Eco 372 - Economic Forecasting - Federal Reserve Economic Data

Week Two: Economic Forecasting

Team A

Altonia Shaw, Ileana Bryan, and Maria Rojo

ECO/372

Instructor: K. Amoateng

UOP

July 9, 2013

Why is collecting historical data important? The past gives the present its significance. The outcomes of past incidences shape the present, and thereby the future as well. This week’s reflection details three resources used to gather historical and economic data and discusses how and why each is used.

Federal Reserve Economic Data (Maria)

The Federal Reserve is a database maintained by the research division of the Federal Reserve Bank of St. Louis that has more than 72,000 economic time series from 54 sources. The data series are organized into categories such as baking, business/fiscal, exchange rates, foreign exchange intervention, GDP, and interest rates. The Federal Reserve releases valuable information daily, weekly, monthly, and quarterly current releases of interest rates and monetary aggregates in table format. FRED is a very valuable source because some of the series go back through the 1960s; a few go as far back as the early 1900s. The economic data published on FRED are widely reported in the media and play a key role in financial markets.

Bureau of Economic Analysis (Altonia)

The Bureau of Economic Analysis (BEA) is valuable and useful because it provides a better understanding of the U.S. economy, and compiles an infinite amount of information into an easy to read and searchable format. As this relates to the grocery industry, it promotes a more comprehensive understanding of consumer spending, trends, patterns and pricing,