NEW YORK (TheStreet) Ahead of major earnings reports from Apple (AAPL) and Facebook (FB), Estimize, the site known for changing the way earnings estimates are handed out, is going in a brand new direction: economic data.
Estimize announced the launch of Economic Indicators on the Estimize platform, as it seeks to bring a more natural consensus for economic data, including weekly jobless claims, inflationary data, and the be-all-end-all, the monthly jobs report. "It's an obvious and natural extension of the Estimize platform to expand into this data set given the success of our core equity fundamentals data," Estimize founder and CEO Leigh Drogen wrote in a blog post, announcing the move.
Estimize recently announced an additional $1.2 million in funding to go along with a new Mergerize platform.
Below is the list of 20 different reports Estimize will launch for consensus building:
US Unemployment Rate
US Producer Price Index
US Consumer Price Index
US Existing Home Sales
US New Single Family Houses Sold
US Case-Shiller Home Price Index: Composite 20
US Housing Starts
US Durable Goods New Orders
US Purchasing Managers Index
US ISM Non-Manufacturing Index
US Change in Retail Sales
US Initial Claims for Unemployment Insurance
US Manufacturing New Orders
US Industrial Production Index
US Average Weekly Earnings
US Consumer Confidence
US Consumer Sentiment
US Change in Nonfarm Payrolls
Drogen noted that over time, the list of available indicators would grow, and would include international data as well.
Below is Drogen's blog post explaining why Estimize felt it was a good idea to launch this:
We see the opportunity to build a better Economic Indicator estimates data set to be even larger than the equity fundamentals (EPS and Revenue) data we already collect.
Because while we may bemoan the inefficiencies of sell side equity fundamental estimates data sets like Thomson Reuters IBES for only including sell side analysts, the way the data is collected is actually pretty darn good. It includes revision history and forward looking estimates several quarters out. At Estimize we've definitely built a better data set by collecting it from a wider range of contributors, and gave them a better method of estimate entry, but these are small improvements compared to what we're about to do in Macro Economic data.
The currently available Economic Indicator estimate data sets are ridiculously bad. They are literally a poll, a few weeks before the report, from 30 economists, with no revision history, and no forward looking estimates, none, zilch, nada. One has to wonder how this has been the case for so long.
We're going to change all of that now, by using the philosophies that have made Estimize so successful to this point. We believe a more accurate, and more importantly, more representative data set will be produced, with greater depth of information by collecting data the way we believe it should be collected.
And we're going to see who the best Macro Economic analyst really is. Is it the Chief Economist at Goldman Sachs, some kid in his basement, someone at the Federal Reserve, a professor at the University of Chicago, or a macro hedge fund analyst? Let the experiment begin.
Get started making your Economic Indicator estimates here.