sector has accounted for almost 20 per cent of total investment in australia ( including both the private and public sectors ), which is much higher than the average of earlier decades ( graph 9 ). looking forward, the latest data from the australian bureau of statistics on firms ’ investment plans suggest that further very large increases in mining investment are in prospect ( graph 10 ). taken literally, these data imply an increase in investment spending in the mining sector of over 50 per cent in 2011 / 12, from an already elevated level. the projected increases are particularly large in the gas and the iron ore sectors. if they were to occur, it would mean that the mining sector would account for over one quarter of all investment spending in australia next financial year. this would be a remarkable change over a short period of time. bis central bankers ’ speeches graph 9 graph 10 bis central bankers ’ speeches the high price of resources is also leading to very strong employment growth in the mining sector, with total employment in the sector up by around 20 per cent in 2010. but while this is very fast growth, it is important to remember that the sector still only directly accounts for less than 2 per cent of the overall workforce in australia. the main effects on employment of the resources boom are being felt elsewhere, particularly in the services sector where the vast bulk of australians work. these indirect effects on employment from the resources boom arise through two main channels : one operating through a demand effect as investment ramps up, and the other through an income effect. in terms of demand, the improved outlook for resource - sector investment has increased demand for a whole range of ancillary professional services. these include engineers, project managers, equipment lessors, lawyers, accountants, recruiters and it specialists. as a result, employment in a number of these business services has grown strongly over recent years ( graph 11 ). in terms of the income effect, the higher prices we are receiving for our exports has delivered a tangible increase in national income. over time, a substantial part of this will get spent. right at the moment, spending on goods is relatively subdued, but with the population and aggregate incomes growing strongly, the demand for a range of services by households has also been growing strongly. as a result, employment growth in these areas has been robust. graph 11 in contrast to this relatively positive picture in a number of industries, the changes in relative prices that are occurring are contributing to subdued conditions in some other industries. one very clear example is domestic tourism.

william c dudley : “ us economy in a snapshot ” opening remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, at the economic press briefing on the us economy in a snapshot, federal reserve bank of new york, new york city, 19 may 2016. * * * jonathan mccarthy, paolo pesenti, robert rich and joseph tracy assisted in preparing these remarks. welcome to our economic press briefing. today we are going to introduce you to a data product that we have been making available to the public, u. s. economy in a snapshot. my role is to put this product in the broader context of the federal open market committee ’ s ( fomc ) communication strategy about the economy and policy. my colleague robert rich will then walk you through the structure of the product and discuss excerpts from the may release. as always, what i have to say reflects my own views and not necessarily those of the federal open market committee or the federal reserve system. conventional u. s. monetary policy is conducted by targeting the level of the federal funds rate — an overnight interest rate on bank reserves. few participants in our economy have any direct interaction with this interest rate. how, then, is controlling this interest rate such an important part of setting monetary policy and steering an 18 trillion dollar economy toward the federal reserve ’ s dual mandate objectives of maximum sustainable employment and price stability? this is the remarkable aspect of monetary policy. just as a pebble dropped into a lake disturbs the water not just at the point of impact but ripples outward far from the origin, changes in the federal funds rate influence the prices of financial assets more broadly and this, in turn, affects the broader economy. an important insight of modern monetary theory is that this transmission of monetary policy to the broader economy through its many channels works best when the central bank is transparent about its goals, policy strategy and approach to implementing its strategy. in this case, market participants and households both understand and can anticipate actions by the central bank. by doing so, the transmission channels of monetary policy are enhanced. this places considerable importance on effective central bank communication. recognizing this, the fomc has undertaken many initiatives over the years to improve its communications with the public. these include providing clarification in terms of the goals of monetary policy, discussions of the fomc ’ s broad policy strategy, as well as fomc participants ’ ongoing explanations of their views on