Funny thing about this massive internet data engine we all plug into: I have access to more information than ever and still don’t really know anything. At least regarding the US economy; I do know way too much about pop culture, beer and bourbon.
That’s the thing about data—it’s not actual knowledge, only its unrefined ore. Before you can leverage a fact, you need to convert it into something actionable, something larger: an outcome or a conclusion.
The only reason I’m chasing this tangent on a Wednesday morning is that in rapid fire succession, three different data points popped up in my inbox this morning:
1. U.S. consumer spending up in October
2. U.S. durable-goods orders dip in October
3. First-time U.S. jobless claims decline to 466,000; stock futures get lift from data
I’m not exactly sure how or why I started getting these Marketwatch headlines on my email. I mean, I know why Land’s End and Amazon and Ebay clog my inbox every single morning with an endless supply of largely indistinguishable offers, but Marketwatch? Where did that come from?
Still, it’s news, I scan it, and much like the level of intellectual engagement one gets from the Captivate elevator screen, I leave with a bite-sized intellectual nugget to idly chew for the rest of the day.
Data may be king in the new economy, but the true power still resides in knowledge. Dag, I gotta get me some more of that…
By Dennis Ryan, CCO, Element 79
This just in: October new-home sales rise, paced by gains in southern states. (man, this stuff never stops…)