According to Abed, Gupta and Fonds Monétaire International (2002) Economic Indicator, is a statistical data showing the general trend in the economy. There are various forms of economic indicators such as leading Indicator, coincidental economic indicators and lagging indicators. Leading indicators may be predicted prior to their occurrence. On the other hand, those that occur at the same time with the related economic activities are called, coincidental economic indicators. They are called coincidental indicators because they occur at the same time with the economic activities in an economy. In addition, those that become apparent after the level of activity in an economy are lagging indicators. Examples of lagging indicators may include; Gross Domestic Product, Industrial Production, Stock Market Prices, Unemployment, Consumer Price Index among other. The Economic indicators of Indian may be explained as follows.
Economic recession is a situation of having a negative GDP for a concequative quarters or more. This means that, the level of economic activities is falling across the economy. Therefore, recession is a good economic indicator that can be used to analyse the Indiana economy. According to Carol (2010), one important side effect of recession is that, it slows down migration of people across Indiana. Between 2012 and 2009, there was a boom. This was a period of economic prosperity which was being experienced in Florida, Arizona and Nevasada .During this period, people migrated a lot and this further lead to overpopulation Problems across some parts of Indiana. In 2009, there was a net influx of more than 5,000 people in Hamilton a county in Indiana. This County was followed by Hendricks with 1,840 people .The migration led to problems of Unemployment in some counties of Indiana like Elkhart County. In 2009, migration in Indiana left many rural Areas with less population. The main reason behind migration being to look for better housing as well as better employment opportunities. The migration was further fuelled by harsh economic condition that was being experienced during this period (Livingstone, 1996).
Housing and labor force
According to 2000 to 2008 census, there has been an a persistent increase in housing units by nine per cent leading to a figure of 620,000units in 2008.The Majority of people being those who owned the house standing at 68 percent, with 25 percent renter occupied and the remaining percentage being vacant or seasonal housing (Hendry, 2002).This statistic indicates that, during 2000 to 2008,the economy of Indiana was performing quite Well. Additionally, the statistics collected in 2009, showed that, 690,000 people living in Indiana are in the labor force. Out of this figure, 88 per cent are working while 12 per cent are looking for work. By having a statistic’s of 88 percent working, it is a good indicator that, during 2000 to 2008 the economy of Indiana was performing well. (Rüütel, 2003).
In 2008 statistics, Indiana was not only ranked as a large producer of a agricultural products in the United state, but was also ranked as the largest exporter of a agricultural commodities. Since 2004 the exports for a agricultural produce has nearly doubled (Hendry, 2002).This is also another indicator that, the economy of Indiana has been improving over the years.Statitistical figures further indicated that, agricultural activities in Indiana has been at an increase, ranging from production of crops to livestock. The increase in level of economic activities indicates that, the growth of the economy of Indiana.
Jobs and Wages in Automotive Manufacturing Industry in Indiana.
From the statistics collected in 2008 to 2009, it showed that, counties with predominantly parts manufacturing workers experienced unemployment and low wages. On the other hand, counties with relatively high proportion of workers in full vehicle manufacturing have stable employment and high wages (Carol, 2010). It was also noted that, Counties that focused on manufacturing motor vehicles bodies experienced volatile employment pattern that relied heavily on national recession cycle.Additionally,employement in automotive manufacturing industry is distributed across Indiana particularly on the Northern region of the state near Michigan.Employement in this industry is perceived to be volatile and have a downward trend. Workers in the vehicles cluster counties have been in a persistent increase between1998 and 2008.This is a good indicator that, automobile industry has been performing well in some counties of Indiana. However, in Trailer cluster counties, the wages of the workers had been the same like those of workers in Motor Vehicle cluster.
Indiana Employment Tenure and Trade.
This indicator tend to investigate for how long did the workers stayed in a particular industry and the wages that there were given. According to statistics collected between 2000 to 2008, it showed that, workers in different industry were paid almost the same wages. The study further indicated that, majority of workers in the same cohort had been in the same sector for more than six years and were the last to be laid off. According to the data collected by Indiana workforce and education Intelligence System (IWIS), it showed that, 31percent of Indiana workers had been working in the same Industry .Though with a different employer (Carol, 2010).The data further indicated that, more educators may have spent considerable time in in the same school than in the same plant within the manufacturing industry. In addition, the study further indicated that, employee’s wages increase with tenure across all Industries .Despite a substantial fall in Indiana GDP and domestic spending, the value of export from Indiana to Portugal remained stable in 2004 and fluctuated between 2009 and 2011.But despite the fluctuation in exports, Indiana remained the largest exporter of Industrial Machinery and Electrical Machinary.This indicate how exports played a significant role in boosting the economy of Indiana (Rüütel, 2003). Additionally Imports from Portugal to Indiana remained significantly low in to 2009 this is according to statistics gathered by Indiana Workforce and Education Intelligence System. This indicates that, Indiana was experiencing a favourable balance of Payment during this period.
The discussion above has brought forth the economic indicators of the Indiana economy. According to the data collected by Indiana Work force and Education Intelligence System (IWS), it can be observed that, Indiana has been experiencing fluctuations in economic trends ranging from recession to boom. During recession there was a significant drop in migration of people. But during boom, Indiana witnessed a massive migration of people as they look for better housing and more satisfying jobs. The migration patterns led some areas of Indiana to be overpopulated leading to a fall standards of living around those areas. The discussion has further brought forth other economic indicators such as employment trends, trade and exports as important economic Indicators of Indiana Automobile Industry.
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