Is the country heading towards a recession? Ask 10 economists and you’ll likely get 10 different answers. Which is why some people have given up on the traditional data – GDP, jobs, etc – and have instead recently been tinkering with more unusual economic indicators to help them guide their companies. Here are a few that I’ve seen.
Uniform patches
One known economic indicator is jobs and for that we tend to rely on unemployment numbers from the Bureau of Labor Statistics. But maybe there’s something better. Like the number of uniform patches sold each year. Uniform patches? Yes, those are the emblems that go on the uniforms worn by millions of workers, from fast food cashiers to drywall contractors. The financial data of one of the world’s largest makers of emblems and patches – privately held World Emblem – can’t be easily obtained. But the company’s owner recently told USA Today that sales are up 19% from the same period last year. A recession? “We’re not seeing it,” says Randy Carr, CEO of the Fort Lauderdale, Florida-based company. “It’s hard to believe there would be.”
Men’s underwear
Ask any guy about underwear, and they’ll usually admit the same thing. When times are good, we’re buying the good material. When money’s tight, we’re wearing those things until they literally fall off. So do men’s underwear sales mirror the economy overall? Some – including former Federal Reserve chief Alan Greenspan – think so. If you want to…
