Key Concepts: Business Cycles, Unemployment, Inflation

National Bureau of Economic Research—U.S. Business Cycle Reference Dates

Survey the U.S. "Business Cycle Reference Dates." Click on the "additional information" link and scroll down the page to review Figure 1 ("Employment in the Most Recent Recession") and Figure 2 ("Industrial Production in the Most Recent Recession").

• Assess whether the U.S. economy is currently in an expansionary or contractionary mode. How does the current length of the business cycle (in months) compare to those in the past?
• Explain how the most recent recession affected the level of employment and industrial output.

The White House—Federal Economic Indicators

Click on the "Employment" link under the "Federal Statistics" heading on the left-hand navigation bar. Review the chart on "Unemployment." Then, return to the main page and click on "Prices" under the "Federal Statistics" heading on the left-hand navigation bar. Review the "Consumer Price Index" chart.

• Assess the current employment and inflation condition of the U.S. economy within the context of the past ten years.
• Explain why the White House considers the employment and inflation data very important to track and monitor.
• Review the U.S. "Employment Cost Index" graph information at Economy at a Glance. Assess whether or not the employment cost has been providing "cost push" inflationary pressures over the past ten years.