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US Economics Presented to professor D Mark Oliver In partial fulfillment of the requirements of Economic Problems By Kevin Carrico Aug 7 2005 Our economy is growing at a solid 34 percent annual rate in the second quarter setting the stage for steady second-half expansion as inventories fell and Midwest manufacturing picked up government and industry reports on show The quarterly report on gross domestic product or GDP showed core inflation well contained but analysts said there was enough price pressure after nine quarters of growth exceeding 3 percent to keep US interest rates on the rise Gross domestic product the broadest measure of the nations economy grew at an annual rate of 34 percent in the second quarter the Commerce Department reported down from a 38 percent growth rate in the first quarter Current-dollar GDP the market value of the nations output of goods and services--increased 59 percent or 1774 billion in the second quarter to a level of 123762 billion In the first quarter current-dollar GDP increased 70 percent or 2036 billionThe major contributors to the increase in real GDP in the second quarter were personal Consumption expenditures exports equipment and software residential fixed investment and government spending The contribution of these components was partly offset by a negative contribution from private inventory investment The unemployment rate went from the first quarter of 7794 to the second quarter of 7599 The augmented unemployment rate also takes into account jobless people who arent counted among the officially unemployed because they havent searched for work lately but who would take a job if offered one Call them job-wanters It adds the job-wanters to the officially unemployed and divides the sum by the sum of the labor force and the job-wanters Consumer spending is the one key to any market economy On the airwaves theres never a shortage
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