How alternative data fuels economic nowcasting

Nowcasting draws data from nontraditional sources to provide faster, yet accurate, financial and economic short-term predictions.

A new buzzword in business, nowcasting, is making inroads in helping various sectors with economic and financial predictions. Most people are familiar with “forecasting” reports that reveal phenomena in the near future, including weather patterns, economic events, and investment trends. Nowcasting is an advanced way to mine unique insights about the state of the economy, bringing forecasting closer to the present or very recent past.

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