Macroeconomic Status Essay

636 words - 3 pages

MACROECONOMIC STATUS 2MACROECONOMIC STATUS 4Macroeconomic StatusNeina GonzalezChamberlain College of NursingPrinciples of EconomicsECON-312NProfessor Sarah JenykAugust 16, 2014Running head: MACROECONOMIC STATUS 1Macroeconomic StatusIntroductionThis paper will discuss the macroeconomic situation of the United States, including but not limited to unemployment, inflation and recession and the effect of these things on the economy.The Problem Although the United States has the leading economy in the world, it was in a recession in 2008, and began to slowly emerge from the financial woes of that time in 2009. The United States, at this time has an unemployment rate of 6.2 percent according to the U.S. Bureau of Labor and Statistics ("Employment Situation," 2014, p. 1), which is a slight decrease from the 6.7 percent rate in March 2014, and a great decrease from the unemployment rate of 10.0 percent in October 2009. This had a direct effect on the inflation rate. In 2004 he inflation rate was 3.3 percent, and reached a high of 4.1 percent in 2007, which is the highest it had been in the previous ten years. As of July 22, 2014 inflation rate was 2.1 percent, which is a vast improvement from the rates listed above, but still not as low as the rate of 0.1 percent in 2008. ("Inflation Rate," 2014, p. 1)The economy has been showing growth over the past five years, in area such as domestic product growth, but wage gains have not kept up with economic growth. From the second half of 2013 and the beginning of 2014, there has been improvement in the economic market and the country continues to move into economic recovery.The Gross Domestic Product (GDP) defines aggregate output as the monetary values of all final goods and services that are produced within the borders of a given country during a specified time frame which is usually a year (McConnell, 2012). To obtain an accurate...

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