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Advanced FRED: Doing more with the data

Advanced FRED: Doing more with the data. Katrina Stierholz June 7, 2010. Using the scenarios…. You’ve learned how to Add a series Change units Set dates View and download data Save as pdf , capture the link  Now we’ll go deeper Review/repeat some from first session

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Advanced FRED: Doing more with the data

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  1. Advanced FRED: Doing more with the data Katrina StierholzJune 7, 2010

  2. Using the scenarios… • You’ve learned how to • Add a series • Change units • Set dates • View and download data • Save as pdf, capture the link  • Now we’ll go deeper • Review/repeat some from first session • Find data series with different data types • Transform series • Set up user accounts • And, practice working with FRED

  3. FRED data One nifty feature: if you are ever unsureof the measure to use for data, this FREDAt a Glance will give you the generallyaccepted way of presenting data. E.g., forCPI, it indicates that the measure is% change from year ago. That can come inhandy at times. http://research.stlouisfed.org

  4. On FRED, users can: Search for data by category Regional data hasits own category Check updates Discover popular series

  5. Practice FRED • I want to understand inflation a little better • Many economists use CPI (Consumer Price Index) to evaluate inflation • There are two ways of looking at inflation: • Headline (that’s everything) • Core (takes out food and energy) • So, let’s use FRED to compare the two • Please do this on your computer with me

  6. FYI—PPI is theprice index for wholesale prices.

  7. This is the “headline”CPI graph, as an index.To make changes, click on “Edit” Graph

  8. To put the “core CPI” onthis graph, we add a data series

  9. You can either typein significant words,or use the Browsefeature to find data.

  10. We have both indexnumbers on the graph, but I’d like to see thepercent inflation, yearover year.

  11. This is where we change theunits displayed to percentchange from a year ago.

  12. Must be changed on both lines,and then click on Redraw Graph

  13. Core CPI andHeadline CPI. You can see how much more volatile the Headline CPI is, compared to the Core CPI (but that they also move in tandem).

  14. This one on your own • First, find Real GDP • What is GDP, you ask? The most commonly used measure of our national economy • What are the elements that measure GDP? • personal consumption expenditures; • private domestic investment (investment by companies and households in big things, like factories or houses); • net exports (exports minus imports); • government spending • What’s “Real” about it? (See Economic Snapshot from Inside the Vault).

  15. The news release from BEA

  16. Once you’ve found real GDP… • We’ll look at Real personal consumption expenditures and add it to the graph • Then we’ll do a little work to show how to put them on the same line, one as a percent of the other.

  17. Using the data category option

  18. Basic options for graphs

  19. Information about the data

  20. Clicking on any of theoptions here will bringup the graph in its edit form (so you don’t have to just pick“Edit”)

  21. Once you’ve found real GDP… • Add Real personal consumption expenditures • Click on “Add a Data Series” • Add it to Line 1 • Then we’ll do a little work to show how to put them on the same line, one as a percent of the other.

  22. Clearly, personal consumptionis a large part of our GDP. Hmmm… how large?

  23. Here’s where we do a transformation • First, we actually have to remove the consumption line • Then, we add the consumption data to the gdp line (I’ll show you) • Then, we do the math.

  24. Now that we knowabout it, we need to removeit as a separate line and put iton the same line as GDP.

  25. Click on Add Data Series, and Choose to put it on Line 1. Once you indicate that, it will only allowa series with the same frequency

  26. Series choices are now limited to quarterly series.

  27. FRED immediatelybounces you down to the bottom, so youcan fill in the formula,which is based on the“a” and “b” designationabove.

  28. So, I’m dividing real PCE/GDPto show the percent of our GDPthat consists of consumption.

  29. Real Personal Consumption Expenditures as a percent of Real GDP

  30. More transformations • What percent of the population that is over 16 is employed? • What’s the percent of unemployed persons who’ve been unemployed for a long time?

  31. Basic payrollemployment data

  32. Some changes to help improve readability

  33. Percent of our civilian >16 population that is employed.

  34. To save yourwork, use the “save” featureon nearly anyscreen. Thiswill save whatyou’ve done so you only have todo it once.

  35. Now, a transformation to look at the long-term unemployed

  36. I have peeked, and know that theseries we want are in the householdsurvey section. We could have usedthe search feature… but this works, too

  37. This one will require adding togetherall of the unemployed, and then figuring out the proportion over 27 weeks.

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