Thursday, June 11, 2020

Weekly Economic Index (WEI)

June 11, 2020


Daniel Lewis, New York Fed
Karel Mertens, Dallas Fed
James Stock, Harvard University

The WEI is an index of 10 weekly indicators of real economic activity, scaled to have the units of four-quarter percent change of real GDP.

  • The WEI is currently -10.00 percent, scaled to four-quarter GDP growth, for the week ended June 06 and -9.60 percent for May 30; for reference, the WEI stood at 1.54 percent for the week ended February 29.
  • Today’s increase in the WEI for the week of June 6 reflects a fall in initial UI claims and increases in fuel sales, railroad traffic, electricity output, and tax withholdings. The WEI for the week of May 30 was revised upwards because today’s continuing UI claims release provided a more positive signal than previously available data.
  • As alternative scales, the current WEI implies a 34.86 percent decrease in IP (YoY) and a 1332k employee decrease in nonfarm payroll.
  • Data dashboard and .release (.pdf) 
  • Historical data including recent release (.xlsx)

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