Activity Update: Thin Week Of Data Leaves "Real Acceleration, Nominal Deceleration" Intact

This monitor is a reflection of how we update our assessments of economic growth in real-time as we get meaningful updates from macroeconomic data releases. It provides a more timely and meaningful gauge of economic activity growth than what GDP and similar summary indicators provide. Please see here for more details about how to interpret this information. And reach out to us here if you would like to be subscribed to higher-frequency activity updates.

Summary: Our activity indicators remain relatively unchanged over the course of the week because it was a light week of activity data. Real economic trends look to still be accelerating even as nominal economic trends decelerate. If we look ahead to the coming weeks and months, real output data should continue to signal productivity improvement and the soft survey data has upside risk, but nominal spending and labor market trends are likely to show more deceleration from here.

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