As we head further into the new year, small business owners might be wondering what economic information they should pay attention to when it comes to making decisions for their company.
Inc. magazine recently spoke to finance analyst George Pearkes of Bespoke Investment Group. Pearkes regularly appears on financial news TV shows to talk about the latest developments in the markets and has a reputation for digging into obscure data to generate uncommon insights.
Pearkes says if he were going to create a dashboard of economic indicators for small businesses to look at to assess their business’s near-term prospects, he’d start with state and local employment data as well as homebuilding numbers.
Why these metrics, specifically?
“It’s definitely helpful for businesses to know, ‘Is the population rising? Is consumer spending rising?'” Pearkes told Inc., and “anything more generalized than [housing and unemployment data] is just not available with public datasets” that are updated on a frequent basis.
Read the full story, which includes more insights for how to take advantage of regional economic data.