Economic Forecasting and Team Summary
Team A: Burdette Gray, Brandon Lamb, Christina Sanchez,
Cameron Strong and Amelia Portis
June 24, 2013
Professor Joe Timmerman
Historical data is past information about a company that is used to help forecast the company’s future. It contains information such as revenues, growth, earnings, historical price and price/earnings ratio. Economic forecast data is the process of attempting to predict the future condition of the economy. This process uses statistical models utilizing variables that are sometimes called indicators. These economic indicators are mostly known as include inflation and interest rates, retail sales and unemployment rates, GDP growth/decline.
There are several resources that can be used to research economic data. One resource would be the U.S. Census Bureau. Through their surveys, data can be collected on several sub-categories such as: population, income and poverty, housing, and business activity. This information can also be examined on a smaller scale (e.g. by country or state). Another useful resource would be utilization of the Federal Reserve Economic Data. This resource reports on transactions that include interest rate, bank data, exchange rates, price and regional data, and monetary aggregates. All of which are important factors when attempting to forecast economic trends on domestic or global scales. The Bureau of Economic Analysis provides financial data that include national and international transactions. This data base provides statistic information that affects the economy and individuals. The Bureau of Labor Statistics provides employment history, unemployment history, inflation rate, pay and benefits and demographic information that can be used to project growth and to make necessary changes.
The U.S. Department of Commerce is a resource that promotes economic growth.
It is their mission to promote job creation and improved living standards for...
References: BEA, 2013. http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm.
BLS, 2013. Retrieved from http://stats.bls.gov/cpi/tables.htm.
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