Categories
Tech

Internet governance and assorted unrelated charts

The Internet Engineering Task Force Trust was created by the Internet Society, the Corporation for National Research Initiatives and the Internet Engineering Task Force on December 15, 2005.

The purposes of the trust include the advancement of educational and public interest by acquiring, holding, maintaining and licensing certain existing and future intellectual property and other property used in connection with the Internet standards process and its administration, for the advancement of the science and technology associated with the Internet.

Categories
Economics

The Cleveland Fed Drawing Board goes silent

I find Cleveland to be the most friendly of the 12 Federal Reserve districts. They do a lot of community outreach work, and have a good research department.


ClevelandFed✔@ClevelandFed

Thank you! 🙂 RT @EllieAsksWhy: Contrast @gapingvoid w/hand-drawn, all-original artwork by @ClevelandFed http://youtu.be/hWdm9pp6NQU1Twitter Ads info and privacySee ClevelandFed’s other Tweets    Evidence of friendly Cleveland Fed!

The Federal Reserve Bank of Cleveland is the headquarters of the U.S. Federal Reserve System’s Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

The Cleveland Fed building was designed by architects Walker & Weeks. The building is considered an historically significant piece of architecture. I like how it looks too. Apparently, few know much about the art and architecture of the building, not even in Cleveland!

The building was extensively renovated about 15 years ago. The architectural and design preservation firm that did the work has some spectacular photos of the interior, which I couldn’t find anywhere else.

I found only one more photograph of the interior, from the Cleveland Fed’s own site. All others were fuzzy, low quality images from an Illuminati conspiracy website. The irony is not lost on me.

This is the entire Drawing Board series of videos produced by the Cleveland Federal Reserve. Really Bad Drawings, Real Simple Explanations consists of 16 videos, with a total playing time of 1 hour and 40 minutes.

Despite being the Cleveland Fed’s most popular YouTube video series (there are actually complements and requests for new videos, instead of disgruntled monetary policy rants!), I suspect that the series has been discontinued. There have been no new entries in 11 months.

Categories
Economics

Industrial Production and Capacity Utilization

The Philadelphia Branch of the Federal Reserve Bank released its September 2010 Industrial Production and Capacity Utilization report this morning. It is an interesting economic indicator, due to its frequency (monthly), timeliness (within a fortnight of the prior month-end), and long history of well-documented tracking, readily available from 1972 through the present.

The salient number, based on my review and recall from past days of buy-side proprietary trading of fixed-income securities, is the capacity utilization percentage. This is why:

  • Rising industrial production levels, in absolute terms, were driven by technological progress in manufacturing methods, more than increased economic activity.
  • The same can be said for capacity, although the Fed does provide helpful indexing as a percentage of the historical peak level in 2007.
  • Utilization is the percentage of actual capacity used for production, which indicates to me the level of demand  required for actual goods (not services!) and thus the demand for U.S.-manufactured industrial products, as a percentage of the maximum possible supply that could be produced.

The preliminary annualized utilization for September 2010 is 74.7% of capacity. This is well below the yearly average of 80.6% from 1972 through 2009. However, utilization of capacity has increased from the 2008-2009 low of 68.2%, as well as the September 2009 value of 70.5%. While I feel some concern about the economic situation in the immediate months ahead, it is encouraging to note the breakdown by process stage:

  • For crude production, the operating rate increased 0.7% points to 86.9%, almost half a point higher than the 1972 to 2009 average
  • For primary and semi-finished stages, utilization declined 0.6% points, to 71.5%, about 10.1% points below the long-run average
  • For the finished stage, utilization decreased 0.1% points to 73.8%, about 3.7% points below the long-run average

If crude production rates drive primary, semi-finished and finished stages, then the more historically comparable rates of crude manufacturing will perhaps carry through into the later stages of production in the next three manufacturing reports of the fourth quarter of 2010.

*Note that for the purposes of this Federal Reserve Statistical Release, the industrial sector is comprised of manufacturing, mining, electric and gas utilities, as well as the logging, newspaper, periodical, book, and directory publishing industries.