The Use of Real Time Spending Sources for Economic Measurement: An Analysis Using Multiple Data Sources

This study from the Bureau of Economic Analysis explores the potential of using credit and debit card transaction data to improve real-time consumer spending estimates. By integrating multiple commercial datasets, the analysis reveals that blending sources increases accuracy and stability compared to relying on a single provider. The report evaluates how well these data track with national benchmarks, forecast official consumption metrics, and estimate state-level spending with promising results. During volatile periods like the COVID-19 pandemic, these datasets offered timely economic insights when traditional sources lagged behind.