Not Just the Numbers


By: Dr. Lynn Reaser

In addition to the numerous statistics generated by various government agencies and other organizations, it is important for economists to monitor the anecdotal evidence.

This is particularly important for the local economy, where “hard” data is sometimes lacking or outdated.  Whenever I enter a store, I frequently ask the clerk, “How’s business?”  I also pay attention to wait lines in restaurants, parking lots in shopping centers, “for sale” or “lease” signs, and traffic on the roads.  It is important for analysts to observe, listen, and gather all of the data they can to assemble a comprehensive view and understanding of the economy.  

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