Team A: Daniel Urena, Rafael Aguilera, Sean Patrick Caudill, Kevin Bennett
January 19th, 2015
Economic Forcasting In any subject searching for viable and valid research sites is of utter importance to the success of any study or paper that needs to be written. In the specifies of the economic world it is important to find valid sources and make sure to vet them carefully as often times some of the same subjects are argued on both sides and it is important for us as the researchers to be able to differentiate. The below are some of the sites that we as a group have discovered to be useful for the necessities of the class.
There are many reasons why resources are valuable and useful in the world of economics. The Bureau of Economic Analysis or BEA is a unit of the U.S Department of Commerce. The BEA is a federal agency responsible for measuring the U.S economy. This agency is known as one of the world’s premier economic statistical agencies. The BEA measures what is being produced, what is earned, and how it is being spent. This source is valuable and useful because it holds so much information under one roof. They can look at the different divisions that they have working for them, and pull up any information needed.
Another important resource that is valuable and useful for economics is the Federal Reserve Economic data or FRED. FRED is an online data base consisting of more than 240,000 economic data time series from 76 national, international, public, and private sources. FRED does more than just provide data; it combines data with a mix of tools that help get a better understanding of the data to its user. FRED allows a user through the aspects and tools of the data base.
Gathering historical economic data as well as economic forecast data can be a very important and useful tool for a business, business research, and planning. There are several resources available in which a company can access this type of information for their advantage. For instance, through archiving data, collecting and running records, recollecting, economic data and forecast service providers or analytics, and other secondary resources. One useful source is the economy library, their website lists multiple economic data resources to different variables such as inflation, consumer reports, price index, accounts data, and the U.S. Census Bureau just to name a few. The government can create factors that will make an impact on aggregate supply and demand, for example the government can create policies that can adjust the taxes which will influence how the consumers will spend money and increase consumption expenditures.
The Bureau of Labor Statistics provides both qualitative and quantitative forecasting tools. An example of a qualitative forecasting tool includes measures of education and training. Most reports consist of quantitative data. An example of a quantitative BLS report used in forecasting includes the Jobs Report. The statistical data contained in the Jobs Report indicates to economists the trend in the labor force. Increases in employment show improvement in the economy. Economists combine these statistics along with many…