The world's eighth oldest bank is joining the modern age. From 2015, it will monitor social networks and mine them for information and early signs of economic ups and downs.
The Bank [of England] is setting up a new taskforce that will investigate how it can use all kinds of new data — because it believes it will be more timely than current, official streams of information. In particular, it's mentioned that it will measure the frequency of job searches to understand potential unemployment rates and monitor online shopping prices to assess inflation.
The special team, set up by the Bank's chief economist, Andy Haldane, has been charged with exploring how new unconventional sources of data could improve its picture of Britain's recovery.
[Source]: http://news.sky.com/story/1397985/bank-of-england-to-monitor-social-networks
(Score: 2) by aristarchus on Tuesday December 30 2014, @05:41AM
"The King is a Fink!"
(From an ancient comic strip. Some may remember. Couldn't help myself.)
(Score: 2) by hubie on Tuesday December 30 2014, @02:27PM
Frammin at the Jim-Jam
Frippin in the Krotz
(Score: 2) by davester666 on Tuesday December 30 2014, @06:33AM
My name is Dave and I'm looking for a job. If I don't find one soon, I will have to plunge the world into a economic black hole. You have been warned.
(Score: 0) by Anonymous Coward on Tuesday December 30 2014, @05:52PM
Well, I was looking to hire someone to plunge the world into a darkness of poor economics, but it appears I need only wait in order to get it for free. Patience is a virtue!
(Score: 2) by davester666 on Wednesday December 31 2014, @08:22AM
Dammit. I am NOT going to work for free! I'm just going to sit here and collect UI until you actually pay me to destroy the world's economic system.