Nowcasting COVID-19 (Part II)
In Part II, we continue our assessment of alternative datasets that can enhance nowcasting models. In this report, we focus on the datasets that track business activity, consumer spending, oil prices, inflation and central bank sentiment.
TRACKIING BUSINESS FORMATION AND ACTIVITY
The number of new business registrations is an indicator of economic health. Some experts claim that SMBs hire more employees than larger firms, and therefore provide a more accurate gauge for unemployment.