119 Billion Google Searches
|Image via CrunchBase|
In many ways those searches are as if not more powerful than updates on Facebook and Twitter. These searches can be mined.
Search queries are real time. Google searches might be the biggest of Big Data.
Your 119 Billion Google Searches Now A Central Bank Tool
the Bank of Israel, which looks to searches like Sugarman’s to assess the state of the nation’s $243 billion economy..... The central bank stands at the forefront of the world’s hunt for new economic indicators, analyzing keyword counts for everything from aerobics classes to refrigerators -- reported by Google almost as soon as the queries take place -- to gauge consumer demand before official statistics are released. The Federal Reserve and the central banks of England, Italy, Spain and Chile have followed up with their own studies to see if search volumes track trends in the economies they oversee. .... “When central bankers were looking at traditional data, they were essentially looking out the rear-view mirror” ..... a 23-page paper he co-wrote in April 2009, demonstrating how data reported on the Google Trends service improved forecasts of auto and home sales and retail spending in the U.S. ...... Google makes its data available one to three days after users perform searches .... Using query volumes in place of government statistics that are not yet available ..... Searches predicted the inflow of British tourists into Spain with a lead of almost one month. ..... a “data revolution.” It’s “an enormous amount of information” that will better help “us understand in very real-time what’s going on.”