NY FED Weekly Economic Index (WEI) - GDP may shrink by over 11%

The weekly NY Fed index (WEI) indicates a decline in GDP this year at 11.7% in the assessment of recent economic data which were avaiable at the end of last week. The index was updated after the publication of today's US jobless claiams data. The previous reading for the week ending April 11 indicated a decline in GDP of 10.4%. At the end of February, the index pointed to an increase of 1.58%.
In addition, the NY Fed points to a significant drop in federal tax collection and a decrease in rail traffic. These factors offset a small increase in fuel sales.

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