Problem
Mary works in Finance and her supervisor has asked her to provide current economic data in order to make more informed decisions. Proceed with the following steps below.
I. Go to bls gov. You will look into Major Economic Indicators.
II. Mary's supervisor would like to know how the value of the dollar has changed. Under the "Subject" tab click on Consumer Price Index (CPI) followed by "CPI Data" then "Interactive Charts." Click on the drop down arrow and select "Average Price Data, select `` Item" and select "Go." The areas of interest to select include "Bananas, Eggs, Milk, and Ground Chuck" only. Take a screenshot of this graph and post it in the worksheet tab labeled "CPI." Analyze the data, explain in which years there were highs and lows and why you think that is.
III. Mary's supervisor would also like to look at the unemployment rate. Under the "Subject" tab click on "National Unemployment Rate" followed by "Data Tools" then "Top Picks."Underemployment click "Unemployment Rate" followed by 'Retrieve Data" on the bottom of the screen. Click on the "Include Graph" checkbox followed by "Go." Take a screenshot of your graph and insert it in the worksheet labeled "Unemployment." Based on the latest data and the table below your graph, what is the percent difference in the unemployment rate from last year and why? For the rest of the data collection you will now use.
IV. Now the supervisor wants a graph for the Employment Cost Index (ECI) which indicates how the cost of employment has changed over time. You are now to collect this data from FRED, by typing in "ECI" in the search box. You will select "Employment Cost Index: Total compensation: All Civilians." Modify the frequency to annual and for the past decade. Take a screenshot of your graph and include it in the "ECI" worksheet below. Within the past decade what is the percent change in compensation?
V. You are to do the same as part #4 above for U.S. Import and Export Price Indexes. Mary's supervisor now wants a graph to understand how much the U.S. is Importing versus Exporting. Select "Import Price Index (End Use): All Commodities." You also want to add a line for exports. Under "Edit Graph" go to "Add line" and type Export and search for "export and choose "Export Price Index (End Use): All commodities." Add this line to the graph. Ensure all your data for both lines indicate "annual." Make a screenshot of this graph and post it in the worksheet labeled "Import Export." Analyze the data and explain what is going on throughout the time period. Why do you think that is?