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Article Excerpt
The economy's need for workers originates in the demand for the goods and services that they provide. So, in order to project employment, BLS starts by estimating the value of the final goods produced and services provided in the United States for each year of the projections decade. This measure is called gross domestic product (GDP).
Then, BLS estimates the size--in inflation-adjusted dollars--of the five major categories of production. The categories are:
* Personal consumption expenditures. This category includes purchases made by individuals, including goods (such as automobiles, clothes, and food) and services (such as education, healthcare, and rental payments).
* Gross private domestic investment. This category includes business investment in equipment and software, the construction of factories and residential structures, and changes in business inventories.
* Government consumption expenditures and gross investment. This category includes goods and services bought by Federal, State, and local governments.
* Exports. These are goods...
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