by Bill McBride on 5/12/2010 01:00:00 PM
Wednesday, May 12, 2010
This is the new UCLA Anderson Forecast and Ceridian Corporation index using real-time diesel fuel consumption data: Pulse of Commerce IndexTM
Press Release: Ceridian-UCLA Pulse of Commerce Index™ Drops 0.3 Percent in April
With the release of April’s figures, the Ceridian-UCLA Pulse of Commerce Index™ (PCI) by UCLA Anderson School of Management is showing flat, overall performance during the first four months of 2010. The PCI in April fell 0.3 percent, suggesting the economic recovery may have stalled, although an uptick in consumer spending could continue to drive a slow but steady recovery.Click on graph for larger image in new window.
While the economy continues to climb year-over-year, the PCI indicates that expectations in the market for a robust recovery may be too optimistic. ...
“The latest PCI numbers are disappointing and cast considerable doubt on the strength of the recovery and the strength of GDP numbers for 2010,” said Ed Leamer, the PCI’s chief economist.
The PCI is based on an analysis of real-time diesel fuel consumption data ...
This graph shows the index since January 1999.
Note: This index appears to lead Industrial Production (IP), but there is a significant amount of monthly noise. This is a new index and might be interesting to follow along with the Trucking and Railroad data.
Here is a video of Leamer's comments on the report.
Posted by Bill McBride on 5/12/2010 01:00:00 PM