Recent Updates
- New Zealand: Motor Vehicle Registrations
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Economy in Brief
EMU Trade Surplus Expands on Weak Import Rise
In the EMU, both import and export gains were modest in January...
U.S. JOLTS: Job Openings Remain Abundant
The Bureau of Labor Statistics reported that the total job openings rate increased to 4.8% during January...
U.S. Industrial Production Edges Higher
Industrial production increased a less-than-expected 0.1% (3.5% y/y) during February...
Empire State Manufacturing Index Retreat Suggests Continued Slow Growth
The Empire State Manufacturing Index of General Business Conditions fell to 3.7 this month...
EMU Inflation Trends Are Still Weak
The EMU HICP for February gained 0.1%, the same as in January, after a 0.2% decline in December...
by Tom Moeller May 9, 2005
The Weekly Leading Index of the US economy from the Economic Cycle Research Institute (ECRI) fell 0.2% in the latest period and it was the fifth decline since mid-March. The six month growth rate of 3.0% continued to signal economic expansion though it was down from the recent high of 3.9%.
Higher claims for jobless insurance and weaker commodity prices contributed to the index's decline offset somewhat by a rise in mortgage applications and lower interest rates.
During the last ten years there has been a 69% correlation between six-month growth in the ECRI leading index and two quarter growth in real U.S. GDP.
The components of the ECRI weekly leading index are money supply plus stock & bond mutual funds, the JOC-ECRI industrial materials price index, mortgage applications, bond quality spreads, stock prices, bond yields, and initial jobless insurance claims.
The ECRI Leading Index's recent pattern generally mirrors the Conference Board's Index of Leading Economic Indicators, with a slight lead. Construction of the ECRI Leading Index differs from the Conference Board Index but there has been a 70% correlation between the y/y percent change in the two series over the last 10 years.
The median lead of the ECRI index at business cycle peaks has been 10.5 months and at cycle troughs 3.0 months.
The latest from ECRI is available here.
| ECRI Leading Index | 04/29/05 | 04/22/05 | Growth Rate | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Weekly | 134.4 | 134.7 | 3.0% | 4.2% | 6.6% | 1.2% |
| April | Mar | |||||
| Monthly | 134.9 | 135.4 | 3.3% |
