The purpose of this project is for students to demonstrate their overall understanding of economic statistics and ability to analyze current data in respect to the health of the United States economyState of the Economy Project DirectionsDon’t use plagiarized sources. Get Your Custom Essay onUnderstanding Of Economic StatisticsJust from $13/PageThe audience for this project is your friends and family who do not know all the details about the economy. You can consider sharing this project with them!Please following the following outline to complete your project:IntroductionDescribe economic indicators and briefly describe the United States economyBusiness CycleWhat are the four phases of the business cycle? Which phase are we in now? When do you think the United States economy will move to the next phase? Visit the NBER website and review the recent business cycle data. How long as the economy been in the current phase?Gross Domestic ProductWhat does GDP measure? What is the current level of GDP for the United States? What is the percentage growth from last year? Do you expect this growth rate to continue?InflationHow do economists measure inflation? Did the CPI recently increase or decrease? Visit the Bureau of Labor Statistics website and explore the Consumer Price Index section. Summarize the latest press release and explain what caused the index to increase or decrease.UnemploymentHow do economists measure unemployment? Why is unemployment not a perfect measure of joblessness? Visit the Bureau of Labor Statistics website and explore the national unemployment rate section. What is the current level of national unemployment? Has it increased or decreased? Explain why the unemployment rate has changed.Monetary PolicyWhat is monetary policy? Who conducts monetary policy in the United States? Visit the Federal Reserve website and read the most recent FOMC statement. Did the FOMC increase or decrease interest rates? Explain why the FOMC changed the interest rate and how a change in the interest rate impact the economy as a whole.Fiscal PolicyWhat is fiscal policy? Is the President and Congress currently running expansionary fiscal policy or contractionary fiscal policy? Visit the Congressional Budget Office and report a project that could impact the budget (search topics then pick an area that you find interesting). International TradeVisit The Observatory of Economic Complexity and report the top five imports and top five exports of the United States. Which countries do we trade with the most? Should America encourage free trade with its trading partners or seek a more protectionist approach? Take a stand on this issue.Support your opinion with good economic reasoning. Who benefits from your approach and who loses? Why? Include impacts on both American citizens and the citizens of the other countries with whom we (U.S.) trade.ConclusionSummarize the overall state of the United States economy.For more information on Understanding Of Economic Statistics read this: https://en.wikipedia.org/wiki/Economic_statistics
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