Let’s face it: Now that Facebook is a public company, one of it’s main goals is to return as much value to it’s shareholders as it can. Which means it should earn as much money as it can. Which, in turn, means selling as much advertising as it can. Which, again, in turn, means they need to get as much information from and about you as possible, so that they can help advertisers reach their target consumers better.
Their latest revamp of their News Feed is aimed, in part, to give you tools to refine the content of your news feed by applying filters based on your interests. This, in turn, helps Facebook — and their advertisers — figure out more accurately what you’re really interested in, and thus serve you ads that fit those interests.
If you want to make your data as private as you can, this Wall Street Journal guide to all of Facebook’s privacy settings should be a big help. It’s one large, well-labeled infographic so even your mom can understand it.