Its an indication of how technology is changing our lives when Google data can help give some fascinating insights into unemployment. Here’s the paper.
According to the rising “Google econometrics” literature, Google queries may help predict economic activity. The aim of our paper is to test if these data can enhance predictions
for youth unemployment in France. As we have on the one hand weekly series on web search
queries and on the other hand monthly series on unemployment for the 15 to 24-year-olds, we use the unobserved components approach in order to exploit all available information. Our model is estimated with a modified version of the Kalman filter taking into account the twofold issues of non-stationarity and multiple frequencies in our data. We find that including Google data improves unemployment predictions relatively to a competing model without search data queries
Don't want to go too deep into the paper, you wouldn't be interested in my views of Kalman filtering, but the idea of “nowcasting” and “Google econometrics” is very interesting and new, no?
I tried Google econometrics out with a bank name. Here’s what the results show
Fascinating eh? Google searches rose steadily, peaked when the crisis was really hitting its peak and then slowly came down and has plateaued.
where are the searches coming from?
how curious. UK I can understand but from Mexico, India, Turkey, Brazil, Argentina, Indonesia?
It also allows you to view by city
here’s the listing by city in another graph
some very interesting trends :)