Allyson James, Zachary Parker, Jermaine Clark, Paulette Scivoli, Susan Morris
September 2, 2013
Economic Forecasting Paper
Economic forecasting and historical data are tools that are used to assess the current and future state of the economy. Following is a list of resources that are helpful for retrieving historical economic data as well as economic forecast data with a brief description of each.
Bureau of Labor Statistics (BLS)
The Bureau of Labor Statistics (2013) states, “The Bureau of Labor Statistics of the U.S. Department of Labor is the principal Federal agency responsible for measuring labor market activity, working conditions, and price changes in the economy” (About BLS: Mission, para.1). It also provides a variety of data pertaining to subject areas such as inflation, unemployment/employment, productivity, pay and benefits at various levels. A few qualitative and quantitative forecasting factors include size and composition of population, labor productivity growth rate, growth in Gross Domestic Product, industry employment and output, and expectations regarding the Federal budget surplus or deficit.
U.S. Small Business Administration (SBA)
The U.S. Small Business Administration believes that small businesses are critical to the economy’s recovery and strength (SBA, 2013). It provides useful information and assistance that covers the country’s economy. This information ranges from consumer price index, employment statistics, and producer price index. In addition the SBA provides qualitative and quantitative forecasting factors through economic indicators that measures labor force, prices, financial series, orders and output. The economical information provided by the SBA can be used for consumers and businesses to understand and predict conditions adding to the sources value.
U.S. Department of Commerce Bureau of Economic Analysis
The U.S. Department of Commerce of Economic Analysis...