Forecasting Tools Effectiveness in Economic Analysis

You are an economic analyst at a leading wealth management firm tasked with developing a forecasting framework to navigate uncertain economic conditions.

After evaluating various methodologies, you must choose a combination of tools that leverage both leading and lagging indicators. The aim is to create a holistic view of potential economic shifts, especially focusing on inflation trends and employment data.

Among the tools at your disposal are econometric models, technical analysis, and composite leading indicators. In this context, you need to determine which of these tools is least effective for accurately forecasting long-term economic shifts.