The WEI is currently -11.58 percent, scaled to four-quarter GDP growth, for the week ending April 25 and -10.86 percent for April 18; for reference, the WEI stood at 1.58 percent for the week ending February 29.
The WEI for the week of April 25 was essentially unchanged today as a sizeable decline in tax withholdings and small decrease in electricity usage (after adjusting for 2019 levels) were offset by a fall in initial unemployment insurance (UI) claims relative to recent weeks, a substantial rise in fuel sales, and a modest increase in rail traffic. The WEI for the week of April 18 was revised upward as this morning’s continuing UI claims release was better than expected.
