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New AI Index Measures U.S. Economic Growth More Broadly

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Measuring the strength of the U.S. economy can be tough, but a new tool is using artificial intelligence (AI) to help.

The Zeta Economic Index, which launched on Monday, uses AI to analyze a vast amount of data about consumer behavior. This index looks at both overall economic health and economic stability.

The Zeta Economic Index tracks online and offline activities in eight different areas: automotive, dining and entertainment, financial services, health care, retail sales, technology, and travel. It combines traditional economic data, like unemployment rates and retail sales, with new, high-frequency data for a more complete picture of the economy.

David Steinberg, co-founder of Zeta Global, explained that the index doesn’t just look at past data. Instead, it uses AI to predict future economic trends, providing a 30-day advance snapshot of where the economy might be headed.

In June, the index showed positive results: the economic score was 66, and the stability measure was 66.1, indicating a “strong” and “stable” economy.

This new approach aims to give a more comprehensive view of economic growth than just GDP and other standard measures. By analyzing what people are spending money on and what they are researching, the Zeta Economic Index offers a better forecast of future economic conditions.

Source: cnbc