Go to the Bureau of Economic Analysis’s, and locate the gross domestic product data. Compare the annual figure for the last four years. What do the figures indicate for the next couple of years? In 2007 it was 4. 9%, in 2008 it was 1. 9%, in 2009 it was -2. 5%, in 2010 it was 4. 2%. 2011 is not yet out. These numbers indicated a rapid decrease and a rapid bounce back. I think for the next couple of years, the figures will rise again before a decrease comes again.
At the Bureau of Labor Statistics’ under Industries, click on Industries at a Glance to find the information about the manufacturing industry. What is the employment trend in manufacturing over the last four years (percentage change from the preceding period)? The unemployment percentage has been going down over the past four years. We are coming off of a 7. 9% unemployment rate
Return to the Bureau of Labor Statistics’ home page and use the Search feature to find trends in employment for the state of Illinois. Look around the Web site to see what other information is available. Plot the trend in manufacturing employment in Illinois over the last four years. On your own, discuss what economic changes may have influenced that trend. In 2009, there was a big unemployment filing from the manufacturing industry due to job loss. That year there were about 65,000 job losses in the manufacturing field. It went from 620k in January to 553k in December. It has been staying around 560k-570k over the past few years though. There are many reasons the manufacturing employment has dropped. Automation, technology, outsourcing, and other things factor in the decline in jobs since 2009.
Based on the information you have gathered, write a brief summary of what may happen to company sales over the next couple of years. Based on what I have gathered, company sales will increase.
