ Survey predicts that annual housing starts will reach 600,000 and 780,000 in 2011 and 2012, respectively.[47] BAC economists predict annual housing starts will reach 595,000 by 2011 and 727,000 by 2012.[48]

Houses sold increased by 2.3% by the end of the second quarter of 2011, from 305,000 (SAAR) houses sold in March 2011 to 312,000 in June 2011. This increase came after changes of 2.9%, 4.7%, and -7.9% during the third and fourth quarters of 2010, and the first quarter of 2011, respectively. The August 2010 rate of 278 thousand houses sold was the lowest in recorded history (with data dating back to January 1959). Houses sold (NSA) decreased 13.9% in 2010, compared to decreases of 26.2%, 37.5%, and 22.7% during 2007, 2008, and 2009, respectively.[49]

Houses for sale decreased 7.9% by the end of the second quarter of 2011, from 178,000 houses for sale in March 2011 to 164,000 in June 2011. The second quarter drop in houses for sale followed decreases of 4.3%, 5.9%, and 6.3% in the third and fourth quarters of 2010 and the first quarter of 2011, respectively. The total number of houses for sale at the conclusion of the second quarter of 2011 (164,000) is the lowest figure in recorded history which dates back to January 1963. Houses for sale (NSA) decreased 19.0% during 2010, following annual changes of -7.6%, -29.0%, and ‑34.1% in 2007, 2008, and 2009, respectively.[50]

Months of supply of houses for sale represents the number of months it would take to sell all of the houses currently for sale at the current sales rate (seasonally adjusted). The months of supply of houses for sale decreased from 7.0 months in March 2011 to 6.3 months in June 2011.[51]The months of supply of houses for sale decreased 11.5% in 2010,[52]compared to annual rates of change of 47.7%, 16.7%, and -30.4% (December to December) for the years 2007 through 2009, respectively.[53]

[54]

Unemployment

The average unemployment rate increased 0.2 percentage points in the second quarter of 2011, from 8.9% in the first quarter of 2011 to 9.1%. The unemployment rate was unchanged in the third and fourth quarters of 2010 and decreased 0.7 percentage points in the first quarter of 2011. In addition, the average unemployment rate decreased 0.3 percentage points in the last twelve months (from June 2010 to June 2011). The average annual unemployment rate (NSA) had percentage point changes of 0, 1.2, 3.5, and 0.3 in the years 2007 through 2010, respectively.[55]In June 2011, the FOMC announced that the unemployment rate would have central tendencies between 8.6% and 8.9%, between 7.8% and 8.2%, and between 7.0% and 7.5% during 2011, 2012, and 2013, respectively. The FOMC projects the longer-run central tendency for the unemployment rate will be between 5.2% and 6.0%.[56]

The Philly Survey projects unemployment rates will be 8.7%, 8.1%, 7.5%, and 7.0% for the years 2011 through 2014, respectively.[57]

The WSJ Survey predicts the unemployment rate will be 8.8% by December 2011, with the rate declining over the course of the next year to 8.1% by December 2012.[58] BAC economists project the unemployment rate will be 9.1% and 8.8% in 2011 and 2012, respectively.[59]

A Wall Street Journal article published subsequent to the FOMC’s latest report captures the disappointment with which many analysts reacted to the news:

June’s dismal numbers contradict a string of relatively upbeat recent reports on the economy, which had convinced many investors and economists that it was gaining steam.

…the weak jobs report raises the chances that consumers will hold off purchases and that, in turn, will make companies reluctant to hire…The private sector added just 57,000 jobs in June, down from 73,000 a month earlier and the fewest since May of last year…Alongside scant hiring, wages edged lower, and the amount of time private-sector workers clocked on the job each week slipped.[60]

[61]

Forward Looking Indicators

The Index of Consumer Sentiment (ICS) is a measure of overall consumer expectations and a predictor of consumer spending and economic conditions. A higher ICS indicates that consumers have higher confidence in the economy and are consequently more likely to spend. The ICS was 71.5 (1966=100) in June 2011, a 5.9% increase from the March 2011 ICS of 67.5. The second quarter increase in consumer sentiment, noted above, followed changes of -10.3%, 9.2% and -9.4% in the third and fourth quarters of 2010 and the first quarter of 2011, respectively. In the twelve months ending June 2011, the ICS decreased 5.9%. In comparison, the ICS experienced annual growth rates of -17.7%, -20.4%, 20.6%, and 2.8% in 2007, 2008, 2009, and 2010, respectively.[62]

[63]

In response to overall consumer sentiment trending lower over the past several months, Richard Curtin, the Survey of Consumers chief economist, offered the following:

The overall trend is more likely to vary between lackluster and zero than lackluster and robust. Resurgent spending is not on the horizon, nor is widespread retrenchment. Importantly, the consumer no longer has the financial wherewithal to power the economy into overdrive. While it has thus far been the inability not the unwillingness of consumers to ramp up their spending, continued economic stagnation may ultimately dampen their spending desires in favor of a more permanent shift toward economic caution and risk aversion.[64]

The Conference Board Leading Economic Index (LEI) is a signalling measure of the business cycle in which cyclical turning points of the LEI have historically taken place “before those in aggregate economic activity.” The LEI is an average of ten “leading” indicators.[65] The LEI increased 1.1% by the end of the second quarter of 2011, from 114.1 in March 2011 to 115.3 (2004=100). The second quarter increase followed increases of 1.0%, 2.2%, and 1.6% during the third and fourth quarters of 2010 and the first quarter of 2011, respectively. The LEI increased 6.0% during the last twelve months (from June 2010 to June 2011).[66]

[67]

The following excerpt regarding the release of June’s LEI was offered by Ataman Ozyildirim, an economist at The Conference Board:

The U.S. LEI rebounded in May and resumed its upward trend with a majority of the components supporting this gain. The Coincident Economic Index, a monthly measure of current economic conditions, continued to increase slowly but steadily. Overall, despite short-term volatility, the composite indexes still point to expanding economic activity in the coming months.

Ken Goldstein, another economist with The Conference Board, added the following:

Modest economic growth is being buffeted by some strong headwinds, including high gas and food prices and a soft housing market. The economy will likely continue to grow through the summer and fall, however it will be choppy.[68]

Industrial Production

The Total Industrial Production Index (a measure of total output from industrial companies) increased 0.2% in the second quarter of 2011, from 92.78 during the first quarter of 2011 to 92.97 (2007=100, seasonally adjusted). The second quarter increase in Industrial Production followed changes of 1.6%, 0.8% and 1.2% in the third and fourth quarters of 2010 and the first quarter of 2011, respectively. The index increased 3.8% in the last twelve months (from the second quarter of 2010 to the second quarter of 2011). Comparatively, the index had annual growth rates (NSA) of 2.7%, -3.7%, -11.2, and 5.3% in 2007, 2008, 2009, and 2010, respectively.[69]

The Philly Survey predicts the index will increase 4.5%, 4.1%, and 3.6% in the third and fourth quarters of 2011 and the first quarter of 2012, respectively. Furthermore, the Philly Survey projects the index to grow at an annual rate of 5.0% during 2011.[70]

BAC economists predict the index will experience annual changes of 3.9% in both 2011 and 2012.[71]

The capacity utilization rate measures the usage of the total production capacity for 89 detailed U.S. industries (71 in manufacturing, 16 in mining, and 2 in utilities). The capacity utilization rate is calculated by dividing the seasonally-adjusted output index by the capacity index of these industries.[72]

The capacity utilization rate decreased 9 basis points in the second quarter of 2011 (to 76.7%), down from approximately 76.8% in the first quarter of 2011. The second quarter decrease came after basis point increases of 149, 60 and 72 in the third and fourth quarters of 2010 and the first quarter of 2011, respectively. The capacity utilization rate increased 272 basis points in the last twelve months (from June 2010 to June 2011). Historically, the rate had annual basis point changes of 60, -321, -861, and 530 in the years 2007 through 2010, respectively.[73]

BAC economists predict that the capacity utilization rate will grow to 77.3% and 80.1% in 2011 and 2012, respectively.[74]

[75]

DISCLAIMER STATEMENT:

This Decosimo Advisory Services National Economic Conditions report summarizes general economic conditions as of June 30, 2011. It was prepared as of July 29, 2011. Information was gathered from sources we believed to be reliable using data available as of the date shown in the respective footnote. DAS accepts no responsibility for the accuracy of information provided in this summary. No statement in this report is to be considered advice for any purpose. It is the responsibility of the user of this report to verify the accuracy of the information herein and to relate the information contained herein to the particular application of its use. Tables of Data referenced in footnotes are available on request from Decosimo Advisory Services.



[1] Board of Governors of the Federal Reserve System.Minutes of the Federal Open Market Committee: Staff Review of the Economic Situation, June 21-22, 2011. http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm,  accessed7/29/2011.

[2] Board of Governors of the Federal Reserve System.Minutes of the Federal Open Market Committee: Participants’ Views on Current Conditions and the Economic Outlook, June 21-22, 2011. http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm,  accessed7/29/2011.

[3] Board of Governors of the Federal Reserve System.Minutes of the Federal Open Market Committee: Participants’ Views on Current Conditions and the Economic Outlook, June 21-22, 2011. http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm,  accessed7/29/2011.

[4]Board of Governors of the Federal Reserve System.Minutes of the Federal Open Market Committee: Committee Policy Action, June21-22, 2011. http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm,  accessed7/29/2011.

[5] U.S. Department of Commerce Bureau of Economic Analysis. Historical Table 1.1.1. Percent Change from Preceding Period in Real Gross Domestic Product and Historical Table 1.1.6. Real Gross Domestic Product, Chained Dollars. http://www.bea.gov/national/nipaweb/SelectTable.asp?Selected=Y, accessed 7/29/2011. Note: The Department of Commerce Bureau of Economic Analysis revised its GDP data going back three years.

[6] U.S. Department of Commerce Bureau of Economic Analysis. Gross Domestic Product: 2nd Quarter 2011 (Advance Estimate); July 29, 2011. http://www.bea.gov/newsreleases/national/gdp/2011/gdp1q11_adv.htm,accessed 7/29/2011.

[7] According to The Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Staff Review of the Economic Situation, June 21-22, 2011. http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm,  accessed7/29/2011. Note:

Projections of change in real gross domestic product (GDP) and in inflation are from the fourth quarter of the previous year to the fourth quarter of the year indicated. PCE inflation and core PCE inflation are the percentage rates of change in, respectively, the price index for personal consumption expenditures (PCE) and the price index for PCE excluding food and energy. Projections for the unemployment rate are for the average civilian unemployment rate in the fourth quarter of the year indicated. Each participant’s projections are based on his or her assessment of appropriate monetary policy. Longer-run projections represent each participant’s assessment of the rate to which each variable would be expected to converge under appropriate monetary policy and in the absence of further shocks to the economy. The April projections were made in conjunction with the meeting of the Federal Open Market Committee on April 26-27, 2011.

1. The central tendency excludes the three highest and three lowest projections for each variable in each year.

2. The range for a variable in a given year consists of all participants’ projections, from lowest to highest, for that variable in that year.

3. Longer-run projections for core PCE inflation are not collected.

Board of Governors of the Federal Reserve System.Minutes of the Federal Open Market Committee: Staff Review of the Economic Situation, June 21-22, 2011. http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm, accessed 7/29/2011.

[8] Board of Governors of the Federal Reserve System.Minutes of the Federal Open Market Committee: Staff Review of the Economic Situation, June 21-22, 2011. http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm, accessed 7/29/2011.

[9] Survey of Professional Forecasters, Second Quarter 2011. Federal Reserve Bank of Philadelphia. Released May 13, 2011. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/, accessed 7/29/2011.

[10] The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey – July 2011.http://online.wsj.com/public/page/economic-forecasting.html, accessed7/29/2011.

[11] WSJ MarketWatch.“GDP Grows Slender 1.3% in Second Quarter,” Robb, Gregg. July 29, 2011. http://www.marketwatch.com/Story/story/print?guid=7161D5C6-B9D1, accessed 7/29/2011.

[12]WSJMarketWatch. “GDP Grows Slender 1.3% in Second Quarter,” Robb, Gregg. July 29, 2011. http://www.marketwatch.com/Story/story/print?guid=7161D5C6-B9D1, accessed 8/12/2011.

[13] U.S. Department of Commerce Bureau of Economic Analysis. Historical Table 1.1.1. Percent Change from Preceding Period in Real Gross Domestic Product and Historical Table 1.1.6. Real Gross Domestic Product, Chained Dollars. http://www.bea.gov/national/nipaweb/SelectTable.asp?Selected=Y, accessed 7/29/2011. Asterisk (*) denotes projection from: Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Staff Review of the Economic Situation, June 21-22, 2011. http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm, accessed 7/29/2011.

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[23] U.S. Department of Labor Bureau of Labor Statistics Database. Producer Price Index-Commodities. http://www.bls.gov/ppi/, accessed 7/29/2011. See Table NEC-3, available on request from DAS.

[24] Energy Information Administration, Official Energy Statistics from the U.S. Government. Cushing, OK WTI Spot Price FOB (Dollars per Barrel). Monthly data:http://tonto.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=M,accessed 7/29/2011. Annual data:http://tonto.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=A,accessed 7/29/2011. See NEC-3, available on request from DAS.

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[27] Energy Information Administration, Official Energy Statistics from the U.S. Government. Cushing, OK WTI Spot Price FOB (Dollars per Barrel): Annual data:http://tonto.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=A,accessed 7/29/2011. Asterisk (*) denotes projection from IBISWorld Business Environment Report: World Price of Crude Oil. A5211, July, 2011. http://www.ibisworld.com, accessed 7/29/2011. See Table NEC-2, available on request from DAS.

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[29] Survey of Professional Forecasters, Second Quarter 2011. Federal Reserve Bank of Philadelphia. Released May 13, 2011. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2011/spfq211.pdf, accessed 7/29/2011.

[30] Bank of America/Merrill Lynch. US Economic Weekly, 22July 2011. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf, accessed 7/29/2011.

[31] U.S. Department of Commerce Bureau of Economic Analysis. Historical Table 1.1.1. Percent Change from Preceding Period in Real Gross Domestic Product and Historical Table 1.1.6. Real Gross Domestic Product,Chained Dollars. http://www.bea.gov/national/nipaweb/SelectTable.asp?Selected=Y, accessed 7/29/2011. Asterisk (*) denotes projection from Survey of Professional Forecasters, Second Quarter 2011. Federal Reserve Bank of Philadelphia. Released May13, 2011. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2011/spfq211.pdf, accessed 7/29/2011. Bank of America/Merrill Lynch. US Economic Weekly, 22 July2011. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf, accessed 7/29/2011. See Tables NEC-1 and NEC-2, available on request from DAS.

[32] Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_DWPC_NA.txt, accessed 7/29/2011.

[33]Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_DWPC_NA.txt, accessed 7/29/2011.

[34] The Board of Governors of the Federal Reserve System Minutes of the Federal Open Market Committee: Summary of Economic Projections, June 21, 2011.http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20110622.pdf, accessed 7/29/2011.

[35] Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates.

http://www.federalreserve.gov/datadownload/Build.aspx?rel=H15, accessed 7/29/2011.

[36] Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates.

http://www.federalreserve.gov/datadownload/Build.aspx?rel=H15, accessed 7/29/2011.

[37] Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates.

http://www.federalreserve.gov/datadownload/Build.aspx?rel=H15, accessed 7/29/2011. See Table NEC-4, available on request from DAS.

[38] Yahoo! Finance. Historical Prices - Ticker: ^DJI. http://finance.yahoo.com/, accessed 7/29/2011.

[39] Yahoo! Finance. Historical Prices - Ticker: ^GSPC. http://finance.yahoo.com, accessed 7/29/2011.

[40] Yahoo! Finance. Historical Prices - Ticker: ^IXIC. http://finance.yahoo.com, accessed 7/29/2011.

[41] Yahoo! Finance. Historical Prices - Tickers: ^DJI,^GSPC, and ^IXIC. http://finance.yahoo.com, accessed 7/29/2011. See Table NEC-5, available on request from DAS.

[42] Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_MORTG_NA.txt, accessed 7/29/2011.

[43] IBISWorld Business Environment Report: 30-Year Conventional Mortgage Rate. May, 2011. http://www.ibisworld.com/, accessed 7/29/2011.

[44] Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_MORTG_NA.txt, accessed 7/29/2011. See Table NEC-4, available on request from DAS.

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[49] U.S. Department of Commerce U.S. Census Bureau Houses Sold by Region. http://www.census.gov/const/www/newressalesindex_excel.html, accessed 7/29/2011.

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[52] U.S. Department of Commerce U.S. Census Bureau. Houses for Sale by Region.http://www.census.gov/const/www/newresconstindex_excel.html, accessed 7/29/2011.

[53] DAS Calculations using: U.S. Department of Commerce U.S. Census Bureau Houses Sold by Region. http://www.census.gov/const/www/newressalesindex_excel.html, accessed 7/29/2011. U.S. Department of Commerce U.S.Census Bureau. Houses for Sale by Region. http://www.census.gov/const/www/newressalesindex_excel.html, accessed 7/29/2011. DAS Calculation.

[54] U.S. Department of Commerce U.S. Census Bureau. New Privately Owned Housing Units Started. http://www.census.gov/const/www/newresconstindex_excel.html, accessed on 7/29/2011.

Houses Sold by Region. http://www.census.gov/ftp/pub/const/sold_cust.xls, accessed 7/29/2011.

Houses for Sale by Region. http://www.census.gov/const/www/newressalesindex_excel.html, accessed 7/29/2011. See Table NEC-6, available on request from DAS.

[55] U.S. Department of Labor Bureau of Labor Statistics Database. Labor Force Statistics including the National Unemployment Rate. http://www.bls.gov/cps/, accessed 7/29/2011.

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[57] Survey of Professional Forecasters, Second Quarter 2011. Federal Reserve Bank of Philadelphia. Released May 13, 2011.http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2011/spfq211.pdf, accessed 7/29/2011.

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[61] U.S. Department of Labor Bureau of Labor Statistics Database. Labor Force Statistics including the National Unemployment Rate. http://www.bls.gov/cps/, accessed 7/29/2011. Asterisk (*) denotes projections from The Board of Governors of the Federal Reserve System Minutes of the Federal Open Market Committee: Summary of Economic Projections, June 21-22, 2011. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20101103.pdf, accessed 7/29/2011.

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Note: The figures in the graph indicate the unemployment rate or projection thereof for the fourth quarter of the respective year given. See Tables NEC-2 and NEC-7, available on request from DAS.

[62] The Reuters/University of Michigan Surveys of Consumers. Historical Table 1. The Index of Consumer Sentiment. http://www.sca.isr.umich.edu/documents.php?c=tr, accessed 7/29/2011. Monthly data for the Index of Consumer Sentiment from the following: https://customers.reuters.com/community/university/default.aspx, accessed 7/29/2011.

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[66]The Conference Board. U.S. Business Cycl

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Article: Building Value in Government Contracting Businesses
Article: FASB's Proposed Changes to Accounting for Leases
Article: Built-In Gains - Advantageous Tax Opportunity Available for Asset Sales Completed by 2011 Year End
Article: CMS Reconciliation of Outliers - A Day of Reckoning?
Article: IFRS - Where Are We Now?
Article: Case Study - Transitioning a Business to Management
Article: Auditing Fair Value Measurements
Article: Preferred Stock as a Capital Source
Article: National Economic Conditions - 3rd Quarter 2010
Article: Five Things You Need to Know About Contingent Consideration
Article: Custody Rule Changes for Registered Investment Advisors
Article: Key Considerations for 2010 Personal Income Tax Returns
Article: Economic Indicators - What Do They Tell Us?
Article: New Accounting Rules for Business Combinations
Article: Incentive Stock Plans and Business Valuation
Article: National Economic Conditions - 4th Quarter 2010
Article: Global Investment Performance Standards - GIPS Compliance
Article: Fairness Opinions - A Historical Perspective
Article: To Have and to Hold: Considering Goodwill in Professional Practice Valuations for Marital Dissolutions
Article: Financial Accounting Standards Board Statement 141(R): Business Combinations' Impact on Debt and Employment Agreements
Bill Acuff Providing Small Business Fraud Presentation in Chattanooga
Brent McDade to Discuss Business Valuation Fundamentals at Memphis Bench Bar Conference
Case Study: How Credible Expert Witness Testimony Ended Litigation
Case Study: Woods Memorial Hospital
Case Study: The Stark Statute and Tuomey Healthcare
Case Study: Structuring Debt Financing
Case Study: Physician Practice Embezzlement
Case Study: Pulmonary Practice
Case Study: Oncology Practice
Case Study: Maximizing Value for a Business Transition Begins with a Plan
Case Study: Distributor Inventory Fraud
Case Study: Urgent Care Center Embezzlement
Cincinnati Office Announces Key Management Changes
Costello Educates Business Advisors on Helping Clients Buy or Sell Small-to-Medium Sized Businesses
Decosimo's Pam Mantone Authors Fraud Detection Book
Decosimo Provides Accounting and Tax Updates at Government Contracting Conference in Huntsville
Decosimo Professional Development Director Earns the CPLP™ Credential from the ASTD Certification Institute
Decosimo CPA Firm Adds Larry Felts as Assurance Principal in Nashville
Decosimo Fraud Examiner Presents Fraud Update at IMA Meeting
Decosimo Provides Leadership for Mastering Due Diligence for Alternative Investments Seminar
Decosimo CPA Firm Announces Promotions Across Regional Office Locations
Decosimo to Sponsor and Present at MidSouth Alternative Investment Association Fall Mixer in Nashville
Decosimo's Sharon Hamrick to Present Fraud Update to Women Accountants in Huntsville, Alabama
Decosimo Promotes Lucy Gates to Tax Manager
Decosimo to Host Annual Emerging Business Symposium on Feb. 22
Decosimo Advisory Team Presents at Litigation Counsel of America Fall Conference
Decosimo's Mike Costello to Discuss Healthcare Fraud at HFMA Dixie Institute
Decosimo CPAs Provide Accounting Forum with University of North Alabama
Decosimo Provides Leadership for Private Investment Fund Accounting & Auditing Forum in NYC
Decosimo Promotes Shannon Farr to Director of Healthcare Valuation
Decosimo Professionals to Discuss Ethics and Forensic Accounting at NACVA Conference
Decosimo and alliantgroup Offer Webinar Covering 179D Tax Incentives for Design, Building and Construction Industries
Decosimo Provides Leadership for TSCPA Forensic and Valuation Conference
Decosimo Provides Leadership for Southern States Alternative Investing Symposium in Birmingham
Decosimo/Vaden CPA and Entertainment Management Firm Names Jennifer Lane as Principal
Decosimo Provides Leadership for Hedge Fund Tax 101 and K-1 Boot Camp Courses
Decosimo Providing Small Business Tax Update in Connection with Women's Business Center of North Alabama
Decosimo Solvability Provides Thought Leadership for Bid and Proposal Conference
Decosimo Announces Supervisor and Senior Level Promotions in Chattanooga
Decosimo Advisory Services Practice Growth Leads to Specialized Management Appointments
Decosimo Advisory Services Has Strong 2011
Decosimo Leads Private Equity Operations and Compliance Summit
Decosimo Solvability Announces DCAA-Compliant QuickBooks Boot Camp in Tampa
Decosimo Sponsors Company Lab's 48Hour Launch Startup Event for Women in Entrepreneurship
Decosimo Provides Leadership for a National Hedge Fund Tax & K-1 Boot Camp Course
Decosimo Names Patrick Terry Principal in Atlanta Office
Decosimo Corporate Finance Expands Sell-Side Advisory Reach with Affiliates in MI, NY and TX
Decosimo to Host Annual Accounting Seminar on May 14
Decosimo's Forensic Accounting and Fraud Specialists Share Expertise at TSCPA Conference
Decosimo Solvability Director Presenting at Deltek Insight Event on Optimizing Bid Decisions
Decosimo CPA Receives GSCPA Highest Honor
Decosimo CPA Firm Adds Rich Lockwood as Assurance Principal in Nashville
Decosimo Solvability Consultants Earn Unanet Project Tracking Certification
Decosimo Becomes 2011 Strategic Partner for Midsouth Alternative Investment Association
Decosimo Announces Memphis Office Move
Decosimo's Shannon Farr Addresses Health Care Attorneys at TN Bar Law Event
Decosimo Announces Cincinnati Office Move
Decosimo-Sponsored JumpStart Foundry Investor Day Expands by Streaming the Event Live
Decosimo Acquires Solvability Government Contracting Consulting Practice
Decosimo's Kim Lawrence Talks Technology Investments at InfoSystems Tech Convergence Showcase
Decosimo Advisory Team Presenting at Litigation Counsel of America Conference
Decosimo Leads National Hedge Fund Accounting and Compliance Forum
Decosimo Principal Chairs National Private Equity Operations and Compliance Forum
Decosimo Announces Huntsville Office Grand Opening
Decosimo Offers Resources of 13th Ranked International Accounting Association
Decosimo Provides Leadership at Due Diligence Conference for Institutional Investors
Decosimo's Shannon Farr Addresses Health Care Attorneys at TN Bar Health Law Primer
Decosimo Leads FRA's Hedge Fund Accounting, Auditing and Administration Forum
Decosimo Tax Principal Named Girls Inc. Board Chair
Decosimo Announces Manager Promotions in Tennessee Offices
Decosimo Partners with Dinsmore Attorneys to Offer Exit Planning Seminar and Social in Cincinnati
Decosimo Offers Resources of 12th Ranked International Public Accounting Association
Decosimo Provides Leadership for a National Hedge Fund Investment & Operations Boot Camp Course
Guidebook: Doing Business in the U.S., Moore Stephens North America, Inc.
Government Procurement Credentials Program Launches with Support from Decosimo
Jennifer Goodman Named Decosimo Principal
John Henegar Appointed Decosimo Firmwide Tax Director
Joe Yearta Earns Certification as Accredited Member of Association of Proposal Management Professionals
Kevin McAdams Announced as Managing Principal of Memphis Office
Mark Przybysz Providing Tax Update for Small Businesses in Chattanooga
Merger Creates One of the Largest CPA Firm Associations
Mention: Chuck Fleischmann for Congress Names Decosimo's Tom Decosimo as Finance Chairman
Mike Costello Interviewed for CTI Conversations with the Masters Series
Mike Vaden Recognized as
Moore Stephens Decosimo Cayman Limited Part of 12th Ranked International Association
Moore Stephens Decosimo Cayman Limited Sponsors Cayman Islands Olympic Committee
MSDCL Transparency Report - Year Ended 2012
PowerPoint: 2012 Annual Fraud Update - Sharon Hamrick
PowerPoint: Professional v. Enterprise Goodwill - A Deeper Dive - Shannon Farr
PowerPoint: Post-Crisis Financing Options for the Payday Advance Industry - Mike Costello
PowerPoint: Foreign Income: What's Excluded? What's Not? - Darcia Wise & Elizabeth Powell
PowerPoint: State Tax Credits and Incentives - Sarah Denton
PowerPoint: Strategic Transition Planning - Applying Proven Techniques - Bob Wheat
PowerPoint: Helping Your Client Buy or Sell a Small-To-Medium Sized Business - Mike Costello
PowerPoint: Fair Value in Healthcare Entities' Financial Reporting - Shannon Farr
PowerPoint: Tax Season Reminders for Small Businesses - Becky Murphy & Mark Przybysz
PowerPoint: Preventing and Detecting Fraud in the Workplace - Hamrick
PowerPoint: IFRS Update - Renee Ford
PowerPoint: 2011 Estate and Tennessee Update - Kim Lawrence
PowerPoint: Investigating Theft and Embezzlement - in the Worplace - Bill Acuff
PowerPoint: Nexus and Jurisdiction: I Owe Taxes Where? - Sarah Denton
PowerPoint: Dissecting the K-1 - Elizabeth Powell
PowerPoint: 2012 Tax Update - John Henegar
PowerPoint: Cash Flow and Financing: Determining Reserves for Bad Debts - Mike Costello & Tom Decosimo
PowerPoint: How to Value a Professional Practice and What Discovery will be Necessary - Mike Costello
PowerPoint: Accounting & Tax Considerations for New Businesses - Frank Lamanna
PowerPoint: Cyber Security - The New Threats to Internal Controls - Pamela Mantone
Powerpoint: Financial Expert Witness Issues - Sharon Hamrick and Mike Costello
Powerpoint: Forensics and Fraud, Red Flags and War Stories - Pam Mantone
Powerpoint: Using Analytics to Detect Possible Fraud - Pam Mantone
PowerPoint: GAAP Accounting Update - Derek Daniel
PowerPoint: 2013 GASB Update
PowerPoint: What Was the FASB Thinking? - Jennifer Goodman
PowerPoint: Understanding and Calculating Lost Profits Damages - Mike Costello & Sharon Hamrick
PowerPoint: Plans for Private Company Reporting - Tom Eiseman
PowerPoint: Fraud - Real Life Horror Stories - Pamela Mantone
PowerPoint: Step Zero - New Qualitative Assessment Allowed for Assessing Goodwill - Shannon Farr
PowerPoint: 2012 FASB Proposals Affecting Government Contractors - Ken Conner & Robert Belcher
PowerPoint: Cost of the Future Newly Insured under the Affordable Care Act (ACA)
PowerPoint: Incentives for Technology Investments - Kim Lawrence
PowerPoint: New Tax Provisions of the Healthcare Law - John Henegar
PowerPoint: Life Cycle of a Physician Practice - Shannon Farr
PowerPoint: Income Tax Savings for Individuals - Kim Lawrence
PowerPoint: Bonus Depreciation - Sarah Denton
PowerPoint: Detecting Fraud Using Data Mining Techniques - Bill Acuff
PowerPoint: Asset Impairment Analyses - Jennifer Goodman
PowerPoint: Business Valuation for Financial Statement Reporting - Brent McDade
PowerPoint: Accounting Update - Tom Eiseman
PowerPoint: Leases - The Winding Road Ahead - Ken Conner
PowerPoint: Financial Statement Adjustments - Brent McDade
PowerPoint: Health Care Reform Tax Update - Kim Lawrence
PowerPoint: Calculation Engagements - Brent McDade
PowerPoint: Internal Controls to Prevent and Detect Fraud - Bill Acuff
PowerPoint: Tax Issues and Planning 2011 - John Henegar
PowerPoint: Leases - The New Exposure Draft - Robert Belcher
PowerPoint: Basic Tax Considerations Affecting Hedge Funds - Lynn Rodgers
PowerPoint: Fraud Prevention and Internal Controls - A Winning Combination - Pam Mantone
PowerPoint: Taking a Closer Look - Assessing Risk of Fraud in the Payday Advance Industry - Mike Costello
PowerPoint: Preparing Your Payday Advance Business for Sale
PowerPoint: FASB Proposals Affecting Government Contractors - Robert Belcher, Ken Conner
PowerPoint: Business Valuation and Government Contractors - Brent McDade
PowerPoint: Internal Control Issues in Fraud Cases - Pam Mantone
PowerPoint: Fraud Prevention, Dectection and Investigation in the Payday Advance Industry - Mike Costello
PowerPoint: Financial Reporting for Natural Disasters - Jennifer Goodman
PowerPoint: Role of the Forensic Accountant in Litigation - Bill Acuff, Sharon Hamrick & Brent McDade
PowerPoint: Understanding and Calculating Lost Profits Damages - Brent McDade
PowerPoint: Exit/Transition Planning for the Privately-held Payday Business - Mike Costello, Tom Decosimo & Kim Lawrence
PowerPoint: Shareholder Transition Services for Privately-held Companies - Mike Costello and Tom Decosimo
PowerPoint: Revenue Recognition Exposure Draft - Jennifer Goodman
PowerPoint: The ABCs Hedge Fund Tax - Elizabeth Powell
Publication: 2011 Employment Tax Guide
Published: Have You Considered Your Practice's Curb Appeal for Potential Hospital Acquisition? - MD News, Knoxville May 2012
Published: Do You Know Your Practice's Worth? - MD News, Knoxville October 2012
Published: Planning for Your Home - Blush Magazine, March 2012
Published: Healthy Living Tips that Won't Break the Bank - Blush Magazine, April 2012
Published: Patio Practicality - Blush Magazine, April 2011
Published: Fiscal Cliff Turns Conventional Wisdom on Its Ear - Knoxville Business Journal
Published: Maximize the Value of Your Small Business - Blush Magazine, August 2008
Published: Love, Marriage and Taxes - Blush Magazine, September 2011
Published: A Wealth of Responsibility for a Time of Loss - Blush Magazine, August 2011
Published: 'Tis the Season to Give - Blush Magazine, November 2011
Published: Smart Vacation Saving - Blush Magazine, July 2011
Published: Start Saving Now - Blush Magazine, January 2012
Published: Strategic Transition Planning: A Unique Team Approach to Exit Planning - Chattanooga Magazine, June/July 2012
Published: Budgeting For Your Big Day - Blush Magazine, May 2012
Published: Different Ways to Donate - Blush Magazine, December 2011
Published: TSCPA Federal Tax Committee Meeting with IRS - Tennessee CPA Journal
Published: Business Valuation Knowledge is Vital to Winning Battle of Experts - Valuation Strategies, March/April 2013
Published: Practice Review -To the Health of a Practice - MD News Knoxville, March 2012
Published: Bust out of Your Routine Without Busting Your Budget - Blush Magazine, October 2013
Published: Dressing for Success on a Budget - Blush Magazine, February 2012
Published: Managing Your Finances in the Palm of Your Hand - Blush Magazine, August 2013
Published: The Cost of Being a Wedding Guest - Blush Magazine, May 2013
Published: Education Credits Help Lighten the Load - Blush Magazine, August 2012
Published: Cut Down on Produce Costs - Blush Magazine, April 2013
Published: Be Your Own Boss - Blush Magazine, October 2011
Published: The Gift of Time - Blush Magazine, December 2012
Published: Saving For Baby - Blush Magazine, November 2012
Published: Get Control of Your Finances: Start Budgeting - Blush Magazine, October 2012
Published: A Little Organization Can Help You Stay Fit - Blush Magazine, January 2013
Published: Happy Financial New Year - Blush Magazine, January 2011
Published: Financial Tips for Parents - Blush Magazine, June 2011
Published: Year-End Tax Planning—It's Not Too Late - ETMN, April 2010
Published: Financial Health - Blush Magazine, March 2011
Published: Tax Experts Share Last Minute Tips for Physicians - ETMN, April 2007
Published: Crying and Buying - Blush Magazine, May 2011
Published: Like a Laser - Using Analytical Tests to Zero in on Possible Fraud - Fraud Magazine, January/February 2013
Published: Money Saving Vacation Tips - Blush Magazine, February 2011
Published: The Highest Returns for Home Improvements - Blush Magazine, February 2013
Quoted: Tax Day Delay Aids Storm Victims - Chattanooga Times Free Press
Quoted: Storms Push Back Tax Deadlines in Area Counties - Chattanooga Times Free Press
Quoted: Business Workshop to Highlight Execution - Memphis Daily News
Quoted: The Survival Guide for Life After RIM - Businessweek.com
Quoted: Business Transitions Bring Challenges - Nooga.com
Quoted: Local CPAs Explain Financial Reporting Framework Soon Available for Small, Medium Business Owners - Nooga.com
Quoted: Affordable Care Act, Fiscal Cliff Legislation Impact Taxes - Nooga.com
Schools, Churches and Other Nonprofits: Prepare for New Filing and Audit Requirements for 403(b) Plans
Tom Decosimo Goes Over the Edge Representing United Way
Whitepaper: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS
Whitepaper: IFRS for Investment Companies
White Paper: Starting Acquisition Due Diligence Off on the Right Foot
Xavier Launch-a-Business Contest Winners Get Free Accounting and Tax Advisory Services
PowerPoint: Latest Regulatory Changes and Their Impact on Financial Reporting - Renee Ford and Beth Biega
PowerPoint: Accounting Update 2010 - Renee Ford
PowerPoint: Professional v. Practice Goodwill - Professional Practice Valuations for Marital Dissolutions - Shannon Farr
PowerPoint: Business Valuation Fundamentals - Brent McDade
PowerPoint: FASB Accounting Standards Codification Update 2011 - Derek Daniel
PowerPoint: Issues in Partnership Accounting - Pam Mantone
Article: Middle-Market Private Equity Activity Outlook 2011
Article: Going Green Saving Green - Individual Energy Tax Credits
Case Study: Manufacturing Company Embezzlement
Case Study: Transitioning A Business to Family Members
Case Study: Inventory Costing for Manufacturing Company
Cummings Joins Decosimo Construction Niche Team
DAS Professional Appears in U.S. Tax Court
Decosimo Professionals Appointed to TSCPA Leadership Roles
Decosimo Provides Accounting Forum with University of North Alabama
Decosimo Hosting Annual Tax Seminar Nov. 15 in Chattanooga
Decosimo Professionals Address Top Hedge Fund Leaders in New York
Decosimo Professionals To Address Community Financial Services Association National Conference
Forensic Services Director to Address Fraud in Family Businesses, Knoxville, TN
Moore Stephens Decosimo Cayman Limited Connected to 13th Ranked International Association
Published: Country Profile Cayman Islands - Wealth Wise, Summer 2010
Published: Lessons Learned - Mergers & Acquisitions, January 2011
Published: Starting a New Business - Blush Magazine, October 2010
Published: Joint Bank Accounts - Blush Magazine, September 2010
Published: Tis the Season for Giving... and Receiving - Blush Magazine, December 2010
Published: Charitable Giving in Tough Economic Times - Blush Magazine, November 2010
Case Study: U.S. Healthworks, Inc.
Article: Doing Business in China Mid-2007 Update
Article: U.S./Denmark Totalization Agreement Signed
Article: Congress Considering New Exit Tax on Expatriates
Article: Transfer Pricing and Subsidiaries
Article: HUD Launches New Federal Mortgage Insurance Program for Acquisition and Refinancing of Acute Care Hospitals
Article: Inventory Controls and Risks for Manufacturing Enterprises
Article: Hospitals Face Financial Challenges - How Will You Account for Them?
Article: Intelligent EBITDA Analysis in Financial Due Diligence?
Article: Reporting of 'Specified Foreign Financial Assets' by Taxpayers Under the Provisions of the Foreign Account Tax Compliance Act
Article: Going Green Saving Green - Energy Credits and Deductions for Businesses
Decosimo Hosting R&D Tax Credit Seminar in Chattanooga on August 24
Decosimo Fraud Examiners Earn Certified in Financial Forensics Credentials
Decosimo Joins Nashville Capital Network as Underwriter
Decosimo Advisory Services Consultants to Address a National Business Valuation Conference in Boston
Decosimo Teams with Nashville-based Vaden Group
Decosimo Names Chris Flaig as Principal
Decosimo Announces Volkswagen Supplier Qualifications Seminar Series
Decosimo Forensic Accountant Featured in Hamilton County Herald
Decosimo Advisory Services Manager Earns ABV Credential
Decosimo Advisory Services Team Presents at National Business Valuation Conference
Decosimo Cincinnati to Host Tax Seminar for Restaurant Industry Leaders
Decosimo I.T Director Partnering with SANS Institute to Offer Security Essentials Curriculum in Chattanooga
Decosimo Doubles Nashville-Based Professionals
Decosimo Promotes Charles Groves to Principal in Charge of Operations
Small Business Owners Get 10 Top Tax Tips from 10 Top Tax Experts
Shannon Farr Earns Certified in Financial Forensics Credential
Principal Mike Costello Earns Accredited Senior Appraiser (ASA) Credential
Two Decosimo Scholarships Established at UTC College of Business
Two Decosimo CPAs Earn CFE Credentials
Five Decosimo Principals Receive Accounting's Finest Nod
Mike Costello and Brent McDade Join the TBA Financial Expert Roadshow
Mike Costello Featured in Leading Business Valuation Publication
Charles Hendry Marks 40 Years Serving Dalton
Nick and Tom Decosimo Named Among Tennessee's Finest Accountants
Decosimo Adds Shannon Farr as Business Valuation Manager
Fred Decosimo Named One of Tennessee's Most Powerful
IT Security Publication Consults Decosimo I.T. Director
Decosimo Names Vic Merkel as Tax Director in Atlanta Office
Decosimo CPA Elected President of Area Chapter of CFEs
Decosimo's William W. Acuff to Address Georgia IAPP
Decosimo Announces Promotions
Decosimo Principal, Michael Costello, Awarded CFE Credential
Decosimo Principal Named to Chattanooga PFCA Board
Decosimo Principals to Address Sarbanes Oxley Conference
Decosimo Cincinnati Office Welcomes New Audit Senior
Decosimo Corporate Finance Closes Strategic Sale
Decosimo Expands Professional Staff Throughout Region
Decosimo's Chattanooga Office Welcomes New Professionals
Brian Joyce Featured as IT Industry Leader
Bill Acuff to Address IAPP Annual Forum
Kim Lawrence Named TSCPA Chattanooga Chapter President
Kevin Begley Joins Decosimo as Corporate Tax Principal
Kerri Weekley, CPA Promoted to Manager
Kathleen Mitts Named One of Cincinnati's Top 10 CPAs
Kim Lawrence, CPA named Principal
Kathleen R. Mitts, CPA Named Principal
J. Andrew Lipscomb Honored
McGruder Named President, Leadership Germantown Alumni Assoc
Fred Decosimo Named One of Tennessee's Most Powerful People
Lipscomb, Green Awarded Valuation Credentials
Article: Small Business Jobs Act of 2010
Beta Alpha Psi Inducts/Honors Decosimo Proofreaders
Case Study: Woods Memorial Hospital
Decosimo Cincinnati Office Welcomes New Staff Accountant
Decosimo and FIS Associates Form Decosimo/FIS
Decosimo's William W. Acuff to Make a Presentation to Financial Executives International
Decosimo Recognized for Commitment to Quality
Decosimo adds professionals and staff in three offices
Decosimo Provides Leadership for Portfolio and Securities Valuation Conference
Decosimo Welcomes New Staff and Professionals
Decosimo Senior Partner Named Baroness Foundation Director
Decosimo Joins AICPA Employee Benefit Audit Quality Center
Decosimo's Managing Principal elected to EPPC Board
Decosimo Announces Promotions, Welcomes New Professionals
Decosimo Joins Leading Firms in New National CPA Association

Decosimo is an independent member firm of Moore Stephens North America, which is itself a regional member of Moore Stephens International Limited (MSIL). All the firms in MSIL are independent entities, owned and managed in each location. Their membership in, or association with, Moore Stephens International Limited should not be construed as constituting or implying any partnership between them.