#276042.88_ Economics.docx - Economics 1 Student’s Name Professor’s Name Course Title Date Economics Economic statistics is a unit of applied

#276042.88_ Economics.docx - Economics 1 Student’s Name...

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Economics 1 Student’s Name: Professor’s Name: Course Title: Date: Economics Economic statistics is a unit of applied statistics that focuses on the data technique aspects such as collection, tabulation, presentation and analysis of a region’s economic data. Analysis of economic data utilizes and offers a pragmatic approach for economic research in a detailed and descriptive manner with an aim of providing credence to key decision making activities such as formulation of economic policies. This paper offers a summarized description and analytical view of five different economic statistics namely; consumer confidence, unemployment statistics, retail sales, orders for durable goods and change in inventories statistics. Consumer confidence index is an element of statistical data, which indicates the overall patterns, and reaction of consumers based on their spending or saving habits. This index varies among countries; but where major countries share significant global trade relations the consumer confidence index may be similar among them. Therefore, the following graph illustrates the trends of consumer confidence index in the United States recorded over a period of a hundred months.
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Economics 2 0.0 20.0 40.0 60.0 80.0 100.0 120.0 consumer confidence index Source: (Coyle and Diane 185). From the graph above, consumer confidence dropped throughout the months in the year 2010 thus indicating retrogression in economic growth (Coyle and Diane 185). It is quite evident that the worst economic time indicated in the graph is in the months between May and July in the year 2011. This is due to decreased consumer confidence implying decreased spending.
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