Series in FRED®
What is a Series?
In FRED®, a series is a named sequence of economic observations measured over time.
Each series represents a single economic variable, such as:
- Gross Domestic Product (GDP)
- Consumer Price Index (CPIAUCSL)
- Unemployment Rate (UNRATE)
- Federal Funds Rate (FEDFUNDS)
A series is the fundamental unit of data in FRED.
Each observation within a series consists of:
- A date
- A value
- Associated metadata (units, frequency, seasonal adjustment, source)
Why Series Matter in Economic Analysis
Series are the primary inputs to all economic analysis.
They allow economists to:
- Track changes over time
- Measure trends and cycles
- Compare economic indicators
- Build statistical models
- Construct derived metrics (e.g., growth rates, volatility)
Because FRED aggregates data from many sources, each series provides a standardized, time-indexed view of a specific economic concept.
Components of a Series
Each FRED series includes:
| Observations | Time-indexed data points (e.g., monthly CPI values) |
| Frequency | Daily, weekly, monthly, quarterly, or annual |
| Units | Levels, percent change, logarithms, etc. |
| Seasonal Adjustment | Adjusted or not adjusted for seasonal effects |
| Source | The originating institution (e.g., BLS, BEA, Federal Reserve) |
| Release Information | The dataset or publication the series belongs to |
Series vs. Observations
| Concept | Description |
|---|---|
| Series | A named time series (e.g., CPIAUCSL) |
| Observations | Individual data points within the series |
Example: CPI (CPIAUCSL)
The Consumer Price Index for All Urban Consumers (CPIAUCSL) is a monthly series.
It includes:
- A time series of price levels
- Monthly frequency
- Seasonally adjusted values
- Units in index level
- Economists use this series to:
- Measure inflation
- Compute year-over-year changes
- Compare price dynamics over time
Example: Unemployment Rate (UNRATE)
The Unemployment Rate (UNRATE) is another widely used series.
It provides:
- Monthly unemployment percentages
- Seasonally adjusted data
- A key indicator of labor market conditions
- This series is often used in:
- Macroeconomic analysis
- Policy evaluation
- Business cycle research
How Economists Use Series in Practice
In research workflows, series are used to:
- Construct time-series models
- Compare multiple indicators
- Build dashboards and reports
- Analyze structural changes in the economy
- Feed into forecasting and policy models
- Series are often combined with:
- Tags (for filtering)
- Categories (for navigation)
- Transformations (for analysis)
Summary
A series in FRED is a time-indexed sequence of economic data representing a single variable.
It allows economists to:
- Measure and analyze economic activity over time
- Compare indicators across domains
- Build reproducible analytical workflows
Series are the foundation of all data in FRED.