ABSTRACT
I develop a weekly coincident index of economic activity in the State of Hawaii. The purpose of the index is to nowcast the recovery from the COVID-19 induced downturn. The index is the first principal component extracted from 18 daily and weekly state-level time series, it captures about 80% of the variation in the sample, it is available with a four-day lag, and it predicts the changes in nonfarm payrolls, the Philadelphia Fed coincident index, and excise tax revenues.
Disclosure statement
No potential conflict of interest was reported by the author.