Note that because FRED uses levels and rounded data as published by the source, calculations of percentage changes and/or growth rates in some series may not be identical to those in the original releases. The following formulas are used: Change: … Continue reading

Posted in Understanding the Data, Frequently Asked Questions

FRED uses business cycle turning points determined by the National Bureau of Economic Research (NBER) for recession shading on graphs. Although recessions may end before the NBER determines the official end date, FRED graphs will continue to display shading for … Continue reading

Posted in Understanding the Data, Frequently Asked Questions

Data values are calculated in the following order: (i) frequency aggregation (if any), (ii) units transformation (if any; e.g., percent change), and (iii) any formula you may have created (e.g., the formula “a – b” would find the difference between … Continue reading

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When converting higher-frequency values to lower-frequency values, the average, sum, and end-of-period aggregation methods use the same number of decimal places as the original data. For example, the monthly values of 100.1 (Jan), 100.4 (Feb), and 100.9 (March) will be … Continue reading

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It is possible for higher-frequency periods to overlap lower-frequency periods. For example, a week can start in one month and end in the next month. In these cases, FRED frequency aggregation will include the higher-frequency value in only one of … Continue reading

Posted in Understanding the Data

Except for the first and last observations, the average, sum, and end-of-period aggregation methods ignore any other missing values. For example, consider a daily series from 2003-06-01 to 2003-07-31 with a missing value for Friday 2000-07-04, the US Independence Day … Continue reading

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Higher-frequency data may not be available for an entire lower-frequency period. For example, a monthly data series may end in February. With only 2 of the 12 months of the year available, the converted annual value will be missing for … Continue reading

Posted in Understanding the Data

Frequency aggregation converts higher-frequency data series into lower-frequency data series (e.g., from monthly data to annual data). In FRED, the highest data frequency is daily and the lowest data is annual. There are three aggregation methods available: Average: This method … Continue reading

Posted in Understanding the Data

There are three ways to get to a data-source website. Option 1: Below a graph, go to the “NOTES” section. Next to “Source” (on the first line), click the source name (see the red box below) to go to the source’s … Continue reading

Posted in Understanding the Data

There are two ways to get to the website of a release. Option 1: Below a graph, go to the “NOTES” section. Next to “Release” (on the right-hand side of the first line), click the name of the release (see … Continue reading

Posted in Understanding the Data