US Q1 GDP Is Projected To Be 3x Worse Than During The Great Recession
The recent 11% plunge in the Weekly Economic Index traces out a GDP decline that is three times worse than during the Great Recession.
The New York Fed's Weekly Economic Index (WEI) is based on ten daily and weekly indicators covering consumers, labor, and production
Month to month or quarterly reporting data sometimes leaves us out of the loop. For example, Q1 web-based business activity won't be reported until mid-May and for Q2 until August.
Consumers are the main GDP driver but unfortunately, even the Atlanta Fed's GDPNow forecast still lags this activity.
For example, the current GDPNow forecast for the 1st Qtr is -0.3 through April 16, 2020. For more information go here.
Disclosure: None.