GDP Growth And Employment Chem 409 January 16, 2014 1/16/20141.

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Presentation transcript:

GDP Growth And Employment Chem 409 January 16, /16/20141

What is GDP? Investopedia The gross domestic product (GDP) is one the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period - you can think of it as the size of the economy. Usually, GDP is expressed as a comparison to the previous quarter or year. For example, if the year-to-year GDP is up 3%, this is thought to mean that the economy has grown by 3% over the last year.gross domestic productindicatorseconomy 1/16/20142

Size of US GDP US $15,653 Trillion (2012) Wikipedia Wikipedia – World $83,193 Trillion – US 19% of world economy (largest) US $52,839 per person (2012) WikipediaWikipedia – Canada $43,145 – Germany $39,467 – United Kingdom $37,298 – Japan $37,135 1/16/20143

Why is GDP growth important? Okun’s Law In economics, Okun's law (named after Arthur Melvin Okun, who proposed the relationship in 1962 [1] ) is an empirically observed relationship relating unemployment to losses in a country's production. The "gap version" states that for every 1% increase in the unemployment rate, a country's GDP will be roughly an additional 2% lower than its potential GDP.economicsArthur Melvin Okun [1]empiricallyunemployment unemployment rate GDPpotential GDP 1/16/20144

USA GDP Growth ight/Ahead_for_US_Growth/ 1/16/20145

US GDP growth for 2014 C&E News In the U.S. in particular, growth was 1.8% in 2011 and 2.8% in IMF expects U.S. growth to total a meager 1.6% in 2013 and 2.6% next year. 1/16/20146

Chemistry and the US Economy ACC claims 25% ACC American Chemistry Council Chemicals closely linked to manufacturing and agriculture. Pharmaceuticals 1/16/20147

Unemployment rate for Chemists C&E News 1/16/20148

Unemployment Rate by Major Studentsreview.com Chemistry 4.4 % (B.S., M.S. Ph.D.) Chemical Engineering 2.9% Electrical Engineering 3.8% Civil Engineering 12.9% Accounting 6.3% Economics 4.4% Finance 6.4% 1/16/20149

Chemical Industry Outlook for /blog-details/insights/2014/01/09/chemical- industry-outlook-2014-poised-for-growth- structural-realignment-to-continue 1/16/201410

Conclusion Things could be worse 1/16/201411