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Analyzing the Future Economic State of South Carolina - Case Study Example

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The paper 'Analyzing the Future Economic State of South Carolina" states that the analysis found that the unemployment rate of the state has remained within the control till the year 2008 and it lay between 6-7%, but after the credit crunch it reached around 11%. …
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Analyzing the Future Economic State of South Carolina
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Download file to see previous pages The upswings in the economy usually offer a rush of expanding the business; on the contrary, downward economy results in a low business transaction. In strong economies, the business enjoys greater prosperity. Along with that, it is also necessary to consider the other economic indicators of a state in order to exactly determine the scenario (Albuquerque & Vega, 2009). In this report, the economic condition of South Carolina will be highlighted and on the basis of that, the retailer will be recommended to stock the inventory. In addition, to recommend the appropriate stock inventory, the study also intends to formulate a predictive sales report. In order to shed light on the economic condition of the state, the most important factor that will be considered is the unemployment rate of the state. The unemployment rate will be the factor that will be stressed more. Studies have shown that the unemployment rate of a country has a significant impact on the overall trade of a country. Unemployment Rate as an Economic Indicator During recessionary phases, the unemployment rate rises to its maximum level. For example, the unemployment rate during booming and normal phases is far below in comparison with the unemployment rate during the recession. The 1975 depression saw the global unemployment rate reaching 8.9%. The unemployment scenario has been aggravated by the surge in the unemployment rate during recent months as well. Furthermore, due to weakening recovery, the pressure of modifying the policies pertaining to unemployment reduction is intensifying (Yahoo, 2010). The unemployment rate of a state simply represents the percentage of people who are yet to be employed and is actively seeking to work.
The unemployment rate is also considered as the relative measure of the jobs available for employment and the tightness or slack of the labor market. Therefore, the unemployment rate of a state plays imperative roles in presenting the economic scenario of the state and is acting as an alarm for the administration and government (Balduzzi, Elton & Green, 2001). Nowadays, business houses have also taken immense interests in the latest unemployment rates of a country or state so as to determine the chances of success for the business. This is principal because the unemployment rate is directly associated with consumer spending. Thus, more unemployment rate will obviously lead to low customer traffic and reduced business transaction. Since, this report seeks to throw light on the economic scenario of South Carolina so as to recommend an overall inventory stock to the client, involved in the physical retailing business, stressing more on the unemployment rate is fully justified. Presentation of the Data The data will be gathered from the website of the Job and Labor Statistics. In order to analyze the requirements of the inventory; the study will mainly consider the unemployment rate of South Carolina and along with that overall economic scenario of the state. A trend will be developed and on the basis of that inventory, the stock will be recommended.  ...Download file to see next pages Read More
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