FreightWaves’ Lead Economist, Anthony Smith, joins Michael Vincent to discuss how macroeconomic data can be used to forecast short- and long-term freight markets.
They discuss whether the economic indicators are a reflection of recovery from the coronavirus closings will be a swoosh, V-shaped or W-shaped.
Watch the episode below:
Michael and Anthony also talk about gauging the strength of volume trends by market and industry using information from organizations such as the Institute for Supply Management (ISM), the Logistics Management Institute and the Federal Reserve, as well as information in SONAR on imports and employment numbers. For example, the ISM data are diffusion indices that give you industrial and vertical sentiment for forward planning. This data needs to be bounced against the real-time data and projections that can be generated by SONAR.
Using the historical macroeconomic indicator data found in SONAR to verify trends, you can validate positive and negative results within your own vertical. This data can also help you when you benchmark your company.
The importance of real-time data cannot be understated, especially in very volatile and/or disruptive times. SONAR allows you to utilize forward indicators to help interpret historical macroeconomic data during black swan events like we are in now.
Know more, faster – and find just what you need with SONAR!