Bibliographic record
Abstract
Official statistical agencies produce a number of data series that are more timely and of higher frequency than the published estimates of GDP growth. There are also numerous private-sector measures and surveys that provide a running commentary on economic developments. In this article we assess the extent to which the major economic indicators in the UK, US and euro area can be used to reduce uncertainty about the prevailing pace of economic growth. We find that, whatever timely indicators are used, uncertainty about GDP growth in the current quarter and in the recent past remains high, but that the most consistent stand-alone indicator of contemporaneous activity is industrial production. However, the low share of industry in the economic output of ‘industrialised’ economies means that sole reliance on IP as an indicator in predominantly services-based economies is unsatisfactory. We are, therefore, drawn towards the conclusion that more timely indicators of services activity – both in the form of official data and business surveys – would be helpful.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.011 |
| Meta-epidemiology (narrow) | 0.001 | 0.001 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.003 | 0.003 |
| Science and technology studies | 0.004 | 0.003 |
| Scholarly communication | 0.015 | 0.010 |
| Open science | 0.002 | 0.006 |
| Research integrity | 0.005 | 0.004 |
| Insufficient payload (model declined to judge) | 0.447 | 0.304 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".