Result for FREDcast July 20th, 2021
The four FREDcast series are available in FRED. ... All series in FREDcast are seasonally adjusted. From top to bottom: Real gross domestic product (GDP) is the only quarterly series, and the units are the percent change from the preceding period at a seasonally adjusted annual rate. Next is the unemployment rate, which is forecast as a monthly rate. Next are the consumer price index (CPI) and payroll employment. The inflation series used in FREDcast is the percent change in the CPI from one year ago, while payroll employment is the level change from the prior month measured in persons.
Well, I missed choosing the graph type on Consumer Price Index. One needs to select "percentage change from a year ago" which gives the actual of 5.3 against my forecast of 5.5, for a 0.2 error.
ReplyDeleteIndex for All Urban Consumers: All Items in U.S. City Average (CPIAUCSL)
Observation:
Jul 2021: 5.3