Economic Forecasting Case

Economic Forecasting

When determining the importance of economic forecasting, team A discussed the financial aspect, and it shows what could come to past financially in the economy. This is based on the current and historical data. The data is gather to determine how the economy can improve the present and the future. It also gives the value of what to expect in the present and future of the economy.

Historical Economic Data

Team A discussed several economic databases that included the Bureau of Economic Analysis (BEA), Bureau of Labor Statistics (BLS), Congressional Budget Office (CBO) and Office of Management and Budget (OMB). Bureau of Economic Analysis (BEA) are tables with National Income and Product Accounts (NIPA), Gross Domestic Product (GDP) and components, associated international and regional data. The information in this database allows businesses, agencies, researchers, and the American people to understand better what is going on in the U.S. economy. Bureau of Labor Statistics (BLS) Employment, labor force, unemployment, Consumer Price Index (CPI) and producer price index (PPI), productivity, regional components, and much more. This database is the number one tool for Federal Government in the broad field of labor economics and statistics. Lastly, Congressional Budget Office (CBO) handles economic forecasting and fiscal policy analysis, scorekeeping, cost projections, and an Annual Report on the Federal Budget. The team concluded that all economic database are extremely important to America's economy.

Conclusion

We have determined that there are just as many resources for locating historical data as there is resources for forecasting economic data for the future. The use of these databases can help one cultivate a better understanding of what is going on in our economy and make necessary modifications for the future. We