This graph illustrates the relationship between equity prices (S&P 500), Total Industrial Capacity Utilization (TCU) and Initial Unemployment Claims (IC4WSA) in the U.S. from the period 1967 to present. To improve graph readability: the S&P 500 is inflation-adjusted, TCU is multiplied by a factor of ten, and IC4WSA is divided by one thousand. Trendlines are added in yellow to Total Capacity Utilization and Initial Unemployment Claims to highlight trend boundaries. Graph updated monthly at the Federal Reserve Board of Governor's Industrial Production/Capacity Utilization release. See also: https://sites.google.com/site/davidpaullaipple/economic-expansion-boundary-trendlines.
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