ECRI’s weekly leading index improved to 123.8 from 122.5, with the growth rate improving to a negative 7% annualized.
Pragmatic Capitalism questions whether it’s even a leading indicator at all anymore… it basically seems to be tracking the market.
Earlier this summer, when the market was tanking it was falling. Now the market’s going up, and it’s going up.
It’s true that the market can be described as a leading indicator, but we don’t need another indicator to tell us that.
Either way, as long as this isn’t going down, you won’t hear too much about it from the bears who slobbered all over it earlier this year.
Photo: Pragmatic Capitalism