- Data Revisions with FRED?
FRB of St. Louis
Sources revise data for several different reasons and at multiple moments in time. Occasionally, some data contain errors. Regularly, some data are revised to provide a more complete picture of current or very recent economic conditions. Periodically, some data are updated to produce a more accurate account of long-term trends and patterns.
Every time a new version, or vintage, of a data series is released, FRED displays the latest version, and the replaced version is archived in ALFRED. Economic researchers and consumers of data must reference the data vintage they use by citing the date they access the data.1 Otherwise, discrepancies between data vintages can undermine the credibility of their work.
This article describes how headline economic data are revised and updated to provide a more complete and accurate description of economic conditions. High-quality data facilitate good decisionmaking, so the time and energy the data providers spend to improve their data benefits everybody who uses those data.