Dow Jones & Company has announced the launch of its Economic Sentiment Indicator (ESI), which is positioned as a leading indicator of other economic indexes. According to the company's web site, the new indicator—which is not to be confused with the EU's ESI—is based on a content analysis of economic reporting in 15 major newspapers:
The indicator is a ratio between the number of appearances of the word recession (and some synonyms) and the number of appearances of the word recovery (and some synonyms). The result is a numerical expression between 0 and 100. Between 1990 and 2008 it has averaged 58, with a high in February 2000 of 73.7 and a low of 22.2 in November 2008.
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