Search economics

Bank of England Uses Google To Shed Light On Economic Trends
“McLaren and Shanbhogue’s article showed three examples, each using search volume patterns sourced from Google’s Insights for Search. The most striking results came from the “estate agents” search term, which appeared to closely track the change in average house prices over the last eight years. According to the pair, the Google search data, when correctly handled, gave a more accurate picture than other housing surveys. Monitoring the popularity of searches related to unemployment also appeared to give an insight into the state of the job market. The volume of searches for “JSA” (jobseeker’s allowance) and “unemployment” rose in correlation with an increase in the number of people out of work as the recession bit – although the two search terms diverged in 2010.”

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