The United States’ economic forecasts

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According to recent economic forecasts, the United States' economy has undergone tremendous prosperity. According to these statistics, primary economic indicators such as the consumer price index (CPI), credit availability, and even the gross national product (GDP) have improved considerably. As a result, it is reasonable to predict the United States' economic results to improve over time.

To begin, the report on Gross Domestic Product: Third Quarter 2017 (Advance Estimate) shows that the level of American GDP increased by 3% in the third quarter of 2017. Furthermore, GDP rose by 3.1 percent in the second quarter (Mataloni & Aversa, 2017). Mataloni and Aversa claim that the increase is because of an incline in the rate of private investments and personal consumption expenditures. Consequently, the growth in the GDP has been attributed to some fiscal characteristics, key among them being the increased level of the federal government expenditure. The report, hence, justifies the assertion that there is a high likelihood that the economic performance of the United States is likely to keep on advancing in future.

The unemployment rate in America has also declined by 4.1 percent. The Bureau of Labor Statistics portends that there was a significant increase in the rate of the nonfarm payroll employment, which played a key role in curbing the unemployment rate (Bureau of Labor Statistics, 2017). According to its report, some of the non-agricultural sectors that enrolled more employees include the food services and drinking places. In October 2017, the manufacturing industry and private businesses also recorded an improvement in the number of the workers enrolled (Bureau of Labor and Statistics, 2017). This report also affirms the conviction that the American economy is likely to be more developed in future.

Reports by the board of governors of the Federal Reserve suggest that several key improvements have also been noted in the financial industry. To start with, the level of the commercial banks borrowing in the previous months has been reduced. For instance, in September 2017, there were 224 cases of borrowing from the Federal Reserve while the number of such cases was 151 in October the same year (Board of Governors of the Federal Reserve System, 2017). The amount of the currency held by the Federal Reserve Banks has risen in the recent months (Board of Governors of the Federal Reserve System, 2017). Additionally, the Board of Governors of the Federal Reserve System (2017) claim that the level of the consumer credits increased by an estimated rate of 5.5% in the third quarter of 2017, which implies that the citizens are in a position to get access to loans with ease. The insight from these reports indicates that the performance of the American economy will keep on improving due to the availability of finances, which justifies the thesis statement.

Reports by the Conference Board also affirm that there has been an advancement in the economic development of the United States. The board records that the Conference Board Leading Economic Index (LEI) rose by 1.2 % in October 2017 (The Conference Board, 2017). According to the board, the stable growth of the economy is expected to continue into the following year. It has also been noted that the Conference Board Coincident Economic Index (CEI) inclined by 0.3% in October the same year (The Conference Board, 2017). As justified by the Conference Board, it is rational to point out that the economy of America is anticipated to keep on developing in the following years.

The Bureau of Labor has also reported that the consumer price index (CPI) for the urban consumers increased in October. The Bureau points out that the CPI level for all items has increased by two percent in the last twelve months (Bureau of Labor Statistics, 2017). It is, hence, evident that this report also affirms the thesis statement.

Conclusion

To sum it all, the performance of the United States’ economy is anticipated to keep on advancing in the future. This assertion is justified by various reports from several organizations such as the Bureau of Statistics, which has pointed out that the CPI level of the nation has risen in the past few months and that the unemployment rate has significantly declined. The conference board also cites that LEI rose by 1.2 % in October 2017 while the Federal Reserve’s board of directors suggests that there has been a commendable performance in the financial industry. Finally, Mataloni and Aversa claim that the GDP level of the nation rose by 3% in October.

References

Board of Governors of the Federal Reserve System. (2017). Aggregate reserves of depository institutions and the monetary base – H.3. Board of Governors of the Federal Reserve System. Retrieved on 24 November 2017, from, https://www.federalreserve.gov/releases/h3/current/

Board of Governors of the Federal Reserve System. (2017). Consumer credit – G.19. Board of Governors of the Federal Reserve System. Retrieved on 24 November 2017, from, https://www.federalreserve.gov/releases/g19/current/default.htm

Board of Governors of the Federal Reserve System. (2017). Money stock and debt measures – H.6 release. Board of Governors of the Federal Reserve System. Retrieved on 24 November 2017, from, https://www.federalreserve.gov/releases/h6/current/default.htm

Bureau of Labor Statistics. (2017). Economic news release: Consumer price index summary. Bureau of Statistics. Retrieved on 24 November 2017, from, https://www.bls.gov/news.release/cpi.nr0.htm

Bureau of Labor Statistics. (2017). The employment situation – October 2017. Bureau of Labor Statistics. Retrieved on 24 November 2017, from, https://www.bls.gov/news.release/pdf/empsit.pdf

Mataloni, L., Aversa, J. (2017). Gross domestic product: Third quarter 2017 (advance system). Bureau of Economic Analysis. Retrieved on 24 November 2017, from, https://www.bea.gov/newsreleases/national/gdp/2017/pdf/gdp3q17_adv.pdf

The Conference Board. (2017). Global business cycle indicators: U.S. The Conference Board. Retrieved on 24 November 2017, from, https://www.conference-board.org/data/bcicountry.cfm?cid=1

November 09, 2022
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