Economy can mean different things to different people. To a consumer, it's personal - meaning salary, grocery bills and retirement funds. For a businessperson, knowing economic data can help you time important purchases, hire more employees or tighten your belt. Economy information must be timely and relevant to your business needs.

However, it may be difficult to evaluate sources of economic data. You might hear skewed information due to politics, inaccurate interpretation or hysteria. Raw data can be helpful to evaluate the economy's health, but you may need guidance on the economic front. In the case of the economy, a provider of information might analyze data and forecast possible outcomes, which can help you make long-term business decisions.

When evaluating economy information, it's helpful to remember the following points.

1. Use what you know about the economy to make decisions, but don't forget about your local and personal economy.

2. Remember the economy will sustain ups and downs as part of a normal cycle.

3. Realize that the economy's health is often beyond our individual control. Focus on things you can control, such as your credit, cash flow, reputation and expertise in your field, to protect your business during a downturn.

Action Steps
The best contacts and resources to help you get it done

Check out governmental sources for news on the economy

One of the best places to find economy information about the United States is from governmental sources. Whether you're looking for a jobs report or an overview of the current health of the economy, you can find the facts you need from the government.

I recommend: The White House website gives the official scoop on the present state of the economy and reiterates the economic strategies the administration is following. The U.S. Department of the Treasury website has the hard economic data you may be looking for, such as quarterly to monthly reports on gross domestic product, inflation and the value of the dollar.

Get up-to-the-minute information on the economy from trusted sources

You may need help interpreting economic information, and may want to turn to a well-respected source for insight. You can depend on one of several sources that attempt to present an unbiased analysis of the latest economy news, compiled by knowledgeable economists.

I recommend: Sign up for a free trial of Dismal Scientist, produced by Moody's, which gives an in-depth analysis of the nation's current economy. Listen to podcasts from National Public Radio for the latest news regarding the economy. Get a look at the economic forecast by subscribing to the trusted Kiplinger Letter.

Keep an eye on the international economy

It may be even more important for you in your business to keep an eye toward the health of the international economy. An economy list that gauges the health of business climates overseas may be necessary for trading purposes. If you're engaging in overseas trade, you'll need to look outside your borders to find data that affects your business decisions.

I recommend: The International Monetary Fund provides data and statistics on 185 member countries. The World Bank gives critical information on the health of developing nations.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Look for opportunities to grow your business, whatever the experts forecast about the future of the economy. You can invest in your education, bump up your advertising efforts and study your competitors.