The U.S. Economics and Statistics Administration, or ESA, releases monthly and quarterly Principal Federal Economic Indicators that businesses often rely on for decision-making. The ESA’s website lists these indicators and puts them into a national and global economic context. Here are three key economic indicators worth knowing:
Gross Domestic Product
GDP is an economic indicator that comprehensively measures the economic health of the nation. It is made up of the total value of the country’s production, as well as domestic goods purchases made by individuals, businesses, foreign people, and the government.
Personal Income and Spending
This report details all income that comes from wages, salaries, pension plan contributions, rental properties, and dividends and interest for every household in the nation. It also includes the total spent on both durable and nondurable goods and the amount put in savings.
Advance Monthly Retail Sales
This report is released every month and details the dollar value from goods sold in the country. It includes everything from clothing to gasoline to furniture, and the information is taken from the Census Bureau.
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