Unemployment Data from FRED
Getting the Data
Getting data official economic data from in R is a breeze. FRED (the St Louis Federal Reserve) has provided a handy API for getting data like unemployment.
Making this process even easier is the R package fredr which provides convenient wrappers for pulling data.
In order to get this data, you have to first get an API key from FRED. I have stored mine in the
.Renviron file so I don’t accidentally share it when I publish my notebooks. Once you have set it up in your environment, you can use
Sys.getenv() to set it locally and use it to pull data.
fred_key <- Sys.getenv('FRED_API_KEY') fredr::fredr_set_key(fred_key)
Once you have set up your API key, you can use
purrr::map_dfr to easily pull mutliple different series by their FRED code.
Here we have pulled four series:
UNRATE: overall unemployment rate
UNEMPLOY: overall unemployment level
FLUR: Florida unemployment rate
BOST625URN: Boston metro area unemployment rate
unemployment_data <- map_dfr(c("UNRATE","UNEMPLOY","FLUR","BOST625URN"),fredr::fredr)
Now that we have the data, we can visualize.
unemployment_data %>% # filer data filter(series_id %in% c("UNRATE","FLUR","BOST625URN")) %>% filter(date > as.Date("2007-01-01")) %>% # recode and arrange the different series variables mutate(series_id = recode(series_id, "BOST625URN" = "Boston", "FLUR" = "Florida", "UNRATE" = "USA")) %>% mutate(series_id = factor(series_id, levels = c("Boston","Florida","USA"))) %>% # plot the data ggplot(aes(x = date, y = value, color = series_id)) + geom_line(alpha = 0.7, size = 1.4) + scale_color_manual(values = c("#00C5CD", "#43CD80", "#EE4000")) + ggthemes::theme_fivethirtyeight() + labs(color = "", title = "Unemployment Rate") + # add shaded region for great recession annotate("rect", xmin = as.Date("2007-12-01"), xmax = as.Date("2009-06-01"), ymin = 0, ymax = 16, alpha = .2)