Weekly Economic Index
The Weekly Economic Index (WEI) provides a signal of the state of the U.S. economy based on data available at a daily or weekly frequency. It represents the common component of 10 different daily and weekly series covering consumer behavior, the labor market and production. It is updated Tuesday and Thursday at 10:30 a.m. CT, using data available up to 8 a.m. CT.
July 27, 2021: Update
- The WEI is currently 8.54 percent, scaled to four-quarter GDP growth, for the week ended July 24 and 8.66 percent for July 17; for reference, the WEI stood at 1.55 percent for the week ended February 29, 2020.
- The decline in the WEI for the week of July 24 (relative to the second revision for the week of July 17) is due to decreases in consumer confidence and steel production (relative to the same time last year), which more than offset an increase in retail sales. The WEI for the week of July 17 was revised downward due to the staffing index, which while higher than the prior week, still provided a more negative signal than previously available data. Because the WEI measures changes over a 52-week period, the large positive readings for the weeks of July 24 and July 17 also reflect the sharp deterioration in economic conditions during the same time last year.
NOTES: When federal holidays occur on a publishing date or change the release schedule for the underlying data, the report is delayed by 24 hours. Data are updated at Federal Reserve Bank of New York, Federal Reserve Bank of Dallas and jimstock.org.
The WEI was developed by Daniel J. Lewis, an economist at the Federal Reserve Bank of New York; Karel Mertens, senior economic policy advisor at the Federal Reserve Bank of Dallas; and James H. Stock, professor of economics at Harvard University.