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Hometown economic data

Hometown economic data. Dennis Cauchon USA TODAY dcauchon@usatoday.com. 00:00. 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…. Hometown economic data.

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Hometown economic data

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  1. Hometown economic data Dennis Cauchon USA TODAY dcauchon@usatoday.com 00:00

  2. 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… Hometown economic data 00:33

  3. 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 Hometown economic data 1:20

  4. Where the data comes from • Bureau of Economic Analysis • Part of Commerce Department • Synthesizes enormous range of data • Better name: Bureau of Economic Accounting. It counts, doesn’t analyze. • Computes GDP/Personal Income/More • BEA: Friendly, smart, accessible Hometown economic data 2:56

  5. What BEA tracks: the whole economy If it moves and has a price, it gets counted. • Income • Consumer spending • Wages and benefits • Taxes and government spending • State inflation rate • Industries • Location Some data seasonally adjusted, annualized Hometown economic data 4:43

  6. Benefits of BEA data The data is easy to use • Imports easily, accurately into Excel • Elegantly designed interface • Hundreds of synchronized data sets • Data converted to standard units of time, place and measurement • Got a question? They answer the phone. BEA cleans up the data – so you don’t have to. Hometown economic data 6:26

  7. Benefits of BEA data • Economic data well-suited for journalism • Terms closely match everyday language • “Best data available” standard • Harmonizes many sources: Census, BLS, Treasury, Federal Reserve, private sources • Neutral, independent source How’s business in your hometown? Hometown economic data 7:58

  8. A gold mine Categories: • Consumer spending – 300 categories • Income by industry – 100+ categories • Government payments – 30 categories • Commuter income – in/out each county • Farm expenses – 10 categories • Spending on taxis, lotteries, luggage, musical instruments, paramedics, etc. Hometown economic data 8:57

  9. BEA vs. Census BEA: Thinks like an economist. • Data is out fast. • Best estimate – no margin of error • No demographics • Means Census: Thinks like a sociologist. • Data is slow-cooked to tender perfection • Demographics matter • Medians Hometown economic data 10:12

  10. 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. Hometown economic data 11:35

  11. Demo of using BEA data 12:15

  12. How does a journalist use this BEA data? Hometown economic data 13:52

  13. How to get (mediocre) stories (fast) Economic data for dummies (or reporters on deadline): • Google BEARFACTS or go to BEA’s regional page • BEARegional Facts -- BEARFACTS • Click on map for your state or metro area BEARFACTS provides summary of key data. Hometown economic data 14:00

  14. How to get (great) stories (pretty fast) Read the data, not the press release. Click here: • Bea.gov • Regional • Interactive tables Hometown economic data 15:05

  15. Demo of BEA data 15:07

  16. State example Click 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! Hometown economic data 15:25

  17. Local data release schedule • 2010 state data, already out • 2011 state quarterly data, out June 22 • 2010 metro income, in August • 2010 metro GDP, in September • 2010 county compensation, December • 2011 county personal income, early 2012 Data has same structure. Overlaps and repeats. Each release more granular. Hometown economic data 17:52

  18. County example Click 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 area • See history of all social programs Hometown economic data 18:57

  19. DEMO OF COUNTY BEA DATA 19:13

  20. How to make a great story • Your ingenuity is the key • Use data to find BIG trends • Choose data that matter to readers • Use only percentage change and ranks • Think like your readers, not your sources • Talk like your readers Hometown economic data 27:37

  21. What readers need A 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” Hometown economic data 30:44

  22. Listen to the barking dogs. Hometown economic data 31:28

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