Weekly Economic Index (WEI)
September 24, 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 -4.50 percent, scaled to four-quarter GDP growth, for the week ended September 19 and -5.91 percent for September 12; for reference, the WEI stood at 1.55 percent for the week ended February 29.
- The increase in the WEI for the week of September 19 was due to increases in fuel sales, rail traffic, and tax withholding, which more than offset an increase in initial unemployment insurance claims and a decrease in electricity output. The WEI for the week of September 12 was revised downward due to an increase in continuing unemployment insurance claims (relative to the same time last year) and differences in the way series are weighted from the second revision to the final estimate.
- As alternative scales, the current WEI implies a 18.28 percent decrease in IP (YoY) and a 660k employee decrease in nonfarm payroll.
- Data dashboard and .release (.pdf)
- Historical data including recent release (.xlsx)
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