In order to make the appropriate projections and decisions, business owners need a solid understanding of how fluctuations in the economy might affect their business, as well as know how to view the current economic situation. In today’s episode, economist Guyesha Blackshear joins host Corey L. Townsend for a conversation about rates, inflation, and the economic climate concerns underlying all the latest news. She began her undergraduate career with a dual major in engineering and chemistry. However, after getting a taste of a microeconomics course, she knew that’s where she’d really thrive. The world is in a state of constant flux, so it can be challenging to provide a direct response regarding any long-term projections about the state of the economy. However, this is precisely why economists like Ms Blackshear examine historical data. She spends her days analyzing historical data, identifying patterns, and exploring the cause and effect of certain economic indicators in an effort to formulate an economic forecast for the future. Lately, as new economic data is published every day, forecasts have been adjusting quickly in response. Due to the most recent economic instability, business owners will need to determine when and how to make adjustments in response to rising costs, particularly those who are in need of supplies. To compensate for economic changes, sometimes businesses have to adjust employment strategies or policies, source suitable replacements, or pivot the services they offer. It’s up to each entrepreneur and CEO to be open to fresh strategies for maximizing the knowledge and experience they have gained in their industry.

In this episode, listen for:

Michigan's RSQE survey - Research Seminar Quantitative Economics forecast which is a survey where they predict the US economic outlook up until 2060

Consumers’ purchasing trends reflect they value services rather than goods

Guysesha’s prediction over the next 3-5 years for the housing market

Must-listen Moments:

[00:02:57] Guyesha explains what the day to day work looks like as an economist

[00:06:42] What's going on with the current economic environment and the cost of living

[00:16:00] Perspective on what the unemployment rate really means

Find and connect with Guysesha Blackshear:

https://www.linkedin.com/in/guyeshablackshear/

https://thejunioreconomist.com/about/

https://www.instagram.com/thejunioreconomist/

Thank you for tuning into the The Source Capital Podcast ™ where we talk entrepreneurship, business, and how to get financing to fund your business goals.

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