Economic stories are often built on data. This information can shape how the public understands financial conditions, government policy and business performance. But in our data-saturated information ecosystem, the challenge for journalists isn’t so much finding numbers, it’s finding the right data from the right sources.
Reliable, timely, well-sourced economic data adds credibility and clarity to a business story. Accurate data is essential for unbiased, authoritative analysis that news consumers can rely on.
“Individuals, households, business and policymakers need a healthy diet of trusted and robust economic data to make sound decisions,” said Mark Hamrick, Washington bureau chief and senior economic analyst at Bankrate. “Without such information, they would be flying blind, and at risk of making bad decisions, such as on spending, investment and strategy.”
Business information is everywhere. There are datasets collected by governments and international organizations, academic and business groups, trade associations and consultancies. Some data sets are global in scope and some drill down into cities and even neighborhoods. Some information sources have been unassailable, methodologically and politically, for decades, while others have been accused of juicing the numbers for propagandistic gain.
As Mark Hamrick said, the latest data can change people’s lives. “In a household,” he said, “the status of the economic outlook can provide a basis when deciding to spend, invest, and save, or whether to engage in a job search or to ask for a pay increase.”
Journalists often become the interlocutors between the data and the public. For reporters, the search for data has become an essential part of the business reporting process. They need to know how to find economic data, where that data comes from, how it’s collected, how it is sliced and diced for public distribution, and what the source’s reputation is.
What journalists need to know first
The good news is that there is a wealth of economic data that is credible, easy to access, and often free. You don’t need to be a data scientist or pay for premium databases to find reliable datasets. Governments, global institutions, and even tech companies are publishing economic datasets more openly than ever before. But where should you begin?
Start out with three big questions: Where? What? And when?
“Where?” asks the location of the data you are seeking. Is it for a country, a region, a continent, a province or state? Are you comparing locations?
“What?” asks the type of data you are seeking. The more specific the better. If you are trying to document an economic downturn, you might look for signs of financial stress. Is it unemployment data? Is it employment data? Is it new unemployment claims? Is the data broken down by men and women, by urban and rural, by age, or by industry, such as manufacturing or service employment? How about business bankruptcies?
Once you know what kind of data you want to look for, it’s time to search. Almost all information you will seek is going to be secondary data (collected by others like the World Bank, government data or public polling), rather than primary data (collected yourself, through your own surveys or interviews). Business journalists use secondary data on a daily basis, from the latest stock market numbers to GDP updates from around the world. Most secondary economic data is easy to access and highly reliable.
Here are some of the top reliable data sources that journalists should bookmark:
General economic data (national and international)
(1) World Bank
This international financial institution provides a vast collection of international development data, including economic indicators (Gross Domestic Product (GDP), Gross National Income (GNI), inflation, trade), poverty, education, health, environment, and governance for countries worldwide. The World Development Indicators (WDI) is a key dataset for reporters to cover international development and economic data.
(2) International Monetary Fund (IMF)
The IMF offers data on government spending, trade, debt, and economic growth of various countries. Its reports on World Economic Outlook (WEO) are a major source for global economic outlooks to understand where the global economy is headed. Journalists trust the IMF for clear, reliable numbers when covering economic crises, inflation, or financial stability around the world.
(3) Organization for Economic Co-operation and Development (OECD)
The OECD presents a comparative dataset on member countries and selected non-member economies by covering areas like economic outlook, national accounts, employment, education, health, environment, science and technology, and public governance. Detailed analysis of developed economies helps in reporting on a broad level.
(4) United Nations (UN)
Through UNdata, the United Nations offers robust global data sources on health, education, trade and the environment. It gets data from agencies like the World Health Organization (WHO), UNICEF, the Food and Agriculture Organization (FAO), and others. Journalists often rely on UNdata when reporting on human development or tracking progress on the Sustainable Development Goals. The data is generally considered reliable, though it’s best to check which U.N. agency provided it, since methods can differ and some agencies have been accused of bias.
In the US, key federal sources include:
(5) US Bureau of Labor Statistics (BLS)
This is the principal federal agency responsible for measuring labor market activity, including employment and unemployment statistics, inflation and consumer spending (CPI), producer prices (PPI), wages, earnings, benefits, productivity, and workplace injuries. The data is detailed, allowing for regional and demographic analysis.
(6) Bureau of Economic Analysis (BEA)
The BEA is an agency of the U.S. Department of Commerce that provides data sets for GDP, GNI, personal income, corporate profits, international trade and investment data, and industry-specific statistics. It provides data at national, regional and industry levels.
(7) US Federal Reserve system (The FED)
The central bank of the U.S. controls interest rates (e.g., federal funds rate), money supply, bank assets and liabilities, exchange rates, industrial production, capacity utilization, consumer credit, and various economic research reports and working papers (e.g., the Beige Book).
(8) US Census Bureau
The principal agency of the U.S. Federal Statistical System is responsible for producing demographic data (population, age, race, income, poverty, housing), economic census data (detailed statistics on businesses by industry and geography), retail sales, international trade data, and much more. The American Community Survey (ACS) provides rich, detailed annual data.
Two private sources
(9) Statista
The best commercial platform for accessing a wide range of timely statistics from countries around the world. Easy-to-use search functions and well-written analysis add to its value. Warning: Some of its information is behind a paywall.
(10) Trading Economics
This private site aggregates real-time global data on markets, GDP, interest rates, inflation, unemployment, deficits and national debt. It has an invaluable calendar of upcoming economic statistics releases. It also publishes economic forecasts, so you can compare real-time results with experts’ predictions. There’s a wealth of free data in addition to premium paid content.
Industry trends, market research
This self-described “fact tank” provides extensive data and reports on economic trends, internet, technology use, demographic shifts, and consumer behavior, which are highly relevant to business reporting. Its data, known for its objective and nonpartisan research methodologies, is widely cited by media, policymakers and academics.
Additional sector-specific data can be sourced from platforms like:
(2) Tableau Public Datasets, useful for visualizing public data.
(3) Column Five Media and CareerFoundry, which maintain edited lists of open data sources by topic, from transportation to digital health.
(4) University libraries (e.g., Boston University , Davenport University) often compile links to government and academic datasets for public access.
Publicly listed company data (Financials, stock performance, regulatory filings)
(1) US Securities and Exchange Commission (SEC) – EDGAR
Publicly traded companies offer a rich collection of data through their filings with the U.S. Securities and Exchange Commission. In many cases, there is more data available on non-American companies in the SEC database than is filed with their own countries’ regulators. The EDGAR database includes:
- 10-K annual reports
- 10-Q quarterly earnings
- 8-K disclosures of major events like layoffs, mergers, or lawsuits
(2) Company Investor Relations (IR) Websites
Most publicly traded companies have an Investor Relations section on their corporate websites. This is where companies communicate with shareholders and the financial community. Information is generally aligned with SEC filings. A primary source for company-specific news, financial performance updates, and management commentary.
(3) Yahoo Finance
A popular financial data website providing real-time stock prices, financial statements (income statement, balance sheet, cash flow), key statistics and ratios, analyst estimates, SEC filings, news, and market data. The availability of an API makes it a powerful tool for data-driven journalism.
Trade
(1) World Trade Organization (WTO)
The WTO website offers extensive data about the history of global trade, current and historical patterns of trade flows, tariff levels, trade in goods and services, trade disputes and dispute resolution.
(2) International Trade Administration, US
This government site is rich with international and bilateral information.
(3) United Nations Conference on Trade and Development (UNCTAD)
UNCTAD offers data on foreign direct investment, trade, shipping and economic development.
(4) Observatory of Economic Complexity (OEC)
The OEC shares free data on trade and tariffs from 1962 to 2023 amid its premium content.
Useful regional databases
(1) Eurostat (European Union)
Find data on the EU’s economy, population, employment, prices, energy and trade.
(2) Statistics Canada
Excellent source for everything Canada: Data on GDP, inflation, population, trade, employment, demographics and much more.
(3) National Bureau of Statistics of China (NBS)
The Chinese government publishes a wide variety of information in English, including GDP, industrial output, retail sales, urban/rural income and labor statistics.
(4) Reserve Bank of India (RBI)
Includes data on monetary policy, inflation, foreign exchange reserves, and banking.
(5) Japan Statistics Bureau
Information includes GDP, consumer price index, labor force participation, population data and much more demographic and economic data.
Data search engines: Where to begin your search
If you don’t know what dataset you need or where to find it, start with a discovery engine.
- Google Dataset Search is like Google Search but mainly for searching datasets.
- Kaggle provides free public datasets with easy-to-use tools to explore and analyze.
- DataHub and Data.gov are excellent for gathering data across U.S. federal agencies from agriculture to broadband access.
These platforms are helpful for covering specialized datasets that mainstream sites may not cover.
Reminder: You don’t need to be a data scientist to access the world’s most powerful economic datasets. But you do need to know where to look and how to evaluate credibility. For journalists, these tools aren’t just about numbers. They’re about stories that shape policy, influence markets, and inform the public. These days where misinformation spreads rapidly, credible data becomes even more powerful. Smarter reporting starts with knowing how to use it.
This piece was produced in collaboration with the Global Business Journalism program at Tsinghua University. The program is a partnership between ICFJ, Tsinghua University and Bloomberg News.
Image by Gerd Altmann from Pixabay
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