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Economic Indicators #375726-2

Course Overview

Credit

Amount

CPA

2.5

CFP^®

1.5

CDFA^®

2.5

CIMA^®/CPWA^®/RMA^®

2.5

Course Author: Steven M. Bragg, CPA Field of Study (CPA): Economics Field of Study (CFP): Investment Planning Field of Study (CDFA): Financial Analysis & Planning Field of Study (IWI/CIMA): Technical Investment Management

Course Description

Course publication/revision date: This course was updated on 4/8/2026.

During uncertain times, it is critical to gain an understanding of what is most likely to happen to the economy. This is an essential part of the business planning process. In the Economic Indicators course, we explore the nature of the business cycle and delve into the different types of economic indicators, including those related to labor, retail sales, expenditures, housing, manufacturing, inflation, and consumer confidence. The course also provides extensive coverage of the reports issued by the Federal Reserve. This course is the ideal tool for enhancing the reliability of your planning process.

Table of Contents

Economic Indicators1

Introduction	1
On the Nature of Economic Indicators	1
The Business Cycle	2
Gross Domestic Product	3
Related Measures of Economic Activity	6
Final Sales of Domestic Product	6
Gross Domestic Purchases	6
Final Sales to Domestic Purchasers	6
Leading Indicators	6
Coincident Indicators	7
Lagging Indicators	7
The Coincident-to-Lagging Ratio	7
Labor-Related Indicators	8
Employment Situation Report	8
Job Openings and Labor Turnover Report	9
ADP National Employment Report	10
Unemployment Indicators	11
Temporary and Full-Time Workers	13
Earnings and Hours Worked	13
Retail Sales Indicators	13
Advance Retail Trade Survey	13
Auto Sales	15
Core Retail Sales	15
Food Service and Bar Sales	15
Personal Income and Outlay Indicators	15
Housing and Construction Indicators	17
Manufacturing Indicators	19
Industrial Production and Capacity Utilization Report	19
Purchasing Managers Index	20
Manufacturers' Shipments, Inventories, and Orders Survey	21
Manufacturing and Trade Inventories and Sales Report	23
Weekly Railroad Traffic	24
Price and Inflation Indicators	25
Consumer Price Index	25
Producer Price Index	26
Commodity and Raw Material Prices	27
Baltic Dry Index	28
Employment Cost Index	29
Confidence and Sentiment Indicators	30
Misery Index	31
NFIB Optimism Index	31
Federal Reserve Reports	32
Chicago Fed National Activity Index	32
Cleveland Fed Inflation Expectations Index	33
Philadelphia Fed Survey of Professional Forecasters	34
Philadelphia Fed Manufacturing Business Outlook Survey	35
The H.8 Report (Bank Assets and Liabilities)	36
The G.19 Report (Consumer Credit)	37
Senior Loan Officer Opinion Survey	38
Beige Book	38
Effective Federal Funds Rate	39
Miscellaneous Indicators	40
The Yield Curve	40
Corporate Profits	41
The Output Gap	41
Leading Indexes	42
Conference Board Leading Economic Index	42
Best Leading Indicators	43
Summary	43
Review Questions	44
Answers to Review Questions	45

Glossary48

Index50

Course Details

Author: Steven M. Bragg, CPA

Steven Bragg, CPA, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young. He received a master’s degree in finance from Bentley College, an MBA from Babson College, and a Bachelor’s degree in Economics from the University of Maine. He has been a two-time president of the Colorado Mountain Club, and is an avid alpine skier, mountain biker, and certified master diver. Mr. Bragg resides in Centennial, Colorado. He has written more than 300 books and courses, including New Controller Guidebook, GAAP Guidebook, and Payroll Management.

Publication/Revision Date: 4/8/2026

Course Exam Questions (online): 13 (multiple-choice)

Program Delivery Method: Self-Study (NASBA QAS Self-Study)

Available Formats of Course Text: PDF or PDF plus printed copy sent in the mail

Course Level, Prerequisites, and Advance Preparation Requirements

License	Course Level	Prerequisites	Advance Preparation Requirements
CPA	Overview	None	None
CFP®	Intermediate	None	None
CDFA®	Overview	None	None
CIMA®/CPWA®/RMA®	Overview	None	None

* This program is appropriate for professionals at all organizational levels.

Sponsor ID Numbers

National Registry of CPE Sponsors ID: 107615

CFP Board Sponsor ID: 1008 — Course ID: 324170

Registered with the Institute for Divorce Financial Analysts

IWI CE Sponsor ID: 222740 — Course ID: 24BCNHF007

State CPA Board Sponsor ID Numbers (where applicable)

Florida Division of Certified Public Accounting: 0004761

Hawaii Board of Public Accountancy: 14003

New York State Board for Public Accountancy: 002146

Ohio Accountancy Board: CPE .51 PSR

Pennsylvania State Board of Accountancy: PX178025

Texas State Board of Public Accountancy: 009349

Learning Objectives

As a result of studying the course material, you should be able to meet the objectives listed below:

Recognize the government agencies involved in the creation of economic indicators.
Specify the advantages and disadvantages of the gross domestic product concept.
Identify the different types of economic indicators.
Recognize the contents of the various reports about the economy issued by U.S. government agencies.
Identify the different types of discretionary spending by consumers.
Specify the source and uses of the inventories to sales ratio.
Recognize the issues associated with the Consumer Price Index.
Identify the types of commodities that can be used as economic indicators.
Recognize the economic indicators that can give advance notice of price and inflation changes.
Specify the components of the Misery Index.
Identify the different economy-related reports issued by the Federal Reserve Board.
Recognize which indicators do the best job of giving advance notice of the future state of the economy.