Article: National Economic Conditions - 4th Quarter 2010

For the sixth consecutive quarter the U.S. Economy showed positive growth. However, a January 2011 press release issued by the Federal Open Market Committee (“FOMC”) expressed concern over the rate of economic recovery and the lack of a significant improvement in labor market conditions. Several factors were cited by the FOMC that attempt to explain the moderate rate of growth experienced during the fourth quarter of 2010, including:

  • A continued high unemployment rate and modest income growth,
  • Low levels of investment in nonresidential structures and a generally depressed housing sector, and
  • An ongoing reluctance by many employers to add to their payrolls.

In a concerted effort to cultivate employment and price stability, as well as support a healthier economic recovery effort overall in 2011 and beyond, the members of the FOMC agreed that its existing policy of “reinvesting all principal payments from current securities holdings” will be maintained. Furthermore, the FOMC plans on purchasing $600 billion of longer-term Treasury securities by the end of the first half of 2011 in addition to maintaining the target range for the federal funds rate at 0 to ¼ percent.[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 3.2% (SAAR) in the fourth quarter of 2010 from $13,278.50 billion to $13,382.60 billion after changes of 3.7%, 1.7%, and 2.6% during the first, second, and third quarters of 2010, respectively. Real GDP increased 2.9% in 2010, after changes of 1.9%, 0.0%, and -2.6% in 2007, 2008, and 2009 respectively.[2]

The acceleration in real GDP in the fourth quarter (2010) primarily reflected a sharp downturn in imports, an acceleration in PCE, and an upturn in residential fixed investment that were partly offset by downturns in private inventory investment and in federal government spending and a deceleration in nonresidential fixed investment.[3]

In November, the FOMC predicted that real GDP growth would have a central tendency between 2.4% and 2.5%, between 3.0% and 3.6%, between 3.6% and 4.5%, and between 3.5% and 4.6% during 2010, 2011, 2012, and 2013, respectively. In its long-run projection,[4] the FOMC expected real GDP growth would have central tendencies between 2.5% and 2.8%.[5]

The fourth quarter Philadelphia Federal Reserve Survey of Professional Forecasters (the “Philly Survey”) predicted real GDP growth of 2.4%, 2.7%, 3.3%, and 2.9% during the first through fourth quarters of 2011, respectively. The Philly Survey further predicted growth of 2.5%, 2.9%, and 3.0% during 2011, 2012, and 2013, respectively.[6]

The December Wall Street Journal survey of economic forecasters (the “WSJ Survey”) predicted real GDP growth of 2.6% for the final quarter of 2010. The WSJ Survey further predicted growth rates of 2.7%, 2.9%, 3.1%, and 3.2% for the first through fourth quarters of 2011, respectively. Annually, the WSJ Survey predicted growth rates of 2.7% and 3.0% for 2010 and 2011, respectively.[7]

According to the WSJ Survey,

…the majority of the respondents also say that there is a better chance the economy in 2011 will outperform their forecasts than that it will underperform… 71% of economists said the risks to their forecasts are more to the upside, while 29% said the risk was to the downside.[8]

[9]

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 0.9% during the fourth quarter of 2010 from 218.4 to 220.3 (1982-1984=100, seasonally adjusted) after changes of 0.2%, -0.4%, 0.7% in the first, second, and third quarters of 2010, respectively. The fourth quarter increase put the CPI at an increase of 1.6% during the last twelve months, compared to growth during 2006, 2007, 2008, and 2009 of 3.2%, 2.8%, 3.8%, and -0.36% respectively.[10]           

The Philly Survey anticipates growth in the CPI to be between 1.3% and 1.8% (SAAR) for each quarter from the second quarter of 2010 to the fourth quarter of 2011. The Philly Survey predicted CPI growth of 1.6%, and 1.9% in 2011, and 2012 respectively.[11]

The WSJ Survey predicted the CPI would grow 1.8% during the last twelve months ended June 2011, and December 2011, respectively.[12] Economists at Bank of America/Merrill Lynch (“BAC economists”) expected the CPI to increase 1.6% (SAAR) and 1.1% during 2011 and 2012, respectively.[13]

The CPI for food increased 0.4% during the fourth quarter of 2010 from 220.3 to 221.1 (1982-1984=100) after changes of 0.7%, and 0.2%, and 0.4% in the first, second, and third quarters of 2010, respectively. The CPI for food increased 0.7% during the last twelve months, after changes of 2.4%, 4.0%, 5.5%, and 1.8% in 2006, 2007, 2008, and 2009, respectively.[14]

The CPI for energy increased 7.57% during the fourth quarter of 2010 from 210.3 to 226.2 (1982-1984=100) after changes of 2.2%, -7.1%, and 5.6% during the first, second, and third quarters of 2010, respectively. The third quarter increase put growth in the CPI for energy at 9.5% 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.[15]

[16]

During the December meeting, the FOMC projected that inflation would “remain for some time below levels judged to be most consistent, over the long run”. The committee also noted that increases in the Federal Reserve’s balance sheet along with low short term interest rates could result in increased inflation. The committee agreed to increase the long term security holdings to promote a stronger economic recovery while ensuring inflation is consistent with the committee’s mandate.[17]

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 2.3% during the fourth quarter of 2010 from 180.2 to 184.4 (1982=100), after changes of 1.6%, -0.9%, and 1.1% in the first, second, and third quarters of 2010, respectively. The PPI for all finished goods increased 4.3% 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.[18]

[19]

The average price per barrel of oil increased during the fourth quarter of 2010 from an average of $75.24 in September 2010 to an average of $89.15 in December 2010. The price increased 19.7% during the last twelve months.[20] The WSJ Survey predicted the price per barrel of oil would be $86.62 and $88.26 by June 30, 2011, and December 31, 2011, respectively.[21] IBISWorld estimated that the price of oil increased 26.3% in 2010; furthermore, IBISWorld predicts an average annual rate of 5.8% between 2011 and 2016.[22]

[23]

Trade Deficit

Real net exports increased from a third quarter total of -$505.0 billion (SAAR) to -$392.2 billion during the fourth quarter of 2010. The third quarter level of net exports was preceded by real net exports of -$330.1 billion, -$338.4 billion, and -$449.0 in the fourth quarter of 2009 and the first and second quarters of 2010, respectively. Until the completion of 2010, real net exports had consistently increased (become less negative) with levels of -$729.2, -$654.9 billion, -$504.1 billion, and -$363.0 billion during 2006, 2007, 2008, and 2009, respectively. However, the prevailing trend reversed in 2010 and real net exports decreased to -$421.1.[24]

The Philly Survey predicts that real net exports will increase from -$499.3 billion in the fourth quarter of 2010 to -$498.5 billion in the first quarter of 2011. Proceeding forecasts estimate that real net exports will decline slightly throughout 2011 and finish the fourth quarter at -$499.9 billion. In addition, the Philly Survey expects the annual level of real net exports to finish 2010 at -$450.8 billion, while real net exports for 2011 are expected to decrease to -$504.0.[25]

BAC economists project that real net exports will reach -$421.2 billion, -$400.9 billion, and -$409.7 billion during 2010, 2011, and 2012, respectively.[26]

[27]

Interest Rates

Interest rates remained stable or decreased slightly during the fourth quarter of 2010. The discount window rate remained constant at 0.75%. The 0.75% rate is an increase from the rate of interest prevalent throughout 2009 of 0.50%, a historically low rate that was the result of a downward trend that began in July 2007 (6.25%).[28]

The federal funds rate decreased 1 basis point during the fourth quarter from 0.19% to 0.18%. The current rate represents a 6 basis point increase during the last twelve months.[29] The FOMC announced in December 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.[30]

According to The Wall Street Journal,

Economists surveyed by The Wall Street Journal are increasingly optimistic about the pace of the recovery, predicting the U.S. will grow at better than a 3.2% annual rate in each quarter this year.

With little pressure on the inflation front and a slow recovery in the job market, most of the economists don’t expect the Fed to start raising interest rates until early 2012 at the earliest (in an effort to promote full employment and price stability)…As the recovery moves forward, they [the economists] expect the central bank to keep mostly to the sidelines.[31]

Some economists believe the FOMC will increase its target for the federal funds rate at a later date than previously expected. The WSJ Survey, whose participating economists predicted in September that the federal funds rate would decrease to 0.16% by December 31, 2010 (down from the 0.34% projected for December 31, 2010 in June), predicted in mid-December that the federal funds rate would reach only 0.15%, and would reach 0.21% by June 30, 2011 and 0.46% by December 31, 2011.[32] In January 2011, BAC economists predicted no change would be made to the federal funds target rate for at least a year.[33]

The yield to maturity on 20-year U.S. Treasury bonds increased 70 basis points in the fourth quarter of 2010 from 3.47% to 4.17%. The yield decreased 23 basis points during the last twelve months.[34] The average yield to maturity on Aaa rated (Moody’s) corporate bonds increased 49 basis points in the fourth quarter from 4.53% to 5.02%. The yield decreased 24 basis points during the last twelve months.[35]

[36]

Financial Markets

The Dow Jones Industrial Average (DJIA) increased 7.3% in the fourth quarter of 2010 from 10,788.05 to 11,577.51 after changes of 4.1%, and -10.0%, and 10.4% during the first, second, and third quarters of 2010, respectively. The DJIA increased 11.0% in 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.[37]

The S&P 500 closed the fourth quarter at 1,257.64, a 10.2% increase from the third quarter close of 1,141.20. The fourth quarter close came after changes of 4.9%, -11.9%, and 10.7% during the first, second, and third quarters of 2010, respectively. The index increased 12.8% 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.[38]

The NASDAQ Composite Index increased 12.0% in the fourth quarter of 2010 from 2,368.62 to 2652.87. The fourth quarter increase came after changes of 5.7%, -12.0%, and 12.3% during the first, second, and third quarters of 2010, respectively. The index increased 16.9% 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.[39]

[40]

Housing, Construction, and Real Estate

Average mortgage rates for 30 year fixed mortgages increased 36 basis points in the fourth quarter of 2010 from 4.35% to 4.71%. The average rate decreased 22 basis points during the last twelve months.[41] According to IBISWorld, the 30-year conventional mortgage rate for 2010 was approximately 4.90%. Furthermore, IBISWorld projects the average 30-year mortgage rate to be 4.51%, 5.02%, 5.39%, 5.81%, and 6.27% for 2011 through 2015, respectively.[42]

[43]

Despite the low cost of financing, the housing market continued to remain generally depressed. Housing starts decreased 12.0% during the fourth quarter of 2010 from 601,000 (SAAR) to 529,000. This decrease came after changes of 10.1%, -15.0%, and 11.5% during the first, second, and third quarters of 2010, respectively. Housing starts decreased 8.2% during 2010. Likewise, housing starts decreased 17.3%, 37.1%, and 46.0% during 2006, 2007, and 2008, respectively, but increased 2.9% during 2009.[44]

The Philly Survey projected total housing starts would reach approximately 610,000 and 640,000 in the fourth quarter of 2010 and first quarter of 2011, respectively, with an increase to 760,000 starts by the fourth quarter of the same year. Furthermore, the Philly Survey predicted annual figures for housing starts of 600,000 and 700,000 houses for 2010 and 2011, respectively. Housing starts hit its recent peak at 2.3 million in January 2006.[45]

In December, the WSJ Survey predicted housing starts would reach 600,000 and 730,000 in 2010 and 2011, respectively.[46] Likewise, BAC economists predicted that housing starts would reach 538,000 by 2010 and 732,000 by 2011.[47]

Houses sold increased by 3.8% from 317,000 (SAAR) to 329,000 during the fourth quarter of 2010. This increase came after changes of 7.9%, -19.3%, and 2.3% during the first, second, and third quarters of 2010, respectively. The August 2010 figure of 274,000 was the lowest in recorded history (data dates back to January 1959). Houses sold (NSA) decreased 14.4% during 2010 compared to decreases of 18.1%, 26.2%, 37.5%, and 22.7% during 2006, 2007, 2008, and 2009, respectively.[48]

Houses for sale decreased 5.9% from 202,000 (SAAR) to 190,000 during the fourth quarter of 2010 after decreases of 1.3%, 7.5%, and 4.3 in the first, second, and third quarters of 2010, respectively. Fourth quarter totals of 190,000 houses for sale was the lowest since January 1968 (189,000). Houses for sale decreased 17.7% during 2010, compared to changes of 4.3%, -7.6%, -29.0%, and ‑34.1% in 2006, 2007, 2008, and 2009, respectively.[49]

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 of houses for sale decreased during the fourth quarter of 2010 from 7.6 to 6.9.[50] The months of supply of houses for sale decreased 11.5% during 2010,[51] 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.[52]

[53]

Unemployment

The unemployment rate decreased twenty basis points to 9.4% during the fourth quarter of 2010. This decrease came after changes of ‑20, -20, and 10 basis points during the first, second, and third quarters of 2010, respectively. The rate also increased thirty 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.[54] In November, the FOMC predicted that the rate would have central tendencies between 8.9% and 9.1%, between 7.7% and 8.2%, and between 6.9% and 7.4% during 2010, 2011, and 2012, respectively. The long-run projection of the FOMC predicted the central tendency of unemployment between 5.0% and 6.0%.[55] The Philly Survey predicted unemployment rates of 9.3%, 8.7%, and 7.9% during 2011, 2012, and 2013, respectively.[56] The WSJ Survey predicted the unemployment rate would be 9.4%, and 9.0% by June 2011, and December 2011, respectively.[57] BAC economists predicted the unemployment rate to be 9.4% and 8.9% in 2011 and 2012, respectively.[58]

[59]

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 74.5 (1966=100) in December 2010, a 9.2% fourth quarter increase from September 2010 (68.2). The quarterly increase in consumer sentiment mentioned above followed changes of 1.5%, 3.3%, and -10.3% during the first, second, and third quarters of 2010, respectively. The ICS increased 2.8% in 2010. In comparison, the ICS experienced annual changes of 0.2%, -17.7%, -20.4%, and 20.6% in 2006, 2007, 2008, and 2009, respectively.[60]

[61]

The following remarks were offered by the ICS’s Chief Economist regarding the results computed for 2010:

…Consumers have been increasingly concerned with rising food and fuel prices, and have noticed that fewer and smaller discounts are now available at stores and vehicle dealerships…Given that consumers do not anticipate renewed wage growth, they are likely to again engage in selective spending cutbacks. Consumers are now less able to smooth consumption by using credit cards since fewer households now have credit cards and those that have them are likely to have lower credit limits.[62]

In contrast, the Wall Street Journal suggested that despite the steady forward progress of economic recovery in the United States, consumers should remain cautious and not forget the recent past:

…Let’s not forget the hole in which Americans managed to spend themselves during the recession…People are saving less as they relax their budgets. The savings rate in December fell to 5.3% from 5.5%, as economic uncertainty becomes the norm and people tire of frugality…It’s good to see people feeling confident enough to spend, but until there’s some solid strength behind the gains, we should hold off on celebrating.[63]

Possible roadblocks to continued expansion through consumer spending were given in minor detail when one Wall Street Journal reporter added,

…The expansion [of economic output in the fourth quarter of 2010] in large part was fueled by a jump in consumer spending – a crucial change from earlier in the recovery, when growth relied heavily on businesses investing and building up inventories…To be sure, the economic outlook still has clouds. Some economists worry that the year-end spending splurge by consumers could ebb. Another serious challenge is unemployment, which stands at 9.4%.[64]

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.[65] The LEI increased 2.5% in the fourth quarter of 2010 from 109.7 to 112.4 (2004=100). This increase follows changes of 2.2%, 0.3%, and 0.5% for the first, second, and third quarters of 2010, respectively. The LEI increased 5.6% during the last twelve months, from 106.4 (December 2009) to 112.4.[66]

[67]

The following excerpts regarding the release of December’s LEI were offered by member economists of the Conference Board:

…While the LEI points to an economic expansion that is gaining further traction, its components still suggest the expansion path may be uneven. December’s gain was led by housing permits, the interest rate spread, initial claims for unemployment insurance and consumer expectations.

…The four-month rise [in the LEI] suggests the economy now has some wind in its sails; however, it still faces some strong headwinds in the medium-term. Overall economic activity is likely to continue to gain momentum in 2011.[68]

Industrial Production

The Total Industrial Production Index, a measure of total output from industrial companies, increased 0.6% during the fourth quarter of 2010 from 93.7 to 94.3 (2007=100, seasonally adjusted), after changes of 1.73%, 1.80%, 1.6% in the first, second, and third quarters of 2010, respectively. The index increased 5.8% during the last twelve months. The index changed 2.2%, 2.7%, -3.3%, and -9.3% in 2006, 2007, 2008, and 2009, respectively.[69]

The Philly Survey predicted the index would increase 4.0% during 2011.[70] BAC economists predicted that the index would have changes of 3.9% and 3.8% in 2011 and 2012, respectively.[71]

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.[72]

The capacity utilization rate increased approximately 40 basis points from 75.1% to 75.5% during the fourth quarter of 2010 after 136, 137, and 121 basis point increases during the first, second, and third quarters of 2010, respectively. The capacity utilization rate increased 423 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.[73] BAC economists further predicted that capacity utilization would reach 77.1%, and 79.8% during 2011 and 2012, respectively.[74]

[75]

DISCLAIMER STATEMENT:

This Decosimo Advisory Services National Economic Conditions report summarizes general economic conditions as of December 31, 2010. It was prepared as of January 31, 2011. 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: Press Release, January 26, 2011. http://www.federalreserve.gov/newsevents/press/monetary/20110126a.htm, accessed 1/31/2011.

[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 1/31/2011. See Table NEC-1, available on request from DAS.

[3] Bureau of Economic Analysis. Gross Domestic Product, 4th Quarter and Annual 2010 (Advance Estimate): January 28, 2011. http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm, accessed 1/31/2011.

[4] According to: Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Summary of Economic Projections, November 2-3, 2010. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20101103.pdf, accessed 1/31/2011:

Civilian unemployment rate in the longer-run projections represent each participant’s assessment of the rate to which each variable would be expected to converge under appropriate monetary policy and in the absence of further shocks to the economy. The June projections were made in conjunction with the meeting of the Federal Open Market Committee on June 22–23, 2010.

1. The central tendency excludes the three highest and three lowest projections for each variable in each year.

2. The range for a variable in a given year consists of all participants’ projections, from lowest to highest, for that variable in that year.

3. Longer-run projections for core PCE inflation are not collected.

Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Summary of Economic Projections, November 2-3, 2010. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20101103.pdf, accessed 1/31/2011.

[5] Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Summary of Economic Projections, November 2-3, 2010. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20101103.pdf, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[6] Survey of Professional Forecasters, Fourth Quarter 2010. Federal Reserve Bank of Philadelphia. Released November 15, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq410.cfm, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[7] The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey – December, 2010. http://online.wsj.com/public/page/economic-forecasting.html, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[8] The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey – December, 2010. http://online.wsj.com/public/page/economic-forecasting.html, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[9] 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 1/31/2011. Asterisk (*) denotes projection from: Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Summary of Economic Projections, November 2-3, 2010. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20101103.pdf, accessed 1/31/2011. Survey of Professional Forecasters, Fourth Quarter 2010. Federal Reserve Bank of Philadelphia. Released November 15, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq410.cfm, accessed 1/31/2011. The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey – December, 2010. http://online.wsj.com/public/page/economic-forecasting.html, accessed 1/31/2011. See Tables NEC-1 and NEC-2, available on request from DAS.

[10] U.S. Department of Labor Bureau of Labor Statistics Database. Consumer Price Index – All Urban Consumers. http://www.bls.gov/cpi/#data, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[11] Survey of Professional Forecasters, Fourth Quarter 2010. Federal Reserve Bank of Philadelphia. Released November 15, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq410.cfm, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[12] The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey – December, 2010. http://online.wsj.com/public/page/economic-forecasting.html, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[13] Bank of America/Merrill Lynch. US Economic Weekly, 28 January 2011. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf, accessed 1/31/2011. See Table NEC-2, 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/#data, accessed 1/31/2011. See Table NEC-3, available on request from DAS.

[15] U.S. Department of Labor Bureau of Labor Statistics Database. Consumer Price Index – All Urban Consumers. http://www.bls.gov/cpi/#data, accessed 1/31/2011. See Table NEC-3, available on request from DAS.

[16] U.S. Department of Labor Bureau of Labor Statistics Database. Consumer Price Index – All Urban Consumers. http://www.bls.gov/cpi/home.htm, accessed 1/31/2011.See Table NEC-3, available on request from DAS.

[17] Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Summary of Economic Projections, December 14, 2010. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20101103.pdf, accessed 1/31/2011.

[18] U.S. Department of Labor Bureau of Labor Statistics Database. Producer Price Index-Commodities. http://www.bls.gov/ppi/, accessed 1/31/2011. See Table NEC-3, available on request from DAS.

[19] U.S. Department of Labor Bureau of Labor Statistics Database. Producer Price Index-Commodities. http://www.bls.gov/ppi/, accessed 1/31/2011. See Table NEC-3, available on request from DAS.

[20] 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 1/31/2011. Annual data: http://tonto.eia.doe.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=A, accessed 1/31/2011. See NEC-3, available on request from DAS.

[21] The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey – December 2010. http://online.wsj.com/public/resources/documents/info-flash08.html?project=EFORECAST07, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[22] IBISWorld Business Environment Report. “World Price of Crude Oil: A5211, January 15, 2010.” http://www.ibisworld.com/, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[23] 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 1/31/2011. Asterisk (*) denotes projection from IBISWorld Business Environment Report. “World Price of Crude Oil: A5211, January 15, 2011.” http://www.ibisworld.com/, accessed 1/31/2011. See Tables NEC-2 and NEC-3, available on request from DAS.

[24] 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 1/31/2011. See Table NEC-1, available on request from DAS.

[25] Survey of Professional Forecasters, Fourth Quarter 2010. Federal Reserve Bank of Philadelphia. Released November 15, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq410.cfm, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[26] Bank of America/Merrill Lynch. US Economic Weekly, 28 January 2011. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[27] 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 1/31/2011. Asterisk (*) denotes projection from Survey of Professional Forecasters, Fourth Quarter 2010. Federal Reserve Bank of Philadelphia. Released November 15, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq410.cfm, accessed 1/31/2011. Bank of America/Merrill Lynch. US Economic Weekly, 28 January 2011. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf, accessed 1/31/2011. See Table NEC-2, available on request from DAS. See Tables NEC-1 and NEC-2, available on request from DAS.

[28] Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_DWPC_NA.txt, accessed 1/31/2011. See Table NEC-4, available on request from DAS.

[29] Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_FF_O.txt, accessed 1/31/2011. See Table NEC-4, available on request from DAS.

[30] Board of Governors of the Federal Reserve System. “Federal Reserve Press Release, December 14, 2010.” http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20101214.pdf, accessed 1/31/2011.

[31] The Wall Street Journal. “Economists Optimistic on Growth,” Izzo, Phil, January 14, 2011.

[32] The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey – December 2010. http://online.wsj.com/public/page/economic-forecasting.html, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[33] Bank of America/Merrill Lynch. US Economic Weekly, 28 January 2011. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[34] Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_TCMNOM_Y20.txt, accessed 1/31/2011. See Table NEC-4, available on request from DAS.

[35] Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_AAA_NA.txt, accessed 1/31/2011. See Table NEC-4, available on request from DAS.

[36] Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data.htm, accessed 1/31/2011. See Table NEC-4, available on request from DAS.

[37] Yahoo! Finance. Historical Prices - Ticker: ^DJI. http://finance.yahoo.com/, accessed 1/31/11. See Table NEC-5, available on request from DAS.

[38] Yahoo! Finance. Historical Prices - Ticker: ^GSPC. http://finance.yahoo.com/, accessed 1/31/11. See Table NEC-5, available on request from DAS.

[39] Yahoo! Finance. Historical Prices - Ticker: ^IXIC. http://finance.yahoo.com/, accessed 1/31/11. See Table NEC-5, available on request from DAS.

[40] Yahoo! Finance. Historical Prices - Tickers: ^DJI, ^GSPC, and ^IXIC. http://finance.yahoo.com/, accessed 1/31/2011. See Table NEC-5, 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 1/31/2011. See Table NEC-4, available on request from DAS.

[42] IBISWorld Business Environment Report. “30-Year Conventional Mortgage Rate: E104, November 10, 2010.” http://www.ibisworld.com/, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[43] Federal Reserve Board Statistical Release Historical H.15 Selected Interest Rates. http://www.federalreserve.gov/releases/h15/data/Monthly/H15_MORTG_NA.txt, accessed 1/31/2011. See Table NEC-4, available on request from DAS.

[44] 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 1/31/2011. See Table NEC-6, available on request from DAS.

[45] Survey of Professional Forecasters, Fourth Quarter 2010. Federal Reserve Bank of Philadelphia. Released November 15, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq410.cfm, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[46] The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey – December 2010. http://online.wsj.com/public/page/economic-forecasting.html, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[47] Bank of America/Merrill Lynch. US Economic Weekly, 28 January 2011. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[48] U.S. Department of Commerce U.S. Census Bureau Houses Sold by Region. http://www.census.gov/const/www/newressalesindex_excel.html, accessed 1/31/2011. 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/newresconstindex_excel.html, accessed 1/31/2011. See Table NEC-6, available on request from DAS.

[50] U.S. Department of Commerce U.S. Census Bureau. Houses for Sale by Region. http://www.census.gov/const/www/newresconstindex_excel.html, accessed 1/31/2011. See Table NEC-6, available on request from DAS.

[51] U.S. Department of Commerce U.S. Census Bureau. Houses for Sale by Region. http://www.census.gov/const/www/newresconstindex_excel.html, accessed 1/31/2011. See Table NEC-6, available on request from DAS.

[52] 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 1/31/2011. U.S. Department of Commerce U.S. Census Bureau. Houses for Sale by Region. http://www.census.gov/const/www/newressalesindex_excel.html, accessed 1/31/2011. See Table NEC-6, available on request from DAS. DAS Calculation.

[53] 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 1/31/2011. Houses Sold by Region. http://www.census.gov/ftp/pub/const/sold_cust.xls, accessed 1/31/2011. Houses for Sale by Region. http://www.census.gov/const/www/newressalesindex_excel.html, accessed 1/31/2011. See Table NEC-6, available on request from DAS.

[54] U.S. Department of Labor Bureau of Labor Statistics Database. Labor Force Statistics including the National Unemployment Rate. http://www.bls.gov/cps/, accessed 1/31/2011. See Table NEC-7, available on request from DAS.

[55] Board of Governors of the Federal Reserve System. Minutes of the Federal Open Market Committee: Summary of Economic Projections, November 2-3, 2010. http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[56] Survey of Professional Forecasters, Fourth Quarter 2010. Federal Reserve Bank of Philadelphia. Released November 15, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq410.cfm, accessed 1/31/2011

See Table NEC-2, available on request from DAS.

[57] The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey –December 2010. http://online.wsj.com/public/page/economic-forecasting.html, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[58] Bank of America/Merrill Lynch. US Economic Weekly, 28 January 2011. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[59] U.S. Department of Labor Bureau of Labor Statistics Database. Labor Force Statistics including the National Unemployment Rate. http://www.bls.gov/cps/, accessed 1/31/2011. 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, November 2-3, 2010. http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20100623.pdf, accessed 1/31/2011. Survey of Professional Forecasters, Fourth Quarter 2010. Federal Reserve Bank of Philadelphia. Released November 15, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq410.cfm, accessed 1/31/2011. The Wall Street Journal. The Wall Street Journal Economic Forecasting Survey – December 2010. http://online.wsj.com/public/page/economic-forecasting.html, accessed 1/31/2011. 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.

[60] 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 1/31/2011. Monthly data for the Index of Consumer Sentiment from the following: https://customers.reuters.com/community/university/default.aspx, accessed 1/31/2011. See Table NEC-8, available on request from DAS.

[61] 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 1/31/2011. Monthly data for the Index of Consumer Sentiment from the following: https://customers.reuters.com/community/university/default.aspx, accessed 1/31/2011. See Table NEC-8, available on request from DAS.

[62] The Reuters/University of Michigan Surveys of Consumers. “ January 28, 2011. https://customers.reuters.com/community/university/default.aspx, accessed 1/31/2011.

[63] Moore, Angela. The Wall Street Journal. “Consumers Back to Their Spending Ways – Rebound Without Real Recovery is Meaningless.” January 31, 2011. http://www.marketwatch.com/story/consumers-pick-up-their-spending-habit-2011-01-31, accessed 1/31/2011.

[64] Murray, Sara. The Wall Street Journal. Economy Picks Up Steam, Output Returns to ’07 Level. January 29, 2011. http://online.wsj.com/article/SB10001424052748703956604576109772560128768.html, accessed 1/31/2011.

[65] The Conference Board. U.S. Business Cycle Indicators. “The Conference Board Leading Economic Index (LEI) for the United States and Related Composite Indexes for December 2010.” http://www.conference-board.org/pdf_free/economics/bci/tcb20.pdf, accessed 1/31/2011.

[66] The Conference Board. U.S. Business Cycle Indicators. “The Conference Board Leading Economic Index (LEI) for the United States and Related Composite Indexes for December 2010.” http://www.conference-board.org/pdf_free/economics/bci/tcb20.pdf, accessed 1/31/2011. See Table NEC-8 for precise notes on data sources for the Leading Economic Index, available on request from DAS.

[67] The Conference Board. U.S. Business Cycle Indicators. “The Conference Board Leading Economic Index (LEI) for the United States and Related Composite Indexes for December 2010.” http://www.conference-board.org/data/bci.cfm, accessed 1/31/2011. See Table NEC-13 for precise notes on data sources for the Leading Economic Index, available on request from DAS.

[68] The Conference Board. “The U.S. LEI Increases Sharply Again.” http://www.conference-board.org/press/pressdetail.cfm?pressid=4107, accessed 1/31/2011.

[69] Federal Reserve Board. G.17 - Industrial Production and Capacity Utilization. http://www.federalreserve.gov/datadownload/default.htm, accessed 1/31/2011. See Table NEC-9, available on request form DAS. Industrial production index levels are seasonally adjusted.

[70] Survey of Professional Forecasters, Fourth Quarter 2010. Federal Reserve Bank of Philadelphia. Released November 15, 2010. http://www.philadelphiafed.org/research-and-data/real-time-center/survey-of-professional-forecasters/2010/survq410.cfm, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[71] Bank of America/Merrill Lynch. US Economic Weekly, 28 January, 2011. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[72] Federal Reserve Board. “Capacity Utilization Explanatory Notes.” http://www.federalreserve.gov/releases/G17/cap_notes.htm, accessed 1/31/2011. This Capacity Utilization used is a total index.

[73] Federal Reserve Board. G.17 - Industrial Production and Capacity Utilization. http://www.federalreserve.gov/datadownload/default.htm, accessed 1/31/2011. See Table NEC-9, available on request form DAS. Capacity utilization levels are seasonally adjusted.

[74] Bank of America/Merrill Lynch. US Economic Weekly, 28 January, 2011. http://corp.bankofamerica.com/publicpdf/products/abf/economic_weekly.pdf, accessed 1/31/2011. See Table NEC-2, available on request from DAS.

[75] Federal Reserve Board. G.17 - Industrial Production and Capacity Utilization. http://www.federalreserve.gov/datadownload/Choose.aspx?rel=G17, accessed 1/31/2011. See Table NEC-9, available on request from DAS. Industrial production index and capacity utilization levels are seasonally adjusted. 

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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 independently owned and operated member firm of both the Moore Stephens North America (MSNA) association of member firms and the Moore Stephens International Limited (MSIL) network of member firms.  Neither MSNA nor MSIL provide services to clients.  Decosimo is a separate and distinct legal entity, subject to the laws and professional regulations of the jurisdictions in which it operates, and is not authorized to obligate or bind MSNA, MSIL, or any other member firm of MSNA or MSIL.  Decosimo is liable only for its own acts or omissions and not those of any other person or entity including MSNA, MSIL and other member firms of MSNA and MSIL.