ECONOMIC INDICATORS
Scott Wallace, Ph.D. Director and Editor, CBEI; Professor of Economics, Sentry School of Business and Economics Michael Brierton Senior Research Assistant, CBEI
Our economic indicators report largely shows an economy at the national, state, and local levels performing remarkably well. The reduction in inflation (if slow and halting at times) is now largely in line with the 2% expectations of the Federal Reserve. The unemployment rate at all levels remains remarkably low while economic growth continues to be strong. Note: We didn’t include our Table 15: Business Confidence Survey – Central Wisconsin Area for this edition. We hope to reintroduce the survey in the future after we make some important adjustments.
National Economic Statistics Table 1 Key Economic Indicators (Third Quarter 2024) 2024 Third Quarter
% ∆ Yr. Ago 6.25%
Nominal Gross Domestic Product (in Billions) Real Gross Domestic Product (in Billions)
$29,349.90 $23,386.20
2.8%
Industrial Production (2017 = 100)
102.7
-0.87%
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 & gas utilities. Analysis: • The 2.8% year over year increase in Real Gross Domestic Product (which is adjusted for inflation) shows a national economy growing at a healthy pace. • The Industrial Production Index reflects the performance of the manufacturing sector by comparing the current value of output as a percentage of output in 2017. The index shows a modest decline compared to a year ago.
Central Wisconsin Report - Fall 2024
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