Even in the absence of official jobs figures, warning signs often emerge in the labor market:
The everyday economy leaves trails in consumer behavior and community life:
Businesses are often quicker than government statistics to reflect trouble:
When government data falters, or is mistrusted, private sector and international organizations’ indices become invaluable:
It’s understandable to be skeptical of government data, especially in the current climate. But it’s important to understand the economy is more than just a set of aggregated numbers. There will be plenty of warning signs if things are trending downward, from empty storefronts to rising bankruptcy rates to visible community distress. So if you don’t feel as if you can rely exclusively on official figures, experts advise keeping your ears to the ground: Pay attention to local businesses, listen to stories from regular people, and keep track of movement in the private sector. The telltale signs are rarely hidden; they are, for better or worse, all around us.
