Google Developing Price Index

Google is setting up a system to measure daily inflation. The Google Price Index could one day provide an alternative to official statistics, according to Robin Harding. The work done by Google Chief Economist Hal Varian highlights how economic data can be gathered rapidly using online sources. Harding explains by providing an example: Searches for "unemployment insurance" become a tool to predict actual claims for unemployment insurance or the unemployment rate.
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Tags: google, search
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