Economics
High-Frequency Data Prove Their Staying Power With Fed’s Buy-In
- Real-time reports gain currency among economists in pandemic
- Mobility trackers, restaurant reservations among key figures
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Photographer: Andrew Harrer/Bloomberg
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The alternative data that have illuminated the U.S. labor market, spending and mobility during the pandemic are becoming a permanent part of the toolkit for the Federal Reserve and Wall Street economists.
Previously relegated to secondary status behind established government macroeconomic figures -- most released monthly -- the rapid shifts in activity during the pandemic have made it essential for economists to follow weekly or even daily readings including credit- and debit-card spending, mobility trackers, restaurant reservations and air travel.