USA: GS Economic Indicators Update

This report provides an update of Goldman Sachs' proprietary US economic indicators. The nominal GS US Financial Conditions Index tightened by 4.7bp to 98.84 over the last week, mostly due to lower equity prices partially offset by a lower 10-year Treasury yield. The real GS US FCI tightened by 3.1bp to 98.50. The preliminary October Current Activity Indicator (the first principal component of 37 key weekly and monthly US economic indicators) stands at +3.3%, versus +3.5% in September. The report also updates the Capex Tracker (soft and hard capex versus nonresidential fixed investment), the Slack Tracker and Job Growth Tracker, the Manufacturing and Non-Manufacturing Survey Trackers versus the ISM indices, the Core Inflation Tracker versus core PCE inflation and the FOMC's 2% target, and the GS Social Media Economic Sentiment Index versus University of Michigan consumer sentiment.