Economic Viewpoint
The economy is an area of production distribution, trade including the consumption of wealth, goods, and services in general. In the 19 century economics was considered a hobby of gentlemen of leisure and the vocation of a few academics who wrote about economic policies but were rarely considered by legislators before decisions were made. Many of the economics of the world devote their time to teaching in universities worldwide but most economic advisers work in various fields of research or advisory capabilities in industries, government, or economics consulting firms while others are employed in commerce sectors, marketing, accounting, and business administration although they are trained as economics their occupational expertise falls within other fields of interest. In the United States alone 400 institutions of higher learning grant approximately 900 new P.h.D’s in economics each year in response to supply and demand. Economists seek to analyze the forces determining prices including goods, services, and the resources used to produce them.
The discovery of two key elements that govern the way labor, machines, and land are combined in production including how sellers and buyers are brought together in a functioning market means by an exchange of goods and services takes place as a result of buyers and sellers connecting either online or in traditional retail spaces. According to SBA the Small Business Administration, there are 33.185,550 small businesses in the United States. Small businesses employ 61.7 million Americans totaling 46.4 percent of private sector employees in 2023. “There are an estimated 334 million companies worldwide in 2023 indicating marginal growth from 2021 when there were 314.21 million. Research found 50 percent of all small businesses are home launched. The number of home based startups and small businesses is rising.” says Brimico. Nearly every small business should profit over time taking in revenue in exchange for goods and services eventually expanding profit margins. A financial ratio that measures the percentage of profit by a company in relation to its revenue. Analyzing a financial feasibility report includes a cost benefit analysis, of a specific project forecasting an expected return on investment (ROI) outlining potential risk factors in business ventures.
On August 8, 2023, Adobe (Nasdaq Adobe) announced the latest online inflation data from the Adobe Digital Price Index (DPI) powdered by Adobe Analytics. Online prices online fell 1.6 percent year over year YoY as price decreases with the majority of categories including 11 of 18 tracked by Adobe seeing falling prices on an annual basis. On a month over month basis (MoM) online prices fell 0.9 percent in July 2023. July’s YoY prices decline was driven by notable drops in categories such as appliances which fell 8 percent (YoY) down 3 percent (MoM) as well as furniture bedding which fell 3.5 percent, YoY down) 0.7 percent (MoM) Steeper YoY declines were observed in electronics which fell 11.7 percent YoY (down 0.7 percent MoM) as well as computers which fell 15.4 percent YoY (down 1.5 percent Mom). The grocery category has experienced persistent inflation as YoY price increases have now slowed for 10 consecutive months. Grocery prices were up 6.3 percent YoY (up 0.3 percent MoM) is a smaller jump compared with June’s 2023 7.6 percent YoY and May 2023 8.2 percent YoY increases.. Price increase slowed for pet products as well (up 6.3 percent) YoY (down 0.1 percent) compared with 8.1 percent YoY increase in June 2023, and even more substantial 10.2 percent YoY increase in May 2023.
Over the 2023 to 2025 period, CBO’s latest projections economic growth slows then picks up. “ The economic outlook growth of real inflation adjusted gross domestic product (GDP) slows to 0.4 percent annual rate during the second half of 2023; for a year as a whole real GDP increases by 0.9 percent,” says Congressional Budget Office (gov).
Cheers!
Patricia Lynn
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