Proprietary, Patent-Pending Technology Combines Big Data, Machine Learning, and Sophisticated Econometrics in Fully-Automated Prediction Platform That Generates Live Minute-By-Minute Estimates of Key Economic Indicators
NEW YORK, NY--(Marketwired - Aug 26, 2015) - The world of economic forecasting is getting a 21st Century revolution this week with the launch of Now-Cast®, a fully-automated economic prediction platform that analyzes Big Data to monitor real-time events across the world and instantaneously calculate their economic impact on global and local economies on a live minute-by-minute basis.
Now-Cast utilizes proprietary, patent-pending technology that combines Big Data with data-mining, machine learning and sophisticated econometrics to produce accurate current and future estimates of key economic indicators such as inflation, unemployment, and GDP, on a live, minute-by-minute basis. Now-Cast data is accurate, often to within a second decimal point.
"The economy changes continuously, at the speed of life, so data should be changing at a similar rate in order to accurately estimate important indicators in the global economies," said Dr. Giselle Guzman, the founder and visionary of Now-Cast. "Economic data published by the government, using out-of-date methodologies from the mid 20th century, produces data with very long publication lags that are incompatible with the real-time world we live in now."
Now-Cast addresses the problem of a lag time in data by monitoring Big Data 24x7 for live global economic risk signals and instantaneously calculates the data minute-by-minute for more accurate predictions. Now-Cast is a fusion between computer science and economics. Now-Cast has coined the term Robo-Economics™ to communicate the fact that the platform makes fully automated live economic predictions in real-time. Now more than ever, in these times of turbulent financial markets, the need for timely and accurate economic data is self-evident.
Now-Cast is launching with 3,600 US economic indicators. The product suite includes: Nowcast® LiveWire™ Minute-by-Minute Streaming Indicators of Personal Income and Outlays, as well as the Consumer Price Index (CPI), Personal Consumption Expenditures Deflator (PCE), and Producer Price Index (PPI) which show the evolution of US inflation at the "speed of life;" a complete suite of US Macroeconomic Indicators; US Regional coverage with 15 indicators per state; Future-Cast™ longer-term economic predictions, US Economapper™, a data visualization tool that allows you to see the current and future condition of the economy on a state-by-state basis; Past-Cast™ historical economic data; and monthly economic highlights.
The product is aimed at investors, traders, and hedge funds but will also be valuable to corporations, realtors, purchasing managers, strategic planners, and CEOs that need to know what is happening in the economy right now and what's likely to happen in the future.
"Now-Cast is minute-by-minute, so it can genuinely claim that its data is 'real-time' and investors can utilize this data to trade economic signals based on live data. Eventually, prices will react to that information. You don't have to wait anymore for economic data. This is a game-changer because everything else so far has been in this backward looking rear-view mirror type of world with government data that tells you today what happened one or two months ago," said Dr. Guzman.
Dr. Giselle Guzman is an economist and entrepreneur with over 20 years experience in the financial markets. Dr. Guzman completed her PhD in Finance & Economics at Columbia University under the guidance of Nobel Prize winning economists Lawrence Klein (UPenn) and Joseph Stiglitz (Columbia). Her dissertation was on the topic of expectations and sentiment applied to economic forecasting and empirical asset pricing.
About Now-Cast Data Corp.
Now-Cast®, launched on 2012, is a fully automated economic prediction platform that uses machine intelligence to scan the web and social media data for real-time events across the world and calculate their impact on the global and local economies. Now-Cast® is led by a team of Ph.D.s with expertise in economics, econometrics, statistics, mathematics, machine learning and computer science. Now-Cast® is developing a faster, better, and more reliable way to accurately predict the global economy using Big Data, on a live streaming, minute-by-minute basis. For more information visit www.now-cast.com
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