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Mr./Ms. Economist, What is going on in the economy and how will this effect our business in our state of Ohio What should be d - Essay Example

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Introduction Economic situation in the country may be not encouraging however; it is not entirely discouraging as the recent performance does not show a bleak situation. Business cycle is an economic phenomenon which causes up and down movement in the economic activity on periodic basis…
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Mr./Ms. Economist, What is going on in the economy and how will this effect our business in our state of Ohio What should be d
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Download file to see previous pages (Moffatt). Recession occurs when a contraction is relatively harsher and is prolonged for more than three quarters. It is also however important to understand the difference between the recession and depression before one can comment on whether the economy is sliding towards depression or in recession. In US, National Bureau of Research determines whether the economy is sliding towards recession or not. A closer analysis of the data would suggest that the unemployment level is at 9% during the month of October which has slightly changed as compared to the previous month. (Bureau of Labor Statistics). What is critical to understand the overall inflation is decreasing while unemployment level remained relatively at same level. A low inflation rate therefore can continue to encourage customers to increase their spending and resultantly increase the aggregate production within an economy. In this paper I will discuss as to what is going on in the economy and how it is going to affect the business in Ohio State. Besides, what actions can be taken to improve the situation? What is happening in the economy? There are two important factors which outline the overall nature of the economic activity and its direction within an economy i.e. productivity as well as the unemployment level. The level of unemployment within US economy has been on the higher side since the economic downturn which started during 2007. The current figures suggest that the unemployment level in US is 9% which is relatively on the higher side but is on decline. The productivity has improved too from 0.1 to 2.3 from 2nd quarter of 2011 to 3rd quarter of 2011. Such a high increase in productivity therefore outlines that the US economy is relatively picking up and can make a strong rebound in a near future. Data suggests that the gross domestic product rose by 4% 1during the second quarter of 2011 showing a recovery from the previously depressing situation. A positive increase in gross domestic product therefore can be considered as one of the key signs of economic recovery as well as the improvement in the essential economic indicators. These indicators suggest that the economic at the domestic as well as at the global level is not going through the depression but rather it is showing the signs of recovery and can kick start a new phase in the global economic history. Unlike the depression of 1930’s the overall situation currently is not that same because indicators are relatively showing a different figure. (Smiley) Total level of unemployment within Ohio State as of Oct 2011 is 9% which is similar to what US economy as a whole is experiencing. It is however, important to note that the unemployment has reduced by 0.1% as compared to August 2011 suggesting that the Ohio economy, though is undergoing economic downturn, but is also slowly making a recovery.2 Given the overall economic situation of the country, Ohio State may find increase in unemployment rate. A higher unemployment rate often reduces the demand for goods and services because of the decline in the income level. As such business may, at one hand, can find skilled labor at relatively lower cost but can also find itself in generating the demand because consumers may not be willing to spend much due to their low levels of income. What needs to be done? In order to improve the situation and generate the necessary demand, it is important to ensure that inflation remains at low level. Low of demand can only stimulated if the ...Download file to see next pages Read More
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