FRED Add-In for Microsoft Excel®

USER GUIDE

ECONOM IC RESEARC H
F E D E R A L R E S E R V E B A N K O F S T. L O U I S
P .O . B O X 4 4 2
SAINT LOUI S, MISSOUR I, 63166
F R E D . S T L O U I S F E D. O R G
 TABLE OF CONTENTS

INTRODUCTION ................................................................................. 1
GETTING STARTED ............................................................................... 1
Quick- Start Guide ...................................................................................... 2
Downloading Data...................................................................................... 3
Individual Series ................................................................................. 3
Create a Dataset ................................................................................. 4
FEATURES ........................................................................................ .…6
Finding Data Series on FRED ....................................................................... 6
Browse Popular Data ............................................................................... 6
Search for Data ....................................................................................... 7
Data Ma nipula tions ............................................................................... 8
Freque ncy Aggregation .......................................................................... 10
Set Custom Date Ranges ......................................................................... 12
SUPPORT ........................................................................................... 13
FAQs .......................................................................................................... 13
Contact Us ..................................................................................................... 13
LEGAL NOTICES, INF ORMATION, AND DIS CLAIMERS ........................... 14
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INTRODUCTION

The FRED® (Federal Reserve Economic Data) database contains over 800,000 economic time series. On
the FRED website users can view data, create charts, and download data. The FRED Add-in provides data
users with an additional means of accessing the FRED database. * After downloading and adding the FRED
Add-in to Microsoft® Excel®, users can download any FRED data series directly into an Excel worksheet
in seconds. In addition to downloading the data, the FRED Add-in allows users to: choose a data
manipulation (i.e., growth rate), specify a date range (i.e., 1960:Q1 to 2020:Q4), aggregate data to a lower
frequency (i.e., weekly to monthly), and browse popular data series.

GETTING STARTED

FRED was designed to make accessing and using economic data as easy as possible. The FRED Add-in is
the next step toward improving the usability of economic data for students, researchers, and
businesspeople alike. The FRED Add-in has been designed with a simple interface that provides users with
a fast way to get economic data from FRED into Excel for conducting analysis using all of the tools Excel
has to offer.

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QUICK-START GUIDE*

Downloading FRED data into Excel is very simple: The key is understanding where (which rows) in the
Excel worksheet to input a series ID, manipulation, frequency, and start date. The only information
necessary to Get FRED Data is the series ID; if the other cells are left blank, default settings will be used.

After you have input the desired information, click the Get Data button.

Series IDs

Regular FRED users may be familiar with the FRED series IDs. For example, payems is the series ID for
Nonfarm Payroll Employment. If you know the series ID, type it into a cell in the first row of your
worksheet. If not, it is possible to browse the popular FRED data series using the Find Data menu on the
FRED-Excel toolbar or browse on FRED website for the desired series IDs.

Data Manipulations

If row 2 is empty, by default, the FRED Add-in will download your data “in levels” (without any
manipulation). If you would prefer to download the growth rate of a series, simply type the desired
manipulation into the second row. If you don’t know the manipulation ID, click on the calculator icon on
the FRED-Excel toolbar and choose the desired manipulation. Note that because FRED uses levels and
rounded data as published by the source, calculations of percentage changes and/or growth rates in
some series may not be identical to those in the original releases.

Frequency Aggregation

If row 3 is empty, by default the FRED Add-in will download your data “as reported” by the primary
source. For example, Nonfarm Payroll Employment is reported at a monthly frequency. However, you can
choose to aggregate your FRED data to a lower frequency by entering your desired frequency ID. If you
don’t know the frequency ID, just click on the Σ icon on the FRED-Excel toolbar and choose your desired
frequency. Important Note: The FRED Add-in will not disaggregate data (i.e., you cannot download
monthly data at a daily frequency).

Choose a Start Date

If row 4 is empty, by default the FRED Add-in will download the entire available history of the series. If
you want only the last 10 years of data, enter your own starting date in the fourth row and a shorter
history of data will be downloaded. Don’t worry about the date format, the Excel auto-format takes care
of this. The FRED Add-in will make the necessary adjustments if the starting date you entered doesn’t
exactly match the data series.

*You can always access this quick start guide by clicking on this icon on the Excel toolbar.

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DOWNLOADING DATA

Before downloading any data, make sure your computer is connected to the Internet. If the FRED Add-in
has been successfully installed, a tab labeled FRED should appear on the ribbon of your Excel window. On
the FRED tab you will find a series of buttons.

There are two ways to download data using the FRED add-in: (1) download by individual series (2)
download series in a dataset with matching date ranges and frequencies. The first option is much
simpler and is ideal for quick projects, while the second option is helpful for users conducting more
sophisticated analysis.

DOWNLOADING INDIVIDUAL SERIES

Again, downloading FRED data is as simple as typing a FRED series ID (e.g., UNRATE) into the first row of
the workbook and clicking the Get FRED Data icon.1

Once you click Get FRED Data, Excel will automatically download the requested data from the FRED
website. If no other options (i.e., manipulation, start date, frequency) are specified, by default, all available
observations will be downloaded and no data manipulations will occur. The series name, units, seasonality,
and data source are also downloaded with the data.

An error message appears for an invalid: (1) series ID; (2) frequency; (3) data manipulation (e.g., growth
rate of a %).

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To maintain a reasonable processing speeds, up to 300 series IDs can be downloaded into a single worksheet.
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To include an additional FRED series, move to the next column (in the first row) and type in another series
ID.

DOWNLOADING SERIES IN A DATASET

It is possible to download multiple series with the same frequency and date range using the “1date” option
in the FRED add-in. To enable the dataset option in a worksheet simply type “1date” into cell A1. The FRED
add-in will recognize this term.

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To download series into a dataset, enter the frequency in cell A2 (required), the Start Date in cell A3
(optional), and the End Date in cell A4 (optional). In the first row of the remaining columns enter the series
ID’s (required) and in the second row enter the data manipulation (optional).

The next section reviews the available features in the FRED Add-in.

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FEATURES

The features of the FRED Add-in are designed with the general user in mind. The Add-in offers some basic
conveniences without unnecessary complexity. Future versions of the Add-in may include more advanced
settings. Until then, advanced users should rely on the tools in Excel.

FINDING DATA SERIES ON FRED

Each economic data series in FRED has a unique series ID. The FRED Add-in requires users to input a series
ID into the first row of cells in their workbook.

There are two ways to find a data series using the FRED Add-in: (1) Browsing data using the drop-down
lists on the Excel ribbon and (2) using search button to be directed to the FRED website. Browsing is the
fastest and easiest way to locate the most popular data in FRED because this option is limited to
approximately the 100 most popular economic data series and 15 major economic press releases. On the
other hand, searching on the FRED website provides access to all data series in the FRED database.

BROWSE DATA

If you are not familiar with the FRED series IDs, browsing is the easiest way to locate data. Click on one of
the Browse buttons in the Data Tools section of the ribbon (e.g., Browse Popular U.S. Data), and you’ll
find the data series have been organized into major groups. For example, popular U.S. data are organized
into five sections, and popular international data are organized by country.

Once you’ve located a data series of interest, click on the name and the FRED series ID is automatically
input into the active cell.2 Click the Get Data button and your data will be retrieved. Once a data series has
been selected and input into the active cell in the first row, the active cell will automatically move to the
right so numerous series can easily be selected one after another.

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A FRED series ID needs to be entered into the first row of the active worksheet.

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SEARCH FOR DATA

To search for data in FRED, simply click on the magnifying glass icon on the ribbon to be directed to the FRED homepage.

When you find the desired data look for the series ID that is included at the end of the title.

Add the IDs into your spreadsheet by copying the series IDs of interest and pasting into the first row
of Excel worksheet.

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DATA MANIPULATIONS

One of the challenges for many users of economic data is manipulating data series into growth rates. The
FRED Add-in makes this easy by allowing users to select their desired data manipulation. Just as row 1 is
reserved for a series ID, row 2 is reserved for a data manipulation. Type the desired data manipulation
(e.g., chg) directly below the series ID and click the Get FRED Data button (see below). If no manipulation
is specified, the data will be downloaded with no transformation.

If you’re unfamiliar with the data manipulation IDs, the FRED Add-In will help you: The Data Manipulations
button includes commands for all the data manipulations. Click on the desired manipulation, and the ID
will appear in the active cell.

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The manipulations, abbreviations, and formulas are

• Levels (lin): xt

• Change (chg): xt - xt-1

• Change from Year Ago (ch1): xt - xt-n

• Percent Change (pch): ((xt /xt-1) - 1) * 100

• Percent Change from Year Ago (pc1): ((xt /xt-n) - 1) * 100

• Compound Annual Rate of Change (pca): (((xt /xt-1))n – 1) * 100

• Continuously Compounded Rate of Change (cch): (ln(xt) – ln(xt-1)) * 100

• Continuously Compounded Annual Rate of Change (cca): ((ln(xt) – ln(xt-1)) * 100) * n

• Natural Log (log): ln(xt)

where xt is the value of the FRED series x at time t and n is the number of observations per calendar year.
For example n = 12 for monthly data and n = 4 for quarterly data.

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FREQUENCY AGGREGATION

It can be useful to create a data worksheet of series with matching frequencies. With the FRED Add-in, it
is easy to aggregate data to lower frequencies (i.e., daily to monthly) using the frequency aggregation
option. The data frequencies are input in the third row of the worksheet. Available frequencies include
Daily, Weekly (ending Friday),3 Biweekly BW, Monthly, Quarterly, Semiannual SA, and Annual
(aggregation IDs or the frequency name are a valid input). The aggregation button on the toolbar can be
used for easy browsing and cell input.

Selected frequencies can be also supplied with period description such as:
wef = Weekly, Ending Friday
weth = Weekly, Ending Thursday
wew = Weekly, Ending Wednesday
wetu = Weekly, Ending Tuesday
wem = Weekly, Ending Monday
wesu = Weekly, Ending Sunday
wesa = Weekly, Ending Saturday
bwew = Biweekly, Ending Wednesday
bwem = Biweekly, Ending Monday

After selecting a frequency and clicking the Get FRED Data, the following results will appear:

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Data can be also downloaded using “1date” option. If the series do not have the same frequency, data will
be aggregated to the frequency specified in A2.

By default, averages are used as the aggregation method. Alternative aggregation methods include the sum
(sum) and end of period (eop). To use a different aggregation method, type a comma and the method into
the cell (e.g., a,sum) and then update your data. Users who use other aggregation methods can become
familiar with this notation and can type a,sum or a,eop directly into the cell. The menu options have been
limited for ease of use.

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Weekly and biweekly data series are not necessarily released over the same time intervals (e.g., weekly, ending Monday;
weekly, ending Wednesday; biweekly, ending Monday). See the series frequency on FRED or check the observation dates. At this
time, daily data are always aggregated to weekly, ending Friday if W is used as frequency aggregation method.

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SET CUSTOM DATE RANGES

If you don’t want the entire history of a series, the FRED Add-in lets you specify the start date. Just as row
1, row 2, and row 3 are reserved for the FRED series ID, data manipulation, and frequency, row 4 is
reserved for a start date.

To add a starting date, type the date below the series ID in row 4 and click Get FRED Data. If a start date
is older than the first observation, the Add-in returns entire history of the series. The standard Excel auto-
formats will occur on the input date (e.g., if no year is entered, Excel will use the current year as default).
The FRED Add-in will automatically make adjustments if the date entered does not correspond to a specific
observation date. For reference, the date range of the data series is also returned in the cell above the
series values.

You can also download a fixed number of observations by typing “N=Number.” For example if you enter
N=20 into the date cell the FRED add-in will only download the most recent 20 observations. This feature
can be very useful when generating custom tables and charts that can update automatically. The
“N=Number” feature is also available in the “1date” download mode, simply enter N=20 as the start date
and FRED will return the last 20 observations of the series in column B.

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SUPPORT

If you are having trouble using the FRED Add-in, please refer to the frequently asked questions before
contacting us. Data descriptions and hyperlinks to the primary data providers’ websites are available on
FRED.

We continually strive to improve the experience of FRED users, and your suggestions for additional features
or data series are always welcome.

FREQUENTLY ASKED QUESTIONS

Q. What do I do if I get the error “Invalid Series ID”?

A. First, make sure you are connected to the internet. If you are, this error could occur if the series entered
into the first row is mistyped or doesn’t exist or the series is copyrighted and distributions via add-in is not
possible. On the FRED website check that the data exist by searching for the invalid series ID or by
searching for the series by its name. The series ID is included at the end of the title.

Q. What do I do if I get the error “Invalid Data Manipulation”?

A. This issue occurs because you’ve entered an invalid data manipulation (lin, chg, ch1, etc..) in row 2.
Make sure you check row 2 in the column the error appears to make sure you have a correct
manipulation that can be used with that series id.

Q. What do I do if I get the error “Cannot disaggregate data”?

CONTACT US

If you have questions about the data in the FRED® database, the Research staff prefers that you send an
email using our contact form at https://fred.stlouisfed.org/contactus/. Staff will respond to all inquiries
within two business day.

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LEGAL NOTICES, INFOR MATION, AND DISCLAIMERS

The Federal Reserve Bank of St. Louis provides this Add-in as a convenience to its customers, depository
institutions, and the public. By using this Add-in or the information, data, or materials provided (collectively,
the “Information”), you acknowledge and agree to the following terms and conditions. If you do not
agree to these terms and conditions, do not use this Add-in.

Terms of Use for the FRED Add-In can be found at:

Legal Notices, Information, and Disclaimers for the FRED website can be found at:
https://fred.stlouisfed.org/legal

APPROPRIATE USE

Some Information contained on the FRED website may be copyrighted by its owner, and permission to use
such copyrighted materials must be obtained from the owner and cannot be obtained from the Federal
Reserve Bank of St. Louis.

The Federal Reserve Bank of St. Louis does not permit the use of its name in advertising, as an
endorsement for any product or service, or for any other commercial purpose.

Unauthorized attempts to upload or change information, to defeat or circumvent security measures, or to

DISCLAIMERS

The Information is derived from sources that the Federal Reserve Bank of St. Louis considers sufficiently
reliable to justify inclusion; however, we cannot guarantee the completeness or accuracy of the
Information. The Federal Reserve Bank of St. Louis may periodically update the Information, but makes no
commitment to do so. By using the FRED Add-in, you acknowledge and agree that your use of the
Information is at your own risk and that none of the parties involved in creating, producing, or delivering
this site is liable for any loss, injury, claim, liability, or damage of any kind resulting in any way from: (a)
any errors in or omissions from the Information; (b) the unavailability or delay of the Information; (c) your
use of the Information or any conclusions you draw from it, regardless of whether you received any
assistance from the Federal Reserve Bank of St. Louis or its employees with regard to the Information;
(d) your use of any equipment in connection with the site or anything obtained from the site; or (e) the
content of the site, including anything caused by any viruses, bugs, or malfunctions.

Copyright Information: Federal Reserve Bank of St. Louis

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