Hometown economic data Dennis Cauchon USA TODAY 00:00

Hometown 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… 00:33

Hometown 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 1:20

Hometown economic data 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 2:56

Hometown economic data 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 4:43

Hometown economic data 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. 6:26

Hometown economic data 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? 7:58

Hometown economic data 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. 8:57

Hometown economic data 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 10:12

Hometown 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. 11:35

Demo of using BEA data 12:15

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

Hometown 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 -- BEARFACTS Click on map for your state or metro area BEARFACTS provides summary of key data. 14:00

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

Demo of BEA data 15:07

Hometown economic data State example Click here: “State annual personal income and employment, ” “SA04-Income/employment summary” “United States” Click on any category to get all 50 states for that category. Elegance! 15:25

Hometown economic data Local data release schedule 2010 state data, already out 2011 state quarterly data, out June 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. 17:52

Hometown economic data 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 18:57

DEMO OF COUNTY BEA DATA 19:13

Hometown economic data 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 27:37

Hometown economic data 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” 30:44

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