From the course: Economic Tips for Everyone

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Creating good economic data

Creating good economic data

From the course: Economic Tips for Everyone

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Creating good economic data

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- There's a big secret about economic data that most people don't know. And the big secret is if you want economic data and it doesn't exist, you might be able to create it yourself. It's true. I've created data series several different times. One of the best things you can do is use surveys. A data series I've had tremendous success with is for the material handling industry. The leadership of the industry wanted data to show what was going on in the moment for the industry and the official government data had big lags and was often subject to significant historical revisions. With the surveys we were able to create a meaningful data series over time that gives insight into overall activity and a number of other series. Of course sometimes it works and sometimes it doesn't. We tried this with the robotics industry and it failed. But you'll never know whether you're standing before success or failure if you don't…

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