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Blending search queries with social media data to improve forecasts of economic indicators

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 Added by Thayer Alshaabi
 Publication date 2021
and research's language is English




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The forecasting of political, economic, and public health indicators using internet activity has demonstrated mixed results. For example, while some measures of explicitly surveyed public opinion correlate well with social media proxies, the opportunity for profitable investment strategies to be driven solely by sentiment extracted from social media appears to have expired. Nevertheless, the internets space of potentially predictive input signals is combinatorially vast and will continue to invite careful exploration. Here, we combine unemployment related search data from Google Trends with economic language on Twitter to attempt to nowcast and forecast: 1. State and national unemployment claims for the US, and 2. Consumer confidence in G7 countries. Building off of a recently developed search-query-based model, we show that incorporating Twitter data improves forecasting of unemployment claims, while the original method remains marginally better at nowcasting. Enriching the input signal with temporal statistical features (e.g., moving average and rate of change) further reduces errors, and improves the predictive utility of the proposed method when applied to other economic indices, such as consumer confidence.



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Risk and response communication of public agencies through social media played a significant role in the emergence and spread of novel Coronavirus (COVID-19) and such interactions were echoed in other information outlets. This study collected time-sensitive online social media data and analyzed such communication patterns from public health (WHO, CDC), emergency (FEMA), and transportation (FDOT) agencies using data-driven methods. The scope of the work includes a detailed understanding of how agencies communicate risk information through social media during a pandemic and influence community response (i.e. timing of lockdown, timing of reopening) and disease outbreak indicators (i.e. number of confirmed cases, number of deaths). The data includes Twitter interactions from different agencies (2.15K tweets per agency on average) and crowdsourced data (i.e. Worldometer) on COVID-19 cases and deaths were observed between February 21, 2020 and June 06, 2020. Several machine learning techniques such as (i.e. topic mining and sentiment ratings over time) are applied here to identify the dynamics of emergent topics during this unprecedented time. Temporal infographics of the results captured the agency-levels variations over time in circulating information about the importance of face covering, home quarantine, social distancing and contact tracing. In addition, agencies showed differences in their discussions about community transmission, lack of personal protective equipment, testing and medical supplies, use of tobacco, vaccine, mental health issues, hospitalization, hurricane season, airports, construction work among others. Findings could support more efficient transfer of risk and response information as communities shift to new normal as well as in future pandemics.
The success of a disaster relief and response process is largely dependent on timely and accurate information regarding the status of the disaster, the surrounding environment, and the affected people. This information is primarily provided by first responders on-site and can be enhanced by the firsthand reports posted in real-time on social media. Many tools and methods have been developed to automate disaster relief by extracting, analyzing, and visualizing actionable information from social media. However, these methods are not well integrated in the relief and response processes and the relation between the two requires exposition for further advancement. In this survey, we review the new frontier of intelligent disaster relief and response using social media, show stages of disasters which are reflected on social media, establish a connection between proposed methods based on social media and relief efforts by first responders, and outline pressing challenges and future research directions.
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Predicting human mobility flows at different spatial scales is challenged by the heterogeneity of individual trajectories and the multi-scale nature of transportation networks. As vast amounts of digital traces of human behaviour become available, an opportunity arises to improve mobility models by integrating into them proxy data on mobility collected by a variety of digital platforms and location-aware services. Here we propose a hybrid model of human mobility that integrates a large-scale publicly available dataset from a popular photo-sharing system with the classical gravity model, under a stacked regression procedure. We validate the performance and generalizability of our approach using two ground-truth datasets on air travel and daily commuting in the United States: using two different cross-validation schemes we show that the hybrid model affords enhanced mobility prediction at both spatial scales.
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