Divergence between efficiency recorded primarily by labor market indicators (in February’s coincident index launched right this moment) and output-based indicators persists.
Determine 1: GDP+ (blue bars), month-to-month GDP (pink line) and coincident index (blue), all in logs 2021M11=0. GDP+ stage calculated by iterating progress charges over This autumn 2019 actual GDP. Purple dotted line in the course of the expanded Russian invasion of Ukraine. Supply: Philadelphia FedPhiladelphia Fed by way of FRED, S&P Market Intelligence and creator’s calculations.