You can read all the prognostications you want, but the best way to get a feel for the economy is to talk to the people who feel most acutely the effects of its fluctuations: businesspeople. The problem is it can be difficult to have access to enough people to get the total picture.
That's not the case for Mike Miller, president of Apex Remodeling, in Highland, Ind. He belongs to a local newspaper's panel of economic "experts." Each quarter, the 22-member "Board of Economists" (representing a wide range of industries in the northwest Indiana and suburban Chicago area) convenes for a long lunch, during which panelists talk briefly about the economic status of their sector. The results of the discussion are published in the Sunday edition of the Northwest Indiana Times.
Space considerations dictate that not all the information be published, but Miller gets "inside" information he wouldn't otherwise have. With intelligence based on what people in other industries are experiencing, he's able to better project the upcoming months for his business. For example, he says, "if retailers are expecting a good stretch, that's good for us, too."
Miller also benefits from brainstorming with people facing problems similar to his own. For instance, the area has undergone some major road construction in the past couple of years, and some of Apex's employees were getting stuck in traffic on their way to and from jobs. Through these meetings, Miller got ideas on how to cope with the situation.
There's a marketing aspect to it, as well. "Once you're in the paper, you're an expert," Miller says, noting that his customers seem reassured by the third-party verification that he knows his stuff.
There is, of course, one other benefit. "I get a free lunch out of it, too," Miller says with a laugh.