What Is the Definition and Components of an Economic Recession?


What Is the Definition and Components of an Economic Recession?

Information, by a broad definition, is arranged, processed and structured information designed for particular purposes. It gives context to unprocessed data and allows decision making about certain types of information. For instance, a single consumer’s sale in a restaurant is unprocessed information-it becomes data when the company is able to identify which dish is the most popular or the least popular. Decision-makers can then use this information to make a decision about the menu that will most benefit the customer.

The third section presents data in rows and columns. Row and column functions are used in order to present organized, aggregated and summarized information from an ordered set of data. The objective of using this section is to allow decision makers to view each piece of information in its proper context. The other sections present data in the format that can be directly used by employees. An employee can read it, manipulate it, and use it in order to get information that they require quickly and efficiently.

The fourth section presents data that is extracted from multiple sources. This includes aggregate, state level, census, urban, sectoral, occupational, geographic and industry statistics. This data series is used to determine the factors influencing changes in economic conditions. This may include aggregate unemployment, revisions in historical indicators, measures of inflation and realignments in relative prices. By using these factors, the job gains or employment are calculated and compared with changes in the overall economy.

(q) Unionization and Disruption of Unions. Data on discharges by individual police officers under internal disciplinary authority for acts of abuse come under the third category of data series. This also includes an analysis of discharges by police officers outside of their department that results in allegations of brutality or excessive force. The analysis of union busts may be presented by the FBI, Bureau of Labor Statistics or the U.S. Bureau of Labor Statistics. The presentation will give an estimate of the number of new union jobs that were created or terminated during the period of the bust and how many more jobs have been lost since the bust.

(r) Union Retention. The last category to present data on trends in union retention is a look at trends in union membership. Estimates on how many members are covered by negotiated agreements between management and unions come under the fourth category. Estimates on the percentage of non-unionized units in the total employed by industries come under the second sub category of data series. Estimates on the rate of union induction are presented by the Bureau of Labor Statistics. Union induction rates and trends through time are important indicators of union strength.

(q) Data on Corporate Union Costs and Rates. Corporate costs and rates have been measured since the year 2021 and labor rates since the year 1940. Estimates on how much these items are driven by union membership trends come from Bureau of Labor Statistics estimates and the U.S. Bureau of Labor Statistics web site. Union membership is expected to increase through 2021 while industry cost and rate growth will remain steady or show little change through the next five years.