Can LLMs Take the Pulse of the Economy? A Real-Time Evaluation of LLM Nowcasts on Macroeconomic Indicators
Read the original on arXiv AI →The paper introduces LiveMacroEval, a live benchmark that tests large language model (LLM) agents’ ability to produce hourly nowcasts for sixteen major U.S. macroeconomic indicators before their official release. It evaluates LLM performance against institutional nowcasts, Bloomberg ECOS consensus, and an auto-ARIMA baseline using a LiveMacro Score linked to announcement-window equity returns and a LiveBetting Score from simulated Polymarket-style trading. Over six months, state-of-the-art LLMs with web search achieved overall accuracy comparable to professional benchmarks, though performance varied across indicators.
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