RUNNING HEAD: ECONOMIC FORECASTING

Economic Forecasting

Learning Team A
ECO/372
May 4, 2015
Juan Carlos Ginarte

Economic Forecasting

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There are agencies that provide information on historical economic data and economic
forecast data. One of the agencies that is well known is the Bureau of Economic Analysis.
Another well known agency is the International Trade Administration. Lastly, is the
Congressional Budget Office. There are many agencies that provide records of statistical data
because these agencies make accessing this information easy by breaking them down in different
categories.
The Bureau of Economic Analysis is useful and valuable because it gathers and
estimates regional, national, and international economic movement. It gives makes statistics and
resolutions from individuals, households, business organizations, and governmental officials.
The quantitative is contained within its database: (1) tax record data and census gain data. The
qualitative forecasting factors are databases that make what is gathered and contained within the
database clear. The way our accounts receivable works on our floor is, whatever the database
records two weeks prior, it calculates what we will get the following month for our cash goal.
The International Trade Administration is useful and valuable in collecting historical
economic data as well as economic forecasting data due to its organization into three business
units. These three units include the Global Markets unit, the Industry and Analysis unit, and the
Enforcement and Compliance unit; each of these units supports and supplies their own
information on how to strengthen the competitiveness of U.S. industry and supporting fair trade
and investments. The Global Markets unit supplies U.S. firms with country-specific export
promotion services as well as market access advocacy while continuing to endorse the U.S. as an
investment focus. The Industry and Analysis unit is used to expand the competitiveness and
effectiveness of U.S. industries through international trade and investment policies; one of the
main focuses of this unit is increasing U.S. exports. The Enforcement and Compliance unit

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enhances ITAs obligations and accountabilities to enforce U.S. trade laws and ensure agreement
with trade arrangements negotiated on behalf of U.S. industry (International Trade
Administration).
When it comes to gathering regional, national, and international data, the bureau must
research deep into each economic movement. When it comes to regional focuses, different
components to look out for would be Gross Domestic product and personal income, which
includes metropolitan areas (Regional Data, 2014). Regarding National data, it also can relate to
regional. National data has more information than regional. This would include data like
Corporate profits, national and personal income, personal savings and expenditures. It also gives
data regarding to customer spending and all the way to government receipts (National Data,
2015). The international data illustrates international services and transactions like exports and
important of different goods. It also includes trade services along with liabilities and assets. This
particular data allows the bureau to review activities of multinational enterprises (International
Data, 2014).
Conclusion
All in all, there are different agencies that provide information on historical economic
data and economic forecast data. The three agencies above are well known and also breakdown
information in different categories. One of the agencies that is well known is the Bureau of
Economic Analysis. Another well known agency is the International Trade Administration.
Lastly, is the Congressional Budget Office. There are many agencies that provide records of
statistical data because these agencies make accessing this information easy by breaking them
down in different categories.

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References
About the International Trade Administration. (n.d.). Retrieved May 2, 2015, from
http://trade.gov/

Regional Data. (2014). Retrieved from http://www.bea.gov/iTable/index_regional.cfm

National Data. (2015). Retrieved from http://www.bea.gov/iTable/index_nipa.cfm
International Data. (2014). Retrieved from http://www.bea.gov/iTable/index_MNC.cfm
http://www.bea.gov/itable/index.cfm/interactivedata