external deficit

a current account deficit; a negative net flow of liquid assets to the citizens of a particular country. The external balance includes the trade balance, net foreign factor income, and net foreign aid *received*. Usually the main cause of an external deficit is a trade deficit.

Internal deficits are sometimes blamed for external deficits, especially if both are chronic.

24👍 9👎

U-6

(ECONOMICS) Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force. Put another way, U-6 = U-3 (headline unemployment) + discouraged workers + part-time workers in need of full-time jobs.

The US Bureau of Labor Statistics regularly publishes six estimates of unemployment. The others are U-1, U-2, U-3, U-4, and U-5. Eurostat publishes one monthly estimate of unemployment for the European Union, which is approximately midway between U-3 and U-4.

The unemployment statistics for the USA are collected through a monthly Current Population Survey (CPS) (also known as the household survey) and an establishment survey.

U-6 is often referred to as "real unemployment" because it attempts to measure the total number of people who would like to have more work than they do have. Some have argued that U-6 is closer to historic measures of unemployment than U-3 is (we didn't have either during the Great Depression).

2👍 3👎

Federal Reserve Bank

(ECONOMICS) Any of the 12 constituent district banks of the Federal Reserve System. Federal Reserve Banks may be referred to either by the number of the district they serve (e.g., 12th FRB) or by the city in which they are headquartered (e.g., FRB of San Francisco).

Representatives of the FRB's are eligible to serve on the Federal Open Market Committee (FOMC), the committee that actually administers monetary policy through sales or purchases of treasury securities.

The Federal Reserve Bank of New York (2nd FRB) is by far the most important of the 12 district banks. Each bank holding company is likely to have a subsidiary in NYC, and the 2nd District is uniquely guaranteed a seat on the FOMC. The other 11 rotate, with 4 taking a year-long turn at the FOMC at any given time.

The Federal Reserve Bank of New York has historically supplied the secretaries of the Treasury or else the chairmen of the Federal Reserve Board.

70👍 389👎