FNI Update January – A Weaker Business Cycle

The Financial News index (FNI) is designed to track Norwegian GDP growth and the business cycle at high frequency. The underlying indicators are daily time series representing how much the media writes about various topics.

The FNI was last updated 31 January

After a decrease in December, the index remained just below average throughout January, and is now at its lowest level since autumn 2016. The fact that the index is slightly below average indicates a weaker business cycle than normal. This is following a period where the business cycle has been well above average for more than two years.

News that have a positive impact on the index in January:

  • News about startups and IT-systems continue to increase the index.
  • News about results also contributed positively in January.

News that have a negative impact on the index in January:

  • News about retail and the stock market particularly contribute to a decrease in the index.

chart (5)

The figure graphs the Financial News (FNI) with 68 percent confidence bands. The blue solid line demeaned quarterly GDP growth Mainland Norway, sourced from Statistics Norway (SSB). Please use the citation “FNI – Retriever/CAMP_BI” when using the index.

The next FNI update is March 6 2019.

  • To read more about the FNI, visit our website.
  • To read more about the use of textual data, we recommend CAMP working paper No 4/2016 Words are the new numbers: A newsy coincident index of business cycles by Leif Anders Thorsrud.

Previous FNI updates

For more information, contact Professor Hilde C. Bjørnland, BI Norwegian Business School, +47 464 10 767,  hilde.c.bjornland@bi.no


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