In data visualization, benchmarks are designed to provide audiences with a frame of reference to understand how to perceive the performance or progress of the data and compare it against a standard or target line to determine the quality of the data, such as how good or bad the company is on average with others in the industry, how well it performed compared to last year, or did it exceed or fail to meet expectations for the finacial quarter. The information provided by benchmarks should enable the audience to quickly evaluate the data's success or failure to meet target goals, as well as provide meaningful insight into the data patterns from past and current progress that can be used to assess the trajectory and quality of performance in the future.
From these three New York Times articles, I will examine their usage of benchmark and appraise how effective it is in communicating the message behind the data. To begin, the article,
Cheaper Mortgages and Car Loans: Lower Rates Are on the Horizon, by Karl Russel, uses a benchmark in their graph as shown in Figure 4.1, to note an economic recession in 2020, during the global pandemic of COVID-19. Paired with the Federal Funds Rate line, which was decreased to reduce borrowing costs for consumers and businesses for car loans and 30-year mortgages, as well as to combat rising inflation rates that have grown since the recession in 2020, as shown in Figure 4.2. Highlighting how the Government is using long-term strategies to help new shoppers and borrowers remain financially stable to afford these types of loans and mortgages in these difficult times.
In the article, They Used to Be Ahead in the American Economy. Now They’ve Fallen Behind by Emily Badger, Robert Gebeloff, and Aatish Bhatia. The authors use a benchmark line chart, as shown in Figure 4.3, to highlight how the US economy has had a steep decline in income, below the average income (benchmark), for workers without college degrees and in the Midwest states, such as Ohio. Compared to the steady rise of workers in coastal states such as New York, exceeding the average income benchmark in the top 15% or 30% of the income bracket over the course of decades from the 1980s to 2022. Indicating a shift in the job market in terms of companies changing their priorities to more technology/computer-based positions than factory workers, as shown in Figure 4.4.
Lastly, in the article, These 10 Charts Will Help You Understand 2024 by Steven Rattner, the author employs a benchmark chart in Section 4: Manufacturing Investment Surged to demonstrate the significant increase in monthly spending for manufacturing construction ever since the Inflation Reduction Act was passed during the Biden administration. Figure 4.3 highlights the drastic increase in spending by comparing the previous years of 2005 to 2020, where expenditure influx between its lowest point of around $3 billion in 2011-2012 to almost $10 billion in 2015. By 2020, before the legislation had passed, the spending was steadily increasing before skyrocketing to $20 billion or more by 2024. This denotes a promising sign of future economic growth in corporate investment during this time.
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I love all the different graphs you used to demonstrate how the benchmark is being used the clearest one to me is 4.3\4.3 as the red area is a clear give away of where the benchmark is. overall great blog post I always find it so interesting how much the economy changes over the years.
ReplyDelete4.3 and 4.4 are really fantastic; I especially love how the downward sloping lines are emphasized with color. Anyway, I don't think I agree that the others employ benchmark lines but rather they just highlight a period in time when an important event happened financially. Also, when you say "Paired with the Federal Funds Rate line, which was decreased to reduce borrowing costs for consumers and businesses for car loans and 30-year mortgages, as well as to combat rising inflation rates that have grown since the recession in 2020, as shown in Figure 4.2." are you saying that decreasing the Federal Funds Rate combats inflation?
ReplyDeleteI really like how you explained the graphs to measure the progress and performance. 4.2 was a great example on how it highlights the differences between regions. Its clear you have a real understanding for the visulization. I really liked how you mentioned the shift on tech companys. I felt like that was such a good piece of infomration to include.
ReplyDeleteI really like how you analyzed multiple New York Times benchmark visualizations and connected each one to its real-world context. You did a great job explaining why the benchmarks were important for understanding the story behind the data, especially in the income comparison example. When looking at all three examples, which benchmark style (like a line, shaded area, or labeled point) do you think was most effective at helping readers immediately interpret the data? It might strengthen your analysis if you briefly mentioned how color or visual hierarchy in each chart also influenced the audience’s perception of the benchmarks. That could tie together the visual and analytical sides of your critique.
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