Comparing Population and Economic Data. Population Data --Population change is part of a biological process --Generally very slow, smooth curves (changes) --Not conducive to rapid changes (except in times of immense stress)
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Much of the following material is taken from this report.
1) The Census Bureau (Census)
2) Bureau of Labor Statistics (BLS)http://www.bls.gov
3) Bureau of Economic Analysis (BEA)
*Portions of this document will be required reading in next year’s Forecasting class.
In addition to a huge amount of data about housing and population, the Census Bureau also gathers and makes available data about business activity in the United States.
Business activity data series describe, by industry, characteristics such as: --the aggregate size of the industry (in terms of jobs), --the number of companies and establishments, and --measures of various other aspects of business operation (such as investments in building and equipment)
Key business activity data series include:
Economic Census (every 5 years)*
County Business Patterns (annually)*
Annual Survey of Manufactures (annually)
*We will discussing these data sources in more detail.
1) labor force status of persons (by place of residence),
2) jobs and wages (by place of work), and
3) prices and living conditions
1) Covered Employment and Wages (ES-202)*: a quarterly collection of job and wage data from all employers participating in state unemployment insurance (UI) programs
2) Current Employment Statistics (CES)*: through a monthly survey, an estimation of job levels and hourly wages, by industry
*We will be discussing these data sources in more detail.
1) Regional Input-Output Modeling System (RIMS II): output, earnings and employment multipliers by industry
2) Gross State Product (GSP): estimates of gross state product and its components for two-digit SIC categories
and services (Cd)
Taken from a Power Point presentation prepared by Pam Perlich at the University of Utah.
Individual Product Accounts
1) Personal consumption expenditures (Durables, Non-durables, Services) HOUSEHOLD
2) Gross private domestic investment (Residential fixed investment, Non-residential fixed investment, Business inventories) BUSINESS
3) Net exports of goods and services (exports of goods and services to other countries - imports of goods and services) EXPORTS - IMPORTS
4) Government purchases of goods and services (Durable and non-durable goods purchased by government, Payments for factor services by government) Doesn’t include transfer payments GOVERNMENT
1) Personal income ==> National income ==> Net national product ==> Gross national product
2) Personal income minus personal taxes = Disposable income
Gross domestic product (GDP): The market value of the goods and services produced by labor and property located in the United States. GDP measures all production within the borders of the country regardless of who owns the factors used in the production process.
Gross domestic income (GDI): Measures output as the costs incurred and the incomes earned in the production of GDP. In theory, GDP should equal GDI, but in practice, they differ slightly.
Gross national product (GNP): The market value of the goods and services produced by labor and property supplied by U.S. residents. GNP measures all production achieved by domestic factors of production regardless of where that production takes place.
Note: The difference between GDP and GNP is net receipts of income from the rest of the world. These net receipts represent income from the goods and services produced abroad using the labor and property supplied by U.S. residents less payments to the rest of the world for the goods and services produced in the United States using the labor and property supplied by foreign residents.
GDP = C + I + G +EX - IM
GDP = Residential Consumption (C) + Business Investment (I) + Government Expenditures (G) + Exports (EX) – Imports (IM)