Article: National Economic Conditions - 3rd Quarter 2010

For the fifth consecutive quarter the U.S. Economy showed positive growth. In September, however, the Federal Open Market Committee ("FOMC") cited a number of factors that were responsible for the slow rate of growth experienced during the third quarter, including:

  • Low levels of household and business confidence in the economic recovery,
  • Heightened risk aversion, and
  • The ongoing weak financial condition of some households and small firms.

Despite this, the FOMC said that the recovery from the recent recession is moving forward slowly and will pick up speed gradually during the next year, due in large part to the recovery in economic activity over the medium-term outlook period as a result of supportive monetary policy, further improvements in financial conditions, and greater household and business confidence. 1

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 2.0% (SAAR) in the third quarter of 2010 from $13,194.9 billion to $13,260.7 billion after changes of 5.0%, 3.7%, and 1.7% during the fourth quarter of 2009 and the first and second quarters of 2010, respectively. Real GDP decreased 2.6% in 2009, after increasing 2.7%, 1.9%, and 0.0% in 2006, 2007, and 2008, respectively.2

In June, the FOMC predicted that real GDP growth would have a central tendency between 3.0% and 3.5%, between 3.5% and 4.2%, and between 3.5% and 4.5% during 2010, 2011, and 2012, respectively. In its long-run projection,3 the FOMC expected real GDP growth would have central tendencies between 2.5% and 2.8%.4

The third quarter Philadelphia Federal Reserve Survey of Professional Forecasters (the "Philly Survey") predicted real GDP growth of 2.8%, 2.3%, and 3.1% during the fourth quarter of 2010 and first and second quarters of 2011, respectively. The Philly Survey further predicted growth of 2.9%, 2.7%, 3.6%, and 2.6% during 2010, 2011, 2012, and 2013, respectively.5

The October Wall Street Journal survey of economic forecasters (the "WSJ Survey") predicted real GDP growth of 2.3%, 2.4%, and 2.7% in the fourth quarter of 2010 and first and second quarters of 2011, respectively. The WSJ Survey further predicted growth of 2.5% during 2010 and 2.8% during 2011.6

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PRICES AND INFLATION

Inflation is the ongoing increase in the general level of prices 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 approximately 0.7% during the third quarter of 2010 from 216.9 to 218.4 (1982-1984=100, seasonally adjusted) after increases of 0.6% and 0.1%, and a decrease of 0.4%, in the fourth quarter of 2009 and first and second quarters of 2010, respectively. The third quarter increase put the CPI at an increase of 1.1% during the last twelve months, compared to growth during 2006, 2007, 2008, and 2009 of 3.2%, 2.8%, 3.8%, and -0.4% respectively.8 

The Philly Survey anticipates growth in the CPI between 1.6% and 1.9% (SAAR) for each quarter from the fourth quarter of 2010 to the third quarter of 2011. The Philly Survey predicted CPI growth of 0.9%, 1.8%, and 2.1% in 2010, 2011, and 2012 respectively.9

The WSJ Survey predicted the CPI would grow 1.2%, 1.7%, and 1.8% during the last twelve months ended December 2010, June 2011, and December 2011, respectively.10 Economists at Bank of America/Merrill Lynch ("BAC economists") expected the CPI to increase 1.6% (SAAR) and 1.0% during 2010 and 2011, respectively.11

The CPI for food increased 0.4% during the third quarter of 2010 from 219.4 to 220.3 (1982-1984=100) after changes of 0.2%, 0.6%, and 0.2% in the fourth quarter of 2009 and first and second quarters of 2010, respectively. The CPI for food increased 1.4% during the last twelve months, after changes of 2.4%, 4.0%, 5.5%, and 1.8% in 2006, 2007, 2008, and 2009, respectively.12

The CPI for energy increased 5.6% during the third quarter of 2010 from 199.1 to 210.3 (1982-1984=100) after changes of 3.6%, 2.2%, and -7.1% during the fourth quarter of 2009 and first and second quarters of 2010, respectively. The third quarter increase put growth in the CPI for energy at 3.9% during the last twelve months. The CPI for energy had changes of 11.2%, 5.5%, 13.9%, and -18.4% in 2006, 2007, 2008, and 2009, respectively.13

 

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During the September meeting, the FOMC projected that inflation would continue to be restrained, with the staff's previous projections (which resulted in a wide range of projections) for headline and core Personal Consumption Expenditure ("PCE") inflation remaining relatively unchanged.15

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 1.0% during the third quarter of 2010 from 178.4 to 180.2 (1982=100), after changes of 2.2%, 1.6%, and -0.9% in the fourth quarter of 2009 and first and second quarters of 2010, respectively. The PPI for all finished goods increased 4.0% during the last twelve months, while the index had changes of 3.0%, 3.9%, 6.3%, and -2.6% during 2006, 2007, 2008, and 2009, respectively.16

 

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The average price per barrel of oil decreased during the third quarter of 2010 from an average of $75.34 in June 2010 to an average of $75.24 in September 2010. The price increased 8.4% during the last twelve months (average of September 2009 compared to average of September 2010).18 The WSJ Survey predicted the price per barrel of oil would be $79.78, $81.20, and $83.18 by December 31, 2010, June 30, 2011, and December 31, 2011, respectively.19 IBISWorld predicted that the price of oil would increase 31.3% in 2010 followed by an average annual rate of 3.7% between 2010 and 2016.20

 

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TRADE DEFICIT

Real net exports decreased from -$449.0 billion (SAAR) to -$514.9 billion during the third quarter of 2010. The second quarter level of net exports was preceded by real net exports of -$390.8 billion, -$330.1 billion, and -$338.4 billion in the third and fourth quarters of 2009 and first quarter in 2010, respectively. Historically, real net exports had increased (become less negative) with levels of -$729.2 billion, -$654.9 billion, -$504.1 billion, and -$363.0 billion during 2006, 2007, 2008, and 2009, respectively.22 The Philly Survey predicted real net exports would increase from -$424.4 billion in the third quarter to -$409.7 billion in the fourth quarter of 2010, then steadily decrease to -$428.3 billion in the third quarter of 2011. The Philly Survey further forecasted real net exports to be -$400.8 billion and -$421.2 billion during 2010 and 2011, respectively.23 BAC economists predicted that real net exports would reach -$417.5 billion and -$438.5 billion during 2010 and 2011, respectively.24

 

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INTEREST RATES

Interest rates remained stable or decreased during the third quarter of 2010. The discount window rate remained constant at 0.75%. The 0.75% rate was an increase from the rate during 2009 of 0.50%, a historically low rate that was the result of a downward trend that began in July 2007 (6.25%).26

The federal funds rate increased 1 basis point during the third quarter from 0.18% to 0.19%. The rate had increased 4 basis points during the last twelve months.27 The FOMC announced in September it would keep its target for the federal funds rate between 0.00% and 0.25% because it:

...continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.28

According to the WSJ Survey,

Economists are getting more pessimistic about the strength of the U.S. recovery, but they don't think policy makers should do anything more to support it...The 53 surveyed economists, not all of whom answered every question, offered a bleak picture of tepid growth and high unemployment. On average, they still don't see the unemployment rate dropping below 9% through at least June 2011. They expect the economy to add just 136,000 jobs a month over the next twelve months, down from a forecast of 157,000 in the July survey. At that rate, job creation will barely keep up with new entrants to the labor force...When asked about the biggest risk facing the economy, "too few jobs, too little wage income and too little consumer spending" was the most popular choice.29

Some economists believe the FOMC will increase its target for the federal funds rate at a later date than previously expected. The WSJ Survey, which predicted in June that the federal funds rate would increase to 0.34% by December 31, 2010 (down from the 0.59% projected for December 31, 2010 in May), predicted in September that the federal funds rate would reach only 0.16%, and would reach 0.35% by June 30, 2011 and 0.93% by December 31, 2011. Approximately 56% of the survey's participants predicted that the FOMC would not raise rates until the first quarter of 2011 or later.30 BAC economists predicted that the first federal funds rate target increase would not occur until the second of third quarter of 2012.31

The yield to maturity on 20-year U.S. Treasury bonds decreased 48 basis points in the third quarter of 2010 from 3.95% to 3.47%. The yield decreased 67 basis points during the last twelve months.32 The average yield to maturity on Aaa rated (Moody's) corporate bonds decreased 35 basis points in the third quarter from 4.88% to 4.53%. The yield decreased 60 basis points during the last twelve months.33

 

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FINANCIAL MARKETS

The Dow Jones Industrial Average (DJIA) increased 10.4% in the third quarter of 2010 from 9,774.02 to 10,788.05 after changes of 7.4%, 4.1%, and -10.0% during the fourth quarter of 2009 and first and second quarter of 2010, respectively. The DJIA increased 11.1% during the last twelve months relative to changes of 16.3%, 6.4%, -33.8%, and 18.8% during 2006, 2007, 2008, and 2009, respectively. The DJIA peaked on October 11, 2007 at 14,279.96 and reached a low of 6,440.08 on March 9, 2009.35

The S&P 500 closed the third quarter at 1,141.20, a 10.7% increase from the second quarter close of 1,030.71. The third quarter close came after changes of 5.5%, 4.9%, and -11.9% during the fourth quarter of 2009 and the first and second quarters of 2010, respectively. The index increased 8.0% during the last twelve months. Historically, the index had changes of 13.6%, 3.5%, -38.5%, and 23.5% in 2006, 2007, 2008, and 2009, respectively. The S&P 500 hit a high of 1,576.09 on October 11, 2007, and a recent low of 666.79 on March 6, 2009.36

The NASDAQ Composite Index increased 12.3% in the third quarter of 2010 from 2,109.24 to 2,368.62. The third quarter increase came after changes of 6.9%, 5.7%, and -12.0%, during the fourth quarter of 2009 and the first and second quarters of 2010, respectively. The index increased 11.6% during last twelve months. The NASDAQ had changes of 9.5%, 9.8%, -40.5%, and 43.9% in 2006, 2007, 2008, and 2009, respectively. The NASDAQ reached its recent high of 2,861.51 on October 31, 2007 and a recent low of 1,265.52 on March 9, 2009.37

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HOUSING, CONSTRUCTION, AND REAL ESTATE

Average mortgage rates for 30 year fixed mortgages decreased 39 basis points in the third quarter of 2010 from 4.74% to 4.35%, its lowest rate recorded to date for a given month by the Federal Reserve (records date back to April 1971). The average rate decreased 71 basis points during the last twelve months.39 IBISWorld predicted that the average mortgage rate would be 4.90%, 5.24%, 5.59%, 5.92%, 5.97%, and 6.39% from 2010 through 2015, respectively.40

 

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Despite the low cost of financing, the housing market remained relatively depressed. Housing starts increased 13.2% during the third quarter of 2010 from 539,000 (SAAR) to 610,000. This increase came after changes of --1.7%, 10.1%, and -15.0% during the fourth quarter of 2009 and the first and second quarters of 2010, respectively. Housing starts increased 4.1% during the last twelve months. However, housing starts decreased 17.3%, 37.1%, 46.0% during 2006, 2007, and 2008, respectively, but increased 2.9% during 2009.42 The Philly Survey predicted 650,000 housing starts in the fourth quarter of 2010 with an increase to 760,000 starts by the third quarter of 2011. The Philly Survey went on to predict annual figures for housing starts of 620,000 and 760,000 houses for 2010 and 2011, respectively. Housing starts hit its recent peak at 2.3 million in January 2006.43 The WSJ Survey predicted housing starts would reach 660,000 and 771,000 in 2010 and 2011, respectively.44 BAC economists predicted that housing starts would reach 597,000 by 2010 and 640,000 by 2011.45

Houses sold decreased by 1.0% from 310,000 (SAAR) to 307,000 during the third quarter. This decrease came after changes of -9.0%, 7.9%, and -19.3% during the fourth quarter of 2009 and the first and second quarters of 2010, respectively. The May 2010 figure of 267,000 was the lowest in recorded history (data dates back to January 1959). Houses sold decreased 21.5% during the last twelve months compared to decreases of 18.1%, 26.2%, 37.5%, and 22.7% during 2006, 2007, 2008, and 2009, respectively.46

Houses for sale decreased 3.3% from 211,000 (SAAR) to 204,000 during the third quarter of 2010 after 8.3%, 1.3%, and 7.5% decreases in the fourth quarter of 2009 and the first and second quarters of 2010, respectively. Third quarter totals of 204,000 houses for sale was the lowest since July 1968 (203,000). Houses for sale decreased 19.0% during the last twelve months, compared to changes of 4.3%, -7.6%, -29.0%, and -34.1% in 2006, 2007, 2008, and 2009, respectively.47

The months of supply for houses 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 decreased during the third quarter of 2010 from 8.2 to 8.0.48 The months of supply increased 3.9% during the last twelve months,49 compared to changes of 32.7%, 47.7%, 16.7%, and -30.4% from December to December of the years from 2005 to 2009, respectively.50

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UNEMPLOYMENT

The unemployment rate decreased ten basis points to 9.6% during the third quarter of 2010. This decrease came after 30, -30, and 0 basis point changes during the fourth quarter of 2009 and the first and second quarters of 2010, respectively. The rate also dropped ten basis points during the last twelve months and had annual changes of -50, 0, 120, and 350 basis points during the years from 2006 to 2009, respectively.52 In June, the FOMC predicted that the rate would have central tendencies between 9.2% and 9.5%, between 8.3% and 8.7%, and between 7.1% and 7.5% during 2010, 2011, and 2012, respectively. The long-run projection of the FOMC predicted the central tendency of unemployment between 5.0% and 5.3%.53 The Philly Survey predicted unemployment rates of 9.6%, 8.9%, 8.0%, and 7.1% during 2010, 2011, 2012, and 2013, respectively.54 The WSJ Survey predicted the unemployment rate would be 9.6%, 9.3%, and 9.0% by December 2010, June 2011, and December 2011, respectively.55 BAC economists predicted the unemployment rate to be 9.7% and 10.0% in 2010 and 2011, respectively.56

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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 68.2 (1966=100) in September 2010, a 10.3% decrease from June 2010 (76.0). This decrease followed changes of -1.4%, 1.5%, and 3.3% during the fourth quarter of 2009 and the first and second quarters of 2010, respectively. During the last twelve months, the ICS decreased 7.2%. The ICS had changes of 0.2%, -17.7%, -20.4%, and 20.6% in 2006, 2007, 2008, and 2009, respectively.58

 

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The ICS's Chief Economist said about the September 2010 results:

...The delay in [Congress'] decision to extend the [Bush era] tax cuts has negatively affected economic expectations. While top income households had already expected higher taxes, the stalemate has casued upper-middle income households to adopt more cautious spending plans as well. It is hardly a surprise that potential reductions in after-tax incomes in a few months will curtail current spending. Such a spending pullback may not be quickly reversed after November, as consumers become increasingly aware of the need to prepare for higher future tax rates.60

The Associated Press noted that a lack of consumer confidence has led to less consumer borrowing:

Consumer borrowing fell again in August as consumers cut back on credit card use for the 24th consecutive month. Borrowing by consumers declined by $3.3 billion that month. It was the 18th drop for overall consumer borrowing in the past 19 months...Americans are borrowing and spending less as they face widespread unemployment and uncertainty about their financial futures. The reduced use of credit by consumers is a drag on the recovery, which has yet to show a sustained rebound.

Another cause of the decline in credit is banks' slow recognition that many debts will not be repaid. Banks gave up on $42.5 billion in credit card debt in the first half of 2010. The annual rate is more than twice what it was in 2007...Banks have responded to loan losses by tightening lending standards and reducing credit lines. Households, however, are expected to continue cutting back on borrowing as long as incomes stay flat and jobs remain scarce.61

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.62 The LEI increased 0.5% in the third quarter of 2010 from 109.8 to 110.4 (2004=100). This increase follows changes of 2.8%, 2.2%, and 0.3% in the fourth quarter of 2009 and the first and second quarters of 2010, respectively. The index increased 6.7% during the last twelve months.63

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The Conference Board opined about the economic conditions specific to the near future by adding:

More than a year after the recession officially ended, the economy is slow and has no forward momentum. The LEI suggests little change in economic conditions through the holidays or the early months of 2011.65

According to the Wall Street Journal,

Though an [economic] improvement, consumer spending remains well below levels seen following previous U.S. recessions. Americans' wealth and incomes were badly hit by the collapse in home prices and the extremely weak jobs market that followed the financial crisis. In the four quarters after the last deep U.S. recession in 1982, consumer spending posted increases of between 4% and 8%.66

INDUSTRIAL PRODUCTION

The Total Industrial Production Index, a measure of total output from industrial companies, increased 1.17% during the third quarter of 2010 from 92.2 to 93.3 (2007=100, seasonally adjusted), after changes of 1.70%, 1.73%, and 1.70% in the fourth quarter of 2009 and the first and second quarters of 2010, respectively. The index increased 6.5% during the last twelve months. The index changed 2.2%, 2.7%, -3.3%, and -9.3% in 2006, 2007, 2008, and 2009, respectively.67

The Philly Survey predicted the index would increase 5.5% and 4.3% during 2010 and 2011, respectively.68 BAC economists predicted that the index would have changes of 5.5% and 4.1% in 2010 and 2011, respectively.69

The Capacity Utilization Rate measures the usage of the total production capacity of select 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.70

The capacity utilization rate increased approximately 90 basis points from 73.8% to 74.7% during the third quarter of 2010 after 129, 135, and 136 basis point increases during the fourth quarter of 2009 and the first and second quarters of 2010, respectively. The capacity utilization rate increased 498 basis points during the last twelve months. Historically, the rate had changed 62, 54, -337, and -789 basis points during 2006, 2007, 2008, and 2009, respectively.71 BAC economists predicted that the rate would reach 75.3% in the fourth quarter of 2010 and would slowly increase to 78.2% by the fourth quarter of 2011. BAC economists further predicted that capacity utilization would reach 74.1%, and 77.0% during 2010 and 2011, respectively.72

 

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DISCLAIMER STATEMENT:

This Decosimo Advisory Services National Economic Conditions report summarizes general economic conditions as of  September 30, 2010. It was prepared as of October 31, 2010. 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: Summary of Economic Projections, September 21, 2010. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20100921.pdf,  accessed 11/1/10.

2 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 11/1/10. See Table NEC-1, available on request from DAS.

3 According to: Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Summary of Economic Projections, June 22-23, 2010. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20100623.pdf,  accessed 11/1/10:

Longer-run projections represent each participant's assessment of the rate to which each variable would be expected to converge over time under appropriate monetary policy and in the absence of further shocks...Participants generally anticipated that, in light of the severity of the economic downturn, it would take some time for the economy to converge fully to its longer-run path as characterized by sustainable rates of output growth, unemployment, and inflation consistent with participants' interpretation of the Federal Reserve's dual objectives; most expected the convergence process to take no more than five to six years.

Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Summary of Economic Projections, June 22-23, 2010. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20100623.pdf,  accessed 11/1/10.

4 Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Summary of Economic Projections, June 22-23, 2010. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20100623.pdf,  accessed 11/1/10. See Table NEC-2, available on request from DAS.

5 Survey of Professional Forecasters, Third Quarter 2010. Federal Reserve Bank of Philadelphia. Released August 13, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq310.cfm,  accessed 11/1//10. See Table NEC-2, available on request from DAS.

6 The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey - October 2010. http://online.wsj.com/public/resources/documents/info-flash08.html?project=EFORECAST07,  accessed 11/1/10. See Table NEC-2, available on request from DAS.

7 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 11/1/10. Asterisk (*) denotes projection from: Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Summary of Economic Projections, June 22-23, 2010. http://www.federalreserve.gov/newsevents/press/monetary/fomcminutes201006.pdf,  accessed 11/1/10. Survey of Professional Forecasters, Third Quarter 2010. Federal Reserve Bank of Philadelphia. Released August 13, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/spfq210.pdf,  accessed 11/1/10. The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey - October 2010. http://online.wsj.com/public/resources/documents/wsjecon1209.xls,  accessed 11/1/10. See Tables NEC-1 and NEC-2, available on request from DAS.

8 U.S. Department of Labor Bureau of Labor Statistics Database. Consumer Price Index - All Urban Consumers. http://data.bls.gov/PDQ/servlet/SurveyOutputServlet,  accessed 11/1/10. See Table NEC-3, available on request from DAS.

9 Survey of Professional Forecasters, Third Quarter 2010. Federal Reserve Bank of Philadelphia. Released August 13, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq310.cfm,  accessed 11/1/10. See Table NEC-2, available on request from DAS.

10 The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey - October  2010. http://online.wsj.com/public/resources/documents/info-flash08.html?project=EFORECAST07,  accessed 11/1/2010. See Table NEC-2, available on request from DAS.

11 Bank of America/Merrill Lynch. US Economic Weekly, 22 October, 2010. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf,  accessed 11/1/2010. See Table NEC-2, available on request from DAS.

12 U.S. Department of Labor Bureau of Labor Statistics Database. Consumer Price Index - All Urban Consumers. http://www.bls.gov/cpi/home.htm,  accessed 11/1/10. See Table NEC-3, available on request from DAS.

13 U.S. Department of Labor Bureau of Labor Statistics Database. Consumer Price Index - All Urban Consumers. http://www.bls.gov/cpi/home.htm, accessed 11/1/10. See Table NEC-3, available on request from DAS.

14 U.S. Department of Labor Bureau of Labor Statistics Database. Consumer Price Index - All Urban Consumers. http://www.bls.gov/cpi/home.htm, accessed 11/1/10.See Table NEC-3, available on request from DAS.

15 Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Summary of Economic Projections, September 21, 2010. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20100921.pdf,  accessed 11/1/10.

16 U.S. Department of Labor Bureau of Labor Statistics Database. Producer Price Index-Commodities. http://www.bls.gov/ppi/,  accessed 11/1/10. See Table NEC-3, available on request from DAS.

17 U.S. Department of Labor Bureau of Labor Statistics Database. Producer Price Index-Commodities. http://www.bls.gov/ppi/,  accessed 11/1/10. See Table NEC-3, available on request from DAS.

18 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.doe.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=M,  accessed 11/1/10. Annual data: http://tonto.eia.doe.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=A,  accessed 11/1/10. See NEC-3, available on request from DAS.

19 The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey - October 2010. http://online.wsj.com/public/resources/documents/info-flash08.html?project=EFORECAST07,  accessed 11/1/10. See Table NEC-2, available on request from DAS.

20 IBISWorld Business Environment Report. "World Price of Crude Oil: A5211, July 31, 2010." http://www.ibisworld.com/, accessed 11/1/10. See Table NEC-2, available on request from DAS.

21 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.doe.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=A,  accessed 11/1/10. Asterisk (*) denotes projection from IBISWorld Business Environment Report. "World Price of Crude Oil: A5211, July 31, 2010." http://www.ibisworld.com/, accessed 11/1/10. See Tables NEC-2 and NEC-3, available on request from DAS.

22 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 11/1/10. See Table NEC-1, available on request from DAS.

23 Survey of Professional Forecasters, Third Quarter 2010. Federal Reserve Bank of Philadelphia. Released August 13, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq310.cfm,  accessed 11/1/10. See Table NEC-2, available on request from DAS.

24 Bank of America/Merrill Lynch. US Economic Weekly, 22 October 2010. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf,  accessed 11/1/10. See Table NEC-2, available on request from DAS.

25 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 11/1/10. Asterisk (*) denotes projection from Survey of Professional Forecasters, Third Quarter 2010. Federal Reserve Bank of Philadelphia. Released August 13, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq310.cfm,  accessed 11/1/10. Bank of America/Merrill Lynch. US Economic Weekly, 22 October 2010. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf,  accessed 11/1/10. See Table NEC-2, available on request from DAS. See Tables NEC-1 and NEC-2, available on request from DAS.

26 Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_DWPC_NA.txt,  accessed 11/1/10. See Table NEC-4, available on request from DAS.

27 Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_FF_O.txt,  accessed 11/1/10. See Table NEC-4, available on request from DAS.

28 Board of Governors of the Federal Reserve System. "Federal Reserve Press Release, September 21, 2010." http://www.federalreserve.gov/newsevents/press/monetary/20100623a.htm,  accessed 11/1/10.

29 The Wall Street Journal. "Economists Want Policy Makers to Back off Now." Izzo, Phil, August 13, 2010.

30 The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey - October 2010. http://online.wsj.com/public/resources/documents/info-flash08.html?project=EFORECAST07,  accessed 11/1/10. See Table NEC-2, available on request from DAS.

31 Bank of America/Merrill Lynch. US Economic Weekly, 22 October,  2010. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf,  accessed 11/1/10. See Table 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_TCMNOM_Y20.txt,  accessed 11/1/10. See Table NEC-4, available on request from DAS.

33 Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_AAA_NA.txt,  accessed 11/1/10. See Table NEC-4, available on request from DAS.

34 Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data.htm, accessed 11/1/10. See Table NEC-4, available on request from DAS.

35 Yahoo! Finance. Historical Prices - Ticker: ^DJI. http://finance.yahoo.com/, accessed 11/1/10. See Table NEC-5, available on request from DAS.

36 Yahoo! Finance. Historical Prices - Ticker: ^GSPC. http://finance.yahoo.com/, accessed 11/1/10. See Table NEC-5, available on request from DAS.

37 Yahoo! Finance. Historical Prices - Ticker: ^IXIC. http://finance.yahoo.com/, accessed 11/1/10. See Table NEC-5, available on request from DAS.

38 Yahoo! Finance. Historical Prices - Tickers: ^DJI, ^GSPC, and ^IXIC. http://finance.yahoo.com/, accessed 11/1/10. See Table NEC-5, available on request from DAS.

39 Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_MORTG_NA.txt,  accessed 11/1/10. See Table NEC-4, available on request from DAS.

40 IBISWorld Business Environment Report. "30-Year Conventional Mortgage Rate: E104, August 26, 2010." http://www.ibisworld.com/, accessed 11/1/10. See Table NEC-2, available on request from DAS.

41 Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_MORTG_NA.txt,  accessed 11/1/10. See Table NEC-4, available on request from DAS.

42 U.S. Department of Commerce U.S. Census Bureau and the US Department of Housing and Urban Development. New Residential Construction. www.census.gov/pub/const/newresconst.xls,  accessed 11/1/10. See Table NEC-6, available on request from DAS.

43 Survey of Professional Forecasters, Third Quarter 2010. Federal Reserve Bank of Philadelphia. Released August 13, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq310.cfm, accessed 11/1/10. See Table NEC-2, available on request from DAS.

44 The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey - October 2010. http://online.wsj.com/public/resources/documents/info-flash08.html?project=EFORECAST07, accessed 11/1/10. See Table NEC-2, available on request from DAS.

45 Bank of America/Merrill Lynch. US Economic Weekly, 22 October, 2010. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf,  accessed 11/1/10. See Table NEC-2, available on request from DAS.

46 U.S. Department of Commerce U.S. Census Bureau Houses Sold by Region. http://www.census.gov/const/www/newressalesindex_excel.html, accessed 11/1/10. See Table NEC-6, available on request from DAS.

47 U.S. Department of Commerce U.S. Census Bureau. Houses for Sale by Region.  accessed 11/1/10. See Table NEC-6, available on request from DAS.

48 U.S. Department of Commerce U.S. Census Bureau. Houses for Sale by Region. http://www.census.gov/const/www/newressalesindex_excel.html,   accessed 11/1/10. See Table NEC-6, available on request from DAS.

49 U.S. Department of Commerce U.S. Census Bureau. Houses for Sale by Region. http://www.census.gov/const/www/newressalesindex_excel.html,   accessed 11/1/10. See Table NEC-6, available on request from DAS.

50 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 11/1/10. U.S. Department of Commerce U.S. Census Bureau. Houses for Sale by Region. http://www.census.gov/const/www/newressalesindex_excel.html,   accessed 11/1/10. See Table NEC-6, available on request from DAS. DAS Calculation.

51 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 11/1/10. Houses Sold by Region. http://www.census.gov/ftp/pub/const/sold_cust.xls,  accessed 11/1/10. Houses for Sale by Region. http://www.census.gov/const/www/newressalesindex_excel.html,  accessed 11/1/10. See Table NEC-6, available on request from DAS.

52 U.S. Department of Labor Bureau of Labor Statistics Database. Labor Force Statistics including the National Unemployment Rate. http://www.bls.gov/cps/,  accessed 11/1/10. See Table NEC-7, available on request from DAS.

53 Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Summary of Economic Projections, June 22-23, 2010. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20100623.pdf,  accessed 11/1/10. See Table NEC-2, available on request from DAS.

54 Survey of Professional Forecasters, Third Quarter 2010. Federal Reserve Bank of Philadelphia. Released August 13, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq310.cfm, accessed 11/1/10. See Table NEC-2, available on request from DAS.

55 The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey - October 2010. http://online.wsj.com/public/resources/documents/info-flash08.html?project=EFORECAST07, accessed 11/1/10. See Table NEC-2, available on request from DAS.

56 Bank of America/Merrill Lynch. US Economic Weekly, 22 October 2010. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf,  accessed 11/1/10. See Table NEC-2, available on request from DAS.

57 U.S. Department of Labor Bureau of Labor Statistics Database. Labor Force Statistics including the National Unemployment Rate. http://www.bls.gov/cps/,  accessed 11/1/10. Asterisk (*) denotes projections from Board of Governors of the Federal Reserve System. Minutes of the Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Summary of Economic Projections, June 22-23, 2010. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20100623.pdf,  accessed 11/1/10. Survey of Professional Forecasters, Third Quarter 2010. Federal Reserve Bank of Philadelphia. Released August 13, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/spfq210.pdf,  accessed 11/1/10. The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey - October 2010. http://online.wsj.com/public/resources/documents/wsjecon0610.xls,  accessed 11/1/10. Note that the figures in the graph indicate the unemployment rate or projection thereof for the fourth quarter of the respective year given. See Table NEC-2, available on request from DAS. See Tables NEC-2 and NEC-7, available on request from DAS.

58 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 11/1/10. Monthly data for the Index of Consumer Sentiment from the following: https://customers.reuters.com/community/university/default.aspx,  accessed 11/1/10. See Table NEC-8, available on request from DAS.

59 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 11/1/10. Monthly data for the Index of Consumer Sentiment from the following: https://customers.reuters.com/community/university/default.aspx,  accessed 11/1/10. See Table NEC-8, available on request from DAS.

60 The Reuters/University of Michigan Surveys of Consumers. "Consumers Expect Very Slow Growth." October 1, 2010. https://customers.reuters.com/community/university/default.aspx,  accessed 11/1/10.

61 Wagner, Daniel. The Associated Press. "Consumers Cut Credit Card Borrowing for 24th Month." October 7, 2010. http://hosted2.ap.org/txdam/dd315e533cad4d7baa5fc2a29c49568a/Article_2010-10-07-US-Consumer-Credit/id-3951d71f0d4e43e09f30523d8328a694, accessed 11/1/10.

62 The Conference Board. Global Business Cycle Indicators. "The Conference Board Leading Economic Index (LEI) for the U.S. Increases." http://www.conference-board.org/pdf_free/economics/bci/tcb20.pdf,  accessed 11/1/10.

63 The Conference Board. Global Business Cycle Indicators. "The Conference Board Leading Economic Index (LEI) for the U.S. Increases." http://www.conference-board.org/pdf_free/economics/bci/tcb20.pdf,  accessed 11/1/10. See Table NEC-8 for precise notes on data sources for the Leading Economic Index, available on request from DAS.

64 The Conference Board. Global Business Cycle Indicators. "The Conference Board Leading Economic Index (LEI) for the United States and Related Composite Indexes for September 2010." http://www.conference-board.org/data/bci.cfm,  accessed 11/1/10. See Table NEC-13 for precise notes on data sources for the Leading Economic Index, available on request from DAS.

65 The Conference Board Global Business Cycle Indicators. "The Conference Board Leading Economic Index (LEI) for the US Increases" http://www.conference-board.org/pdf_free/economics/bci/tcb20.pdf, accessed 11/1/10.

66 The Wall Street Journal. U.S. GDP Grows 2%. Leo, Luca Di and Jeffrey Sparshott, October 29, 2010.

67 Federal Reserve Board. G.17 - Industrial Production and Capacity Utilization. http://www.federalreserve.gov/datadownload/default.htm,  accessed 11/1/10. See Table NEC-9, available on request form DAS. Industrial production index levels are seasonally adjusted.

68 Survey of Professional Forecasters, Third Quarter 2010. Federal Reserve Bank of Philadelphia. Released August 13, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq310.cfm, accessed 11/1/10. See Table NEC-2, available on request from DAS.

69 Bank of America/Merrill Lynch. US Economic Weekly, 22 October, 2010. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf,  accessed 11/1/10. See Table NEC-2, available on request from DAS.

70 Federal Reserve Board. "Capacity Utilization Explanatory Notes." http://www.federalreserve.gov/releases/G17/cap_notes.htm,  accessed 11/1/10. This Capacity Utilization used is a total index.

71 Federal Reserve Board. G.17 - Industrial Production and Capacity Utilization. http://www.federalreserve.gov/datadownload/default.htm,  accessed 11/1/10. See Table NEC-9, available on request form DAS. Capacity utilization levels are seasonally adjusted.

72 Bank of America/Merrill Lynch. US Economic Weekly, 22 October 2010. http://corp.bankofamerica.com//publicpdf/products/abf/economic_weekly.pdf,  accessed 11/1/10. See Table NEC-2, available on request from DAS.

73 Federal Reserve Board. G.17 - Industrial Production and Capacity Utilization. http://www.federalreserve.gov/datadownload/Choose.aspx?rel=G17,  accessed 11/1/10. See Table NEC-9, available on request from DAS. Industrial production index and capacity utilization levels are seasonally adjusted. 

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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: National Economic Conditions - 2nd Quarter 2011
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.