Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
We introduce an unconventional activity index for the German economy at weekly frequency in order to monitor economic developments in real time. The index contains nine high-frequency, rather unconventional weekly indicators. These are augmented by monthly industrial production and quarterly gross domestic product (GDP). The weekly activity index is then calculated as the common factor of the mixed-frequency dataset. We show that the index (i) exhibits a high correlation with quarterly GDP growth, (ii) is able to serve as a reliable weekly coincident indicator for economic activity, and (iii) can be used to generate timely nowcasts for GDP growth in Germany.