Swedish Trade

Today is a great World Cup day. The two teams for which I am rooting are playing—thankfully not yet against each other. Later this afternoon England takes on Colombia. But this morning Sweden will play Switzerland. (Neutrality is no longer an option.) And in the spirit of Sweden, I figured I would return to my winter trip to Stockholm and dig out a graphic. This one seemed particularly relevant.

All around the world—or at least Europe
All around the world—or at least Europe

It may be difficult to read, because it is in Swedish along with being large, but it shows medieval trade routes connecting Sweden to Europe. For example, Stockholm received cloth from East Anglia in modern-day England and from Bruges in Flanders, beer from modern-day Germany, and wine from modern day France and Spain.

Even in the Medieval period, international trade was vital to the economies of the emerging European cities and states.

Credit for the piece goes to the Medieval Museum design department.

Tariffs and Trade with China

Following up on yesterday’s post about the facts on tariffs, today we look at an article from Politico that polled voters on their feelings about trade and trade policy. Now the poll dates from the beginning of June and unfortunately a lot of things have changed since then. But, the data overwhelmingly supports the conclusion that voters, at that time at least, do not support placing tariffs on goods coming into the US.

Let’s take a look at another component of the article, however, a chart exploring the infamous trade deficit. First of all, trade deficits do not work like how the president says they do—but we will come back to that in another post. In short, trade deficits are neither good nor bad. They are just one way of describing one facet of a trade relationship between two countries.

This piece looks at the trade balance between the United States and China.

We will get into why this isn't all bad in another post
We will get into why this isn’t all bad in another post

Now, from the topical standpoint, it does a really nice job of showcasing how our imports have surged above our experts. From a topical standpoint, however, we do not know if this is a total trade deficit or just in goods, like the president prefers to talk about, or in goods and services, the latter of which accounts for way more than half of the US economy.

From a design perspective, I have a few thoughts and the first is labelling. The chart does label the endpoints of the data set, 1985 and 2017. But aside from a grey bar representing the Financial Crisis, there are few other markers to indicate the year. In smaller charts, I often do this myself, because space. But here there is enough space for at least a few intervening years to be labelled.

Secondly, the white outline of the red line. I have talked before of a trend to showcase a line over other lines with that thin stroke. But this is the first time I can recall the effect being used over an area filled with colour. Is it necessary? Because the area is light and the line dark and bright, probably not.

Then the outline appears on the text in the graphic, in particular the labels of imports, exports, and the trade deficit label. The labels for the imports and exports likely are necessary because of that light grey used for the text. But, as with the line for the trade deficit, its label likely provides sufficient contrast the thin white outline isn’t necessary.

Credit for the piece goes to Jeremy C.F. Lin.

The Facts on Tariffs

Unless you avoid the news, we all heard a lot about tariffs this weekend. So this morning, instead of going with some other things I found, I decided I wanted to look and see just what the data is on tariffs. Turns out Trump is wrong on the data about tariffs. In short, in 2016 the US had a slightly higher average tariff for all products at 1.61%. The EU was at 1.6%. And the Canadians? They charged an outrageous 0.8%.

Apologies for the length on this one
Apologies for the length on this one

The data comes from the World Bank.

And over breakfast, I did not really have the time to clean this graphic up, so it shows the whole world. Though it goes to show you, the western countries against which Trump raged this weekend generally have low tariffs, some lower than what the US.

Credit for this one is mine.

The Cost of the US Tax Cut

I know I’ve looked at the Times a few times this week, but before we get too far into the next week, I did want to show what they printed on Saturday.

It is not too often we get treated to data on the front page or even the section pages. But last Saturday we got just that in the Business Section. Two very large and prominent charts looked at federal government borrowing and the federal deficit. Both are set to grow in the future, largely due to the recently enacted tax cuts.

That's about half the page on those two charts.
That’s about half the page on those two charts.

The great thing about the graphic is just how in-the-face it puts the data. Do two charts with 14 data points (28 total) need to occupy half the page? No. But there is something about the brashness of the piece that I just love.

And then it continues and the rest of the article points, at more normal sizes, to treasury bill yields and car loan rates. The inside is what you would expect and does it well in single colour.

These two seem small by comparison…
These two seem small by comparison…

But I just loved that section page.

Credit for the piece goes to Matt Phillips.

Undersea Mining

Today’s piece isn’t strictly about data visualisation. Instead it’s a nice article from the BBC that explores the nascent industry of undersea mining. What caught my interest was the story of Soviet submarine K-129, which sank mysteriously in the middle of the Pacific. But that isn’t even half the story, so if you are interested go and read the article for that bit.

But that sinking may have created the beginning of the undersea mining industry. And so as I read on, I found a nice mixture of text, photography, and graphics explaining processes and such. This screenshot is a comparison of the size of an undersea mining zone compared to a land-based copper mine.

An undersea mine vs. a surface mine
An undersea mine vs. a surface mine

Some of the graphics could use some polish and finesse, but I do appreciate the effort that goes into creating pieces like this. You will note that four different people had to work together to get the piece online. But if this is perhaps the future of BBC content, this is a great start.

Credit for the piece goes to David Shukman, Ben Milne, Zoe Barthlomew, and Finlo Rohrer.

Post-Brexit Trading

Off of yesterday’s piece looking at the potential slowdown in British economic growth post-Brexit, I wanted to look at a piece from the Economist exploring the state of the UK’s current trade deals.

Still loathe the use of bubbles though…
Still loathe the use of bubbles though…

I understand what is going on, with the size of the bubbles relating to British exports and the colour to the depth of the free trade deal, i.e. how complex, thorough, and wide-ranging. But the grouping by quadrant?

With trade, geographical proximity is a factor. Things that come from farther cost more because fuel, labour time, &c. One of the advantages the UK currently has is the presence of a massive market on its doorstep with which it already has tariff- and customs-less trade—the European Union.

Consequently, could the graphic somehow incorporate the element of distance? The problem would be how to account for routes, modes of transport, time—how long does a lorry have to queue at the border, for example. Alas, I do not have a great answer.

Regardless of my concepts, this piece does show how the most valuable trade partners already enjoy the deepest and largest trade deals, all through the European Union. And so the UK will need to work to replicate those deals with all of these various countries.

Credit for the piece goes the Economist Data Team.

Baseball’s Free Agency Problem

Baseball season begins next week. For different teams it starts different days, but for the Red Sox at least, pitchers and catchers report to Spring Training on Tuesday. But the Red Sox, along with many other teams throughout baseball, have holes in their roster. Why? Arguably because nearly 100 free agents remain unsigned.

I do not intend to go into the different theories as to why, but this has been a remarkably slow offseason. How do we know? Well using MLB Trade Rumours listing of the top-50 free agents this year, and the signings reported on Baseball Reference, we can look at the upper and middle, or maybe upper-middle, tiers of free agency.

The upper tiers of baseball's free agent market, as of 9 February
The upper tiers of baseball’s free agent market, as of 9 February

Kind of messy to look at with all the player labels, but we can see here the projected contracts, in both length and total value, along with the contracts players signed, if they have. And for context we can see how those contracts compares to the Qualifying Offer (QO). What’s that? Complicated baseball stuff that is meant to ensure teams that lose stars or highly valuable players are compensated, especially since they might come from smaller market teams that cannot afford superstar prices. The QO is meant to help competitiveness in the sport. How does it do that? Let’s just say complicated baseball stuff. We should also point out that some players, most notably the Yankees’ Masahiro Tanaka, were expected to opt out of their contracts and try the free market. Tanaka did not, which is why his projection was so far off.

Comparing the signed to the unsigned free agents
Comparing the signed to the unsigned free agents

So is it true that free agency is or has moved slowly? Consider that approximately 100 free agents remain unsigned as of late Thursday night—please no big signings tomorrow morning—and that of the top 50, 22 of them remain unsigned. And if we take the QO as a proxy for the best players in the game, add in two players who were exempt because baseball stuff, we can say that 8 of the 11 best players remain unsigned. Though, in fairness to ownership, three of those players are reportedly sitting on multi-year offers in the nine-figure range.

But if players are unsigned, does that mean they are competing for lower value contracts? Possibly. If we use MLB Trade Rumours’ projected contracts, because in years past they have proven smart at these things, we can see that for the 28 who have signed, it’s a roughly even split in terms of the number of players who have signed for more or less than their projection. Sometimes however, non-monetary factors come into play. Two notable free agents, Todd Frazier and Addison Reed, both reportedly signed lesser value contracts to play closer to a specified geography, in Frazier’s case the Northeast and in Reed’s the Midwest.

How are the signed players doing versus their contract projections
How are the signed players doing versus their contract projections

But the telling part in that graphic is not necessarily the vertical movement, i.e. dollars, but the horizontal movement. (Though we should call out the cases of Carlos Santana and Tyler Chatwood, signed by the Phillies and Cubs respectively, who did far better than projected.) Consider that a team might not have a lot of money to spend and so might extend a contract over additional years, offering job security to a player. Or in a bidding war, the length of the contract might be what leads a player to pick one team over another. In those cases we would expect to see more left-to-right movement. So far we have only had one player, Lorenzo Cain, who signed for more years than expected. Most players who have signed for less have also signed for fewer years. Note the cluster of right-to-left, or shorter-than-expected, contracts in the lower tiers versus the small, vertical-only cluster in the same section for those signing greater than projected contracts.

Lastly, are these trends hitting any specific positional type of player? Well maybe. Ignoring the market for catchers because of how small the pool was—though the case of Jonathan Lucroy as the unsigned catcher is fascinating—we can see that the market has really been there for relief pitchers as there are few of the top-50 remaining on the market. Starting pitchers and outfields, while with quite a few still on the market, have generally done better than projected. But infielders lag behind with numerous players unsigned and those that have signed, most have signed for less than projected.

Are there any trends at the position level
Are there any trends at the position level

But at the same time, I would fully expect that once these higher level free agents come off the board—while one would think they would certainly be signed, who knows in such a weird offseason as this—the unsigned middle and lower tiers will quickly follow suit.

Of course none of this touches upon age. (Largely because lack of time on my part.) Though, in most cases, getting to free agency in and of itself makes a player older by definition the way baseball’s pre-arbitration and arbitration salary periods work. (Again, more baseball stuff but suffice it to say your first several years you play for peanuts and crackerjacks.)

Hopefully by this afternoon—Friday that is—some of these players will have signed. After all, baseball starts next week. If we are lucky this post will be outdated, at least in terms of the dataset, come Monday. Regardless, it has been a fascinating albeit boring baseball offseason.

Credit for the data goes to MLB Trade Rumours and Baseball Reference.

Short and Long Term

One week ago today, President Trump touted soaring stock prices as an indicator of a roaring economy. In truth, stock market prices are not that. They are driven by fundamentals, such as GDP growth, wage increases, and inflation. Furthermore stock prices can be fickle and volatile. Whereas a recession does not begin overnight, the factors build over a period of time, a stock market correction can happen in a single day.

So one week hence, the stock market has seen fully one-third of its gains over the past year wiped out. That is over $1 trillion gone from market funds, 401ks, college saving funds, &c. But again, not to freak people out, these things can and do happen. But because they can and do happen, presidents do not often go touting the stock market as it can come back and bite them.

This morning’s paper therefore had a pleasant graphic to accompany a story about the recent declines. And it was on the front page.

The front page
The front page

Like with the choropleth story I covered a little over a week ago, the graphic in today’s paper was not revolutionary nor earth shattering. It was two line charts as one graphic. What was neat, however, was how it supported two different articles.

One graphic, two articles
One graphic, two articles

But when I looked closer I found what was really neat: context.

Notice the little arrow…
Notice the little arrow…

The chart does a great job of showing that context of adding nearly $8 trillion in value over the course of the administration. But then that sharp decline at the right-side of the chart is blown out into its own detail to show how all was steady until Friday’s economic news was released. I think perhaps the only drawback is how tiny and fragile that arrow feels. I wonder if something a little bolder would better draw the eye or connect the dots between the two charts. Maybe even moving the “… and the last week” line above the chart line would work.

Anyway, I was just curious to see how the charts were depicted on the web. And then lo and behold I was treated to two graphics on the home page. The other is for an article about flood risks to chemical plants, not part of this post. But the focus of our post on the stock market was the same as in print. But here is the homepage with two different graphics, always a treat for a designer like myself.

The New York Times homepage this morning
The New York Times homepage this morning

Credit for the piece goes to the New York Times graphics department.

The World Grows On (Part III)

A few days ago I posted about the front cover graphic for the New York Times that used a choropleth to explore 2017 economic growth. Well, this morning whilst looking for something else, I came across the online version of the story. And I thought it would be neat to compare the two.

A very nice graphic
A very nice graphic

Again, nothing too crazy going on here. But the most immediately obvious change is the colour palette. Instead of using that green set, here we get a deep, rich blue that fades to light very nicely. More importantly, that light tan or beige colour contrasts far better against the blue than the green in the print version.

The other big change is to the small multiple set at the bottom. Here they have the space to run all twelve datasets horizontally. In the earlier piece, they were stacked six by two. It worked really well, but this works better. Here it is far easier to compare the height of each bar to the height of bars for other countries.

Credit for the piece goes to Karl Russell.

State of the Union Data

Well there was a lot to poke and prod at in last night’s State of the Union. So over the next couple of days I will be looking at some of the data. I wanted to start with something I could look at over breakfast—unemployment rate data.

President Trump claimed unemployment rates are at the lowest rate in…I forget how many years he claimed. But in a while. And he is correct. But, as this chart shows, he entered office with unemployment rates very near those record lows. A few tenths of a percentage point lower and voila, all-time low. What the data shows is that the bulk of the fall in the unemployment rate actually came under the watch of the Obama administration. The rate peaked at the end of the Great Recession at 10% before falling all the way down to 4.8%, which is about the natural unemployment rate that is somewhere between 4.5% and 5%, what you would expect in a healthy economy.

The unemployment rate
The unemployment rate

Data is from the Bureau of Labour Statistics, chart is mine.