First Friday of each month, at 8:30 am ET, the US Bureau of Labor Statistics (BLS) releases one of the most important macroeconomic indicators - the jobs report or non-farm payrolls (NFP) that makes headlines and moves financial markets worldwide. What is the value of knowing NFP 2 to 3 weeks in advance and 10% more accurately than the Bureau of Labor Statistics (BLS) and Wall Street analysts? Instead of waiting months to know key economic concepts like the GDP, sophisticated investors are leveraging the science of nowcasting to open a clearer window into the future. Nowcasting or real-time measurement using alternative ("Big") data and machine learning is particularly impactful in emerging economies and also has the potential for driving positive social impact. Dr. Hossein Kazemi of the FDP Institute shared details from Apurv Jain, CEO, and Founder at MacroXStudio, about this exciting new area of data analytics. Webinar attendees were also able to download a preprint copy of Apurv’s book chapter on “Alternative Data and Machine Learning for Macro Nowcasting” appearing in Machine Learning And Data Sciences For Financial Markets - published by Cambridge University Press in 2023.
Know Faster and Invest Better by Nowcasting Macroeconomic Indicators All Over the World