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It includes all final goods and services—that is, those that are produced by the economic agents located in that country regardless of their ownership and that are not resold in any form.
It is used throughout the world as the main measure of output and economic activity.2015Q4 observation is the January 15 Macroeconomic Advisers nowcast.
Caveat: The employment series and output series will both be benchmark-revised, so these short run correlations may very well change.
Our point estimates in Chinn, Ferrara and Mignon (2014) indicate that for an expansion regime, the short run elasticity of employment with respect to GDP is about 0.3 (sample up to 2007Q4).
Figure 1 shows this correlation for the post recession sample.
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