QQQ - Weekly Indicators: Energy Prices Now Closer To Bottom Of 3-Year Range
2024-05-04 08:00:00 ET
Summary
- High frequency weekly indicators provide a good "now cast" of the economy and suggest a "soft landing" scenario.
- Long leading indicators continue to be “less negative.”.
- Aided by their three-year comparison period, oil and gas prices are now relatively low, while commodity prices have recently improved.
- Consumer spending and taxpayer data are buoying the coincident outlook.
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: Energy Prices Now Closer To Bottom Of 3-Year Range