Please visit the Bureau of Economic Analysis (BEA) website and look at quarterly data from the last few years of the National Accounts. Can you make a decision of what part of the business cycle the U.S. economy is currently in? Why? What factors lead you to this conclusion? You may want to do additional research of sources to reach a conclusion. If so, please identify the sources that added to your analysis.
Also, please visit these two websites and compare the U.S.’s actual Real GDP available here: http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1 (Table 1.1.6 under Section 1 – Domestic Product And Income) with the U.S.’s natural, or potential, Real GDP (available at http://research.stlouisfed.org/fred2/data/GDPPOT.txt) to determine whether the U.S. is currently experiencing a recessionary gap, an inflationary gap, or long-run equilibrium.
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