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¶ … future of the economy. There are seven references used for this paper.
The United States economy has experienced several changes in the past few years. It is important to look five economic indictors in order to speculate the direction the current economy is moving in.
Consumer Price Index
The economy continues to gather momentum in the midst of pessimistic reports. In November, there were two economic reports issued by the government.
One showed orders for durable goods plunging 3.1% from October, the largest drop in more than a year, including a sharp decline in orders for capital goods. The other showed the consumer price index falling 0.2% from the previous month, while the more stable core index, which excludes energy and food, declined 0.1%, the first outright drop in 20 years (Cooper)."
Housing Starts and Unemployment
Treasury Secretary John Snow acknowledges there has been a decline in the jobless rate and "a number of other key indicators including housing starts, have remained strong (Unknown)."
The Blue Chip consensus feels that in 2004, "housing starts will slip but only slightly, since last year's level of 1.8 million, the highest since 1986, is a tough one to match (Benjamin)."
The Commerce Department "reported that construction spending in November set a record for the fifth month in a row, jumping 1.2% and construction has been up 15% in the past six months. The housing sector has buoyed the economy over the past few years and continues...
More than 300,000 gave up their search for jobs and dropped out of the pool of available workers (Strope)."
Producer Price Index
The Labor Department will issue December's producer price index on January 14th, 2004. In November there was a drop in the price indexes due to "tight inventories and the pickup in demand (Cooper)." Economists are not discouraged by these figures as "several one-time factors weighed on the price indexes. The 0.1% drop in core producer prices can be traced partly to fallbacks in prices of drugs, clothing, and appliances following increases in October. Those price swings carried into the index covering core consumer prices, and vehicle prices fluctuated as the Labor Department adjusted for quality improvements between the 2003 and 2004 models (Cooper)."
There are small price pressure increases, however. This is noted as "goods producers…
Works Cited
Benjamin, Matthew, Angie C. Marek and Richard J. Newman. U.S. News and World Report.
2004): 12 January.
Cooper, James C. And Kathleen Madigan. Business Outlook: U.S.Economy: The Tea Leaves
Still Say "Happy New Year." Business Week. (2004): 12 January.
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