Economic data is produced on a delay, “Right now, we rely very heavily on this peculiar process where we forecast an estimate of the past,” said Joseph Stiglitz, a Nobel Prize-winning economist at Columbia University. In a world of data scientist many are looking to improve the forecasting process. The Federal Reserve updates its economic forecasts every quarter. Economists update their estimates monthly. Now startups are competing to use big data to accelerate forecasting. One company, Now-Cast updates forecasts in real time.