FRED has added 1,144 series from the U.S. Census Bureau’s Business Formation Statistics release. The Census Bureau developed this release in collaboration with economists affiliated with the Federal Reserve Board, Federal Reserve Bank of Atlanta, University of Maryland, and University of Notre Dame. The data represent the number of business applications, actual and projected business formations originating from business applications, and the delay in business formations as indicated by the average duration between business applications and business formations for the United States, including each state.
In this newsletter, we use a graph to look at the trade balance over time, map international trade flows using GeoFRED, and share techniques for improving FREDcast forecasts by diving into the components of GDP.
Trade Balance in FRED
This assignment provides instructions on building the graph below and provides suggested writing prompts for out-of-class assignments.
Using GeoFRED to Compare Exports across the U.S.
This assignment provides instructions on creating the maps below that show trade flows from U.S. states to China and Canada, respectively. You’ll also find prompts for in-class discussion.
Trade flows from U.S. States to China
Click on the map above to view an interactive version.
Now name the two states with the largest volume of exports to China in 2016.
In the interactive view, you can also see Alaska and Hawaii. Our apologies to Alaskans and Hawaiians for our map projection that makes it difficult to see all 50 states at once.
Trade flows from U.S. States to Canada
Again, click on the interactive map above and name the two states with the largest volume of exports to Canada in 2016. Looking at the two maps, which country is a larger export market for Texas: China or Canada? For California: China or Canada?
Using the GDP Components to Forecast Real GDP
The components of GDP determine its value. In the third quarter, a drop in exports resulted in a decrease in the GDP growth rate. Read on for more details and a list of resources to become a better FREDcast forecaster.
According to the Bureau of Economic Analysis, “Real gross domestic product (GDP) increased at an annual rate of 3.5 percent in the third quarter of 2018.”
FRED awaits new data release schedules from statistical
agencies affected by the recent partial U.S. government shutdown. FRED will
update affected data series as soon as the data are published by the
FRED has added 173 non-seasonally adjusted series from the national income and product accounts from the Bureau of Economic Analysis (BEA). These series are the non-seasonally adjusted counterparts to the gross domestic product, gross domestic income, and federal, state, and local government current receipts and expenditure accounts. All the data are available in these convenient release tables.