If we want to know how things are going in the economy, which measures should we look at? Unemployment? GDP? Or something else? One solution is to combine several measures into a composite index of current or future economic activity. Several years ago, the Philadelphia Fed did just that for the states in the Third District. Now, a number of factors suggest that revisions of those indexes are in order. This article explains what those revisions entail and why the new indexes are better than the old ones.
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Article provided by Federal Reserve Bank of Philadelphia in its journal Business Review.
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