Weekly Economic Index (WEI)
January 14 2021
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 -1.70 percent, scaled to four-quarter GDP growth, for the week ended January 9 and -1.90 percent for January 2; for reference, the WEI stood at 1.55 percent for the week ended February 29.
- The increase in the WEI for the week of January 9 is due to rises in tax withholding, fuel sales, and rail traffic, which more than offset an increase in initial unemployment insurance claims and a decrease in electricity output (relative to the same time last year). The WEI for the week of January 2 was revised downward due to an increase in continuing unemployment insurance claims.
- As alternative scales, the current WEI implies a 9.81 percent decrease in IP (YoY) and a 317k employee decrease in nonfarm payroll.
- Data dashboard and .release (.pdf)
- Historical data including recent release (.xlsx)