Big-Data Infusion for U.S. Inflation Gauge Starts With Apparel
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The U.S. consumer price index, which traces its origins back more than a century, gets an infusion of big data this week to bring the Labor Department closer to what it sees as the future for economic indicators.
After two years of study, more than 1,000 price quotations gathered from staff surveys of an unidentified department-store operator will be replaced with data fed directly from the company, labeled “CorpX” by Bureau of Labor Statistics economists. The prices will mainly be for apparel but not limited to that sector. READ MORE ON: BLOOMBERG