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Category: Business and Industry
Date Submitted: 11/12/2012 07:18 AM
Economic Advisement Paper
The job of a United States economic advisor is to assist in the creation of economic policies, provide general economic forecasting, and analyze data to identify trends. The task of evaluating the current state of the United States economy requires the review of four very important areas; unemployment, expectations, consumer income, and interest rates. Government spending and taxes influence the performance of these factors. The primary goal is to identify areas of improvement and provide recommendations to improve economic sophistication.
Unemployment refers to calculations based on the United States Bureau of Labor Statistics’ attempt to accurately reveal the number of Americans without work but actively seeking a position (Amadeo, 2012). The current state of U.S. unemployment rates identifies a 0.3% decline as of October 5, 2012. According to John M. Galvin, Acting Commissioner for the Bureau of Labor Statistics, unemployment rates remain steady at 7.8% for the month of September (United States Department of Labor, 2012). The average job gains are around 146,000 each month.
One of the phenomenal aspects about the data analyzes provided by the United States Bureau of Labor Statistics is the ability to identify specific age range, field of work, and geographical area experiencing an increase or decrease in job loss. The U.S. economic statement of employment is released monthly. Primary focus outlining employment status for job fields, such as ambulatory health care, transportation, manufacturing, temporary employees, and hourly versus salary wages. In September 2012 persons age 20 to 24 experienced the most increase in employment (United States Department of Labor, 2012). As an economic advisor haven is found in that the recession is over, and the economy is returning to its original incline. To decrease unemployment rates employers must feel safe and current government spending, regulations, and taxation is a primary...