ICYMI: New York Fed’s Weekly Economic Index rose to its highest since November last year

The Weekly Economic Index (WEI) is published by the New York Federal Reserve.

Its an index of ten daily and weekly indicators of real economic activity, scaled to align with the four-quarter GDP growth rate.

At 2.27 in the latest release (Thursday NY time) its at its highest in nearly a year.

The NY Fed says the increase in the WEI for the week of October 14 (relative to the final estimate for the week of October 7) is due to

  • rises in retail sales, tax withholding, and fuel sales, which more than offset falls in steel production, consumer confidence, railroad traffic, and electricity output and an increase in initial unemployment insurance claims

Fed officials have been pointing to the stronger economy in recent comments. Powell did so also:

Maybe the US economy can withstand another Fed Funds rate hike 9its OK, I only whispered that).

This article was written by Eamonn Sheridan at www.forexlive.com. Source