Macroeconomics considers the large scale and this is the general economic factors which affect or can cause a shift in the whole nation’s economic position and they include interest rates and the overall national productivity. Macroeconomics has three major policy goals that it applies as it tries to stabilize the national economic position and they are;
- Economic growth: Economic growth focuses on increased standards of living in the whole country.
- Low unemployment: Unemployment is the condition of waiting and not having a paid job which basically is one of the economic challenges in most of the nations.
- Low inflation: Inflation is the general increase in the price levels and this generally considers the price of goods and several services in the economy and therefore.
The three goals of macroeconomics can be assesses in the article;
Economic Forecast for the World’s leading Economists
There is increased shortage of skilled labor in the economy although this has been due to the disappointing increased wage bill for the already present labor in the United States economy. The Unites states economy however still remains the largest and the most important economy in the world as it has a 20% representation of the total output globally. United States developments and technological advancements accounts for 80% of the total output. The level of unemployment in the United States stands at 4.3% falling short of 4.7% registered in the year 2016 (United States Economy – GDP, Inflation, CPI and Interest Rate, 2017). This has therefore expressed trends in the economy and therefore improving the standards of living in the economy. The united states GDP has grown with 2.6% by the July of 2017 and this followed a downward revised 1.2% expansion in the year 2016 (United States Economy – GDP, Inflation, CPI and Interest Rate, 2017). This has contributed to increased customer expenditure and increased investments in the export industry and therefore generating more revenue for the country hence boosting the economy (United States Economy – GDP, Inflation, CPI and Interest Rate, 2017). The current inflation rate by June 2017 in United States was 1.63% a decrease from 1.87% registered in May 2017 (United States Economy – GDP, Inflation, CPI and Interest Rate, 2017). This could be attributed to the boost of the economy initiated by the increased export and import industry and therefore lowering the prices of the commodities since the business men have been favored by the foreign exchange rate and therefore sourcing for goods at lower prices outside the country.
United States Economy – GDP, Inflation, CPI and Interest Rate. (2017). Retrieved from http://www.focus-economics.com/countries/united-states