QQQ - Weekly Indicators: Background Conditions Continue To Improve
2024-02-10 08:00:00 ET
Summary
- Long leading indicators show improvement, with corporate profits nearing their 2023 average.
- Stock prices reach another all-time high, while commodity and gas prices remain positive.
- Weakness in tax withholding is a concern among coincident indicators.
Purpose
I look at the high frequency weekly indicators because while they can be very noisy, they provide a good nowcast of the economy, and will telegraph the maintenance or change in the economy well before monthly or quarterly data is available. They are also an excellent way to "mark your beliefs to market." In general, I go in order of long leading indicators, then short leading indicators, then coincident indicators.
A note on methodology
Data is presented in a "just the facts, ma'am" format with a minimum of commentary so that bias is minimized.
Where relevant, I include 12-month highs and lows in the data in parentheses to the right. All data taken from St. Louis FRED unless otherwise linked....
Weekly Indicators: Background Conditions Continue To Improve