QQQ - Weekly Indicators: No Changes Manufacturing And Construction Sectors Take Center Stage
2024-06-01 08:00:00 ET
Summary
- Long leading indicators show improvement, with interest rates and credit spreads remaining neutral.
- Housing indicators show mixed results, with mortgage rates and applications remaining in a relatively tight range.
- Short leading indicators and coincident indicators have been generally positive, indicating a solid overall economy.
- The short leading goods production sectors of manufacturing and construction are the most important to economic trends at present.
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: No Changes, Manufacturing And Construction Sectors Take Center Stage