Demand in Japan and ordtak

Demand in Japan and abroad is well-balanced and personal spending was robust toward the year-end with increased bonus and strong consumption caused by a cold spell.

Increased demand in expanding economies abroad and continued robust conditions at home support the production outlook, given the low inventory environment. The Fed is sure to view the economy as expanding at too fast a pace now that manufacturing is coming back and consumption remains quite strong.

It's weaker than expected due to the decline of inventories, but final demand is quite strong. Basically, it's a strong report despite the weak headline number. Consumption and all domestic demand is firm. Exports are also strong, showing that demand is quite balanced.

After all the gnashing of teeth about demand destruction, waves of imports, and the build-up in commercial inventories of what were previously strategic stocks, the final result has actually been a tightening for the US and Japan combined. Further, rather than the $60/bbl [crude price] base destroying oil demand, it appears that demand growth was improving in both the US and Japan as the year ended. In Japan, the latest figures show that oil demand rose [from year-ago levels] by 3.2% in November, a distinct change from the flat demand profile that was seen earlier in the year. Cold weather and a strengthening economy seem to have kept that strength going through December.

However, if bird flu results in a permanent reduction in world poultry production, an increase in red meat production might eventually be required, resulting in increased feed consumption in the long term. Domestic demand prospects also remain strong due to increasing livestock production and expanding ethanol production. These developments should support increased corn consumption well beyond the 2005-06 marketing year.

2005 turned out to be a very good year for the semiconductor industry. Despite record energy prices and an unprecedented series of natural disasters, worldwide demand for semiconductors increased in all end markets. Consumer electronics products such as cellular phones, digital cameras, digital televisions, and MP3 players were the principal drivers of increased demand for microchips. Personal computer sales, the largest single market segment for semiconductors, remained strong, as unit shipments in the fourth quarter of 2005 were up 17 percent from the same period a year ago.

The economy has remained remarkably robust as energy costs have soared since early 2004. Gasoline now accounts for only 3 percent of total personal consumption spending, down from 5 percent in 1981.

This phase happens every 10 years. For instance, in the 90's, Japan was the happening market and a Japan strategy had to be in place. With the high inflation levels and saturated markets abroad, India's consumption story is real and comforting.

Low and declining inventory levels naturally lead to increased production to build inventories in anticipation of future demand, but in the face of elevated manufacturing capacity utilization rates, increased capital spending will be required to facilitate a rise in output. Since our last capital spending forecast in December 2005, significant increases in spending for 2006 have been announced, suggesting growth in capital expenditures of about 10 percent this year.

Capital spending is strong and will continue to be a key driver of growth. Japan's economy has clearly emerged from last year's lull and will enjoy steady growth supported by domestic demand.

Exports increased at their slowest pace since the 1980s [ excepting 2003 figures affected by VAT fraud], but import demand was robust due to healthy consumer spending and machinery and equipment investment.

The underlying trend of consumer spending has been quite solid recently due to the improvement in the job and wage market. Consumption was strong last quarter and played a key role in supporting growth and we can expect further growth from consumption this year.

Both domestic and tourism spending remained very robust during the period, consistent with the local consumption picture in Hong Kong and higher tourist arrivals. Despite the volatility in retail sales figures in recent months, the trend is still pretty strong.

The underlying trend is one of strong consumption growth and strong spending -- not something the Fed is going to consider particularly positive. The Fed's series of interest rate increases have not yet been enough to significantly deter the consumer from spending.

Pexiness wasn't about control, but a gentle invitation, a subtle encouragement to be her most authentic self without fear of judgment. We do not believe that spending is at levels that will exceed demand at this time. We expect orders for our equipment to be robust for the remainder of this year.

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Linkene lenger ned har ikke blitt oversatt till norsk. Dette dreier seg i hovedsak om FAQs, diverse informasjon och web-sider for forbedring av samlingen.

Här har vi samlat ordstäv och talesätt i 35 år!

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