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Economic Data

What Is Economic Data?

Measures of a country or a market’s financial wellbeing, especially compared to past measures, provide economic data.

Where Does Economic Data Come From?

Most of this data comes from governments or intergovernmental agencies, such as the EU. However, measures of industry or market economics come from market research and reports.

What Types of Columns/Attributes Should I Expect When Working with This Data?

There are a huge number of attributes for this data; some based on countries but most provided by economic indicators. The main economic indicators are GDP growth rate, interest rate, inflation rate, unemployment numbers, government debt to GDP, balance of trade, credit rating, and population.

Additionally, there are specific measures: prices, taxes, employment, trade, business, and government data. Economists even measure consumer confidence and country health data.

What Is Economic Data Used For?

All this data is used by governments and non-governmental organizations primarily. They use the data to diagnose economic problems or concerns and to find ways to improve the economy.

How Should I Test the Quality of This Data?

Some challenges to measuring the quality of this data include the scale of the category and the fact that some companies, industries, and countries may lie about their status. Thankfully, however, the fact that so many different indicators exist provides a chance to cross-check the data from any other source.

Beyond these challenges, though, the general tests of data quality remain: accuracy, timeliness, relevancy, completeness, and consistency. Timeliness, especially, raises problems since some financial indicators update daily whereas others update quarterly yearly. Standardization and cleansing of the data, therefore, is crucial.

Interesting Case Studies and Blogs to Look Into

Trading Economics: Indicators
European Commission: Quality measures for economic indicators

Tangible Examples of Impact

Additionally, progress in the development of COVID-19 vaccines and treatments is accelerating, which is “arguably far more important than near-term economic data points,” Lee said.

But the two biggest reasons weakening economic data could have a positive impact on the stock market is that it puts more pressure on Congress to pass a larger fiscal stimulus package, and it also keeps the Fed in the corner of easy monetary policies.

“So you can see, ironically, [this] has positive implications for financial markets,” Lee said.

Markets Insider: Weak economic data is ‘ironically positive’ for the stock market, Fundstrat says

Relevant datasets

Gig Economy Data Hub Research

by Gig Economy Data Hub

Gig Economy Data Hub Research consists of both raw data and analysis of the growing gig economy. They also have detailed information on study methodology and data types.

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dxFeed Data

by dxFeed_logo

dxFeed Data provides a wide range of global market data and data analysis services

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Fund for Peace Data for Peace

by Fund for Peace logo

The Fund for Peace’s Data for Peace uses data science to forecast and mitigate—if not prevent—major conflict.

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