Wednesday, August 11, 2010
This index (I'm showing the seasonally-adjusted, 3-mo. moving average version of the index) of real-time diesel fuel consumption by many thousands of trucks criss-crossing the country correlates strongly to industrial production and almost as strongly to GDP. July data is included in this chart, and it suggests we might see a somewhat stronger-than-expected industrial production report next week. In any event, the index has been climbing steadily for more than a year, and is showing no sign of any slowdown in the pace of economic growth.
This is a fairly new index and I have only been following it for the past several months, but it looks pretty decent. You can see more details and versions of the index here.
HT to John Sturges for alerting me to today's July release.
Posted by Scott Grannis at 4:32 PM