Weekly Economic Index Reprised
This Weekly Economic Index has garnered fresh attention in the wake of the COVID crisis and has been added to the FRED series. The weekly release provides more of a real time snapshot of economic activity.
The WEI is a composite of 10 indicators: Redbook same-store sales, Rasmussen Consumer Index, new claims for UI, continued claims for UI, adjusted income/employment tax withholdings, railroad traffic originated, the American Staffing Association Staffing Index, steel production, wholesale sales of gasoline, diesel, and jet fuel, and weekly average US electricity load. All series are represented as Y-O-Y percentage changes. These series are combined into a single index of weekly economic activity. Chart is plotted from January 1 to May 19th.