to the longer life of durable goods it is easier to delay purchasing them during hostile economic conditions such as unemployment or inflation. Consequently shipments of these goods tend to decrease a lot during economic recessions and bounce back quickly during recoveries.*******************************************************GROSS DOMESTIC PRODUCTGross Domestic Product measures the total production of the economy in a given period of time. GDP includes production of foreigners as well as citizens. GDP is the major measure of overall economic activity.The Bureau of Economic Analysis reports on GDP for the previous quarter. The first month after the quarter the BEA issues "advance" estimates, the second month - "preliminary" estimates and the third month "final" estimates of the GDP. Each July BEA revises the "final" estimates for the past few years based on new yearly data.GDP is a way of tracking goods and services produced and consumed in the economy on a quarterly basis. GDP combines the markets for goods and services with the production of goods and services in one measure. Because the costs of production also produce wage and profit incomes, the total income equals the total output under the GDP accounting system. The analyses of the GDP are used to help the President and Congress in conceiving economic policies. They are also used to help the Federal Reserve Board in forming financial and income policies, which are aimed at maximizing employment growth and minimizing inflation. *******************************************************HOUSING STARTSA housing start refers to the breaking of ground - the actual initiation of construction of a residential building. Building permits record the number of authorizations issued for future housing starts.When there is construction, it results in hiring of new workers, production and purchasing construction materials and equipment, and the sale of large household appliances such as stoves, r...
