When you think about the state of the economy, do you look for the latest government data-or do you think about how you, your friends and your family are faring in the current economic climate? For most people it's the latter, and as the fourth annual CIT Voice of the Middle Market
study found, corporate executives are no different.
Despite the explosion of big data throughout Corporate America, middle market executives evaluate the state of the economy based on personal experience and observation more than economic indicators. Approximately three in five executives say the best way to judge the U.S. economy is through observing the economic stability of their community, friends, and coworkers. Less than half (41%) say government data is a better way to judge the economy.
"Rather than relying only on data, our study revealed that middle market executives judge the economy based on their own experiences and from what they see impacting those close to them," said
Jim Hudak, President of CIT Corporate Finance. "Everything is local, and that's especially true for the middle market which really represents the Main Streets of the American economy. Government statistics remain critically important, but if a store on Main Street loses its lease, that has a significant impact on how these executives view the economy."
Looking at the full survey results, as we have found every year, some of the results were expected, and some were surprising.
Taken together, this survey tells us that middle market executives are attuned to their pocketbooks and those of their neighbors, alert to the challenges and opportunities of technology, and not inclined to look to Washington, D.C. for solutions to the problems they face.
To learn more, read the
full report and consider sharing it with your network on LinkedIn.
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