Raise Your Hand if You Like Economics?

Who (Really) Likes Economics?

A panel discussion at the Chief Outsiders National Meeting last month, delivered by Taylor St Germain and discussed alongside Chief Outsiders Managing Partner, Paul Sparrow covered several key themes and highlights centered around economic forecasts, labor market trends, and strategic planning for businesses.

Here's the panel summary along with the themes and highlights. So, this is also a use-case for deploying AI in content development and distribution (its' really pretty good...thanks OpenAI ):

Key Themes:

1. (Real) Economic Forecasts Are Powerful: The presentation began with an emphasis on the value that ITR Economics economics brings to Chief Outsiders and their clients, providing deep insights into economic trends and forecasts that are not readily available elsewhere. Taylor St. Germain provided a detailed economic forecast focusing on the short-term challenges in 2024, including a mild downturn, followed by significant growth projected for the latter half of the decade, up until 2030. The emphasis was on preparing for this growth during the slower economic period of 2024.
2. Labor Market Dynamics Need to Be Watched: A significant portion of the presentation was dedicated to discussing labor market trends, particularly the dominance of millennials in the workforce and the challenges posed by a tight labor market. The discussion highlighted the need for automation, innovation, and investment in robotics in manufacturing to counteract labor shortages.
3. Strategic Business Planning Informed by Economic Data is Game Changing: The presentation underscored the importance of using economic and labor market forecasts to inform strategic business decisions. This includes making investments during economic downturns to prepare for subsequent periods of growth, understanding the economic health of clients' businesses, and adjusting strategies based on economic phases and cycles. (we can help with you with this analysis for your own company)

Highlights:

• Mild Downturn in 2024: The forecasted mild economic downturn in 2024 was presented not as a cause for alarm but as an opportunity for businesses to prepare for the growth anticipated in the following years.
• Millennials in the Workforce: The presentation focused on the impact of millennials in the labor market, noting their significant presence and the need for businesses to adapt to their ways of working and consuming.
• Tight Labor Market: The ongoing challenge of a tight labor market was discussed, with an emphasis on the opportunities it presents for attracting talent during downturns and the need for strategic investments in automation and innovation.
• Economic Health Analysis: The importance of understanding the economic health of clients' businesses was highlighted, with a call to action for using rates of change and other economic indicators to make informed strategic decisions.
• Preparation for 2030 Downturn: A major future concern discussed was the projected economic downturn starting in 2030, driven by demographic shifts, healthcare costs, and national debt. The presentation urged businesses to prepare by making strategic investments in the coming years to bolster their position ahead of this downturn.

Overall, this panel discussion at the Chief Outsiders National Meeting emphasized the importance of leveraging economic insights for strategic planning, particularly in light of the anticipated economic cycles and labor market trends.

So, who likes economic data? We do. We love to use every insight possible to inform our clients' strategies on their go-to-market decisions, tactics, spending and timing. Thanks ITR Economics for our partnership, and your encouragement.

(for the latest economic insights, check out ITR Economic's BLOG)