Taking It to the Net

Abstract

This assignment studies the U.S. gross domestic product (GDP), U.S. manufacturing employment trends, and the state of Illinois employment trends in order to forecast company sales over the next few years. Specifically, this paper analyzes the GDP and the employment trends over the past four years. It also discusses the effect GDP has on the U.S. economy (such as inflation) and how technology and the lack of skilled labor have affected the employment trends. Statistics will also be shared showing the change in GDP and the different employment trends. The consumer price index over the last four years will also be examined to measure the pace of inflation.

Keywords: gross domestic product (GDP), employment trends, inflation, consumer price index (CPI)

Taking it to the Net

So how do you forecast a company’s sales for the next two years? What kind of data do you review to make an educated forecast? A company’s future sales can be determined by many different factors, some of these factors include: the gross domestic product in the United States, employment trends in the manufacturing industry and the consumer price index. The state of Illinois’ employment trends will also be discussed and what economic changes have inclined the changes in them. Government bureaus such as the Bureau of Economic Analysis and the Bureau of Labor Statistics have created countless databases to disclose all of this information to the public.

So what do these factors mean? Gross domestic product or GDP is the total value of final goods and services produced in a country in a given year. (Nickels, McHugh, McHugh, 2014) Employment trends show the rise and fall in employment in a particular area in a specified amount of time. The consumer price index is a group of statistics that measures the rate of inflation and deflation.

Since the industrial revolution manufacturing has played a major role in America’s GDP.

GDP is used as an important instrument by...