The frequency and real-time-ness of this data makes it incredibly important.
But there’s another high-frequency number that we like to watch, and it’s also looking good, and that’s rail traffic, which has a fantastic correlation with economic growth.
It too is pointing to an accelerating expansion, as this chart from PragCap shows nicely.
With this kind of improvement since this summer, it’s really hard to make a bearish or recessionary call right now on the economic picture.
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