What's in the News? A New Economic Indicator

Adam Shapiro and Daniel Wilson

FRBSF Economic Letter, 2017

Abstract: Newspaper articles and editorials about the economy do more than just report on official data releases. They also often convey how the journalist and those interviewed feel about the economy. Researchers have recently developed ways to extract data on sentiment from news articles using text analysis and machine learning techniques. These measures of news sentiment track current economic conditions quite well. In fact, they often do a better job than standard consumer sentiment surveys at forecasting future economic conditions.

Date: 2017
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