Epstein Secrets

goods from China, Malaysia, Thailand and Vietnam, percent 25% • 2005 • 2011E 20% - 15% 10% 5% 0% 12% 10% 8% 6% 4% 1 2% 0% Taiwan Mexico China Source: Bureau of Labor Statistics, Empirical Research Partners. Philippines 2000 2007 2010 Source: UN Comtrade, Empirical Research Partners. To summarize, we expect today's margins to

10 68% Cash, securities & borrowing capacity of gov't employee retirement and other funds (as of May 16) Debt 8 Source: US Departmentof the Treasury, J.P. Morgan Securities LLC, J.P. Morgan Private Bank. 50 How much is left (as of July 8) 0 Source: Stone & McCarthy. Gov'tfunds include G-Fund, Exchange Stabilization Fund and

h Partners. Source: CBO, BEA, OMB, J.P. Morgan Private Bank. ' Our chief economist Michael Vaknin has analyzed the various seasonal adjustments that the Bureau of Labor Statistics uses when it reports payrolls. After adjusting for better weather, the Lehman shock and other factors, payroll growth does not look quite as good as

ities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities products purchased or sold through JPMS are not insured by the Federal Deposit Insurance Corporation

c-12 2004 2005 2006 2007 2008 2009 2010 2011 2012 Source: CBO, Bloomberg. Assumes CBO Alternative Case for estimates. Source: Federal Reserve Board ,Bureau of Labor Statistics . They are amazing, but no one knows how long they can be sustained. Even Summers and DeLong concede that “even if it is granted that the stimulus c

ivities. Bank, trust and investment management services are provided by JP Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC, and its affiliates globally as local legislation permits. Securities products purchased or sold through JPMS are

as of November 2012. Global manufacturing and services survey J.P. Morgan Global Composite PMI 65 60 55 50 45 40 35 30 + 2009 2010 2011 2012 Source: J.P. Morgan Securities LLC, Bloomberg. Data as of October 2012. 1 HOUSE_OVERSIGHT_030840 --- PAGE BREAK --- market thoughts Our core macro view remains that the global econom

loomberg. Data as of November 2012. U.S. inflation is not yet troubling U.S. CPl YoY NSA 4% 3% 2% 1% 0% -1% -2% -3% 2009 2010 2011 Source: Bloomberg, Bureau of Labor Statistics. Data as of November 2012. 2012 Now what? We invest with a 12-month outlook, but also take advantage of short-term trading opportunities. But to borr

t of gravel spoilage, and less dense soil. Higher soil density and gravel estimates could require 2-4 more bombs. BLS BEA BP BTU CERA EIA E&P GAO IEA Bureau of Labor Statistics Bureau of Economic Analysis British Petroleum British Thermal Unit Cambridge Energy Research Associates US Energy Information Agency Exploration and

ities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities products purchased or sold through JPMS are not insured by the Federal Deposit Insurance Corporation