FNI Upgraded, Updated, and at Trend Levels

The FNI was last updated 30 June.

The FNI index for the Norwegian economy has been updated with figures up to and including 30 June. After spending some time on updating the algorithms we use to estimate the FNI index, we updated the index prior to the May-release.

Already in February 2020, the FNI alarmed that we had tough times ahead. The index captured the development in the business cycle, but we observed that the uncertainty in the estimates increased. Therefore, we have updated the algorithms we use to estimate the FNI index. This entails that the historical observations change somewhat but the broader picture remains. Our tests show that the updated version is better at capturing the variation in the Norwegian economy than the previous version was.

The index slightly decreases in June, but despite the slightly negative development, it seems that the business cycle enters summer around trend levels.

The figure graphs the Financial News Index (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.
  • To read more about the FNI, visit our website.
  • To read more about the use of textual data, we recommend: Thorsrud, Leif Anders (2018), “Words are the new numbers: A newsy coincident index of the business cycle”, Journal of Business & Economic Statistics.

For more information, contact Associate Professor  Leif A. Thorsrud, BI Norwegian Business School, +47 988 37 976,  leif.a.thorsrud@bi.no or Professor Hilde C. Bjørnland, BI Norwegian Business School, +47 464 10 767,  hilde.c.bjornland@bi.no.

Previous FNI Updates

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