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Define the three macroeconomic variables, and review the actual statistics of what has happened to each...

Define the three macroeconomic variables, and review the actual statistics of what has happened to each variable over the past two years in the U.S. Based on your reading, research, and understanding, what phase of the business cycle is the U.S. experiencing right now?

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Answer #1

Gross Domestic Product

Gross domestic product (GDP) is a measure of all currently produced final goods and services evaluated at market prices.US GDP $19.387 trillion dollars in 2017. The growth rate for 3rd quarter in 2017 was 3.3% highest in last 3 years . GDP for 2016 was $18.635 trillions

UNEMPLOYMENT

Percentage of labor force that does not have work.

In 2016 it was 4.80%

in 2017 it was 4.10%

inflation

a general increase in prices and fall in the purchasing value of money.

2016 1.28%
2017* 2.65%

US is in expansion phase of business cycle

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