Listening to company webcasts and reading transcripts is also a good check on the macro data reflecting reality. Gets us into the weeds. Some of the macro data does not hold up to what some companies are doing (and feeling) in the trenches. There are some that still work quite well in my view. Like homebuilding stats, auto trends, employment (they either have a job or they don't. It is at least in the ballpark) but inflation metrics have been shaky value in this market. Consumer credit trends are useful (delinquencies, charge-offs etc.). You can check many macro headlines against company color. Example, in 2019, companies were dialing back capex. Pressure on economy. Fed eased. Like you say, homework helps! Headlines can be misleading.
Listening to company webcasts and reading transcripts is also a good check on the macro data reflecting reality. Gets us into the weeds. Some of the macro data does not hold up to what some companies are doing (and feeling) in the trenches. There are some that still work quite well in my view. Like homebuilding stats, auto trends, employment (they either have a job or they don't. It is at least in the ballpark) but inflation metrics have been shaky value in this market. Consumer credit trends are useful (delinquencies, charge-offs etc.). You can check many macro headlines against company color. Example, in 2019, companies were dialing back capex. Pressure on economy. Fed eased. Like you say, homework helps! Headlines can be misleading.