Create your own list of local economic indicators
Maureen Farrell
- Are nail salons less crowded? That could be one indicator to check in gauging your local economy’s recovery. Photo by Flickr.com user ishane.
Maureen Farrell of Forbes gives readers 15 economic indicators to follow instead of the stock market, unemployment and manufacturing data. She writes:
“For enlightenment, we went looking for a slew of offbeat yet telling economic indicators. General consensus: Things are looking up — for now.” Among her indicators: taxi usage, electronic-waste recycling, gasoline fill-ups and senior-living sign-ups.
Today’s Tip: Think of economic stories from the consumer level.
Consumers impact all of the indicators Maureen notes in the story. And, as a Fortune article about Wal-Mart’s earnings says, the recovery is dependent upon the consumer. To write about whether your area is recovering, you can’t just rely on data releases. Create your own list of economic indicators, hit the streets and ask every businessperson you meet: “How’s business?” I know of a business that sells aquarium supplies that’s struggling because pet fish aren’t a necessity. Are nail salons less crowded? How are resale shops faring? I’ve noticed the store where I take used kids items has a growing pile of inventory to stock.
My fellow blogger, Melissa Preddy, writes here about several quirky local economic indicators. And there are more ideas — serious and playful — about tracking your local economic recovery in this archived blog of a Reynolds Center workshop Melissa and Ryan Sweet, senior economist for Moody’s Economy.com, gave in January.
And Melissa has more tips in this self-guided Webinar on how to find consumer and personal finance angles on any beat.
