Sound Research is Key to the Reality of COVID-19’s Economic Impact

Stats Fact of the Week

COVID-19 has injected a heavy dose of economic uncertainty into the fluid power industry, as well as the rest of the global economy, and has forced the supply chain to change how it approaches strategic planning and business management. The pressure to quickly adapt to stay afloat in the unsteady economy can cause business leaders to make hasty and potentially costly decisions based on incomplete or misinterpreted data.

Alex Chausovsky, Director of Speaking Services at ITR Economics and a familiar speaker at NFPA’s Industry & Economic Outlook Conference, reminds us in a recent LinkedIn post just how important sound research is to the development of valid and accurate data sources used create reliable economic trends and projections.

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Sound market information research, like the research behind NFPA Market Information Resources, begins with strong contact/source relations, consistency and complete data collection practice transparency. NFPA is fortunate to work with dedicated members that contribute data through a variety of market surveys and maintain open communication with NFPA staff, not to mention the positive and meaningful relationships we maintain with a number of outside firms known for their valuable resources and outlooks. It is these relationships that have made NFPA the leading source of fluid power market information in the U.S. that help members understand trends and anticipate change. Members have access to a variety of industry reports, forecasts and data sources for fluid power products, customer markets and economic indicators.

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Questions and inquiries about NFPA’s Market Information Resources can be directed to Eric Armstrong at earmstrong@nfpa.com or (414) 778-3372.