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Economic Indicators/Statistics INLS 227 Spring 2005 Major federal agencies involved in dissemination of statistics Other federal agencies that use and analyze data Council of Economic Advisors Congressional Budget Office Bureau of Economic Analysis (part of DOC)

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economic indicators statistics

Economic Indicators/Statistics

INLS 227 Spring 2005

other federal agencies that use and analyze data
Other federal agencies that use and analyze data
  • Council of Economic Advisors
  • Congressional Budget Office
  • Bureau of Economic Analysis (part of DOC)
  • D of Agriculture’s Economic Research Service
non federal agencies that produce and analyze data
Non-federal agencies that produce and analyze data
  • American Chamber of Commerce Researchers Association (ACCRA Index)
    • Cost of Living Index by major metro area and items
  • The Conference Board -not-for-profit organization
  • Federal Reserve System
Business Cycles
    • Attempt to understand cycle behaviors, thereby discovering key indicators
    • Long-term cyclical patterns
    • Grow and contract
  • Economic Indicators
  • Activities that have direct consequences on future events
    • Building permits
    • New business incorporations
    • Inventory levels
    • Orders by manufacturers for equipment
    • Average work week of production workers
    • Stock price fluctuations
basic statistical concepts
Basic Statistical Concepts
  • Sampling
    • Use a smaller segment of the unit being studied to make inferences about entire unit.
  • Time Series
    • Like data collected that measure change over time.
        • Unadjusted, seasonally adjusted
  • Forecasts and Projections
    • Predictions of future, forecasts are shorter, projections tend to include more years.
  • Index numbers
    • Ratio of one number to another, used for comparisons. Can measure change over time or compare current.
important economic statistics
Important Economic Statistics
  • Federal Economic Indicators
  • Index of Leading Economic Indicators
  • GNP: The National Income and Product Accounts (NIPA)
  • GDP
  • Labor Force Data
  • Price Levels and Inflation (Consumer Price Index – Producer Price Index)
  • Other Key Indicators
      • Federal deficit
      • Federal budget
      • Balance of Payments
      • Money Stock (supply)
locating timely economic information
Locating Timely Economic Information
  • Obtain numbers immediately
    • Press releases to media
        • News wire services
          • Reuters, CNNfn, Dow Jones
        • Television, Radio
    • Consult standard release dates
        • CPI released by BLS during 3rd week of each month
        • Other Economic Indicators release dates – found online
locating economic statistics information quarterly monthly weekly
Locating Economic/Statistics Information(quarterly, monthly, weekly)
  • Survey of Current Business
  • Monthly Labor Review
  • Economic Indicators
  • CPI Detailed Report
  • Federal Reserve Board
  • Treasury Bulletin
  • Employment and Earnings
locating economic information basic aggregators of long term economic statistics
Statistical Abstract of the U.S.

Historical Statistics of the US Colonial Times to 1970

Business Statistics of the U.S.

Economic Report of the President

Handbook of U.S. Labor Statistics

Economic Indicators Handbook

International Financial Statistics Yearbook (online, cd-rom)

Statistical Yearbook

Locating Economic Information Basic Aggregators of Long Term Economic Statistics

S&P Statistical Service

locating statistical information
Locating Statistical Information
  • Determine which government agency or private organization is responsible for collecting data
  • Consult publications
  • Not perfect – Federal Reserve Board publishes Index of Industrial Production
  • Rely on guides to statistical sources
using guides to statistical information
Using Guides to Statistical Information
  • Footnotes to Statistical Abstract of the US
  • Statistics Sources (Gale Publication - print)
  • Encyclopedia of Business Information Sources (print)
  • LexisNexis Statistical
  • Bibliographies and subject guides
      • U of Michigan Statistics
  • Guide to Economic Indicators (print)
  • Google, Yahoo …
  • FedStats