Economic Forecasting Paper

Topics: Economics, Economy, Supply and demand Pages: 2 (734 words) Published: December 3, 2014
Economic Forecasting Paper 

Two historical economic data where information can be found are Bureau of Economic Analysis, U.S. Department of Commerce and FRED, Economic Time-Series Database. The FRED database comprises the national economic and financial statistics as well as interest rates, consumer price indexes, employment and population and trade data. This database is a valuable source because this consents populaces to see how the country's financial state is. The Bureau of Economic Analysis includes estimates concerning national, international, and regional economic activity. The first source that I would use is the U.S Department of Commerce/ Bureau of Economic Analysis.  I would use this source because the data here is first accurate and for the most part of to date. This site gives you real up to date data on the real GDP. This resource gives you data on consumer spending which is one important resource that needs to be looked at and tells us how the economy is doing. The second source that I would use is the National Bureau of Economic Research. This site gives you additional sites for gathering data relating to historical economic data. For economic forecast data I would use information gathered from Dow Jones Average which provides not only historical data and can gives us an outlook on how the economy is doing and can predict the future on our economy. With these resources a qualitative factor can be that most of these resources can expert driven who can in turn see the short term goals of business and products. The quantitative factors in these resources eliminate the experts and rely on the people and focuses on the long run of the economy. It also provides statistics decision influenced by the government officials, business people, households and individuals. The quantitative of each site is that they included tax list information and census return evidence. The Bureau of Economic Analysis and FRED database qualitative used are they both...

References: U.S. Department of Commerce. (2012). Retrieved from Bureau of Economic Analysis: http://www.bea.gov/
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