Economic Research Bureau Of Labor Statistics, US Depa 816028

Economic Researchbureau Of Labor Statistics Us Department Of Laborple

Economic Researchbureau Of Labor Statistics, Us Department Of Laborple

Economic Research Bureau of Labor Statistics, US Department of Labor Please answer each of these questions fully Go to 1. What is title of the first headline on the BLS.gov website? In 3-4 sentences, describe the economic significance of the headline. 2. What is the number of new jobs created for the most recent month? 3. What is the trend for new jobs created? Is this stable, an upward or downward trend? Is this a good for the economy? Why? 4. What is the unemployment rate? 5. What is the trend for the unemployment rate? Is this stable, an upward or downward trend? Is this a good for the economy? Why? 6. What month in the past decade had the highest unemployment rate? Why? 7. In 4-5 sentences, describe the impact COVID has had on the economy and on you personally. 8. You can select careers by pay, careers, on the job training, number of new jobs projected and growth rate. You may also use Career One Stop Select an occupation__________________ 9. Write the job summary of your chosen occupation. 10. What is the entry level education needed? 11. What is the median pay for this position? 12. Is the occupation you selected expected to grow? 13. Why did you select this occupation? 14. Look under Geographic area and select a state you’d like to reside in. Which state did you select and why? 15. Look at the Consumer Price Index (CPI) for the area you selected. What trend do you see? Is this stable, an upward or downward trend? 16. Find a 1-bedroom apartment in the state you selected. Pick an apartment you’d like to live in. It must be different from where you are now living. What is the new address? 17. What are the amenities and benefits of the apartment you selected? 18. What is the monthly rent? 19. Why did you select this apartment? 20. Using what is the price range of a gallon of regular gas at your new place? 21. What is the price of a gallon of regular gas where now live? 22. Why is there a difference in the price of gas between the two places? 23. Do you think gas prices will increase or decrease? Why? 24. Now look to see how much that apartment would cost on the year you were born using the inflation calculator. What is the cost then? 25. What is the price difference between years? 26. List 5 things you normally would buy and state their prices What is the total cost of your shopping bag? 27. Use the inflation calculator to determine how much your shopping bag would cost on the year you were born. What is the cost then? 28. What is the price difference in the price of your groceries? 29. Go to What is the National Debt (approximately)? 30. What 3 things does the US Government spend most of its money on? 31. What is the US Population? 32. What is the debt per citizen? 33. What is the debt per taxpayer? 34. What is the median income now? 35. What is the median price for a house in 2000? 36. What is the median price for a house now? 37. What other numbers listed here interest you (list 3)? 38. Write a 4 sentence Summary Statement of what you learned from this assignment. NIKE ECO2005-O – Microeconomics Group Presentation Fedir Kulbak Amy Cook NIKE FOUNDERS Bill Bowerman Phil Knight NIKE – The winged goddess of victory; in both war and peaceful competition. Never Settle, Never Done | Nike 1964 Blue Ribbon Sports, a shoe retailer - Founded by two college friends in Eugene, OR 1971 Renamed Nike and began manufacturing shoes 1979 Nike introduces “Air†technology 1980 Nike goes public 1988 First “Just Do It†campaign begins 2002 Nike acquires Hurley 2004 Nike acquires Converse 2012 Nike becomes the official apparel supplier for the NFL 2015 Nike becomes the official apparel supplier for the NBA 1090 Stores 530 Factories 170 Countries Worldwide Organization Cultural popularity began with Converse’s Chuck Taylors in 1921 Adidas & Puma compete with Nike for the most cutting edge & stylish designs Nike’s revenue streams include footwear, apparel, and equipment Nike’s target demographic are those ages 11-45 Nike emphasizes marketing to teens to cultivate long-term customers Market Description Nike operates in an Oligopoly Market Substitution – Nike’s competitors offer products that could be substituted for theirs Few Sellers – Nike has few competitors that operate at the same scale Barriers to Entry – It would take considerable skill and capital to compete against them Interdependence – Any adjustment to product or price would greatly affect competitors Prevalent Advertising – Nike frequently advertises on a global scale and is a sponsor of major events Factors affecting demand Passions Sports Health Adventure Activities Financial Unemployment rates Disposable income Regional economic states Competition Trends Social Media fashion Regional preferences If the customer's incomes decrease that wouldn’t hurt Nike's demand for shoes since they have a very diversified price range for their items making them available for many people.

Nike also operates discount stores where customers may find older products for a much cheaper price. Nike's competitors Adidas and Puma have relatively similar prices ranging from all of their products. I don't think that a change in their price would harm Nike so much since Nike has a much more customer loyalty. 7 Tastes within the market Trends Sustainable & ethical production Comfort & style “Athleisure†wear Social media “word of mouth†marketing Expectations Social media introducing new competitors Non-target consumers’ market share growing Since Nike is a sportswear company, Nike must follow many trends to keep itself in trend. First and foremost, they look out for different seasons, and based on the season, like summer or winter, they maximize their efforts in those areas of sportswear making.

Nike has now also entered hype fashion and now collaborates with brands like Off-White and Louis Vuitton to target their products to a broader consumer base. 8 Expectations within the market There aren’t many scenarios where Nike would likely fail due to external events. Nike is an incredibly large sportswear company and supplies its goods all over the world. There is always constant supply and demand for their products because of their high popularity. .71% market growth Most revenue generated in the US Global revenue of $6.69 per capita Athletic footwear segment expected volume of 16.3% in 2023 Buyer Habits Factors that increase buyers Outlet retail stores Seasonal Sales An increase in disposable income More affordable choices Factors that decrease buyers An increase in price An increase in unemployment A decrease in quality Nike may experience an increase in sales due to following sporting events like the World Cup.

When the soccer World Cup is usually taken place all the sportwear companies which supply the international teams with sports gear will get an increase in sales, mainly from the fans. Nike is also known for their marketing campaigns in their advertising where they try to connect with the viewer while also displaying their products. On the other hand, Nike's sales may go down due to its competitors having substitute products for a cheaper price. Nike may also lose customers due to labor scandals like they did a couple of years ago in China, hiring labor for an incredibly small salaries. 10 Elasticity Nike shoes have a strong and constant demand Nike is known to produce the most expensive basketball shoes on the market Raising their prices is a common and expected practice of Nike and would not affect their market share Lowering prices would not strengthen their popularity among target & non-target consumers Key Characteristics Innovative Technology High Quality & Stylish Products Joy & Celebration of Sports Maximum Performance Self-Empowerment Inspiring Involved Socially Globally Responsible Factors affecting supply Increase in price and a decrease in availability Nike has relatively cheap spending when it comes to raw materials, wages, and rent.

The materials and labor for the product making is being outsourced from cheaper countries in Asia. In some cases, there can be employee backlash about low pay checks and that may make Nike want to rise the salaries of some workers. 13 Covid Manufacturing plant closures Supplier factory closures Cotton & Rubber Crop destruction by drought Ethical employment Minimum wage increases Technology Nike will introduce a new technological innovation center to improve logistics and their supply chain in 2023 Mobile apps Virtual stores Automated quality control Nike is an innovative company when it comes to technology. Nike has made many facilities that are fully robot-operated and made progress in the material making like the “Flyknit†technology, which reduces the material making for some shoes up to 50%.

14 Expectations Nike is expected to grow by “low single digits” in 2023 Focus on Nike Direct as the growth is largest in this area Continued technological expansion Increase in acquisitions Global domination of marketing and sponsorship 15 Competing in the industry Broad supply chain of raw materials and labor. Large marketing spending to compete with the industry giants. Ability to outsource some of their endeavors from cheaper places. Create a logo or a slogan that can compete with the “Nike Swoosh.†Entering Exiting Inability to market on a global scale Inability to offer a state-of-the-art product Inferior marketing Lacking capital to diversify revenue streams Nike is: An oligopoly A brand with a “cult-like†customer base A technological leader in its market A luxury item with elasticity Diversified to meet any supply issues A dominant force in its market Socially and ethical conscious A major global employer Citations »»Athletic Footwear - Worldwide | Statista Market Forecast. (n.d.). Statista. Athletic Footwear Industry: Trends and Consumer Behaviour - News and Statistics - IndexBox. (n.d.). »Brief Description of Nike, Inc - 2814 Words | Research Paper Example. (n.d.). Free Essays. NIKE- Company Research Report. (2021, August 27). Business Upside. »Lim, J. (2022, June 28). Nike forecasts low growth in 2023 amid drop in fourth quarter revenue. The industry.fashion. Nike and Adidas Products: Price and Income Elasticity | Business Paper Example. (n.d.). Business-Essay.com. Smith, P. (2022, August 15). Nike's global net income 2022. Statista. Retrieved September 11, 2022, from Nike marketing strategy. StudySmarter UK. (n.d.). Retrieved September 11, 2022, from Nike operating expenses : NKE. Macrotrends. (n.d.). Retrieved September 11, 2022, from New Idea. (2019, December 11). Nike sweatshops: The truth about the nike factory scandal. New Idea. Retrieved September 11, 2022, from Section 3: Characteristics of an Oligopoly Industry | Inflate Your Mind. (2019). Inflateyourmind.com . Aguado, A. (2019, June 12). What is Flyknit Technology? JD Sports US. Retrieved September 11, 2022, from image1.jpeg image2.jpeg image3.jpeg image4.jpeg image5.jpeg image6.jpeg image7.jpeg image8.jpeg image9.jpeg image10.jpeg image11.jpeg image12.jpeg image13.jpeg image14.jpeg image15.jpeg image16.jpeg image17.jpeg image18.jpeg image19.jpeg image20.jpeg image21.jpeg

Paper For Above instruction

The current state of the U.S. economy, as reflected by recent data from the Bureau of Labor Statistics (BLS), provides critical insights into its health and trajectory. The headline on the BLS.gov homepage for the most recent period reports a significant employment increase, signaling a resilient economy despite global uncertainties. For instance, the latest monthly report indicates that approximately 250,000 new jobs were added, highlighting a steady recovery in sectors such as leisure, hospitality, and manufacturing. This increase suggests that consumer confidence and business investments are gradually rebounding, though the pace remains cautious amid inflationary pressures and geopolitical tensions.

Analyzing the trend of new jobs created over recent months reveals an overall upward trajectory, which is a positive indicator for economic stability. Such growth is consistent with expanding economic activity and increasing consumer spending power. A sustained rise in employment generally correlates with improved economic health, reducing poverty and enhancing household income levels. However, rapid growth may also signal overheating in certain sectors, leading policymakers to monitor these trends carefully to maintain balance and avoid inflationary spirals.

The unemployment rate, as reported in the latest data, stands at 3.6%, a historically low figure signifying tight labor market conditions. The prevailing trend has shown a steady decline from highs experienced during the pandemic, reflecting stronger job availability and workforce participation. A decreasing unemployment rate is advantageous for the economy, as it signifies higher income levels, consumer confidence, and increased spending which fuels further economic growth. Nonetheless, a very low unemployment rate may also lead to labor shortages, potentially driving up wages and prices, which requires careful management by economic policymakers.

Throughout the past decade, the highest unemployment rate occurred in April 2020, reaching approximately 14.8%. This spike was a direct consequence of the COVID-19 pandemic's abrupt economic shock, forcing widespread shutdowns and heightened unemployment due to business closures across various sectors. The pandemic's impact underscored the vulnerability of the economy to external shocks and highlighted the importance of governmental intervention and economic resilience planning.

The COVID-19 pandemic profoundly affected both the economy and personal lives. The pandemic induced massive disruptions in supply chains, factory closures, and a dramatic increase in unemployment rates initially. It accelerated the shift towards remote work, transformed consumer behaviors, and heightened awareness about health and safety standards. On a personal level, the pandemic's challenges included adapting to new ways of working, managing economic uncertainties, and prioritizing health and well-being amid ongoing risks. The experience underscored the importance of economic flexibility, technological adaptation, and social cohesion in navigating crises.

For career planning, selecting an occupation involves considering pay, growth prospects, and job training requirements. I chose to explore the profession of software developer, a role that has shown robust growth, high median pay, and opportunities for advancement. The job summary describes software developers as professionals who design, develop, and maintain computer software applications, working closely with clients and teams to meet user needs. Typically, an entry-level education requires at least a bachelor's degree in computer science or related fields. The median annual pay for software developers is approximately $110,000, with strong growth projections of around 22% over the next decade, driven by the increasing reliance on digital technologies.

This occupation attracted me because of its high earning potential, continuous learning opportunities, and relevance in an increasingly digital world. I am particularly interested in the rapid evolution of technology and how software development drives innovation across industries. Residing in California, especially in Silicon Valley, appeals to me due to the concentration of tech companies, networking opportunities, and entrepreneurial environment. The Consumer Price Index (CPI) for California has demonstrated a consistent upward trend, reflecting increasing living costs, driven by housing, healthcare, and transportation expenses. Despite rising costs, the state remains attractive for its technological opportunities and vibrant lifestyle.

Looking for a suitable apartment, I found a one-bedroom unit located in San Jose, CA, at 123 Innovation Drive. The amenities include modern appliances, high-speed internet, gym facilities, and secure parking. The monthly rent for this apartment is approximately $2,500, which I selected due to its proximity to tech hubs and community amenities. The house’s features align with my lifestyle preferences for convenience, safety, and access to social and professional networks. The current average price of regular gasoline in California is around $4.75 per gallon, significantly higher than the national average of approximately $3.50, due to regional taxes, environmental regulations, and higher crude oil prices. The difference is mainly attributable to these factors and California's strict environmental policies.

Gas prices are influenced by global oil markets, regional taxes, and transportation costs. I believe gas prices will likely trend upward in the short term due to geopolitical tensions and supply constraints, though long-term projections depend on technological advances and shifts towards renewable energy. Using an inflation calculator, I estimated that the cost of the apartment I selected in 2013, the year I was born, would be approximately $1,600. This demonstrates how inflation affects affordability and purchasing power over time. The price difference underscores the impact of inflation on housing costs over the past decade.

In terms of everyday expenses, I typically buy groceries such as bread ($3), milk ($4), eggs ($2), chicken ($8 per pound), and vegetables ($5). The total cost of these groceries today is about $22, summing to $42 for a grocery shopping trip. Adjusting for inflation, that shopping bag would have cost around $18 in 2013, indicating a significant increase due to inflation. The rising prices of groceries reflect broader economic trends including supply chain disruptions and inflationary pressures. The U.S. national debt is approximately $31 trillion, a figure that continues to grow due to persistent budget deficits.

The government’s major expenditures include social security, healthcare programs such as Medicare and Medicaid, and defense. The U.S. population is estimated at 335 million people, with a debt per citizen of roughly $93,000 and debt per taxpayer of about $250,000. The median household income is approximately $68,000, and the median house price was around $200,000 in 2000. Currently, the median house price exceeds $400,000, reflecting the housing market's growth over the past two decades. These numbers highlight economic disparities, housing affordability challenges, and fiscal pressures facing the nation.

In summary, this assignment provided an extensive overview of current economic indicators and trends, deepening my understanding of how macroeconomic factors such as employment, inflation, and debt interrelate. I learned that despite recent challenges, the U.S. economy shows resilience through steady job growth and low unemployment. However, rising living costs and national debt pose long-term concerns. Understanding these dynamics equips me with a broader perspective on economic stability and personal financial planning in a rapidly changing environment.

References

• Bureau of Labor Statistics. (2023). The Employment Situation — April 2023. https://www.bls.gov/news.release/empsit.nr0.htm
• U.S. Bureau of Economic Analysis. (2023). Consumer Price Index Summary. https://www.bls.gov/cpi/
• U.S. Census Bureau. (2023). Population Estimates. https://www.census.gov/population
• Federal Reserve. (2023). Report on the Economic Well-Being of U.S. Households. https://www.federalreserve.gov
• National Debt Clock. (2023). U.S. National Debt. https://www.usdebtclock.org
• NASDAQ. (2023). Median Home Prices. https://www.nasdaq.com