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Another U.S. Leading Indicator Collapses...

Well today another leading indicator is rolling over. It's the Pulse of Commerce Index (PCI), which basically tracks fuel consumption across the U.S. faster than many of the other leading indicator data sets can come out. Thus it gives a bit of a jump ahead of the U.S. industrial production number, at least according to its authors. Yet due to the sharp drop, the authors of this PCI index have pre-emptively come out to explain why the decline of this index doesn't mean a 'double dip' (ie., a decline in absolute economic activity) is ahead:

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