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Hometown economic dataHometown economic data
Bureau of Economic Analysis :
A mystery, a romance, a love story
How this secret, accurate, precise, easy-to-use data can make reporters seem smart,
creative and physically attractive…
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Hometown economic dataHometown economic data
What the data is
Gross Domestic Product – an economic measure of everything
If it moves and has a price, it gets counted.
Income = GDP = expenditures National GDP/State GDP/County
GDP/Metro GDP
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Hometown economic dataHometown economic data
Where the data comes from
Bureau of Economic AnalysisPart of Commerce DepartmentSynthesizes enormous range of dataBetter name: Bureau of Economic
Accounting. It counts, doesn’t analyze.Computes GDP/Personal Income/More BEA: Friendly, smart, accessible
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Hometown economic dataHometown economic data
What BEA tracks: the whole economy If it moves and has a price, it gets counted.
Income Consumer spendingWages and benefitsTaxes and government spendingState inflation rateIndustriesLocation
Some data seasonally adjusted, annualized
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Hometown economic dataHometown economic data
Benefits of BEA dataThe data is easy to use
Imports easily, accurately into ExcelElegantly designed interfaceHundreds of synchronized data setsData converted to standard units of time, place
and measurementGot a question? They answer the phone.
BEA cleans up the data – so you don’t have to.
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Hometown economic dataHometown economic data
Benefits of BEA data
Economic data well-suited for journalismTerms closely match everyday language“Best data available” standardHarmonizes many sources: Census, BLS,
Treasury, Federal Reserve, private sourcesNeutral, independent source
How’s business in your hometown?
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Hometown economic dataHometown economic data
A gold mine Categories:Consumer spending – 300 categoriesIncome by industry – 100+ categoriesGovernment payments – 30 categoriesCommuter income – in/out each countyFarm expenses – 10 categoriesSpending on taxis, lotteries, luggage,
musical instruments, paramedics, etc.
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Hometown economic dataHometown economic data
BEA vs. CensusBEA: Thinks like an economist.Data is out fast.Best estimate – no margin of errorNo demographicsMeans
Census: Thinks like a sociologist.Data is slow-cooked to tender perfectionDemographics matterMedians
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Hometown economic dataHometown economic data
BEA vs. Census: Sample difference
Census: Income = Money income.Excluded: Medicare, Medicaid, food stamps, Pell
grants, private medical and pension benefits
BEA: “Personal income is the income that is received by all persons from all sources.” All above included.
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Demo of using BEA dataDemo of using BEA data
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Hometown economic dataHometown economic data
How does a journalist use this BEA data?
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Hometown economic dataHometown economic data
How to get (mediocre) stories (fast)
Economic data for dummies (or reporters on deadline):
Google BEARFACTS or go to BEA’s regional page BEA Regional Facts -- BEARFACTSClick on map for your state or metro area
BEARFACTS provides summary of key data.
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Hometown economic dataHometown economic data
How to get (great) stories (pretty fast) Read the data, not the press release.
Click here:Bea.govRegionalInteractive tables
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Demo of BEA dataDemo of BEA data
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Hometown economic dataHometown economic data
State exampleClick here:“State annual personal income and
employment, 1929-2010”“SA04-Income/employment summary”“United States” Click on any category to get all 50 states for
that category.
Elegance!
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Hometown economic dataHometown economic data
Local data release schedule
2010 state data, already out2011 state quarterly data, out June 222010 metro income, in August2010 metro GDP, in September2010 county compensation, December2011 county personal income, early 2012
Data has same structure. Overlaps and repeats. Each release more granular.
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Hometown economic dataHometown economic data
County exampleClick here:County interactive table for “Personal
Income and Earnings by Industry” (CA05)Select Ohio and Licking County
“CA35-Personal current transfers”Pick your state, county or metro areaSee history of all social programs
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DEMO OF DEMO OF COUNTY BEA DATACOUNTY BEA DATA
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Hometown economic dataHometown economic data
How to make a great story
Your ingenuity is the keyUse data to find BIG trendsChoose data that matter to readersUse only percentage change and ranksThink like your readers, not your sourcesTalk like your readers
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Hometown economic dataHometown economic data
What readers needA phrase that says why the story matters.
Clearly declare:“the most since…19XX”“ranked first (or last) in the state in…”“has fallen to its lowest share since…”“the fastest growing since…”“the biggest drop in XX decades.”“an historic collapse” or “historic growth”
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Hometown economic dataHometown economic data
Listen to the barking dogs.
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