Economic Forecasting Case

Economic Forecasting

Gena Stokes, Harold, Jocelyn Muit, Novella Lawrence, Renata Cvetkovic

University of Phoenix

Principles of Macroeconomics

ECO/372

Jong Yi

July 02, 2015

Economic Forecasting

Economic data is data, in quantitative measures, that is gathered and used to describe the economy is present and past forms.  The data is typically demonstrated in a time-series form (covering more than one time period), or in cross-sectional form (covering one time period).  Economic data is becoming increasingly important, particularly to international investors.  Investors can monitor economic developments, strengths, and weaknesses that allows them to manage their investment risk.  Listed below are resources that are useful in gathering historical economic data as well as economic forecast data.

• United States Bureau of Economic Analysis – FRED database.

This database includes data such as interest rates, consumer price indexes, employment rates and trade data.  This source is valuable and useful because the data provides the financial state of the United States.  One qualitative factor found in this source is per capita personal income.

The U.S. Department of Labor, Bureau of Labor Statistics (BLS) is one of the primary resource tools of collective data and information on labor economics and statistics for the U.S. government. According to Bureau of Labor Statistics of the U.S. Department of Labor mission statement, the purpose is for “measuring labor market activity, working conditions, and price changes in the economy” (U.S. Department of Labor, Bureau Labor Statistics, 2015). The main functions are to “collect, analyze, and disseminate essential economic information to support public and private decision-making” (U.S. Department of Labor, Bureau Labor Statistics, 2015). Furthermore, the Bureau Labor Statistics releases data information of surveys, indices, and statistics. These data information include Current Population of Household Survey, Consumer Expenditure Survey, U.S. Consumer Price Index, Producer Price Index, U.S. Import and Export Price Indices.  Other data produced consist of Current Employment Statistics, Local Area Unemployment Statistics, Pay and Benefits, and the economy’s Productivity (U.S. Department of Labor, Bureau Labor Statistics, 2015).