Understanding the Economy
People worry that a recession is coming. But by the time one arrives, most economic harm has already happened.
From: Inc. Magazine By: Joseph H. Ellis
You probably, like most people in business, try to keep abreast of the latest financial news; maybe you read the “Ahead of the Tape†column in The Wall Street Journal out of habit and a sense of obligation. But how do you interpret what you read? That can be tricky.Pick up the newspaper one day, and you’ll learn that retail sales posted a nice gain. A month later, however, retail sales growth slackens and the previously released data have been revised downward, creating the sense that the economy is faltering. A few weeks later, a third report is released, and retail sales have magically bounced back. This month-by-month whipsaw in data is, of course, accompanied by randomly improving and deteriorating statistics for inflation, employment, industrial production, durable-goods orders, consumer confidence, overall consumer spending, and myriad other monthly and quarterly indicators. Layer on top of that fluctuations in the Dow Jones Industrial Average and the Nasdaq Composite Index and the ever-present buzz over the Fed’s approach to interest rates, and you have a very blurry picture.
For the entire article go to Inc.com
Every one in business is scared to death. Except for the businesses that are doing well. People are talking of recession and today the newspapers reported that January was the worst month for retail in quite awhile. The other day Corra read a report that the declared service sector was slumping.
Then there are the companies that are engaged in the newer technologies like environmental clean up and alternative fuel sources. There are companies who are servicing the diverse interests of an increasingly fragmented population at cheap and accessible rates. There are the American companies who thanks to the weak dollar are exporting their goods and services perhaps in higher volumes than ever before.
So business is good and business is lousy. Some companies are laying off, and some are hiring to ramp up for their new business efforts. What can be said in this climate, when it comes to employment talent you have choices. Some choices are better than others. Some or true finds, having just been downsized, while others have been unceremoniously shown the door of their last employer.
So if you see an opportunity in this down economic period and are planning to staff for the effort then you should have a preemployment screening program in place. Background checks are a most important element in determining who is the best candidate for the position. There are any number of background searches you can run, as well as corporate research to learn more about your competitors and vendors.
Check them out before you hire.
