The Economy Today is derived from Professor Michael B. Lehmann's best-selling book, The Irwin Guide To Using The Wall Street Journal. In this course, Professor Lehmann shows you how to obtain the latest economic data on the web from the original source. The course will enable you to interpret the economic data with a graphical analysis that places recent economic events in a historical context. A wealth of background information, embedded in each module, provides all the depth and perspective you will need to understand today's economy.

The Economy Today is divided into three separate, highly interactive Lessons. In Lesson 1, Dr. Lehmann describes the relationship between production, costs, and prices so that you will understand how rapid economic growth can generate swiftly rising prices, and whether or not the "new" economy has eliminated inflation's threat. You will climb the steps that lead from rising demand to increased production, and from there to reduced efficiency and higher costs. As long as demand rises more rapidly than supply and drives production costs up, prices will rise. Topics incluce GDP, Industrial Production and Capacity Utilization, the Purchasing Manager's Index, Labor Productivity & Unit Labor Costs, and Producer Prices and the economic realities that these indicators describe.

Lesson 2 begins with the consumer price index (CPI) because its fluctuations commonly chart the course of inflation, which has powerfully influenced consumer confidence. The course will then examine auto sales, consumer credit (borrowing), and housing starts and sales because they serve as the leading indicators of consumer demand. The business cycles that drove inflation following WWII took this route: reduced inflation boosted consumer confidence, which encouraged consumer borrowing and spending, which stretched the limits of production, fueling rising costs and inflation. The boom's demise occurred when rising prices eroded consumer confidence and acerbated by the Federal Reserve's upward yank on interest rates).

Lesson 3 investigates additional topics that will round out your understanding of the economy today: the index of leading economic indicators, business investment in inventories and capital goods (plant and equipment), and the U.S. international accounts and the value of the dollar.

As a result of this course you will be in a position to be your own economist, examine the data for yourself with a whole new understanding and confidence, and make important decisions about your investments or business.

Enjoy!