NY Fed weekly GDP

I talked last week of the New York Fed creating a weekly metric to forecast Current and next Quarter GDP, below is Thursday update via NY Fed and graph with current prices above:

In the week ending March 28, the WEI fell to -6.75%. This further decline was driven by another sharp increase in unemployment insurance initial
claims, which came in at 6.65 million (seasonally adjusted), far surpassing the prior week’s record-setting release. The drop was reinforced by a major decline in fuel sales in response to stay-at-home orders and
other restrictions, a fall in steel production, and a surge in continuing unemployment insurance claims (7.46 million seasonally adjusted), as well as modest decreases in electricity output, rail traffic, temporary and contract employment, and consumer confidence. In the most recent week ending April 4, the WEI fell to -8.89%. This week’s decrease was again driven by initial unemployment insurance claims (6.61 million
seasonally adjusted) and sharp decreases in fuel sales and steel production, and reinforced by falls in rail traffic, electricity output, and tax withholdings, while retail sales stalled

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