2 Significant U.S. Economic Reports to Read

Many workers worried about the stability of the economy in the U.S. have the right to decide if the government has taken steps to better the interest of workers. But to do so, they must refer to data recounted in economic reports gathered by officials and employers alike. It pays. Which economic reports carry the most significance for workers and families?




National Gross Domestic Product:

The total output of goods and services produced annually by labor and property in a nation, economic reports of gross domestic product in the United States remains the most exhausitive report on labor. Workers should become familiar with the totals to gather a sense of what is normal for the economy considering the economic forces.

Particularly, the GDP totals fluctuate between 2.5-4% each quarter. Both "real" and current dollar totals report the growth of the economy. The U.S. reports a GDP of around $50,000 per capita.


Unemployment Rate:

Also, economic reports on unemployment provide the labor force suggestions on how volatile the labor market stands at a given time. Is it easier to get a new job? Which sectors are hiring?

The unemployment rate reported by the Bureau of Labor Statistics each month gives a comprehensive view of the health of the labor market in the U.S.. Of course, the numbers won't fluctuate as much as the GDP, but workers should notice that the rate remains steady at around 7% in the U.S..


Issues:

What measures can workers take to improve current work conditions? Which labor sectors remain steady since the Recession?





                                                  SOURCES:

                                          -http://www.bea.gov/
                                          -http://www.bls.gov/eag/eag.us.htm

                                                  KEYWORDS:

                   economic report; unemployment rate; gross domestic product
                                                        
                                                          

Who's Who in the U.S. Federal Reserve

Just a few months ago the U.S. Federal Reserve experienced a shutdown which
prevented normal operation of the government agency. The facts remained. Officicals would be responsible for implementing policy to stabilize the economy. So, who were the responsible agency officials and what titles do they hold?



Meet the Board:

Basically, the Board of Governors that make up the central bank of United States has consisted of 7 members, all of which were nominated by the President and confirmed by the Senate. Recently, 4 new board members joined the Board to serve a term which begins every two years.

The new Chairman of the Board, Janet Yellen was elected just this past year along with a new Vice Chair. Other members who joined include Daniell Tarullo, Jeremy Stein, and Jerome Powell.


12 Districts:

To better centralize and structure the country, the central bank is divided into 12 districts. Forming 12 regional Reserve banks, the districts has set monetary policy for entire regions to carry out banking functions.

The 12 districts represented are San Francisco, Dallas, Kansas City, St.Louis, Chicago, Minneapolis, Cleveland, Boston, New York, Philadelphia, Richmond, and Atlanta. These districts has controlled the money supply and the minting of the Dollar.

Issues:

With a newly elected Chair, is the Federal Reserve back to normal functioning. Should we expect a shutdown next year?






                                                                   SOURCES:
                     
                          -http://www.federalreserve.gov/aboutthefed/bios/board/default.htm
                          -http://www.federalreserveonline.org/

                                                                  KEYWORDS:

                                                      central bank; agency; district

Latest Numbers from the Consumer Confidence Index

It's almost impossible to ignore the holiday rush that comes at the end of the year when U.S. families come together to celebrate. Count on it. Even the "after" holiday shopping creates a surge to the economy that makes it easier to start a new fiscal year. So, how much did consumer expectations improve for the last month of the year?




Consumer Confidence:

For the last month of the fiscal year of 2013, the Consumer Confidence Index records a 5 year high with a reading of 78.1. The monthly economic report shows that public has fewer complaints about current business conditions; a decrease in the percentage of consumers who thought conditions would worsen supports the read.

Also, consumer expectations for the new fiscal year increased. Business should improve in the market. The public appears ready to begin another business year.


U.S. Employment:

However, economic reports on U.S. employment present a different story. Particularly, consumers did not believe they would see an increase in earnings regardless of the increase in jobs on the labor market.

Fewer employees expect raises. But, it may be a little easier to get a new job.



Issues:

With the increase to the federal minimum wage requirement, should we expect the index to continue to improving? Will we improve beyond the base year of 1985?


                                                                SOURCES:
                         -http://www.conference-board.org/data/consumerconfidence.cfm
                         -http://www.bloomberg.com/news/2013-12-31/consumer-confidence-
                                    index-in-u-s-increased-to-78-1-in-december.html
                                  
                                                                  KEYWORDS:
                                         economic report; consumer confidence; employment

How U.S. Spending on Leisure Affects the Economy

Whether it be a trip to a five-star hotel out-of-town or a hot ticket to a baseball game, consumer spending on leisure precisely gauges public desire for the arts and entertainment. Not only does expenditures on leisure, especially tourism, drive commerce, leisure spending also guarantees economic activity outside of the regular business cycle. It only works.




Consumer Confidence:

In regards to consumer confidence, leisure spending works as an instrument for measuring the health of the economy. Workers who can afford to take a day off for leisure maintain a proper balance between work and domestic life.


There are cities that are dedicated to improving tourism in respective areas. As a matter of fact, cities like Atlanta, Minneapolis, and San Francisco report an expansion in tourism after winning major sporting events. The Beige Book cites those three areas as trendy favorites.


The Economy:

Although the U.S. economy thrives on the health of its working-class citizens, the economy suffers when workers can't afford a day off. Quality of life declines.

 Reports on leisure spending show that in the Atlanta area alone, tourism creates more than 200,000 jobs. Professional and collegiate sports support the Hospitality industry in the city. Many of the jobs created by tourism come from sporting events.


Issues:

With the minimum wage increase in place, will workers increase spending on leisure? Will employers also increase vacation periods in the future? Is the Hospitality industry willing to cut back?






                                                                         SOURCES:
                            -http://www.bloomberg.com/news/2013-12-04/u-s-federal-reserve-beige-book-
                                              atlanta-district-text-.html
                            -http://www.federalreserve.gov/monetarypolicy/beigebook/beigebook201312.htm
                                                                          
                                                                         KEYWORDS:
                                                     consumer confidence; leisure; economy