On the Internet: Economic Data

Economic Data On-line

Because your investments are significantly impacted by the current state of the economy and analysts’ predictions about its future, access to a reliable source for current economic information is essential for smart investment decision-making. There are numerous Web sites offering valuable economic data and statistics—many of them are free.

Dismal Scientist CLICK ON IMAGE TO SEE FULL SIZE.

Dismal Scientist

www.dismal.com
The Dismal Scientist is a subscription-based Web site by Economy.com that offers economic data on the U.S. and foreign countries worldwide. It provides real-time economic and market analysis; commentary on trends, events and changes; and forecasts for countries and economies, as well as real-time coverage of 220 economic indicators for about 60 countries.

Sample article topics include interest rates, federal funds rates, the effects of rising crude oil prices and gross domestic product. Subscribers can also see a handful of the economic indicators the site tracks on the home page. A full list of the indicators can be found under the Indicators heading.

An area business outlook, a review of the forces driving the markets and summaries of today’s and this week’s economy are found under the Analysis heading. Message boards, stock calculators and U.S. geography profiles are located in Data and Tools. Additionally, subscribers can sign up for analysis and indicator E-mail alerts and personalize the site by selecting indicator display options, choosing a time zone and bookmarking pages. A subscription to the Dismal Scientist costs $74.95 per month or $695 per year.

Bureau of Economic Analysis (BEA)

www.bea.doc.gov
An agency of the U.S. Department of Commerce, the Bureau of Economic Analysis produces statistics on the nation, its regions and specific industries as well as the international arena.

On the national level, the bureau reports on gross domestic product (GDP) and gross domestic income (GDI), two common measures of economic health. It also prepares estimates of fixed assets and consumer durable goods in the U.S.

On the regional level, the BEA issues estimates of state and local area personal income and of gross state product.

For industries, the BEA provides detailed information on the flows of goods and services to industries and on the contributions by private industries and the government to the nation’s gross domestic product by industry.

In the international arena, the bureau reports on international transactions accounts (called balance of payments), the accumulated stocks of U.S.-owned assets abroad and of foreign assets in the U.S., and estimates of U.S. direct investment abroad and foreign direct investment in the U.S.

News releases, papers and working papers, and the Survey of Current Business can be downloaded from the site.

Visitors to the site can sign up for E-mail updates and use the frequently asked questions section and a glossary to clarify concepts.

Access to the site is free.

Economic Policy Institute

www.epinet.org
The Economic Policy Institute is a nonprofit think tank that is devoted to research and ideas for working people. The site contains information on living standards and labor markets, the government and economy, trade and globalization, education, and jobs and wages. Each section contains related news articles, research, books and graphs covering specific issues. Users can also find links to other helpful economic sites and a library of further resources on the home page.

Access to the site is free.

EconData.Net

www.econdata.net
EconData.Net is a site devoted to giving users information about regional economic activity. The site is sponsored by the Economic Development Administration and operated by two independent economic development consulting firms. It links to over 1,000 socioeconomic data sources to provide a multitude of options for users.

The data is arranged by subject (such as employment, income, and prices) and provider (such as the Bureau of Economic Statistics, the U.S. Census Bureau, and the Bureau of Labor Statistics), making it easy to navigate. There is also a list of the 10 best regional economic data Web sites.

EconData.net puts out a monthly E-newsletter, which can be found under the ”What’s New” heading. The newsletter reports on data news, presents articles about current economic events with links to relevant Web sites and spotlights a Web site each month.

A user’s guide can be downloaded from the site that explains the various economic data points and how they can be used.

Access to the site is free.

FedStats

www.fedstats.gov
This site gives users access to statistics from over 100 federal agencies. The statistical information relates to economic and population trends, education, health care costs, foreign trade, energy use, farm production and more. All of the site’s statistics are maintained and updated by the individual federal agencies.

There are many ways to search the site’s immense database for information, starting with alphabetically by topic. If you want information on specific states, counties, cities or districts, you can search through a list of states and narrow your search from there. Users can also search for data by the agency name, type or subject.

Access to the site is free.

Federal Reserve

www.federalreserve.gov
This is the main site for the Federal Reserve Board of Governors, which provides data and analysis on the economy with an emphasis on monetary policy. The site includes extensive data and articles covering a full range of economic and financial data. You can find links to the Web sites of the 12 Federal Reserve district banks, which also provide their collections of data, articles and analysis.

Access to the site is free.

Forbes.com

www.forbes.com Forbes has partnered with Economy.com, the provider of both the Dismal Scientist and FreeLunch (see below), to make their Web site a more comprehensive source of economic data. As with most of the sites mentioned, Forbes is free to use. Links to current news articles and stories are posted on the site’s Economy page (found under Markets).

Key economic indicators are listed with their recent changes and are hyperlinked to a brief activity summary with a referral to the Dismal Scientist for more information. Changes in exchange and interest rates and sector indexes are also reported.

You can sign up to receive E-mail alerts on specific topics of interest. An on-line poll is offered daily, and Webcasts throughout the day report on recent activity affecting the economy.

FreeLunch

www.freelunch.com As the name would suggest, this is a free site offering economic data and analysis. FreeLunch has a database of over 100,000 economic, financial and demographic data series. Users can search for articles by topic, keyword or phrase. This site is part of the Economy.com family of Web sites that includes the Dismal Scientist.

United States Census Bureau

www.census.gov This government-sponsored Web site gives users access to selected census information from 1790 to the latest census in 2000. The home page includes a population clock in almost-real-time showing the growth of the U.S. and world populations. You can search for historical or current census information by category including age, ancestry, income, occupation, marital status, and more. Links to estimates and projections for the future are given as well.

A business section has economic data sorted by sector, geography and frequency. Users can also access the 2002 Economic Census data that has been released so far; all data is scheduled to be released by 2006. Additionally, sections relating to housing and geographic data are listed on the home page. The Newsroom contains articles and commentary about current economic developments. The American FactFinder helps you find specific statistics on a city by entering the zip code. Information includes general, social, economic and housing characteristics.

The site also has links to other helpful Web sites, related publications and interactive tools such as QuickFacts, which provides answers to questions frequently asked of the Census Bureau.

Access to the site is free.