Sign In
  • InsideTrack
  • January 04, 2017

    Legal Research: Finding Economic Data

    Where do you go when you need statistics on personal income, a Federal Reserve Bulletin from 2005, or the unemployment rate for August 2010? Know the difference between FRED and FRASER? Learn about these eight website powerhouse sources for economic data research.

    Emily Gellings

    graph of economic data

    Jan. 4, 2017 – “It’s the economy, stupid.” This was a central campaign strategy of Bill Clinton in 1992.

    And it is just as relevant in 2017.

    With the new year, as well as the new presidential administration, the economy is a hot topic of conversation, and research. But knowing where to find specific pieces of economic data can be tricky, with so many resources available.

    Here is a list of resources to get you started in researching economic data:

    Bureau of Economic Analysis

    Run by the U.S. Department of Commerce, the Bureau of Economic Analysis contains essential economic data such as the gross domestic product (GDP) and personal income and outlays. The site also has details on the U.S. trade in goods and services to other countries, as well as investments in that country. Much of the data are accessible in interactive tables, which offers highly customizable information.

    Bureau of Labor Statistics

    The Bureau of Labor Statistics houses all economic data related to the labor force. Some of the most popular economic data sets include the Consumer Price Index (changes in price paid for goods and services) and the Producer Price Index (change in selling price of goods and services).

    Emily GellingsEmily Gellings is a research specialist at Reinhart Boerner Van Deuren S.C., Milwaukee. She is a past president and current member of the Law Librarians Association (LLAW), a chapter of the American Association of Law Libraries (AALL).

    Here you’ll also find the Economy at a Glance page. The most popular monthly data are pulled together and viewable by the country as a whole, census regions, and state level. The page is easy to use, and makes a good starting point for Bureau data.

    Federal Reserve Bank of St. Louis Economic Research

    Arguably the most popular economic database, Federal Reserve Bank of St. Louis Economic Research (FRED) pulls together data from 79 sources, creating one of the most comprehensive sources for U.S. economic data. Look to FRED for historic data and creating custom data and graphs.

    To take full advantage of the website, create a free account, which allows you to save graphs, receive email notifications on data updates, and more.

    Federal Reserve Archives

    Federal Reserve Archives (FRASER) is a digital library and archive for the Federal Reserve. Much like a traditional library catalog, you can perform searches by keyword, title, or author. FRASER also breaks down information into "themes," including economic data. If you're looking for historical data or reports, FRASER serves as a useful starting point.

    Congressional Budget Office

    In addition to budget projections, the Congressional Budget Office (CBO) offers 10-year Economic Projections on a semiannual basis. The report projects output, prices, labor market measurers, interest rates, and income, all exportable to Excel.

    Additionally, the CBO publishes a report of Potential GDP and Underlying Inputs (natural rate of unemployment, and measures of labor supply, capital services, and productivity), also on a semiannual basis.

    Beyond these projections, the CBO publishes reports on other economic concerns. The most recent report details how trade agreements affect the United States economy.

    Office of Management and Budget

    The Office of Management and Budget (OMB), part of the executive branch, has provided economic forecasts since 1976. The forecast provides assumptions for pricing budget estimates, but this information can be useful for the lay user as well. The forecast is based on a variety of economic data points and projections, including gross domestic product, consumer price index, and interest rates.

    Board of Governors of the Federal Reserve System

    The economic data available on the Board of Governors of the Federal Reserve System's website comes directly from economists employed by the board. The site contains monthly data releases on topics such as Consumer Credit and Industrial Product, as well as a Data Download program, which allows direct downloads of certain economic data sets.

    You'll also find working papers published by board economists, on both U.S. and international economic issues.

    The World Bank

    The World Bank website offers robust economic data on a global level. While there is a good amount of U.S. information available, you'll also find data sets for more than 200 countries. Countries can be viewed individually or compared, and data can be viewed in a variety of formats, including tables, charts, maps, or exported.

    Conclusion: When You Need to Say It in Numbers

    Like pictures – worth a thousand words – numbers can relay meaning in a quick and meaningful way. But to work, they need to be accurate. These eight websites are a good place to start.

    The Law Librarians Association's Public Relations Committee coordinates regular contributions by its members to InsideTrack.


Join the conversation! Log in to comment.

News & Pubs Search

-
Format: MM/DD/YYYY