Manufacturing  Non-scheduled cash earnings 2  -40  Scheduled cash earnings  Forecast  Nonmanufacturing  Total cash earnings  -30 1  -20  "Insufficient"  0  -10 "Excessive"  -1  0 -2  10  -3 18/Q1  19/Q1  20/Q1  21/Q1  22/Q1  20 CY 18  19  20  21  22  Note: In the left-hand chart, Q1 = March-May, Q2 = June-August, Q3 = September-November, Q4 = December-February.
2/2  BIS central bankers' speeches