Weekly Reflection: Economic Forecasting Paper Sou

Weekly Reflection- Economic Forecasting PaperSources of economic historical and forecast dataBureau of economic analysis (BEA) this body produces independent analysis of the budget and economy to support the congressional budget process. This body also conducts independent and impartial economic analysis. This source is valuable and useful because it aggregates data and gathers information from different divisions that come together to complete accurate economic forecasts. This source is particularly useful because of data accuracy and richness (Library of Economics and Liberty, 2008). Federal Reserve Economic Data (FRED), this resource aggregates data from different sources into a single online database of economic data. This database is created and maintained by the Federal Reserve Bank and is equipped with tools to help the user analyze and display data in a way that makes it more easily understood. The usefulness of this source is mainly the ability to analyze and manipulate data into a meaningful form (Federal Reserve Bank of St. Louis. (n.d.).National Bureau of Economic Reserved (NBER) has a vast amount of data for multiple sectors of the economy like production, foreign trade, employment, construction, government activity. This bureau is very useful because it covers a wide range of economic activities and goes