Thread by @NewYorkFed

You might remember that we love charts. Seriously, we get a little excited about charts. #NYFedstats

twitter.com/i/moments/9895…

Well, we can't make charts without statistics. And while #WorldStatisticsDay doesn’t occur again until October 20, 2020, we decided to celebrate this October 20! Because that’s how much we love statistics! Join us? #NYFedstats

First, let us nerd out by defining a few choice statistics related terms. #NYFedstats

Where to start? (Where else?)

STATISTICS is a branch of math concerned with collecting & interpreting large data sets and presenting that data in ways others can also understand and interpret. #NYFedstats

GAME THEORY is a way to determine what a person's choices might be if they know the outcome is also dependent on someone else's choices. #NYFedstats

The LAW OF AVERAGES is the (mistaken!) belief that the likelihood of something happening is equal to its overall probability, eg. 4 coin tosses will result in two heads and two tails. #NYFedstats

VENN DIAGRAMS use circles (usually overlapping) to show the relationships between sets of things. #NYFedstats

Ok, that was a fun warm-up. Now we'd like to share with you some of our favorite statistics that we get to work with! #NYFedstats

Our monthly SCE report provides consumer expectations about inflation, labor market and household finance. This report gives us insight into individuals' expectations on the likelihood of certain outcomes. nyfed.org/SCE
#NYFedstats

Our quarterly HHDC report provides information on household debt - mortgages, credit cards, auto & student loans. It's a comprehensive view of the total aggregate household debt in the U.S. nyfed.org/HHDC
#NYFedstats

Our weekly Nowcasting Report allows us to show a real-time impact of new data releases on the GDP forecast. nyfed.org/GDPnowcast
#NYFedstats

Whoa, statistics detour! - our colleagues at @AtlantaFed also produce a GDP nowcast, the GDPNow. frbatlanta.org/cqer/research/…
#NYFedstats

One more! - the @ClevelandFed provides daily nowcasts for both personal consumption expenditures (PCE) and consumer price index (CPI). clevelandfed.org/our-research/i…
#NYFedstats

OK, back to where we were! -our weekly Oil Price Dynamics Report looks at the impact of supply and demand on recent oil price fluctuations. nyfed.org/OilPrice
#NYFedstats

And our Puerto Rico small business reports look at firms' performance and financing & this year focused on the impacts of hurricanes Irma and Maria. nyfed.org/PuertoRico
#NYFedstats

Oh! - if you like that last one, let us point you to the work on small business from all of the Federal Reserve banks. fedsmallbusiness.org
#NYFedstats

More!?! If you're like us and can't get enough of statistics, you could head over to our hub. It's filled with tons more useful statistics. nyfed.org/NYFedStats
#NYFedstats

Plus, we visualize many of our statistics to facilitate understanding. They can be found in our data visualization hub. nyfed.org/dataviz
#NYFedstats

So yeah, we really love statistics. Just like charts, we think statistics are awesome. Thanks for indulging us again. And, um, we’re waiting for you #WorldStatisticsDay 2020. 😀📊📈
#NYFedstats