Jobs/Unemployment Metrics

[seanjtaylor]

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]

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

[DavidNKraemer]

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]

@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...