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Economic indicators are key statistics that provide insights into the performance, trends, and health of an economy. Here are some of the most important economic indicators used to assess the U.S. economy:
1. Gross Domestic Product (GDP)
Definition: Measures the total value of all goods and services produced within a country over a specific period, usually quarterly or annually.
Significance: Indicates the overall economic activity and health of an economy. GDP growth rates can signal economic expansion or contraction.
2. Unemployment Rate
Definition: The percentage of the labor force that is unemployed and actively seeking employment.
Significance: Reflects the labor market conditions and is a lagging indicator of economic health.
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