Taiwan Business Indicators in April 2012
Press Release
Council for Economic Planning and Development
May 28, 2012
In April 2012, although Taiwan Business Indicators still indicated that the economy has many downside risks, the pace of decline in some components moderated. Among the indicators compiled by the Cabinet’s Council for Economic Planning and Development (CEPD), the annualized six-month rate of change of leading index increased by 0.7 points, the trend-adjusted coincident index decreased by 0.1% from the previous month, and the overall monitoring indicator flashed the "blue" signal.
1. Leading Indicators: With revised data, the composite leading index stood at 131.4, up by 0.6% from March 2012. Its annualized six-month rate of change increased by 0.7 points to 6.6%. Among the seven indicators making up the trend-adjusted index, SEMI book-to-bill ratio and stock price index had positive cyclical movements from previous month. Building permits, real monetary aggregates M1B, index of export orders, average monthly overtime in industry and services, index of producer's inventory for manufacturing (inverted) had negative cyclical movements from previous month.
2. Coincident Indicators: With revised data, the coincident index stood at 129.5, up by 0.5% from March 2012. Its trend-adjusted index decreased by 0.1% to 95.9. Among the seven indicators making up the trend-adjusted index, index of producer’s shipment for manufacturing and electric power consumption had positive cyclical movements from previous month. The sales index of wholesale, retail and food services, real customs-cleared exports, real machineries and electrical equipments imports, nonagricultural employment, and the industrial production index had negative cyclical movements from previous month.
3. Lagging Indicators: With revised data, the lagging index stood at 139.7, up by 0.4% from March 2012. Its trend-adjusted index decreased by 0.3% to 103.5. Among the six indicators making up the trend-adjusted index, the interbank overnight call-loan rate, manufacturing unit output labor cost index had positive cyclical movements from previous month. The unemployment rate (inverted), inventories to sales ratio for manufacturing, regular employees on payrolls in industry and services, loans and investments of monetary financial institutions had negative cyclical movements from previous month.
4. The Monitoring Indicators: The total score recorded 14 in April, the same level of previous month. The overall light signal flashed the "blue" signal for the sixth consecutive month. The light signals for all the nine components remained unchanged.
~~ The next release is scheduled for June 27 2012 ~~