This ontology provides the parameters which make up the various types of market economic indicators, along with basic facts about these such as the economies or countries they apply to. Economic Indicators Ontology the calculation or expression used to determine the value of the indicator actual expression specifies quantity value for a given indicator has indicator value specifies a recurrence interval (monthly, quarterly, annual) that an indicator reflects has periodicity specifies a reference (baseline) recurrence interval for which a given economic indicator applies has reference period specifies the regional (geopolitical) context for a given measurement, population, or economic indicator has regional context specifies the release date for a given economic indicator has release date specifies the reporting period for which a given economic indicator applies has reporting period specifies the original starting date for the time series for a given economic indicator has series origin specifies the time context for a given measurement, population, or economic indicator has time context a predicate indicating whether the index excludes energy and food prices excludes energy and food a predicate indicating the legal working age (minimum), in years, of people that are counted as members of the working population has minimum legal working age a predicate indicating the number of elements in a given population has population size a predicate indicating the number of elements in a given universe has universe size a predicate indicating whether some published formal method is applied that compensates for seasonal variations in the population or index value is seasonally adjusted a person that is not a member of the military (i.e., that is not on active duty) civilian a subset of the civilian, non-institutional population considered to be part of the labor force during a given reporting period civilian labor force an economic indicator representing the rate of participation the labor force of a given economy for some specified period civilian labor force participation rate a statistical universe consisting of people of a certain age who reside in a given region, do not live in institutions (for example, correctional facilities, long-term care hospitals, and nursing homes), and are not on active military duty civilian non-institutional population a combination of adjacent metropolitan and micropolitan areas with economic ties measured by commuting patterns combined statistical area a person that is the ultimate user of a product or service consumer an economic indicator representing a measure of the change over time in the prices of consumer goods and services that households consume consumer price index a statistical measure of some economic activity in the context of a statistical area (region), used for analysis of economic performance and predictions of future performance economic indicator a subset of the civilian labor force considered to be employed during the reporting period employed population an economic indicator representing the ratio of the employed population with respect to the overall civilian non-institutional population of a given economy for some specified period employment-population ratio a functional business entity that produces and/or sells goods or services enterprise a statistical universe consisting of enterprises designed for the purposes of supporting surveys such as those used as the basis for employment and producer price indices enterprise population an enterprise (or part of an enterprise) that operates from a single physical location establishment a subset of the enterprise population focused on establishments establishment population a basket of goods and services whose quantity and quality are held fixed for some period of time fixed basket a component of a fixed basket fixed basket constituent a statistical universe consisting of specific goods and/or services designed for the purposes of supporting surveys such as those used as the basis for price indices goods or services population an economic indicator representing the broadest measure of aggregate economic activity, measuring the total unduplicated market value of all final goods and services produced within a statistical area in a period gross domestic product an individual or small group of persons who occupy a housing unit (such as a house or apartment) as their usual place of residence, who pool some, or all, of their income and wealth and who consume certain types of goods and services collectively, mainly housing and food household a house, an apartment, a mobile home or trailer, a group of rooms, or a single room occupied as separate living quarters, or if vacant, intended for occupancy as separate living quarters housing unit an economic indicator representing a change in prices of goods and services for a specified period, for a given statistical area inflation rate an economic indicator representing a measure of the rate of change over time in the prices of inputs of goods and services purchased by the producer input producer price index a person that resides in an institution for some reason, due, for example, to hospitalization, rehabilitation, or incarceration institutional person one or more adjacent counties or county equivalents that have at least one urban core area of at least 50,000 population, plus adjacent territory that has a high degree of social and economic integration with the core as measured by commuting ties metropolitan statistical area one or more adjacent counties or county equivalents that have at least one urban core area of at least 10,000 population but less than 50,000, plus adjacent territory that has a high degree of social and economic integration with the core as measured by commuting ties micropolitan statistical area a person that is a member of the active duty military military person an economic indicator representing a measure of the rate of change over time in the prices of products sold as they leave the producer output producer price index a subset of the civilian, noninstitutional population, that is considered neither employed nor unemployed by the reporting agency during the reporting period population not in the labor force an economic indicator representing a measure of the rate of change over time in the prices of goods and services bought and sold by producers producer price index a physical location that is defined per a nationally consistent program for designating geographic regions for the purposes of tabulating and presenting statistical data statistical area an identifier for a physical location that is defined per a nationally consistent program for designating geographic regions for the purposes of tabulating and presenting statistical data statistical area identifier a statistical universe filtered by time and region statistical population a publication program that presents a detailed investigation and analysis of a subject or situation involving one or more studies or surveys statistical program a collection representing the total membership, or 'universe', of people, resources, products, services, events, or entities of interest for some question, experiment, survey or statistical program statistical universe a subset of the civilian labor force that is considered to have had no employment but was available for work, except for temporary illness, and had made specific efforts to find employment sometime during a specified period, during the reporting period unemployed population an economic indicator representing the ratio of the unemployed population with respect to the civilian labor force of a given economy for some specified period unemployment rate an economic indicator representing a weighted average of the input and output producer price indices value-added producer price index 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 Copyright (c) 2014-2016 EDM Council, Inc. Copyright (c) 2014-2016 Object Management Group, Inc. http://www.omg.org/techprocess/ab/SpecificationMetadata/MITLicense EconomicIndicators.rdf fibo-ind-ei-ei This ontology provides the parameters which make up the various types of market economic indicators, along with basic facts about these such as the economies or countries they apply to. The http://www.omg.org/spec/EDMC-FIBO/IND/20150501/EconomicIndicators/EconomicIndicators.rdf version of this ontology was modified per the issue resolutions identified in the FIBO IND 1.0 FTF 3 report. The http://www.omg.org/spec/EDMC-FIBO/IND/20140601/EconomicIndicators/EconomicIndicators.rdf version of this ontology was modified per the issue resolutions identified in the FIBO IND 1.0 FTF 1 report. http://www.omg.org/spec/EDMC-FIBO/FND/ http://www.omg.org/spec/EDMC-FIBO/BE/ http://www.omg.org/spec/EDMC-FIBO/FBC/ http://www.omg.org/spec/EDMC-FIBO/IND/Indicators/Indicators/ http://www.omg.org/spec/ODM/ http://www.w3.org/standards/techs/owl#w3c_all the calculation or expression used to determine the value of the indicator specifies quantity value for a given indicator specifies a recurrence interval (monthly, quarterly, annual) that an indicator reflects specifies a reference (baseline) recurrence interval for which a given economic indicator applies specifies the regional (geopolitical) context for a given measurement, population, or economic indicator specifies the release date for a given economic indicator specifies the reporting period for which a given economic indicator applies specifies the original starting date for the time series for a given economic indicator specifies the time context for a given measurement, population, or economic indicator a predicate indicating whether the index excludes energy and food prices a predicate indicating the legal working age (minimum), in years, of people that are counted as members of the working population The working-age population is the total population in a region, within a set range of ages, that is considered to be able and likely to work. The working-age population measure is used to give an estimate of the total number of potential workers within an economy. For example, in the U.S., it is 16, whereas in Canada it is 15. a predicate indicating the number of elements in a given population a predicate indicating the number of elements in a given universe Example explanation from the US Bureau of Labor Statistics: Because price data are used for different purposes by different groups, the Bureau of Labor Statistics publishes seasonally adjusted as well as unadjusted changes each month. ... Seasonal factors used in computing the seasonally adjusted indexes are derived by the X-13ARIMA-SEATS Seasonal Adjustment Method. Seasonally adjusted indexes and seasonal factors are computed annually. Each year, the last five years of seasonally adjusted data are revised. a predicate indicating whether some published formal method is applied that compensates for seasonal variations in the population or index value a person that is not a member of the military (i.e., that is not on active duty) U.S. Bureau of Labor Statistics and Statistics Canada reference definitions - https://wiki.edmcouncil.org/pages/viewpage.action?pageId=6358041 a subset of the civilian, non-institutional population considered to be part of the labor force during a given reporting period U.S. Bureau of Labor Statistics and Statistics Canada reference definitions - https://wiki.edmcouncil.org/pages/viewpage.action?pageId=6358041 an economic indicator representing the rate of participation the labor force of a given economy for some specified period civilian labor force ÷ civilian non-institutional population The labor force participation rate is the percentage of the population that is either employed or unemployed (that is, either working or actively seeking work). http://www.bls.gov/bls/cps_fact_sheets/lfp_mock.htm a statistical universe consisting of people of a certain age who reside in a given region, do not live in institutions (for example, correctional facilities, long-term care hospitals, and nursing homes), and are not on active military duty The civilian non-institutional population is typically reported in thousands. U.S. Bureau of Labor Statistics and Statistics Canada reference definitions - https://wiki.edmcouncil.org/pages/viewpage.action?pageId=6358041 CSA a combination of adjacent metropolitan and micropolitan areas with economic ties measured by commuting patterns These areas that combine retain their own designations as metropolitan or micropolitan statistical areas within the larger combined statistical area. a person that is the ultimate user of a product or service The consumer is not always the purchaser of the product. Consumers are considered to be the users of the final product. For example, purchasers of building products are interim users of these products while constructing the finished product, which then may be purchased by the consumer. For the purposes of the CPI, the definition of consumer is limited to humans. In general, a consumer could include a pet, as the consumer of pet food, for example, although the pet owner would likely be the purchaser and target of advertising. Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012 CPI an economic indicator representing a measure of the change over time in the prices of consumer goods and services that households consume http://www.ilo.org/public/english/bureau/stat/guides/cpi/ http://unstats.un.org/unsd/nationalaccount/docs/SNA2008.pdf a statistical measure of some economic activity in the context of a statistical area (region), used for analysis of economic performance and predictions of future performance Example indicators include the average work week, weekly claims for unemployment insurance, new orders, vendor performance, stock prices, and changes in the money supply. Barron's Dictionary of Business and Economic Terms, Fifth Edition, 2012 a subset of the civilian labor force considered to be employed during the reporting period There are a number of distinctions with respect to how individuals are counted from country to country, including whether or not they are considered employed if they are on unpaid leave for some reason, and whether or not they are counted multiple times if they have more than one paying job. U.S. Bureau of Labor Statistics and Statistics Canada reference definitions - https://wiki.edmcouncil.org/pages/viewpage.action?pageId=6358041 an economic indicator representing the ratio of the employed population with respect to the overall civilian non-institutional population of a given economy for some specified period employed population ÷ civilian non-institutional population a functional business entity that produces and/or sells goods or services An enterprise (a private firm, government, or nonprofit organization) can consist of a single establishment or multiple establishments. All establishments in an enterprise may be classified in one industry (e.g., a chain), or they may be classified in different industries (e.g., a conglomerate). http://www.businessdictionary.com/definition/establishment.html http://www.bls.gov/opub/hom/glossary.htm#E a statistical universe consisting of enterprises designed for the purposes of supporting surveys such as those used as the basis for employment and producer price indices an enterprise (or part of an enterprise) that operates from a single physical location The physical location of a certain economic activity - for example, a factory, mine, store, or office. A single establishment generally produces a single good or provides a single service. http://www.businessdictionary.com/definition/establishment.html http://www.bls.gov/opub/hom/glossary.htm#E a subset of the enterprise population focused on establishments a basket of goods and services whose quantity and quality are held fixed for some period of time https://www.imf.org/external/pubs/ft/ppi/2010/manual/ppi.pdf a component of a fixed basket a statistical universe consisting of specific goods and/or services designed for the purposes of supporting surveys such as those used as the basis for price indices https://www.imf.org/external/pubs/ft/ppi/2010/manual/ppi.pdf GDP an economic indicator representing the broadest measure of aggregate economic activity, measuring the total unduplicated market value of all final goods and services produced within a statistical area in a period GDP represents a valuation expressed in terms of the prices actually paid by the purchaser after all applicable taxes and subsidies. http://www.treasury.gov/initiatives/ofr/about/Documents/AR2013_Back_Matter_Glossary+Bib_Refs+Endnotes.pdf https://en.wikipedia.org/wiki/Gross_domestic_product an individual or small group of persons who occupy a housing unit (such as a house or apartment) as their usual place of residence, who pool some, or all, of their income and wealth and who consume certain types of goods and services collectively, mainly housing and food A household may be either (a) a one-person household, that is to say, a person who makes provision for his or her own food or other essentials for living without combining with any other person to form part of a multi-person household or (b) a multi-person household, that is to say, a group of two or more persons living together who make common provision for food or other essentials for living. The persons in the group may pool their incomes and may, to a greater or lesser extent, have a common budget; they may be related or unrelated persons or constitute a combination of persons both related and unrelated. A household may be located in a housing unit or in a set of collective living quarters such as a boarding house, a hotel or a camp, or may comprise the administrative personnel in an institution. The household may also be homeless. From the perspective of the U.S Census Bureau, a household includes the related family members and all the unrelated people, if any, such as lodgers, foster children, wards, or employees who share the housing unit. A person living alone in a housing unit, or a group of unrelated people sharing a housing unit such as partners or roomers, is also counted as a household. The count of households excludes group quarters [such as institutional facilities]. There are two major categories of households, 'family' and 'nonfamily'. a house, an apartment, a mobile home or trailer, a group of rooms, or a single room occupied as separate living quarters, or if vacant, intended for occupancy as separate living quarters Separate living quarters are those in which the occupants live separately from any other individuals in the building and which have direct access from outside the building or through a common hall. For vacant units, the criteria of separateness and direct access are applied to the intended occupants whenever possible. Always either includes or excludes: Energy prices; Food prices. ALL inflation rates cite whether or not they exclude energy and food prices. If nothing stated it is assumed they include them. an economic indicator representing a change in prices of goods and services for a specified period, for a given statistical area Inflation rate can be used to define changes, from period-to-period, in wage (wage inflation), house prices or producer inputs/outputs. It can be calculated month-over-month and quarter-over-quarter, as well as year-over-year, or on any periodic basis required by the publisher and its community of interest. input PPI an economic indicator representing a measure of the rate of change over time in the prices of inputs of goods and services purchased by the producer https://www.imf.org/external/pubs/ft/ppi/2010/manual/ppi.pdf a person that resides in an institution for some reason, due, for example, to hospitalization, rehabilitation, or incarceration U.S. Bureau of Labor Statistics and Statistics Canada reference definitions - https://wiki.edmcouncil.org/pages/viewpage.action?pageId=6358041 MSA one or more adjacent counties or county equivalents that have at least one urban core area of at least 50,000 population, plus adjacent territory that has a high degree of social and economic integration with the core as measured by commuting ties μSA one or more adjacent counties or county equivalents that have at least one urban core area of at least 10,000 population but less than 50,000, plus adjacent territory that has a high degree of social and economic integration with the core as measured by commuting ties a person that is a member of the active duty military U.S. Bureau of Labor Statistics and Statistics Canada reference definitions - https://wiki.edmcouncil.org/pages/viewpage.action?pageId=6358041 output PPI an economic indicator representing a measure of the rate of change over time in the prices of products sold as they leave the producer https://www.imf.org/external/pubs/ft/ppi/2010/manual/ppi.pdf a subset of the civilian, noninstitutional population, that is considered neither employed nor unemployed by the reporting agency during the reporting period There are a number of distinctions with respect to how individuals are counted from country to country, including whether or not they are considered employed if they are on unpaid leave for some reason, and whether or not they are counted multiple times if they have more than one paying job. U.S. Bureau of Labor Statistics and Statistics Canada reference definitions - https://wiki.edmcouncil.org/pages/viewpage.action?pageId=6358041 PPI an economic indicator representing a measure of the rate of change over time in the prices of goods and services bought and sold by producers The standard methodology for a typical PPI is based on a Laspeyres price index with fixed quantities from an earlier base period. The construction of this index can be thought of in terms of selecting a basket of goods and services representative of base-period revenues, valuing this at base-period prices, and then repricing the same basket at current-period prices. The target PPI in this case is defined to be the ratio of these two revenues. Practicing statisticians use this methodology because it has at least three practical advantages. It is easily explained to the public, it can use often expensive and untimely weighting information from the date of the last (or an even earlier) survey or administrative source (rather than requiring sources of data for the current month), and it need not be revised if users accept the Laspeyres premise. Statistical agencies implement the Laspeyres index by putting it into price-relative (price change from the base period) and revenue-share (from the base period) format. In this form, the Laspeyres index can be written as the sum of base-period revenue shares of the items in the index times their corresponding price relatives. Statistical agency practice has introduced some approximations to the theoretical Laspeyres target due to a number of practical problems with producing the Laspeyres index exactly. For these and other pragmatic reasons, some agencies use alternatives depending on circumstances. See the IMF publication cited for a full explanation of the most commonly used approaches and trade-offs made for determining PPI. https://www.imf.org/external/pubs/ft/ppi/2010/manual/ppi.pdf a physical location that is defined per a nationally consistent program for designating geographic regions for the purposes of tabulating and presenting statistical data U.S. Bureau of Labor Statistics and Statistics Canada reference definitions - https://wiki.edmcouncil.org/pages/viewpage.action?pageId=6358041 U.S. Bureau of Labor Statistics and Statistics Canada reference definitions - https://wiki.edmcouncil.org/display/IND/Statistics+Canada+Census+Information an identifier for a physical location that is defined per a nationally consistent program for designating geographic regions for the purposes of tabulating and presenting statistical data U.S. Bureau of Labor Statistics and Statistics Canada reference definitions - https://wiki.edmcouncil.org/pages/viewpage.action?pageId=6358041 U.S. Bureau of Labor Statistics and Statistics Canada reference definitions - https://wiki.edmcouncil.org/display/IND/Statistics+Canada+Census+Information a statistical universe filtered by time and region A common aim of statistical analysis is to produce information about some chosen population. In statistical inference, a subset of the population (a statistical sample) is chosen to represent the population in a statistical analysis. If a sample is chosen properly, characteristics of the entire population that the sample is drawn from can be estimated from corresponding characteristics of the sample. a publication program that presents a detailed investigation and analysis of a subject or situation involving one or more studies or surveys a collection representing the total membership, or 'universe', of people, resources, products, services, events, or entities of interest for some question, experiment, survey or statistical program A statistical universe can be a group of actually existing objects (e.g. the set of all stars within the Milky Way galaxy) or a hypothetical and potentially infinite group of objects conceived as a generalization from experience (e.g. the set of all possible hands in a game of poker). a subset of the civilian labor force that is considered to have had no employment but was available for work, except for temporary illness, and had made specific efforts to find employment sometime during a specified period, during the reporting period Persons who were waiting to be recalled to a job from which they had been laid off need not have been looking for work to be classified as unemployed. U.S. Bureau of Labor Statistics and Statistics Canada reference definitions - https://wiki.edmcouncil.org/pages/viewpage.action?pageId=6358041 an economic indicator representing the ratio of the unemployed population with respect to the civilian labor force of a given economy for some specified period unemployed population ÷ civilian labor force Persons are classified as unemployed if they do not have a job, have actively looked for work in the prior 4 weeks, and are currently available for work. Workers expecting to be recalled from layoff are counted as unemployed, whether or not they have engaged in a specific jobseeking activity. In all other cases, the individual must have been engaged in at least one active job search activity in the 4 weeks preceding the interview and be available for work (except for temporary illness). http://www.bls.gov/cps/faq.htm#Ques3 value-added PPI an economic indicator representing a weighted average of the input and output producer price indices https://www.imf.org/external/pubs/ft/ppi/2010/manual/ppi.pdf