Bank of England is Using Google Search Data To Learn About UK Economic Trends

From The Guardian:

They may not know it, but web users who type “unemployment”, “estate agents” or “VAT” into Google are helping the Bank of England to gather information on the state of the British economy.

The central bank is turning to internet search data as it seeks to widen its understanding of unemployment, consumer spending and the housing market.

Research has shown evidence of a correlation between the volume of certain search terms on Google and economic data from traditional surveys. Although the Bank admits that the approach has its limitations, it believes online search data can be an increasingly useful source of intelligence about the state of the UK.

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