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The New York Fed's new weekly economic index fell to -12 for the week ended May 9, dropping from -11.14 the previous week. The index's decline is now three times greater than the worst contraction seen during the Great Recession.
What it means: "The WEI is an index of real economic activity using timely and relevant high-frequency data," per the N.Y. Fed. "It represents the common component of ten different daily and weekly series covering consumer behavior, the labor market, and production."
- The index's inputs range from electricity output and rail traffic to jobless claims and consumer confidence and seek to provide a timely snapshot of U.S. GDP expectations.
Go deeper: States face economic death spiral from coronavirus