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Question
When describing the state of the U.S. economy, reporters and commentators often refer to figures for the nation's GDP, its unemployment rate, and the CPI. Explain what each of these terms means and why each measure is significant.
GDP stands for gross domestic product, which is the total value of a nation's output of final goods and services for a specific year. It is a broad indicator of the overall performance of the economy. Increases and decreases in GDP indicate whether the economy is growing or stagnating. For example, when GDP falls for two or more consecutive quarters the economy is said to be in a recession.
The unemployment rate measures the number of civilians 16 or older that are actively seeking work but do not have a job. A high unemployment rate indicates that a lot of people who are able to work and want a job are without jobs. This is obviously undesirable, leading to less output and lower incomes in the economy.
The CPI is the consumer price index. The CPI consists of monthly statistics that measure the pace of inflation or deflation. Costs of goods and services--including food, apparel, and medical care--are computed to see if they are going up or down. The CPI is an important figure because some wages and salaries, rents and leases, tax brackets, government benefits, and interest rates are based on it.
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