Disclosed is an economic forecast system that overcomes technical problems with conventional systems. Conventional economic forecast systems may analyze past economic behavior and construct statistical models to predict future behavior. When incorporating past weather data, however, conventional systems generate overfitted and/or underfitted models because of the high multicollinearity of weather metrics. The disclosed system overcomes this technical problem with conventional systems by analyzing weather metrics that are divided into groups (based on the multicollinearity of the weather metrics in each group) and generates a statistical model using the one or more most statistically significant weather metrics from each group.
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