Indexes Point to Growth Slightly Below Trend in May
The Brave-Butters-Kelley (BBK) Coincident Index was –0.2 standard deviations from trend growth in May 2022, and the BBK Leading Index was –1.5 standard deviations from trend growth. In annualized real gross domestic product (GDP) units, the trend component of BBK Monthly GDP Growth was 2.3% in May and the cycle component was –0.6%. The leading subcomponent contributed –2.9% and the lagging subcomponent contributed 2.3% to the cycle component of BBK Monthly GDP Growth.