Concepts inNowcasting the macroeconomy with search engine data
Macroeconomics
Macroeconomics (from Greek prefix "makros-" meaning "large" + "economics") is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. This includes national, regional, and global economies. With microeconomics, macroeconomics is one of the two most general fields in economics. Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions.
more from Wikipedia
Web search engine
A web search engine is designed to search for information on the World Wide Web. The search results are generally presented in a list of results often referred to as search engine results pages (SERPs). The information may consist of web pages, images, information and other types of files. Some search engines also mine data available in databases or open directories.
more from Wikipedia
Weather forecasting
Weather forecasting is the application of science and technology to predict the state of the atmosphere for a given location. Human beings have attempted to predict the weather informally for millennia, and formally since the nineteenth century. Weather forecasts are made by collecting quantitative data about the current state of the atmosphere and using scientific understanding of atmospheric processes to project how the atmosphere will evolve.
more from Wikipedia
Economy
An economy consists of the economic systems of a country or other area; the labor, capital and land resources; and the manufacturing, production, trade, distribution, and consumption of goods and services of that area. A given economy is the result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, as main factors.
more from Wikipedia
Google Trends
Google Trends is a public web facility of Google Inc. , based on Google Search, that shows how often a particular search-term is entered relative to the total search-volume across various regions of the world, and in various languages. The horizontal axis of the main graph represents time (starting from 2004), and the vertical is how often a term is searched for relative to the total number of searches, globally.
more from Wikipedia