Economic forecasting is extremely important for the successful development of any kind of business, as well as for the development of the country economics. Economic forecasting can be defined as a process or an attempt to predict the future condition of the economic situation. For the following purpose the set of statistic models are used. The following models use the variables which are usually called indicators. If to speak about the most commonly-used indicators, they include inflation and interest rates, the decline or growth of GDP, level of unemployment, the condition of retail sales, etc.
There exist a number of sources where the information necessary can be checked and tracked. Also it is possible to say that different resources provide various kinds of data for the research. Some of them concentrate on historical economic data, while the others pay more attention to economic forecast data. In the next part of the research the sources containing historical economic data will be considered.
The first one of them is Governor’s Office of Planning and Budget. On the following web-site the data from both the state and country level is gathered. The information is systematized in the form of Excel files which are in free access to download. On the web-site the information from different years is collected starting from 1980. The number of reports include the information about labour force, employment, unemployment and unemployment rate, non-agricultural payroll employment by SIC industry, non-agricultural payroll employment by NAICS industry, total non-agricultural wages and salaries, personal income and earnings, residential building permits, etc. The following resource contains both qualitative and quantitative data.
On the Trading Economics web-site it is possible to get the review of the most important economic indicators in the form of tables and charts. The resource shows the GDP growths rates, Central Bank interest rate, inflation, jobless rate, Government budget, the questions of currency and population. The resource enables to find the information in the chosen areas from different countries of the world. Also it gives the opportunity to conduct the comparative analysis of various economic indicators in different countries. The resource provides majorly the quantitative data.
Speaking about economic forecast data, also there exists the number of resources where it can be found. The first of them is the Financial Forecast Centre. The following resource provides predictions on the real and nominal GDP growth rates, inflation rates, export and import, non-residential and residential investment rates, consumer and producer price indexes, oil, gas and gold price predictions, jobs growth, unemployment rate and unemployment compensation rate, personal income, sales levels of different categories of products, total loans and leases, consumer credit, personal savings, etc. The resource provides both quantitative and qualitative data.
One more resource which deals with economic forecast data as well as historical forecast data is Economic and Consumer Credit Analytics. It helps to make predictions in the spheres of economic development, products and services, consumer markets, housing, export and import, etc. One more peculiar feature of the resource is that it gives the opportunity to …