Peter is analyzing data on corporate profits and average unemployment duration; he is focusing on?

Peter's focus on corporate profits and average unemployment duration falls under the category of lagging indicators. Lagging indicators are economic metrics that change after the economy has already begun to follow a particular trend. They provide confirmation of patterns that are already established and help in analyzing the performance of the economy over time. For instance, corporate profits often improve as the economy recovers, while average unemployment duration typically decreases when the labor market strengthens, reflecting past economic conditions rather than predicting future trends.

In contrast, leading indicators are metrics that tend to change before the economy as a whole changes, offering predictive insights about its future direction. Coincidental indicators show concurrent changes in the economy, moving simultaneously with the economic cycle but without leading or trailing it. The business cycle refers to the overall economic patterns of expansion and contraction over time, encompassing all types of indicators. Hence, Peter's analysis of corporate profits and average unemployment duration aligns with the characteristics of lagging indicators, confirming trends rather than predicting them.