The FRED Blog has described key information about data contained in the “Notes” provided under each FRED graph. Today, to underscore, highlight, and emphasize that point, we offer another example.

Our FRED graph above shows quarterly data of US gross domestic product (GDP) between 1947 Q1 and 2025 Q2 from two different sources:

• International Monetary Fund (IMF) (solid blue line)
• US Bureau of Economic Analysis (BEA) (dashed green line)

The data plots don’t align, even after accounting for the fact that the IMF reports the data in millions of dollars and the BEA does so in billions of dollars. What gives?

The notes below the graph contain the relevant information, or metadata, about the data: The BEA data are presented as annualized values, while the IMF data are not. That means the BEA reports each quarterly data figure as if GDP were to remain at that level for a whole year. That makes comparisons with related and historical data easier. In contrast, the IMF report a quarterly number for each quarter.

To see this for yourself, click the word “Customize” in the bottom left corner of the FRED graph, which takes you to the series page on the FRED website. There, click “Edit Graph” / “Edit Lines” and customize “Line 1” by changing the formula a/1000 to a/1000*4. Voilá! The FRED graph now shows two identical data plots.

How this graph was created: Search “FRED for and select “Nominal Gross Domestic Product for United States.” Click on “Edit Graph,” select the “Add Line” tab, and search for and select “Gross Domestic Product.” Last, use the “Edit Lines” tab to customize “Line 1” by typing the formula a/1000. Don’t forget to click “Apply.”

Suggested by Diego Mendez-Carbajo.