QQQ - Weekly Indicators: High-Frequency Data Fails To Confirm Soft Patch In April Reports
2024-05-18 08:00:00 ET
Summary
- Long leading indicators show slight improvement, with corporate profits at a neutral rating.
- Short leading indicators have been volatile, with stock prices most positive, but manufacturing fading again.
- Consumer spending continues to be a positive factor among coincident indicators, while monthly reports show a soft patch in retail sales, housing construction, and manufacturing production.
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: High-Frequency Data Fails To Confirm Soft Patch In April Reports