Adobe to Analyze U.S. Economy via Its New Digital Economy Project
FREMONT, CA: Recently, to measure the U.S. economy closely, three Digital Economy Projects—Digital Price Index (DPI), Digital Housing Index (DHI), and Job Seeking Index (JSI)—have been launched by Adobe. According to reports, two world-renowned economists—Austan Goolsbee, professor of economics at The University of Chicago's Booth School of Business and former chairman of the Council of Economic Advisers for President Obama, and Pete Klenow, professor, department of economics at Stanford University— would join hands with Adobe on the DPI.
“Digital is filling the gaps in traditional inflation reporting. Real-time, large scale product pricing data is an increasingly important tool to assess the state of the economy and the tremendous volume of e-commerce data enables us to unearth macro-economic trends more accurately than ever before,” said Mickey Mericle, vice president, Data Insights at Adobe.
By measuring changes in online consumer goods prices, the DPI addresses deficiencies in traditional inflation reporting. The DPI uses transaction data on the actual quantities purchased, for millions of products—and captures the data in real time.
For Digital Housing Indices, housing search data is obtained from the analysis of aggregated and anonymous data of two billion page-visits to U.S. real estate search websites. Adobe’s online job seeking data for Job Seeking Index comes from the analysis of aggregated and anonymous data of one billion visits to U.S. job search websites and top U.S. employer career pages.
"The CPI provides observations on a wide array of categories, but has always struggled to take into account the introduction of new goods,” said Professor Goolsbee. “By combining actual data from previous and current transactions, Adobe has opened the door to quickly and accurately identify the shifting patterns of consumer shopping and prices in the U.S.”
“With the influx of digital and online commerce, we need an accurate view into inflation from that lens, and with the volume of data Adobe has access to, no other company is in a better position to assess inflation rates for product categories in real time,” said Professor Klenow.
Adobe has, therefore, become the first company to conduct a digital-centric analysis based on real-time access to price-paid data and actual quantities sold.
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