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