As measured by the Lewis-Mertens-Stock WEI:

 Figure 1: Lewis-Mertens-Stock Weekly Economic Index (blue), OECD Weekly Tracker (tan), Baumeister-Leiva-Leon-Sims Weekly Economic Conditions Index for US plus 2% trend (green) Source: NY Fed via FRED, OECD, WECI, and author’s calculations.

The WEI reading for the week ending 8/20 of 2.8 is interpretable as a y/y quarter growth of 2.8% if the 2.8 reading were to persist for an entire quarter. The OECD Weekly Tracker reading of 1.9 is interpretable as a y/y growth rate of 1.9% for year ending 8/6. The Baumeister et al. reading of 2.1% for the week ending 6/25 is interpreted as a 2.1% growth rate in excess of long term trend growth rate. Average growth of US GDP over the 2000-19 period is about 2%.

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