I'm trying to utilize economic and industry data to forecast sales of industrial companies. I have numerous economic and industry indices and as a first step I would like to indentify those indices that are good leading indicator for sales. I have already utilized graphing, but I was hoping there was a statistic that would also provide some insight.
Some preliminary research has uncovered the Granger Causality statistic, but I was hoping to see if there were any other recommended alternatives or to confirm that Granger Causality is the current best practice.
Any input or suggestions would be greatly appreciated.