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- NY Fed said the decline in the WEI for the week of September 18 (relative to the final estimate for the week of September 11) is due to decreases in fuel sales and rail traffic (relative to the same time last year) and a rise in initial unemployment insurance claims, which more than offset increases in electricity output and tax withholding.
- Because the WEI measures changes over a 52-week period, the large positive reading also reflects the sharp deterioration in economic conditions during the same time last year.
NY Federal Reserve