Composite Index of Lagging Indicators

Composite Index of Lagging Indicators

An index tracking a number of economic indicators considered to be lagging. A lagging indicator is one that occurs after an economy has started moving in a particular direction. For example, a drop in the unemployment rate is considered a lagging indicator of recovery following a recession. Among the indicators used by the Composite Index of Lagging Indicators are the change in the inflation rate and the average length of time each person has held his/her current job. It is used to confirm whether a particular economic movement is sustainable.
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For similar reasons, the composite index of lagging indicators was not computed for March.
Since then, estimates of the ratio of total manufacturing and trade inventories to sales in constant (1982) dollars, which is a component of the composite index of lagging indicators, have been included monthly in the "Business Cycle Indicators" section of the Survey; these estimates were prepared by extrapolating the data from the September 1991 Survey by a preliminary 1987-dollar series.
The composite index of lagging indicators was not computed for December because three components were missing (ratio of manufacturing and trade inventories to sales, change in unit labor costs, and ratio of consumer installment credit to income) The index decreased 0.

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