＜Reference value＞May: The Recession Indicator marks 28.6%
－ The Leading Index rose for the first time in three months
The Recession Indicator (reference value*) in May 2020 marks 28.6% (Figure 1). The probability declined from last month because the Leading Index as the underlying data of calculation, rose for the first time in three months due to improvements in consumer confidence, growth in money stock (M2), and new job offers. An upward revision of the Leading Index for the previous month also contributed to a decline in the probability. It should be noted, however, that future risks, such as a second wave of the novel coronavirus infections and intensifying tensions between the US and China, may not be fully reflected.
【Figure 1. The Recession Indicator (May, 2020, Reference value)】
【Table 1. The Recession Indicator and the Leading Index (over the last year)】
* The Recession Indicator has been calculated as a reference value since the release in April 2020. Please click here for more details.
－ The Leading Index fell for the first time in a year
－ The Leading Index rose for 11 consecutive months
－ The Leading Index rose for ten consecutive months
－ The Leading Index rose to the highest level since June 2018
－ The leading index rose for the first time in two months