Information on economic research, including sources of demographic data, labor statistics and economic indicators.
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Economic Research
Use econ research to help you anticipate and cope with economic fluctuationsBy Lea Terry, Freelance Journalist / Copywriter Economic research can help you determine if it's a good time to launch a new enterprise or product, expand your company or hire more staff, or determine if you need to wait until consumer confidence is up and the economy is stronger. Economic research topics encompass everything from spending to manufacturing, but some of the main economic indicators include unemployment statistics, retail sales, number of jobs added per month or year, and the amount of goods produced in a given time period.
Your economic research can go in a number of directions, depending on your specific needs. Ideas for economics research include:
- Labor statistics
- Consumer spending
- Cost-of-living comparisons
- Gross domestic product
- Average salaries in a city, state or region
- Geographic economic trends
Keep an eye on labor statistics
Employment and unemployment numbers say a lot about the economy. If unemployment is up and job growth is declining, it may indicate a troubled economy that can't support new enterprises. However, if you're planning to hire more employees, it could also mean more applicants to choose from.
Try:
The U.S. Bureau of Labor Statistics offers detailed information on everything from unemployment numbers to productivity to inflation. Or, compare unemployment rates by state at StateMaster.com.
Monitor sales, production and other economic indicators
Production and spending are both important clues to the strength of an economy. They can also help you better understand the demographic you're marketing to, because by understanding how and why they spend money, and what they spend it on, you can determine how best to market to them.
Try:
At the U.S. Bureau of Economic Analysis, find up-to-date information on the gross domestic product. ThirdWave Research offers an online household spending tool to help you understand the buying habits of your target customers.
Consult economic research organizations
Many economic research organizations cater specifically to the business community, and economic research papers published by these groups can provide insight into which cities offer the most economic advantages, or what industries are experiencing the most growth.
Try:
The National Bureau of Economic Research provides economic research to public policymakers, business professionals and the academic community. Software from the Economic Research Institute can help you track issues such as salary trends and cost-of-living comparisons. The Association for University Business and Economic Research conducts research in everything from labor market analysis to regional economic analysis.
Keep an eye on international economic indicators
When looking at economic indicators, monitor the situation not only in your own city, but across the United States and even the world. Often, economic fluctuations in another region eventually make their way around the globe, affecting everyone.
Try:
The International Monetary Fund publishes data and guides on economic indicators across the world. The Economist magazine site includes up-to-date information on world markets.
- Don't make any radical changes based on apparent changes in consumer confidence or other economic indicators. These figures and statistics are tools to help better gauge an economy's health, but they don't signal and immediate and total collapse. Monitor these numbers continually, and make slight alterations at first, until the effects of these national and international shifts become clearer.
Watch Merrill Lynch Leaders Discuss Their 2012 Investment Strategies.
Banking Solutions for Your Business from Bank of America Merrill Lynch
Financial Times' Premium Market Investment Intelligence. Free Info
2012 is going to be the year of reckoning... again... Free Report
Documents and publications added to the American Association of Retired Persons (AARP) Research Center, updated to six months.
http://research.aarp.org/new.html
By the Bureau of Labor Statistics. Consists of two surveys that provide information on the buying habits of American consumers, including data on their expenditures, income, and consumer unit (families and single consumers) characteristics.
Offers comprehensive and timely economic analysis, tools, message boards, and other features designed to keep readers fully informed on the state of the world economy.
Central index of economics institutions (academic, governmental and non-profit) organized by country and US state. EDIRC is provided from the Université du Québec à Montréal and mirrored at four other institutions: Manchester Computing (UK), Washington Un
IDEAS is a service providing information about working papers to the economics profession. IDEAS stands for "Internet Documents in Economics Access Service." Site maintained through the University of Quebec at Montreal, Canada.
http://ideas.uqam.ca/ideas/index.html
International Monetary Fund Working Papers
IMF Working Papers in full text promoting international monetary cooperation, exchange stability, and orderly exchange arrangements.
http://www.imf.org/external/pubs/cat/wp.cfm
National Trade Data Bank on Internet
Trade statistics, information, and research accessed through subscription provided by the US Department of Commerce.
http://www.stat-usa.gov/tradtest.nsf
Publication of the office of population research at Princeton University.
http://popindex.princeton.edu/
The History of Economic Thought
List and discussion of numberous economic schools of thought throughout history, complete with essays and links to relevant web sites.
http://cepa.newschool.edu/het/home.htm
USDA Economic Research Service (ERS)
Agency of the US Department of Agriculture that provides economic analysis on efficiency, efficacy, and equity issues related to agriculture, food, the environment, and rural development.
Tips & Advice to help you make your decision on Economic Research
In today's extensive and fluctuating economies, having proper economic research tools at one's disposal has become more essential than ever. It is now critical that business ventures fully analyze and understand their product's markets and demographics in relation to the economy as a whole. Economic research is a growing and valuable field as we better learn to use and understand the information throughout the market.
Several companies, such as the National Bureau of Economic Research, offer these advanced services to companies and institutions. Research of this nature is often found to be more credible and unbiased when performed by a third party rather than the inquiring ... more
In today's extensive and fluctuating economies, having proper economic research tools at one's disposal has become more essential than ever. It is now critical that business ventures fully analyze and understand their product's markets and demographics in relation to the economy as a whole. Economic research is a growing and valuable field as we better learn to use and understand the information throughout the market.
Several companies, such as the National Bureau of Economic Research, offer these advanced services to companies and institutions. Research of this nature is often found to be more credible and unbiased when performed by a third party rather than the inquiring client. Regardless of how the economic research is obtained, the information gathered will be beneficial to the company's success. This can be through a better understanding of how a product will react in the current market, or whether developing another foreign branch is the proper current economic move.
When researching the economy, whether for personal or corporate use, it is important to use all of the tools and technologies that have been developed to aide in this complex process. These tools may include analysis software, specialized research firms, and private consultants. When finding out about economic research, also be sure to check out the many useful links on this page of Business.com.
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