ECONOMIC INDICATORS
Scott Wallace, Ph.D. Director and Editor, CBEI; Professor of Economics, Sentry School of Business and Economics Kyle Pulvermacher Senior Research Assistant, CBEI
As Kevin Bahr’s report indicates, the economy’s performance continues to face challenges with respect to inflation, rising interest rates, tight labor markets, bank failures, and housing affordability. The story that the following economic indicators tell complement Kevin’s report by providing more data sources and greater focus on the state and local economy.
National Economic Statistics Table 1 Key Economic Indicators (First Quarter) 2023 First Quarter
% ∆ Yr. Ago
Nominal Gross Domestic Product (in Billions) Real Gross Domestic Product (in Billions)
$26,465.90 $20,235.90
7.0 1.6 0.5
Industrial Production (2017 = 100)
103.0
Description: • Nominal Gross Domestic Product (in Billions): The dollar value of all final goods and services produced in a year, using current prices. • Real Gross Domestic Product (in Billions): The dollar value of all final goods and services produced in a year, using prices from a base year (2017) to adjust for inflation. • Industrial Production Index: Measures real output (as a percentage of actual output in 2017) produced in the United States in manufacturing, mining, and electric and gas utilities. Analysis: • The first quarter increase of Real GDP of 1.6% from 2022 Q1 shows that economic growth increased at a modest rate even as interest rates have continued to climb. • The industrial production index is an excellent indicator of the health of the manufacturing sector. While the Q1 2023 number of 103.0 is marginally better than one year ago, the index has fallen since the end of 2022 which may indicate slower growth in the manufacturing sector.
Central Wisconsin Report - Spring 2023
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