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Encyclopedia > Economic indicator

An economic indicator (or business indicator) is a statistic about the economy. Economic indicators allow analysis of economic performance and predictions of future performance. A statistic (singular) is the result of applying a statistical algorithm to a set of data. ...


Economic indicators include various indices, earnings reports, and economic summaries, such as unemployment, housing starts, Consumer Price Index (a measure for inflation), industrial production, bankruptcies, Gross Domestic Product, retail sales, stock market prices, and money supply changes. Economic indicators are primarily studied in a branch of macroeconomics called "business cycles". The leading business cycle dating committee in the United States of America is the National Bureau of Economic Research. The examples and perspective in this article or section may not represent a worldwide view. ... Housing Starts are an important indicator of the state of the economy. ... In economics, a consumer price index is a statistical time-series measure of a weighted average of prices of a specified set of goods and services purchased by consumers. ... Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. ... IMF 2005 figures of GDP of nominal compared to PPP. A regions gross domestic product, or GDP, is one of the several measures of the size of its economy. ... In commerce, a retailer buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells individual items or small quantities to the general public or end user customers, usually in a shop, also called store. ... The New York Stock Exchange A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ... The examples and perspective in this article or section may not represent a worldwide view. ... Macroeconomics is the economics sub-field of study that considers aggregate behavior, and the study of the sum of individual economic decisions. ... // [edit] Introduction [edit] Definition If we were to take snapshots of an economy at different points in time, no two photos would look alike. ... The National Bureau of Economic Research (NBER) is a private, nonprofit, nonpartisan research organization dedicated to studying the science and empirics of economics, especially the American economy. ...


The Bureau of Labor Statistics is the principal fact-finding agency for the U.S. government in the field of labor economics and statistics. The Bureau of Labor Statistics was founded in 1884 by President Chester A. Arthur. ...

Contents

Types of Indicators

Leading, Coincident, Lagging

Coincident indicators are indicators which occur at the same time as the economic activity.


Example:

  • Payroll
  • Personal income less transfer payments and overall change in GDP


Leading indicators are economic indicators that dont have a life or a fish which tend to change before the general economic activity.


Example:

  • Stock prices
  • Average work hours in manufacturing sector
  • Orders for Housing

Lagging indicators trail behind the general economic activity. See published material by Rosa Luxemburg and Leon Trotsky on the Theory of Combined and Uneven Development. This discussed the dramatic disproportionality between economic and social development, between separate regions, adjacent nation states and within nation-states themselves. ...


Example:

  • Unemployment rate
  • Percentage change in CPI
  • GDP (sometimes)

The time difference between the indicator and the economic activity is called lead time or lag time.


Correlation

An indicator can also move in the same or opposite direction of the general economic activity. Pro-cyclical indicators move in the same direction as the general economic activity. Counter-cyclical indicators move in the inverse direction of the general economic activity. Unemployment is an example of a counter-cyclical indicator. Statistically, correlation can be used to determine whether an indicator is pro- or counter-cyclical. Linear correlations between 1000 pairs of numbers. ...


See also

The Bureau of Labor Statistics was founded in 1884 by President Chester A. Arthur. ... In economics, a consumer price index is a statistical time-series measure of a weighted average of prices of a specified set of goods and services purchased by consumers. ... A measure of inflation that excludes certain items which face volatile price movements. ... The Conference Board is a non-profit business organization comprised of business executives in the United States that hosts conferences, conducts research, and produces a number of economic statistics, including the Consumer Confidence Index, CEO Confidence index, the help wanted index, and indexes of leading indicators, coincident indicators, and lagging... Fundamental analysis of a business involves analysing its financial statements and health, its mangement and competitive advantages, and its competitors and markets. ...

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