Tue. Nov 24th, 2020

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Fed to set in motion a high frequency Weekly Economic Index

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Today onward, Federal Reserve of New York will start updating its Weekly Economic Index (WEI) to refurbish information regarding the economic condition of the US from time to time.

The range of bars includes same store retail sales, consumer sentiment, unemployment insurance claims, temporary and contract employment, tax with holdings, steel production, fuel sales, electricity output, and railroad traffic.

Starting on Thursday, April 16, the Federal Reserve Bank of New York will begin regular publication of its Weekly Economic Index (WEI) to provide timely information on the state of the U.S. economy amid the COVID-19 pandemic.

Traditional economic indicators, such as GDP growth, are typically only available after a considerable lag and can pose challenges when assessing rapidly evolving conditions triggered by a sudden event, such as the COVID-19 outbreak. To address this issue, the WEI leverages a range of metrics, including same-store retail sales, consumer sentiment, unemployment insurance claims, temporary and contract employment, tax withholdings, steel production, fuel sales, electricity output, and railroad traffic, to offer a “real-time” gauge of U.S. economic activity.

 

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