Economic growth

The economy's ne for workers originates in the demand for the advantageouss and services that they provide. thus in order to project trade BLS starts by estimating the production of final--or complete--good and services produc in the United States for each year of the projections decade. This measure is called gros domestic returns (GDP). Then, BLS estimates the size--in inflation-adjusted dollars--of the five major categories of production. The categories are:

* Personal consumption expenditures. This category includes the things that individuals purchase including goods (such as automobiles, clothes, and food) and services (such as education, healthcare, and rental payments).

* Gros private domestic investment. This includes business investment in equipment and software, the construction of factories and residential mode of buildings and changes in business inventories.

* conduct consumption expenditures and gross investment. This includes profitables and services bought by Federal, State, and local governments

* Exports. These are profitables and services produced in the United States and purchased in foreign countries.

* Imports. Imports are beneficials and services produced abroad and purchased in the United States. Because GDP measures production in the United States, the value of imports is subtracted from the other four categories of GDP

Finally, BL breaks down these major categories into more detailed singles such as the production of medical services, automobiles, and pabulum and beverages.

Changes in the horizontal and composition of production will affect industry calling levels. For example, an increased horizontal of business investment in microcomputers will increase avocation in the computer industry and in all those industries, like as electronic components, that provide inputs to the computer industry. In move round occupations that those industries occupy also will grow.

individual chart shows a measure of productivity--the amount an employee bring outs per hour of work--over time. This impressed sign of productivity is calculated through first measuring total nonfarm output This includes all of the profitables and services purchased--and all of the additional serviceables and services used to make them. Then, total output is divided by dint of total labor hours. Productivity as shown here concentrates upon the output produced by labor and may differ from other BL measures.

A final chart in this section illustrates production from an industry standpoint. It exhibits how much of total output each industry division generates.

Unlike previous charts, the charts in this section exhibit annual rates of growth instead of change above the entire projections decade. Annual rates are used here, in part, because they are the measure used for other economic indicators, including inflation.

To display changes in demand more accurately, dollar amounts in this section are given in 2000 chain-weighted dollars rather than in common dollars. This means that amounts have been adjusted for changing prices above time. Only the last chart in the section is based upon current dollars.

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