A. Data Sources Guide
This appendix provides an overview of the primary data sources used throughout this book, along with guidance on how to access and interpret them.
Bureau of Economic Analysis (BEA)
The BEA, housed within the Department of Commerce, produces the foundational measures of the U.S. economy.
Key Products
Gross Domestic Product (GDP)
Quarterly and annual estimates of U.S. economic output
Released monthly (advance, second, and third estimates)
Access: bea.gov/data/gdp
Industry Accounts
GDP by industry (NAICS-based)
Input-output tables showing inter-industry flows
Annual and benchmark tables
Access: bea.gov/industry
Regional Economic Accounts
State GDP (quarterly and annual)
Metropolitan area GDP (annual)
Personal income by state and county
Access: bea.gov/regional
International Transactions
Balance of payments
Trade in goods and services
Foreign direct investment
Access: bea.gov/international
How to Access
Interactive Tables: BEA's website offers customizable data retrieval
API: Free API access for programmatic retrieval (registration required)
FRED: Many BEA series available through Federal Reserve Economic Data
Bureau of Labor Statistics (BLS)
The BLS, within the Department of Labor, produces employment and price statistics.
Key Products
Current Employment Statistics (CES)
Monthly employment by industry (nonfarm payrolls)
Average hourly earnings
Hours worked
The "jobs report" released first Friday of each month
Access: bls.gov/ces
Quarterly Census of Employment and Wages (QCEW)
Employment and wages by industry and geography
Derived from unemployment insurance records
Covers 95%+ of jobs
Access: bls.gov/qcew
Occupational Employment and Wage Statistics (OEWS)
Employment and wages by detailed occupation
Metropolitan area detail
Access: bls.gov/oes
Consumer Price Index (CPI)
Monthly inflation measure
Multiple series (all items, core, by region)
Access: bls.gov/cpi
Producer Price Index (PPI)
Wholesale/producer-level prices by industry
Access: bls.gov/ppi
Productivity and Costs
Labor productivity by sector
Unit labor costs
Access: bls.gov/lpc
How to Access
Data Retrieval Tools: BLS offers customizable series selection
API: Free API access for bulk retrieval
FRED: Most major BLS series available through FRED
Census Bureau
The Census Bureau, within the Commerce Department, conducts surveys and the decennial census.
Key Products
Economic Census (every 5 years)
Comprehensive establishment-level data by industry
Employment, payroll, revenue by NAICS code
Geographic detail to county level
Access: census.gov/econ
Annual Business Survey
Annual updates between Economic Censuses
Business characteristics and innovation
County Business Patterns
Annual employment and establishments by industry and county
Access: census.gov/programs-surveys/cbp
American Community Survey (ACS)
Annual demographic, housing, and economic characteristics
1-year and 5-year estimates
Access: census.gov/acs
Trade Data
USA Trade Online: Detailed imports and exports
Access: usatrade.census.gov
Federal Reserve
The Federal Reserve System produces financial and monetary data.
Key Products
Financial Accounts of the United States (Z.1)
Flow of funds, balance sheets
Sectoral balances (households, corporations, government)
Quarterly release
Access: federalreserve.gov/releases/z1
H.4.1 Release
Federal Reserve balance sheet
Weekly
H.8 Release (Assets and Liabilities of Commercial Banks)
Weekly data on bank credit, loans, and securities holdings
Key for tracking lending conditions and bank balance sheets
Access: federalreserve.gov/releases/h8
Industrial Production and Capacity Utilization
Monthly output by industry
Capacity utilization rates
Access: federalreserve.gov/releases/g17
Survey of Consumer Finances
Triennial household wealth and debt survey
FRED (Federal Reserve Economic Data)
Aggregates data from BEA, BLS, Census, and many other sources
Easy-to-use interface, API access
Access: fred.stlouisfed.org
Agency-Specific Sources
Energy
Energy Information Administration (EIA)
Comprehensive energy production, consumption, prices
State Energy Data System (SEDS)
Access: eia.gov
Healthcare
Centers for Medicare & Medicaid Services (CMS)
National Health Expenditure Accounts
Medicare and Medicaid data
Access: cms.gov/data-research
Agriculture
USDA Economic Research Service
Farm income, food expenditure, rural statistics
Access: ers.usda.gov
USDA National Agricultural Statistics Service (NASS)
Crop production, prices, farm counts
Access: nass.usda.gov
Finance
FDIC
Bank financial data, deposit data
Access: fdic.gov/bank/statistical
SEC EDGAR
Public company filings (10-K, 10-Q, proxy statements)
Access: sec.gov/edgar
Transportation
Bureau of Transportation Statistics (BTS)
Freight, passenger, infrastructure data
Access: bts.gov
International and Comparative Data
World Bank Open Data
Cross-country economic indicators
Access: data.worldbank.org
OECD Statistics
Developed economy comparisons
Access: stats.oecd.org
UN Comtrade
Detailed international trade data
Access: comtrade.un.org
IMF Data
Balance of payments, financial statistics
Access: data.imf.org
Publication Calendar: Key Economic Data Releases
Knowing when data arrives---and how much it is revised---is essential for interpreting economic statistics in real time.
Employment Situation (BLS)
Monthly
First Friday of month
~5 days
±30,000-100,000 jobs in annual benchmark
GDP (BEA advance estimate)
Quarterly
~30 days post-quarter
30 days
±1.0-1.5 pp from advance to third estimate
GDP (BEA second estimate)
Quarterly
~60 days post-quarter
60 days
±0.5 pp from second to third
GDP (BEA third estimate)
Quarterly
~90 days post-quarter
90 days
Further revised in annual/comprehensive revisions
CPI (BLS)
Monthly
~15th of following month
15 days
Rarely revised; seasonal factors updated annually
PPI (BLS)
Monthly
~15th of following month
15 days
Minor revisions
Industrial Production (Fed)
Monthly
~15th of following month
15 days
Frequently revised
Personal Income and Spending (BEA)
Monthly
~30 days post-month
30 days
±0.2-0.5 pp on spending
JOLTS (BLS)
Monthly
~55 days post-month
55 days
Modest revisions
State GDP (BEA)
Quarterly
~6 months lag
180 days
Substantial revisions possible
Economic Census (Census)
Every 5 years
2-3 years after reference year
2-3 years
Benchmark data; not revised
Census of Agriculture (USDA)
Every 5 years
~2 years after reference year
2 years
Benchmark data
Revision Caveats
GDP estimates illustrate the revision problem. The advance estimate of Q1 2023 GDP growth was 1.1% (annualized); the third estimate revised this to 2.0%---a near-doubling. Annual comprehensive revisions can change GDP levels by tens of billions of dollars and alter the picture of entire business cycles. The lesson: treat early estimates as useful signals, not settled facts.
Seasonal vs. Non-Seasonally Adjusted Data
Most monthly and quarterly series are published in both seasonally adjusted (SA) and not seasonally adjusted (NSA) forms. Use seasonally adjusted data for tracking trends and comparing across months. Use non-seasonally adjusted data when analyzing a specific month's level or when seasonal patterns themselves are the object of study. Be aware that seasonal adjustment factors are re-estimated annually and can change historical data retroactively.
Tips for Using Government Data
Check Vintage: Economic data is revised frequently. The first release differs from final estimates. Always note the release date of the data you cite.
Understand Seasonal Adjustment: Most monthly/quarterly data is seasonally adjusted. Use adjusted figures for trend analysis, unadjusted for specific period comparisons.
Note Geographic Coverage: Some series cover all establishments; others sample. The CES survey covers ~145,000 businesses; the QCEW covers 95%+ of all jobs. Sampling error increases at detailed geographic and industry levels.
Mind NAICS Changes: The NAICS classification system is revised every 5 years. Historical comparisons may require concordances. The 2022 revision significantly reclassified parts of information and retail.
Use APIs for Reproducibility: Programmatic access via APIs ensures your analysis can be replicated and updated.
Beware of Coverage Gaps: The gig economy, informal work, and some financial activities are poorly captured by establishment surveys. The Quarterly Census of Employment and Wages misses self-employment entirely. The Current Population Survey captures it but with measurement error.
Further Resources
Data.gov: Central portal for federal open data
USAFacts: Non-profit aggregating government data
IPUMS: Harmonized Census and survey microdata
ICPSR: Academic data archive with many government series
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