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Description

This series of lessons will introduce you economic data that economists use to assess the health of the economy. You will act (with some guidance) as the doctor, checking the data and deciding whether further treatment is necessary.

Box 1 - Gross Domestic Product

Billions of Dollars
Date
Value
Q4 202429723.864
Q3 202429374.914
Q2 202429016.714
Q1 202428624.069
Q4 202328296.967
Q3 202327967.697
Q2 202327453.815
Q1 202327164.359
Q4 202226734.277
Q3 202226272.011
Q2 202225805.791
Q1 202225215.491
Q4 202124777.038
Q3 202123921.991
Q2 202123368.861
Q1 202122656.793
Q4 202022068.767
Q3 202021684.551
Q2 202019935.444
Q1 202021727.657

Box 2 - Gross Domestic Product

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FRED Graph

Box 3 - Real Gross Domestic Product

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FRED Graph

Box 4 - Real Gross Domestic Product

Percent Change from Preceding Period
Date
Value
Q4 20242.400
Q3 20243.100
Q2 20243.000
Q1 20241.600
Q4 20233.200
Q3 20234.400
Q2 20232.400
Q1 20232.800
Q4 20223.400
Q3 20222.700
Q2 20220.300
Q1 2022-1.000
Q4 20217.400
Q3 20213.500
Q2 20216.400
Q1 20215.600
Q4 20204.400
Q3 202035.200
Q2 2020-28.100
Q1 2020-5.500

Box 5 - Real GDP with Quarterly Bars

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FRED Graph

Note

Box 6

Each bar represents the growth rate of the economy measured on a yearly basis, but updated quarterly. You can see that economic growth has been positive for most quarters, but there have also been negative quarters. A bar that extends upward from the horizontal line indicates positive Real GDP, or economic expansion. And, because rising Real GDP levels indicate more production, and more production requires more resources – including labor – rising GDP usually means the economy is creating jobs for people. A bar that extends downward from the horizontal line indicates negative Real GDP, or economic contraction. Recessions are indicated by shaded areas.

Note

Box 7

The Federal Open Market Committee issues a forecast for their view of longer run growth rate of real GDP. Each of the members of the FOMC indicates their economic outlook every quarter. The median of these measures is a good estimation of the economy’s normal, or potential, growth rate.

Box 8 - Longer Run FOMC Projection for the Growth Rate of Real Gross Domestic Pr...

1.800
Fourth Quarter to Fourth Quarter Percent Change
2016-12-14

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