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Abstract:
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Economic data products produced by the United States Census Bureau have long served as a high-quality benchmark for data users. To maintain this quality and enhance the foundation of its economic programs, the Census Bureau has begun exploring the potential of Big Data sources to supplement current products, create new products, and improve current methodologies. Research done with Big Data sources such as credit card transaction data, point-of-sale data, and publicly available building permit data have shown potential to improve the timeliness, geographic detail, and product-line coverage of Census Bureau economic data products. The big data work also has found promising enhancements to current seasonal adjustment methodologies including holiday effects and trading day weights. This paper covers the Big Data findings that the Economic Directorate of the Census Bureau has discovered thus far as well as plans for the future.
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