Remember the formula for Real GDP, C + I + G + X
1) define & use in a good sentence:
2) What is the current level: bureau of labor statistics... BE CAREFUL OF THE DATE, YOU WILL WANT TO USE DATA AS CURRENT AS POSSIBLE!
3) What is the economic impact: How is this statistic, up or down, affecting the US economy?
4) **Make a graph of any 2:
5) Is there an up/down tick:
Define, use in a good sentence & Identify the current rate (see bottom):
• unemployment rate -- % (3%-10%) %of total labor force that is unemployed but actively seeking employment. As long as I continue to look for work I am part of the unemployment percentage. Current %= 5.8% Economic impact: When the economy struggles more people will be out of work, hence unemployment will rise. As unemployment rises, people have less money to spend as consumers. Unemployment is a key problem for an economy because unemployed people may need assistance if not a job.
• interest rate (Federal Reserve Board, Open Market Committee) -- % (1%-15%)
• inflation - % (USA – short term, -2% to +12%) CPI (Consumer Price Index), uses base year
• Oil prices (per barrel…$20-$30??) impacts gasoline, home heating oil, natural gas, & utilities (Supply, Factor Resource)
• Productivity (increase/decrease, %) How efficiently workers produce goods & service
• capital spending (Business equipment) (increase/decrease, %)
• GDP** (increase or decrease) (-4% to +6%) measured by quarters, considered measure of overall economic health & growth
• +’s or –‘s Indicate whether the stat is going up or down.
• small %’s --ID where you found the statistic & CHECK THE DATE!
