Want your job stats faster? Nikolaos Askitas and Klaus Zimmermann use Google searches for job search engines in Germany to accurately forecast the monthly unemployment announcements.
Hat tip to M-Clem.
Last reply was January 21, 2010
Logging In...
cooooool!
Amazing!
Hal Varian, and a coauthor I can’t recall, have a paper on doing just that for the U.S.. Their model is more accurate than previous forecasting models, apparently.
Donald Marron has important notes about using Google’s unemployment data, though: see here
Donald Marron has some important notes about using the Google unemployment numbers here.
Not sure why that doesn’t seem to have gone through so I’ll try again. Apologies if I repeated myself.