If you're someone who tends to avoid cable news programs, you may wonder about the best way to stay up-to-date on the current economic climate. Fortunately, there are more options than ever — and thankfully, not all of them need to involve talking heads shouting at each other either. For most people, a smarter method to keep your finger on the pulse of the economy involves a blend of active engagement and passive absorption.
News Sources
Follow reputable news outlets that specialize in economic reporting rather than general news outlets. Good sources include The Financial Times, The Wall Street Journal, Bloomberg, and CNBC. These sources provide up-to-date analysis and insights on global economic trends, market movements, and policy changes without the "noise” of some networks.
Economic Indicators
You can also keep an eye on key economic indicators like gross domestic product (GDP) growth, unemployment rates, inflation, consumer spending, and industrial production. These measures will usually share if segments of the economy are expanding or shrinking.
They can also let you know about Americans' general economic health. High unemployment and high inflation can mean many households are under financial strain, while low unemployment or high consumer spending are signs of a healthier economy. Websites like Trading Economics or government agencies like the Bureau of Economic Analysis (BEA) give access to the most recent data, as well as historical measures.
Central Bank Communications
Central banks are the authorities that set policies affecting a country's supply of money and credit. You can learn about central bank policy decisions by monitoring statements, speeches, and reports from the Federal Reserve, European Central Bank, or Bank of England, among others. These reports can often give you a heads-up when interest rates are likely to rise (or fall), affecting the cost of credit.
Social Media and Forums
If you're someone who enjoys crowdsourcing your news, you can participate in online forums that are focused on economic topics. These forums often attract a diverse set of perspectives that aren’t always found in other places.
Data Analysis Tools
You may not realize that you can use publicly available data analysis tools to analyze economic trends. Websites like FRED (Federal Reserve Economic Data) have access to dozens of forms of economic data and visualization tools.
By combining information from many of these sources, you can better understand today's economy. This understanding will help you gain deeper insight into global economics and make informed investment decisions.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by WriterAccess.
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