Federal Reserve Economic Data

The FRED® Blog

A dashboard for a Greek tragedy

Greece is in the news again, and FRED can help you track the developments: FRED has almost 2,000 time series that pertain directly to Greece and a multitude of features to organize and automate your analysis. The first step is to open an account in FRED. Once you do that, you can enjoy some of FRED’s key benefits.

Email notifications: You can save data series in your user account, and FRED will send you an email as soon as those series are updated. Simply navigate FRED while logged into your account and click on the email notification link in the sidebar of the series you’re interested in.

Excel add-in: You can create an Excel spreadsheet of FRED data without ever touching the FRED website. Download our add-in, which allows you to search for and download data directly from Excel and refresh the data with the click of a button.

Dashboards: You can create a dashboard of graphs, tables, and data points. You can return to your dashboard anytime, and the data are always current. You can also make the dashboard public, which allows you to share it with friends, colleagues, and students. You can also add the dashboard to your bookmarks and view it without having to log in. Here is one example of a very simple with a few graphs about Greece. You can make more-complex graphs or choose to display the data in different ways, such as a table or a single number.

Web page widget: If you want your web page or blog to always display the latest FRED data for your favorite series, consider using the FRED widget. You can customize it with up to 10 series—for example, the series for Greece that’s included here in this blog post or the series in the sidebar that applies to the U.S.

API: You can create you own application that pulls data directly from FRED through the API.

How this dashboard was created: First, log in to your FRED account. Click on “FRED economic data” under the seal, then search for “Greece”; this brings up a wide range of series to choose from. Create a graph, then click on “Save Graph” in the sidebar. Repeat the operation for as many graphs as you want. Once you’re ready to assemble your dashboard, expand “My Account” on the top of the page and click on “My Dashboards.” Click the “Create” button and follow the instructions: add a title, add a description, and decide whether to make the dashboard public. Click on “Add Widget,” chose “Graph,” then choose “Saved Graph”; then select the saved graph you want to insert. Repeat with new widgets for other graphs, tables, etc.

Suggested by Christian Zimmermann

The mean vs. the median of family income

FRED has several datasets to help you investigate the distribution of income. One of them is the Income and Poverty in the United States release from the U.S. Census Bureau.

The graph above shows real family income in the United States in constant (2013) dollars. The mean is the average across all families. The median identifies the family income in the middle of the sample for every year: half of incomes are higher, half are lower. We quickly learn three things from this graph: 1. Family income has been growing much more slowly since the 1970s. 2. There are several episodes of declining income, and they become increasingly long and deep. 3. Median and mean incomes are diverging.

The last point could be an optical illusion, though, because both series have increased over time and their relative difference may have stayed constant even though the difference has increased in absolute terms. To make sure, we divide the mean by the median in the graph below; we can see that, indeed, this ratio has increased. But what does that mean? If the distribution of income is uniform (if every family has the same income), the ratio will be 1. If the distribution is unequal, the ratio will be higher than 1. For example, imagine we start with a uniform distribution of income and then the top 10% of families double their income. The median would not change, but the mean would increase by 10%. The data in the graph below clearly show that there has been an increase in inequality in family income, with a dramatic jump from 1992 to 1993.

How these graphs were created: Under “Sources,” find the Bureau of the Census and choose the Income and Poverty in the United States release. The mean and median real family income series should be among the top choices. Select them and add them to the graph. For the second graph, add the mean series as before; but, instead of adding the median series as a separate series, add it to the mean series (series 1). Finally, expand the “Create your own data transformation” panel and apply formula a/b.

Suggested by Christian Zimmermann

View on FRED, series used in this post: MAFAINUSA672N, MEFAINUSA672N

Uncertain times in Europe

If you’ve been following international news over the past decade or so, you’ve seen the European Union’s seemingly continuous struggle to define the various facets of its economic policy. Such policy uncertainty has effects on economic activity—especially investment. And we can quantify such uncertainty, as shown in the graph above, thanks to the work of Scott Baker, Nicholas Bloom, and Steve Davis. Their work is based on the frequency of certain key words in newspapers and disagreements among economic forecasters. The graph pertains to Germany, the U.K., France, Italy, and Spain and definitely shows elevated levels of policy uncertainty since 2012, which rival and even exceed the levels during the financial crisis in 2007-08.

How this graph was created: Search for “economic policy uncertainty” and select the series for Europe (among several other uncertainty series available in FRED).

Suggested by Christian Zimmermann

View on FRED, series used in this post: EUEPUINDXM


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