Can Machine Learning Improve Recession Prediction?

They can only give you answers." Big data utilization in economics and the financial world has increased with each passing day. In previous reports, we have discussed issues and opportunities related to big data applications in economics/finance. This piece is a quick summary of a more-detailed report that outlines a framework to utilize machine learning and statistical data mining tools in the economics/financial world with the goal of more accurately predicting recessions. Decision makers have a vital interest in predicting future recessions in order to enact appropriate policy.