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.
Presentation to the Joint Chiefs Operations Directorate
November 11, 2022
5 Responses
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.
Donald Marron has important notes about using Google’s unemployment data, though: see here
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.
Amazing!
cooooool!