Using data from the Bureau of Labor Statistics on the Consumer Price Index (CPI), students investigate the latest release for October 2014. Students will explore the difference between seasonally unadjusted and adjusted data are and the role of each.
This lesson focuses on the second estimate of U.S. real gross domestic product for the fourth quarter (Q4) of 2012, as reported by the U.S. Bureau of Economic Analysis (BEA) on February 28, 2013. The current data and historical GDP data are explained. The meaning of GDP and potential impacts of changes of GDP are explored. This lesson will also raise questions about the impact of the current level of growth on the U.S. economy and individuals.
In this lesson, students explore the advance estimate of real GDP data for the third quarter of 2014. These data, released by the Bureau of Economic Analysis, are presented first as estimates, then as revisions as more data for the time period is collected. This lesson uses data from the initial estimate of the 3Q 2014 activity. Students will understand the recent trends in real GDP, as well as gain insight into the range of GDP growth that is considered optimal. They will also analyze broader patterns of GDP growth to make more accurate judgments about the true state of the economy's health.