Shapiro comments of the value of Twitter data for gauging unemployment
"The weird Google searches of the unemployed and what they say about the economy" - Washington Post. 5/30/2014.
This story looks at how researchers are using big data — culled from internet browsing histories and social media use — to predict unemployment rates, retail prices, home buying, and more, often before the U.S. releases its official estimates. Matthew Shapiro says: “Statistics serve us really well and are completely essential as benchmarks for where the economy is — or more precisely, has been. But we don’t have a lot of indicators that tell us what’s happening right now, particularly when the economy is changing direction.”
Additional Media Coverage:
"What search engines tell governments about the economic here and now" - The Guardian. 6/14/2014.