Social media is a fountain of knowledge when it comes to public opinion. Activity on social media can affect anything from elections to the success of a film, to trust in medicine or the popularity of a record. However, one of the obstacles is the vastness of the data available – which, for a machine learning or ML engineer, presents a tantalising challenge.
As social media is such a valuable resource for measuring public mood, there are various ways it could be used to measure or predict economic trends.
Economics, after all, depend very much on people’s attitudes and spending habits. An umbrella term for these trends and effects is consumer confidence, which currently, is measured using time-consuming and costly surveys. But, with a vast resource like social media apparently so readily available, could an ML engineer design an algorithm to measure consumer confidence online?
Read the full article to discover how to measure consumer confidence on Twitter: https://blog.outvise.com/ml-engineer-consumer-confidence-twitter
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