U.S. 2020 Weekly Economic Index (WEI)

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U.S. 2020 Weekly Economic Index (WEI)

Weekly Economic Index (WEI) – Based on U.S. WEI, 2020 Q2 GDP may drop between 10 to 11 percentage points from 2019 performance, after underlying metrics saw a drastic decline beginning in March primarily brought about by the COVID-19 crisis


Summary:

  • U.S. Weekly Economic Index – Provides a signal of the state of national economy based on available weekly or daily data, including same store retail averages, unemployment insurance claims, employment and staffing index, consumer index, raw steel production, electric utility output, fuel sales, railroad traffic, and withholding tax collections
  • 11% GDP Year-on-Year Drop – WEI suggests that U.S. GDP declined potentially by 11% in 2020Q2 compared to previous year, retaining similar levels throughout the period after seeing a dramatic decline beginning in March 2020
  • Historic WEI Performance – Current performance significantly lower than country’s usual level of more than 1% to below 3% from 2019 and first two months of 2020
  • Key Drivers – Attributed to the effect of COVID-19 pandemic on the economy, bringing about sharp drop in same store retail sales, unprecedented rise in unemployment insurance claims, and lower demand for fuel, among others
Company: U.S. Federal Reserve Bank of New York
Source:

Date last updated: June 23, 2020