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Data4Democracy / usa-dashboard

A dashboard of key metrics for the USA
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Jobs/Unemployment Metrics #21

Open seanjtaylor opened 7 years ago

seanjtaylor commented 7 years ago

We can use the BLS data but it's monthly. Should we figure out a way to now-cast the BLS data using google search volume?

seanjtaylor commented 7 years ago

Some code that shows how to wrangle BLS data: http://lenkiefer.com/2017/02/01/emp-trends

DavidNKraemer commented 7 years ago

Pavlicek and Kristoufek (https://arxiv.org/pdf/1408.6639.pdf) give a really good overview of setting up and calibrating unemployment nowcasting models. I think we should look into this to see if we can proceed in this fashion.

tomkovarik commented 7 years ago

@seanjtaylor Are you talking about nowcasting it for predictive value for the monthly releases, or to capture trends in between monthlies? If the latter, would you plan to re-benchmark it back to the monthlies? The monthlies are estimates at the state and local level, not full survey data...