The recent steep fall in the ECRI WLI has been widely commented upon.
I’ve recently run across two items, an article and an interview, that I think are very notable with regard to interpreting the WLI.
The first is an article ( “Is ECRI Growth Rate Index Signaling A Double Dip?”) that discusses the predictive history and interpretation of the WLI. The second is a June 11 CNBC interview of ECRI’s Lakshman Achuthan about the recent drop in the WLI and how he believes it should be interpreted.
Although I indicate the level of the ECRI WLI on a monthly basis (“Updates On Economic Indicators”), my only previous commentary on ECRI and the ECRI WLI can be found at this post of July 15, 2009.
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SPX at 1115.23 as this post is written