Setting automatically created taxonomy terms using rules module I am using the rules module to automatically create a taxonomy term when i create content of a certain type.  I would also like to automatically populate the taxonomy term reference in the the created content. I have tried many different configurations using the set data function in rules however it does not ever set the taxonomy term to the the new-term which is created. 

Is there any way that this operation can be carried out using rules.

I have exported the rule for you to take a look at.

/**
 * @file
 * advertising_region_creator.rules_defaults.inc
 */

/**
 * Implements hook_default_rules_configuration().
 */
function advertising_region_creator_default_rules_configuration() {
  $items = array();
  $items['rules_auto_taxonomy'] = entity_import('rules_config', '{ "rules_auto_taxonomy" : {
      "LABEL" : "Auto Taxonomy",
      "PLUGIN" : "reaction rule",
      "REQUIRES" : [ "rules" ],
      "ON" : [ "node_insert" ],
      "IF" : [
        { "node_is_of_type" : {
            "node" : [ "node" ],
            "type" : { "value" : { "savings_viewer" : "savings_viewer" } }
          }
        }
      ],
      "DO" : [
        { "entity_create" : {
            "USING" : {
              "type" : "taxonomy_term",
              "param_name" : "[node:title]",
              "param_vocabulary" : "2"
            },
            "PROVIDE" : { "entity_created" : { "new_term" : "New Term" } }
          }
        },
        { "data_set" : {
            "data" : [ "node:field-savings-viewer-region" ],
            "value" : [ "new-term" ]
          }
        }
      ]
    }
  }');
  return $items;
}


I apologize if this is posted in the wrong format I am new to all of this but will keep trying to get better.
Simply add a autocomplete taxonomy field to the content type and when node saves, rule to set data into this field. Taxonomy module will then create the new term if it does not exist.