NY FED Weekly Economic Index (WEI) - GDP continues to decline

NY FED published its Weekly Economic Index which is currently -11.59 percent, scaled to four-quarter GDP growth, for the week ending April 25 and -11.08 percent for April 18; for reference, the WEI stood at 1.58 percent for the week ending February 29.

According to NY FED - today’s small upward revision of the WEI for the week of April 18 is a result of today’s staffing index release being less negative than the other data releases for that week, though it was still lower than in the prior week. The fall in the WEI for the week ending April 25 relative to the revised number for April 18 was driven by continued modest declines in retail sales, steel production, and consumer confidence. The April 25 estimate may be revised downward on Thursday, when more data is available, including unemployment insurance (UI) claims and fuel sales.

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