Why We Exist
Economic data provided by the government is increasingly untrustworthy. We built a better way to measure what's actually happening in the U.S. economy.
The Problem
The U.S. macroeconomic data that economists and policymakers rely on is collected primarily through voluntary government surveys. With trust in government institutions eroding and survey response rates falling, the picture of the economy that most economists are working from is increasingly incomplete. Famed economist Claudia Sahm said it well: economists might have been flying blind all along.
Declining Survey Response Rates
Participation in key government economic surveys has been falling for years, with no penalties for businesses or individuals who don't respond.
Budget Constraints & Institutional Trust
Statistical agencies face tighter budgets and reduced public trust, further undermining the quality and completeness of official economic data.
Major Revisions After the Fact
Government data is routinely revised — sometimes significantly — long after decisions have already been made based on the original figures.
The Solution
America's publicly traded companies are required by law to file quarterly and annual reports with the SEC. These filings are audited, subject to criminal penalties for inaccuracy, and available to everyone through the SEC's EDGAR system — free of charge.
This data provides real, ground-level insight into volumes, pricing, costs, labor, and investment — the building blocks of the macroeconomy — without relying on anyone's voluntary participation.
Investors have used this data for decades to price stocks. We use it to tell you what's actually happening with the U.S. economy.
Audited & Legally Binding
SEC filings carry criminal penalties for inaccuracy — a standard no government survey can match.
No Voluntary Participation Required
Every public company must report. There are no declining response rates, no opt-outs, and no gaps in coverage.
Publicly Available & Transparent
All filings are accessible through the SEC's EDGAR system. Our sources are verifiable by anyone.
No Major Revisions
Unlike government statistics, corporate filings are not subject to the large retroactive revisions that routinely change the official economic picture.
Our Methodology
We analyze SEC filings and company conference call transcripts to build a bottom-up picture of the U.S. macroeconomy.
We comb through 10-Q and 10-K filings from hundreds of publicly traded companies to extract data on revenues, volumes, costs, headcount, wages, and capital expenditures.
Management teams discuss economic conditions on earnings calls every quarter. We aggregate their commentary to paint a real-time picture of what's happening across the economy.
We aggregate micro-level company data into macro indicators covering GDP, labor markets, inflation, consumer spending, and investment — independently of government surveys.
Better data leads to better decisions.
See our methodology in action — browse our sample research for free.