Worldwide credit conditions: at a glance: May.(Illustration)

 
ECONOMIC GROWTH 
GDP % change from previous quarter 
 
          Q 1 03    Q 2 03    Q 3 03    Q 4 03 
 
U.S.         0.4       0.8       2.0       1.0 
Canada       0.6      -0.1       0.3       0.4 
Mexico      -0.5       0.2       0.4       1.2 
EU 15        0.1       0.0       0.4       0.4 
Germany     -0.2      -0.1       0.2       0.2 
UK           0.2       0.6       0.8       0.8 
France       0.3      -0.3       0.4       0.4 
Japan        0.6       0.8       0.6       0.6 
 
Sources: Eurostat (www.europa.eu.int); 
Instituto National (www.inegi.gob.mx). 
 
U.S. BANKRUPTCY RATES 
 
Number of bankruptcy petitions filed in 
federal courts and % change from previous quarter 
 
Q3 02     401,306    (1.6%) 
Q4 02     395,129   (-1.5%) 
Q1 03     412,968    (4.5%) 
Q2 03     440,257    (6.6%) 
Q3 03     412,989   (-6.2%) 
Q4 03     393,348   (-4.8%) 
 
Source: Administrative Office of 
the U.S. Courts (www.uscourts.gov.) 
 
U.S. Business Bankruptcies, Year Ending 
12/30 
 
1999      37,884 
2000      35,472 
2001      40,099 
2002      38,540 
2003      35,037 
 
Source: Administrative Office of 
the U.S. Courts (www.uscourts.gov). 
 
U.S. INFLATION 
 
U.S. consumer price index--urban % change 
 
Aug.     Sept.   Oct.   Nov.   Dec.   Jan.   Feb. 
 
0.3       0.3    0.3   -0.2    0.2    0.5   0.3 
 
Produce price index % change 
 
0.4       0.2   0.8    -0.3   -0.2    0.6   0.1 
 
Source: U.S. Bureau of Labor Statistics 
(www.bls.gov). 
 
U.S. INTEREST RATES 
 
                Q4 03     Q1 04 *   Q2 04 *   Q3 04 * 
 
Federal Funds   1.00      1.00      1.00      1.17 
3 mo.T bill     0.92      0.92      1.15      1.43 
6 mo.T bill     1.00      1.04      1.21      1.42 
1 yr.T bill     1.30      1.22      1.52      1.68 
2 yr.T note     1.86      1.69      2.03      2.19 
10 yr.T note    4.29      4.20      4.30      4.41 
 
Source: Federal Reserve (www.frb.gov). 
* Forecast by National City Corp. 
(www.national city.com) 
 
INTERNATIONAL INTEREST RATES 
 
            10/03     11/03     12/03     1/04      2/04 
 
Short-term rates 
 
(3-mo. Interbank rates or 3-mo. CDs or T bills) 
 
U.S.        1.10      1.11      1.10      1.06      1.05 
Canada      2.99      -         -         -         - 
Mexico      5.38      5.23      6.18      5.11      5.63 
Japan       0.03      0.03      0.03      0.03      - 
Euro zone   2.14      2.16      2.15      2.09      2.07 
UK          3.73      3.91      3.95      3.99      4.09 
 
Long-term rates 
(secondary market yields on long-term bonds) 
 
U.S.        5.03      5.03      4.94      4.83      4.68 
Canada      4.85      4.79      4.66      4.61      4.41 
Japan       1.12      -         -         -         - 
Euro zone   4.31      4.44      4.36      4.26      - 
UK          4.89      5.05      4.89      4.79      4.81 
 
Source: OECD (www.oecd.org) 
 
U.S. TRADE 
 
% change        Jan. 04   YTD compared 
                          w/same period 2002 
 
Exports         -1.2%     8.5% 
  Merchandise   -1.7%     8.3% 
  Services         0%     9.0% 
Imports          0.5%     8.2% 
  Merchandise   -0.6%     8.2% 
  Services      -0.5%     8.6% 
 
Source: International Trade Administration 
(www.ita.doc.gov). 
 
U.S./Canada. Jan. exports totaled $13.3 billion, up 
3.8% from a year ago. Imports were $18.6 billion, up 4.3% 
 
U.S./Mexico. Jan. exports totaled $8.2 billion, up 4.7% 
from a year ago. Imports were $11.2 billion, up 3.0% 
 
U.S./Europe. Jan. exports totaled $12.5 billion, up 6.4% 
from a year ago. Imports were $18.5 billion, up 1.0%. 
 
Source: International Trade Administration (www.ita.doc.gov). 
 
RATING WATCH LIST 
 
The Coface country rating measures the average corporate 
current trade payment default risk in a given 
country on a scale of A1-D, with A1 representing the 
lowest risk and D representing the highest. Countries  ...