1. Q1: What is the current GDP growth rate for the U.S.?

A1: The current GDP rate of US has expanded into 1.5 percent. This is a good sign that our economy is doing well, at least not recessing. However, it is undeniable that the projection is still lower to what must be achieved. Historically, US average growth rate is 3.3 percent, and to what our numbers tell us in present, only means that theres more work to get done. Q2: What trends interest you? A2: Of reviewing the past years, my eyes were caught of the drastic change of growth rate in 2011. It is ostensibly unbelievable that the rate hike is consistent throughout the whole year. Although the rate changes are not that big, as compared to the previous year which is 2010, the way how data were uplifted from almost negative economy to fair and justiciable one is, only, but commendable. Q3: What stage of the Business Cycle would the U.S. economy is in currently given the trends? A3: In terms of finding where US economy would fall in the stages of business sector, I would practically place it an expansion phase, although it is really hard to make prediction since economy is very fluid. Based on the data, it is rough to say that our economy is healthy so as that it doesnt fall to negative numbers. If well maintained, though there are still ups and downs, it is presumptive that the economy vibes a good omen for years ahead. Q4: Why might GDP not be considered an accurate measure of economic well-being of a country? Identify at least three limitations of GDP as a measure of economic well-being.

A4: On the cause that GDP is not that reliable to reflect the States real situation. Most economists claimed that its statistics does not necessarily constitute the underground economy which was unreported to the government. Others say that it does not gauge the material well being of the citizens, but only the States national productivity which can be quite irrelevant. And, lastly, it doesnt take account to many other factors that may influence the real situation the State are confronted of. In an instance, it does not mention of inflation or deflation to contemplate in the posted economic growth. Moreover, in the negative externalities, it does not mimic the actual reserve of natural resources which may be up staked for illuminating more self-sufficient economic status. 2. Q1: What interests or surprises you about the summary table? A1: An 8.2 percent unemployment rate- this was the one that caught my attention. I had really looked back in my answer from number 1 to see how this situation affirms on what the GDP growth rate says. Q2: How does that rate compare with the rate in the previous month or quarter? A2: I have ascertained the fact that the GDP growth rate, since had fluctuated in the previous quarters, is reflective to the rate of unemployment. Although we could say that unemployment is big, the ratio falls squarely to what is to be expected given from the meager growth rate. It can be presumed from the given data that our present time had smaller unemployment rate compared to last year. More specifically, to hence note, that in June 2011 where GDP is 1.3 percent, there is 9.1 percent unemployment, while in June 2012 where GDP is 1.5 percent, the unemployment rate falls to 8.2 percent. Based from this fact solely, it is unquestionable how unemployment may appear in the next months to come. Some economists, however said, that at some point of economic contraction, the

economys revival may still bring along with it the harsh effect, thus may not reflect the correct presumption on GDP. Q3: Discuss the differences in unemployment rates by gender, age, education, etc. A3: Of the factors affecting employment, it is quite obvious that teenagers had to suffer most of the effect of unemployment. This could be perhaps reasoned on the basis that they lack the sufficient educational background needed for the most of the jobs, as can be congruently aligned to high rate of unemployment among those who had less than high school diploma. In terms of gender differences, it does not that pose much bias as both sexes seem to have equal opportunity of getting jobs. However, theres also a stunning figure if combined the unemployment among Black and Hispanic ethnicity. The reason might be on the course that they are unfit to most of the job descriptions, notwithstanding the fact that there might be racial discrimination. Further, it is also eminent that most of those who had no jobs are been logged of the situation. This was seen in the large number of those who fall in temporary jobs and been long jobless for over 27 weeks. Lastly, although there are bulk numbers of those who get affiliated to part time jobs in both economic and noneconomic reasons; it is not insignificant to note those who belong in marginalized workers who may be still potential add-on to workforce.