board found that, according to the bls in 1997, 1. 1 million workers were employed in the industry category known as management of companies, whereas the census bureau tallied employment at 2. 6 million for that year! 5 in other industries, the differences in 1997, though not as large, still are dramatic. in the oil and gas extraction industry, the employment counts differ by more than 30 percent. in the computer and electronic product manufacturing industry, the bls and census counts differ by more than 12 percent, and so on. the reason the two business registers have not been harmonized is that current law prevents the bls from having the same access as the census bureau to business identifiers on tax forms. removing this barrier to sharing such data for statistical purposes would have significant payoffs. sharing of business registers would help provide for more accurate measures of industry output, compensation, and productivity trends. it would permit the statistical agencies to keep abreast of our dynamic economy by producing statistical samples that are consistently adjusted for the entry and exit of new businesses in a timely manner, and it would allow the agencies to correct errors quickly and efficiently. this is especially important for fast - growing and innovative industries such as information technology. such improvements would improve our ability to perceive emerging trends in the economy and more accurately forecast economic activity. the bea, the statistical agency responsible for estimating gdp and the other components of the national income and product accounts, cannot currently access information from business taxes. allowing the bea to obtain certain aggregate numbers from business tax returns for statistical purposes would let the bea significantly improve its estimates of the role of noncorporate businesses in the economy. this is important, in part, because many entrepreneurial start - up firms, which are a source of dynamism in the economy, begin their lives organized as sole proprietorships or partnerships - - that is, not as corporations. permitting the bea to use limited business tax information for statistical purposes could appreciably improve the measurement of this vibrant part of the economy and, once again, improve our ability to spot new trends and forecast economic activity. of course, in obtaining this information, the bea would continue to be subject to the strict confidentiality requirements and disclosure penalties embodied in cipsea. protecting data privacy is of utmost concern, and i would certainly not suggest changes that would compromise confidentiality. i now would like to turn to the second element i want to emphasize in improving the cost - benefit trade off for

emmanuel tumusiime - mutebile : bank of uganda ’ s position on the exchange rate statement by prof emmanuel tumusiime - mutebile, governor of the bank of uganda, kampala, 19 january 2011. * * * i think that it is now necessary to state clearly bank of uganda ’ s position on the exchange rate. we believe that the current level of the uganda shilling / dollar exchange rate is undervalued. moreover, further depreciation will be counterproductive for macroeconomic management, especially because of the impact this will have on the prices of imported goods and hence on consumer price inflation. consequently, the bank of uganda intends to adopt a more aggressive stance to support the exchange rate. we sold dollars yesterday to the interbank market. we are prepared to intervene again if necessary. we are complementing this by raising interest rates in the interbank market and on repo instruments. of course open market exchange rates are difficult to control and no central bank can guarantee to move the exchange rate in the direction it wants. however, i want to stress that we are not indifferent to further exchange rate depreciation and that for the immediate future, curbing such depreciation will be a priority of the bank of uganda ’ s macroeconomic management. bis central bankers ’ speeches