Winter 2009-10 Vol. 53, Number 4

Overall economy

The economy’s need for workers originates in the demand for the goods and services that they provide. So, to project employment, BLS starts by projecting the gross domestic product (GDP) for 2018. GDP is the value of the final goods produced and services provided in the United States.

Then, BLS estimates the size—in inflation-adjusted dollars—of the five major categories of production. Next, BLS breaks down these major categories into more detailed ones, such as the production of automobiles or the provision of medical services.

To show changes in demand more accurately, dollar amounts in these charts are given not in current dollars but in 2000 chain-weighted dollars. This means that amounts have been adjusted for changing prices over time.