Comparing Forecasting Tools for Economic Analysis

You are a senior economic analyst for a wealth management firm. Due to recent economic fluctuations, you have been asked to assess and compare two forecasting tools—leading economic indicators and the ISM Purchasing Managers' Index (PMI)—as they relate to predicting future economic activity. In your analysis, discuss the strengths and weaknesses of each forecasting tool, their applicability within different economic contexts, and how they can be integrated into a comprehensive economic forecasting model for your clients. Provide examples to illustrate your points.