Present Day Macroeconomy Essay

Present Day Macroeconomy Essay

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After nearly two years of sluggish economic growth, the pace of economic expansion has finally began to accelerate. Today the U.S. economy is strong and getting stronger. After experiencing a series of significant shocks during the previous years - recession, dot-com collapse and stock market meltdown, terrorist attacks, and corporate wrongdoing, the American economy has managed to remain optimistic. Over the past three quarters, real GDP has grown at the fastest pace in nearly twenty years. Job creation is moving into full gear. The economy has posted steady job gains for each of the last ten months - creating more than 1.5 million new jobs since August. Inflation remains low by historical standards, with the CPI (Consumer Price Index) and the core finished-goods PPI (Producer Price Index) both rising only 1.7 percent over the last 12 months (www.bea.gov). Even interest rates remain near historic lows. Many factors contribute to the rise in economic growth. Economists are able to predict whether our future economy will be one of prosperity and success or one of despair and decline after careful analysis of these factors takes place. Interpreting the major economic indicators of the past year, Americans can make the case for optimism toward a recovering and flourishing economy.

To look at the overall economic activity, the Gross Domestic Product must be examined. This is a measurement of the market value of all final goods, services, and structures produced in one year by labor and property located in the United States. GDP is divided into four distinctly separate categories: consumption, investment, government purchases, and net exports. This will be explained in more depth later. Real GDP growth picked up sharp...


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...of the macro economy from August 2003 to August 2004, one should have a better understanding for what economic indicators are, how they are defined, and how they are measured. Economists use these measurements to explain economic growth and activity and forecast future economic hardships or other important economic conditions. Due to the increasing rates in productivity, employment, Gross Domestic Product, Consumer Price Indexes, and the variety of macroeconomic sectors, one can assume the United States economy is in period of economic growth. Interest rates are low, consumer spending is high, and people are generally satisfied with their lives. Now that there is a better understanding for how the macro economy works, in particular the previous four quarters, people can clearly see how the economy not only affects them, but how they in turn affect the economy.

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