As far as I know, there are not many indicators that measure the frequency of economic activity in the euro area more than monthly. One series is Woloszko (OECD) weekly trackerbased on big data and machine learning, discuss here. VoxEU Posts here. This indicator shows a deceleration in the week to 9/17.
figure 1: Woloszko (OECD) Weekly tracker for Eurozone (black), Germany (blue), France (green), Italy (red), all expressed as a percentage. OECD.
The OECD Weekly Tracker reading of 1.6 translates into a 1.6% year-on-year growth rate through 9/17. How does the OECD Weekly Tracker affect the Eurozone? This is the average tracker time to match quarterly data.
figure 2: Year-on-year real GDP growth in the euro area (turquoise) and Weekly Tracker’s implied growth (black), both expressed as a percentage. The weekly tracking for the third quarter is through 9/17. CEPR defines the peak-to-trough recession dates in light green shades. Source: Eurostat via FRED, OECD, CEPR and author’s calculations.
Weekly Tracker does a good job of tracking q/q annualized growth in the Eurozone (not so good for the US).
What is clear is that GDP growth is decelerating – down to 2%. Interestingly, Nowcast for Cascaldi-Garcia, Ferreira, Giannione and Modunho Eurozone 9/23 is a 0.1% q/q increase, which in turn is consistent with a 2.03% y/y increase.
(Deutsche Bundesbank as the German series, here.)
