Growth in the ECRI weekly leading index has fallen further into negative territory.
The growth rate for the week of June 11 is now at -5.7%, down from -3.7% in the previous week,.Last week's number was the first negative reading in almost a year.
The ECRI continues to be one of my favorite indicators for tracking the economy. It tends to be much more timely and accurate than government data. This sudden drop in the index suggests imminent trouble over a broad swath of the economy.
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