Turning economic data into user-friendly business news stories

Personalizing the impact of economic stories creates a connection with your readers. (Photo by Joshua Rawson-Harris / Unsplash)

In today's quick-click journalism landscape, turning complex economic data into compelling — and easy-to-understand — stories is essential.

Journalists often face a mountain of statistics, reports and data that can easily overwhelm both them and their audience. However, by improving your analytical skills and mastering the art of newswriting, you can make dense economic concepts engaging and user-friendly.

Data-rich business and economic stories not only inform the public but resonate with readers who are personally impacted by the information, creating a deeper understanding of the information at hand. By combining strong analysis with a focus on writing with clarity, relevance, and creativity, journalists can craft stories that captivate their audience and highlight the significance of the data.

Understanding your audience

When thinking about how to write your story, always start with your audience. Who is going to be reading or watching it? It could range from everyday consumers to industry experts. Knowing the answer shapes the tone, style, and complexity of the content.

For example, if the audience is general consumers, it’s vital to simplify economic jargon and explain data in relatable terms. No acronyms and corporate-speak. Research shows that over 70% of readers are more likely to engage with content that feels accessible and relevant to their experiences.

On the other hand, if the audience is industry specialists, deeper analysis and occasional use of technical language can be appropriate. Tailoring stories to fit the audience’s expectations strengthens the connection to the consumer.

You have to hook the audience right away

The lead is arguably the most critical part of any news story, particularly with complex economic information. A well-crafted lead grabs the reader's attention and provides a roadmap for the story.

When dealing with economic data, highlighting the most significant figures or trends from the start is essential. For instance, stating that "The unemployment rate dropped to 3.5%, its lowest level in five years" presents a clear focus and instant context. Compelling facts or captivating insights hook interest and provide essential context for the numbers that follow. In fact, leads that feature key statistics can increase reader retention by up to 60%.

Sometimes, your hook is a stark data point. ("Walmart raises prices of toys by 30% because of tariffs.") Sometimes, it's a human who personifies a statistic. (Read on!)

Finding the human element in economic data

While economic data can seem dry, adding a human element makes the story more relatable. Statistics represent real lives, sharing stories of both struggles and triumphs. By incorporating anecdotes or quotes from individuals affected by the data, journalists can breathe life into otherwise abstract numbers.

For example, a story could feature a family impacted by rising inflation, detailing their experience with grocery prices increasing by nearly 15% over the past year or toys they might not be able to afford for Christmas this year. Personal stories humanize economic data, making it more accessible and fostering a deeper understanding of its implications.

Data visualization: An image is worth a thousand words

Images, graphs, or infographics can complement written content, especially in data-heavy economic stories. Visuals help distill complex information into digestible formats. For instance, a chart showing the relationship between unemployment rates and GDP growth can clarify trends and provide context at a glance.

When using visuals, they must be clear and relevant. Simple designs that avoid clutter help maintain focus on the message. Captions should explain the visuals, minimizing the need for readers to reference the text constantly. Well-executed visualizations can boost reader comprehension by up to 80%, serving as an effective tool in storytelling.

With rapid technological advancement, innovative tools can aid in presenting and analyzing economic data. Journalists should embrace software and applications that facilitate data collection, visualization, and reporting. For example, programs that create interactive graphics or charts can turn static reports into dynamic storytelling experiences.

Global Business Journalism reporter Michael Ma created this informational graphic to explain the rise of Bitcoin in 2021.

Structure matters: Crafting coherent narratives

A clear structure is essential when writing about economic data. Journalists should aim for a logical flow guiding readers through the presented information. A common structure involves introducing the overarching theme, presenting key statistics or findings, and analyzing their implications.

Breaking the story into sections, supported by headers, helps provide context and commentary, reinforcing the significance of the data. For instance, starting with an overview of economic trends, followed by statistics, and concluding with analysis can enhance reader understanding. Subheadings can further aid navigation in longer articles, making it easier for readers to find points of interest and enabling quick scanning.

Incorporating expert opinions

Including insights from experts enhances credibility and depth in economic news stories. Quoting economists, analysts, or industry specialists helps break down complex topics. Such quotes provide different perspectives on economic conditions or trends, enriching the overall narrative.

When interviewing experts, journalists should prepare specific questions focusing on how economic data relates to current events or larger trends. This approach ensures that the gathered information is relevant and serves the public interest, making the story more compelling.

Avoiding misleading information

Accuracy is critical when presenting economic data. Misinformation can spread quickly, especially in today's digital media landscape. Journalists must approach data with a critical eye, considering the source's reliability, defining key terms, and being transparent about uncertainties.

Try to avoid unknown sources of data or sources whose reliability you cannot verify. If you have never heard of a source of economic information, check it out before sharing that information.

Also, be aware that some official government data sets are considered more reliable than others. You may want to note that some data sets are considered authoritative while others have been questioned by independent economists. Or you might want to provide several similar data sets on the same subject.

Cherry-picking data, which involves selecting only figures that support a narrative while ignoring contradictory ones, can mislead readers. A more holistic view allows readers to form their conclusions and fosters trust. For example, presenting both the GDP growth rate and inflation simultaneously gives a more nuanced understanding of the economic landscape.

When writing about GDP, be careful not to mix up three different kinds of GDP statistics: inflation-adjusted GDP, raw GDP numbers and GDP adjusted for the nation's standard of living. Each data set yields significantly different results.

Ending with a memorable point

The conclusion is just as important as the lead; it leaves readers with a lasting impression. A well-crafted conclusion summarizes key points and prompts reflection on the information conveyed.

In economic news stories, conclusions can synthesize the analysis and implications of the data, reiterating its significance to the audience. For instance, concluding with a statement like "As economic indicators suggest a recovery, understanding the impact on our daily lives remains essential" encourages readers to think critically about the information.

A well-designed economic growth statistics graphic helping readers understand complex data.

Thinking about SEO

In a digital world with abundant content, mastering search engine optimization is crucial. Use keywords naturally throughout the article to increase visibility and reach. Phrases like "economic indicators," "growth statistics," or "market trends" enhance discoverability without compromising the engaging tone.

SEO is not about stuffing keywords but finding a balance between appealing to search engines and engaging readers. By crafting compelling headlines, employing subheadings wisely, and using keywords appropriately, journalists can optimize their stories for broader audiences without sacrificing quality.

Economic graphs and charts illustrating data trends and fluctuations.

Continuous experimentation

Writing about economic data requires skill that improves with practice and a willingness to learn. Journalists might consider attending workshops or courses focused on data journalism to gain insights into data analysis, visualization, and storytelling techniques.

Reading widely in the field exposes journalists to different styles and approaches. For example, examining how professionals frame economic stories can help aspiring writers identify what resonates with readers and adapt those techniques.

Transforming economic data into user-friendly news stories is both an art and a science. Journalists who master these techniques can craft narratives that resonate with audiences and convey vital economic information.

By understanding the audience, crafting strong leads, emphasizing the human element, and maintaining an engaging structure, journalists enhance their storytelling abilities. The goal is to foster informed conversations around economic data and embrace the dynamic nature of journalism. Ultimately, informed audiences contribute to healthier civic dialogues and better decision-making in our ever-evolving economic landscape.

As journalists adapt to changing mediums and technologies, the principles of clarity, engagement, and integrity remain at the core of compelling newswriting. Embracing these principles will empower the next generation of journalists to turn complex data into stories that inform, engage, and inspire.